PulteGroup (PHM) 10-Q 22 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2020	Oct. 15, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		268,093,742
Entity Central Index Key	0000822416
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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
Security Exchange Name	NYSE
No Trading Symbol Flag	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and equivalents	$ 2,067,276	$ 1,217,913
Restricted cash	46,932	33,543
Total cash, cash equivalents, and restricted cash	2,114,208	1,251,456
House and land inventory	7,615,471	7,680,614
Land held for sale	26,867	24,009
Residential mortgage loans available-for-sale	400,067	508,967
Investments in unconsolidated entities	41,722	59,766
Other assets	917,388	895,686
Intangible assets	168,466	124,992
Deferred tax assets, net	80,833	170,107
Total assets	11,365,022	10,715,597
Liabilities:
Accounts payable	342,277	435,916
Customer deposits	403,646	294,427
Accrued and other liabilities	1,335,299	1,399,368
Income tax liabilities	15,769	36,093
Financial Services debt	249,046	326,573
Notes payable	2,778,970	2,765,040
Total liabilities	5,125,007	5,257,417
Shareholders' equity	6,240,015	5,458,180
Total liabilities and shareholders' equity	$ 11,365,022	$ 10,715,597

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 2,954,957	$ 2,710,365	$ 7,843,718	$ 7,196,044
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(271,257)	(270,625)	(731,785)	(782,791)
Goodwill impairment	0	0	(20,190)	0
Other income (expense), net	(4,483)	(5,108)	(12,292)	(9,581)
Income before income taxes	484,167	366,146	1,204,944	903,625
Income tax expense	(67,769)	(93,042)	(236,216)	(222,723)
Net income	$ 416,398	$ 273,104	$ 968,728	$ 680,902
Per share:
Basic earnings (usd per share)	$ 1.54	$ 0.99	$ 3.57	$ 2.44
Diluted earnings (usd per share)	1.54	0.99	3.56	2.44
Cash dividends declared (usd per share)	$ 0.12	$ 0.11	$ 0.36	$ 0.33
Number of shares used in calculation:
Basic shares outstanding (shares)	268,363	272,992	268,892	275,734
Effect of dilutive securities (shares)	598	640	839	858
Diluted shares outstanding (shares)	268,961	273,632	269,731	276,592
Home sale
Revenues:
Revenues	$ 2,823,921	$ 2,637,002	$ 7,517,453	$ 6,990,417
Homebuilding Cost of Revenues:
Cost of revenues	(2,131,741)	(2,028,622)	(5,706,814)	(5,369,568)
Land sale and other
Revenues:
Revenues	24,165	8,548	70,042	40,993
Homebuilding Cost of Revenues:
Cost of revenues	(20,502)	(7,350)	(55,558)	(35,615)
Total Homebuilding
Revenues:
Revenues	2,848,086	2,645,550	7,587,495	7,031,410
Homebuilding Cost of Revenues:
Financial services expenses	(2,152,243)	(2,035,972)	(5,762,372)	(5,405,183)
Financial Services
Revenues:
Revenues	106,871	64,815	256,223	164,634
Homebuilding Cost of Revenues:
Financial services expenses	$ (42,807)	$ (32,514)	$ (112,135)	$ (94,864)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 416,398	$ 273,104	$ 968,728	$ 680,902
Other comprehensive income, net of tax:
Change in value of derivatives	25	25	75	75
Other comprehensive income	25	25	75	75
Comprehensive income (loss)	$ 416,423	$ 273,129	$ 968,803	$ 680,977

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	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentRetained 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)		544
Stock option exercises	6,367	$ 5	6,362
Stock issuances (shares)		987
Share issuances	5,800	$ 10	5,790
Dividends declared	(91,595)				(91,595)
Share repurchases (shares)		(7,670)
Share repurchases	(244,388)	$ (76)			(244,312)
Cash paid for shares withheld for taxes	(10,722)				(10,722)
Share-based compensation	17,371		17,371
Net income	680,902				680,902
Other comprehensive income	75			75
Shareholders' equity (shares) at Sep. 30, 2019		270,971
Shareholders' equity at Sep. 30, 2019	5,181,592	$ 2,710	3,230,950	(270)	1,948,202
Shareholders' equity (shares) at Jun. 30, 2019		274,975
Shareholders' equity at Jun. 30, 2019	5,069,807	$ 2,750	3,225,874	(295)	1,841,478
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		110
Stock option exercises	1,159	$ 1	1,158
Stock issuances (shares)		13
Share issuances	0
Dividends declared	(30,132)				(30,132)
Share repurchases (shares)		(4,127)
Share repurchases	(135,917)	$ (41)			(135,876)
Cash paid for shares withheld for taxes	(372)				(372)
Share-based compensation	3,918		3,918
Net income	273,104				273,104
Other comprehensive income	25			25
Shareholders' equity (shares) at Sep. 30, 2019		270,971
Shareholders' equity at Sep. 30, 2019	5,181,592	$ 2,710	3,230,950	(270)	1,948,202
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	$ (735)	$ (735)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		14
Stock option exercises	111		111
Stock issuances (shares)		755
Share issuances	4,096	$ 8	4,088
Dividends declared	(97,501)				(97,501)
Share repurchases (shares)		(2,825)
Share repurchases	(95,676)	$ (28)			(95,648)
Cash paid for shares withheld for taxes	(14,853)				(14,853)
Share-based compensation	17,590		17,590
Net income	968,728				968,728
Other comprehensive income	75			75
Shareholders' equity (shares) at Sep. 30, 2020		268,179
Shareholders' equity at Sep. 30, 2020	6,240,015	$ 2,682	3,256,938	(170)	2,980,565
Shareholders' equity (shares) at Jun. 30, 2020		268,178
Shareholders' equity at Jun. 30, 2020	5,851,668	$ 2,682	3,252,568	(195)	2,596,613
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		1
Stock option exercises	12		12
Dividends declared	(32,446)				(32,446)
Share-based compensation	4,358		4,358
Net income	416,398				416,398
Other comprehensive income	25			25
Shareholders' equity (shares) at Sep. 30, 2020		268,179
Shareholders' equity at Sep. 30, 2020	$ 6,240,015	$ 2,682	$ 3,256,938	$ (170)	$ 2,980,565

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 968,728	$ 680,902
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	89,492	83,752
Land-related charges	13,930	17,549
Goodwill impairment	20,190	0
Depreciation and amortization	48,536	40,302
Share-based compensation expense	25,010	21,389
Other, net	(1,136)	2,567
Increase (decrease) in cash due to:
Inventories	84,253	(427,183)
Residential mortgage loans available-for-sale	108,178	76,813
Other assets	(15,627)	4,146
Accounts payable, accrued and other liabilities	(72,929)	82,543
Net cash provided by (used in) operating activities	1,268,625	582,780
Cash flows from investing activities:
Capital expenditures	(46,925)	(43,162)
Investments in unconsolidated entities	(663)	(8,515)
Distributions from unconsolidated entities	19,939	214
Business acquisition	(83,251)	(163,724)
Other investing activities, net	1,721	4,795
Cash flows from financing activities:
Repayments of notes payable	(10,993)	(297,411)
Borrowings under revolving credit facility	700,000	0
Repayments under revolving credit facility	(700,000)	0
Financial Services borrowings (repayments)	(77,527)	(99,052)
Stock option exercises	111	6,368
Share repurchases	(95,676)	(244,388)
Cash paid for shares withheld for taxes	(14,853)	(10,726)
Dividends paid	(97,756)	(92,235)
Net cash provided by (used in) financing activities	(296,694)	(737,444)
Net increase (decrease) in cash, cash equivalents, and restricted cash	862,752	(365,056)
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	2,114,208	768,644
Supplemental Cash Flow Information:
Interest paid (capitalized), net	16,297	19,569
Income taxes paid (refunded), net	$ 195,494	$ 60,329

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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"). 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 $83.3 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 in the first quarter of 2020. This impairment was not the result of any unique factors specific to ICG's operations but, rather, reflected the broad-based declines in the market capitalizations of publicly-traded construction companies in the short period of time between the acquisition and the March 31, 2020 valuation date. Restructuring costs We recorded severance expense of $10.3 million during the three months ended June 30, 2020 as we took actions to reduce overhead expenses in response to lower demand in March through May resulting from the COVID-19 pandemic. Other expense, net Other expense, net consists of the following ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Write-offs of deposits and pre-acquisition costs $ (1,692 ) $ (2,455 ) $ (8,335 ) $ (7,888 ) Amortization of intangible assets (5,041 ) (3,600 ) (14,643 ) (10,600 ) Loss on debt retirement — — — (4,843 ) Interest income 891 3,554 6,024 12,974 Interest expense (225 ) (147 ) (4,022 ) (437 ) Equity in earnings of unconsolidated entities 336 211 1,238 377 Miscellaneous, net 1,248 (2,671 ) 7,446 836 Total other expense, net $ (4,483 ) $ (5,108 ) $ (12,292 ) $ (9,581 ) 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 deposits related to sold but undelivered homes, which totaled $403.6 million and $294.4 million at September 30, 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 provided. 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 $36.8 million and $35.1 million at September 30, 2020 and December 31, 2019 , respectively. 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Numerator: Net income $ 416,398 $ 273,104 $ 968,728 $ 680,902 Less: earnings distributed to participating securities (264 ) (298 ) (799 ) (911 ) Less: undistributed earnings allocated to participating securities (3,123 ) (2,411 ) (7,778 ) (6,075 ) Numerator for basic earnings per share $ 413,011 $ 270,395 $ 960,151 $ 673,916 Add back: undistributed earnings allocated to participating securities 3,123 2,411 7,778 6,075 Less: undistributed earnings reallocated to participating securities (3,116 ) (2,405 ) (7,754 ) (6,057 ) Numerator for diluted earnings per share $ 413,018 $ 270,401 $ 960,175 $ 673,934 Denominator: Basic shares outstanding 268,363 272,992 268,892 275,734 Effect of dilutive securities 598 640 839 858 Diluted shares outstanding 268,961 273,632 269,731 276,592 Earnings per share: Basic $ 1.54 $ 0.99 $ 3.57 $ 2.44 Diluted $ 1.54 $ 0.99 $ 3.56 $ 2.44 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 September 30, 2020 and December 31, 2019 , residential mortgage loans available-for-sale had an aggregate fair value of $400.1 million and $509.0 million , respectively, and an aggregate outstanding principal balance of $382.9 million and $494.1 million , respectively. The net gain (loss) resulting from changes in fair value of these loans totaled $(0.7) million and $0.6 million for the three months ended September 30, 2020 and 2019 , respectively, and $(2.1) million and $(0.7) million for the nine months ended September 30, 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 $76.6 million and $36.3 million for the three months ended September 30, 2020 and 2019 , respectively, and $173.8 million and $90.6 million for the nine months ended September 30, 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 September 30, 2020 and December 31, 2019 , we had aggregate IRLCs of $471.6 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 September 30, 2020 and December 31, 2019 , we had unexpired forward contracts of $671.0 million and $518.2 million , respectively, and whole loan investor commitments of $148.0 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): September 30, 2020 December 31, 2019 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 23,064 $ 2,336 $ 8,351 $ 149 Forward contracts 372 2,260 299 1,372 Whole loan commitments 295 481 880 284 $ 23,731 $ 5,077 $ 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 September 30, 2020 , we reported $195.2 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 rebate receivables. Counterparties associated with these assets are generally highly rated. Allowances on the aforementioned in-scope assets were not material as of September 30, 2020 . New accounting pronouncements On January 1, 2020, we adopted ASC 326, which changed 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 removed 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. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" ("ASU 2019-12"), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning January 1, 2021. We do not expect ASU 2019-12 to have a material impact on our financial statements.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventory	Inventory Major components of inventory were as follows ($000’s omitted): September 30, December 31, Homes under construction $ 3,065,801 $ 2,899,016 Land under development 4,139,123 4,347,107 Raw land 410,547 434,491 $ 7,615,471 $ 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Interest in inventory, beginning of period $ 207,942 $ 234,709 $ 210,383 $ 227,495 Interest capitalized 40,044 39,893 119,643 123,924 Interest expensed (46,841 ) (46,040 ) (128,881 ) (122,857 ) Interest in inventory, end of period $ 201,145 $ 228,562 $ 201,145 $ 228,562 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 September 30, 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 September 30, 2020 and December 31, 2019 ($000’s omitted): September 30, 2020 December 31, 2019 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 115,420 $ 1,497,721 $ 123,775 $ 1,466,585 Other land options 174,936 2,189,012 175,662 1,755,377 $ 290,356 $ 3,686,733 $ 299,437 $ 3,221,962 Land-related charges We recorded the following land-related charges ($000's omitted): Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 Statement of Operations Classification 2020 2019 2020 2019 Land impairments Home sale cost of revenues $ 54 $ 5,919 $ 5,440 $ 6,007 Net realizable value ("NRV") adjustments - land held for sale Land sale and other cost of revenues 2 2,366 155 3,654 Write-offs of deposits and pre-acquisition costs Other expense, net 1,692 2,455 8,335 7,888 $ 1,748 $ 10,740 $ 13,930 $ 17,549 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	9 Months Ended
	Sep. 30, 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, title, and insurance brokerage operations that operate generally in the same markets as the Homebuilding segments. Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenues: Northeast $ 242,829 $ 209,696 $ 546,741 $ 520,425 Southeast 434,782 456,244 1,275,039 1,240,782 Florida 623,971 539,269 1,712,180 1,470,866 Midwest 411,797 403,916 1,043,646 1,048,090 Texas 359,358 359,717 1,069,444 971,606 West 775,349 676,708 1,940,445 1,779,641 2,848,086 2,645,550 7,587,495 7,031,410 Financial Services 106,871 64,815 256,223 164,634 Consolidated revenues $ 2,954,957 $ 2,710,365 $ 7,843,718 $ 7,196,044 Income (loss) before income taxes: Northeast $ 39,442 $ 37,285 $ 76,995 $ 71,425 Southeast (a) 69,275 42,313 196,798 122,668 Florida (b) 106,394 89,186 258,991 218,848 Midwest 62,638 55,286 137,707 124,406 Texas 64,646 53,502 178,150 133,617 West 121,974 100,034 279,393 284,659 Other homebuilding (c) (44,266 ) (43,744 ) (67,128 ) (121,769 ) 420,103 333,862 1,060,906 833,854 Financial Services 64,064 32,284 144,038 69,771 Consolidated income before income taxes $ 484,167 $ 366,146 $ 1,204,944 $ 903,625 (a) Includes charges of $9.0 million and $14.8 million in the three and nine months ended September 30, 2019 , respectively, related to estimated costs to complete repairs in a closed-out community. (b) Includes goodwill impairment charge totaling $20.2 million (see Note 1 ) in the nine months ended September 30, 2020 . (c) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes net insurance reserve reversals of $59.4 million and $18.3 million for the nine months ended September 30, 2020 and 2019 , respectively, and write-offs of insurance receivables of $24.0 million for the nine months ended September 30, 2019 (see Note 8 ). Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Land-related charges (a) : Northeast $ 419 $ 253 $ 5,264 $ 707 Southeast 725 8,167 2,401 10,754 Florida 108 225 1,089 1,471 Midwest 190 528 1,466 1,832 Texas 82 94 1,068 577 West 170 1,166 1,844 1,813 Other homebuilding 54 307 798 395 $ 1,748 $ 10,740 $ 13,930 $ 17,549 (a) 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) September 30, 2020 Homes Under Land Under Raw Land Total Total Northeast $ 369,977 $ 221,070 $ 24,271 $ 615,318 $ 711,598 Southeast 428,481 668,357 55,664 1,152,502 1,279,533 Florida 558,976 892,609 118,827 1,570,412 1,859,865 Midwest 382,553 429,463 19,818 831,834 932,111 Texas 321,741 452,156 68,375 842,272 924,410 West 958,715 1,246,302 109,946 2,314,963 2,608,256 Other homebuilding (a) 45,358 229,166 13,646 288,170 2,506,868 3,065,801 4,139,123 410,547 7,615,471 10,822,641 Financial Services — — — — 542,381 $ 3,065,801 $ 4,139,123 $ 410,547 $ 7,615,471 $ 11,365,022 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	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Notes payable Our notes payable are summarized as follows ($000’s omitted): September 30, 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) (13,886 ) (14,295 ) Total senior notes 2,712,068 2,711,659 Other notes payable 66,902 53,381 Notes payable $ 2,778,970 $ 2,765,040 Estimated fair value $ 3,260,665 $ 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 $66.9 million and $53.4 million at September 30, 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 generally 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 (the "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 September 30, 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 initial phase of the COVID-19 pandemic, we made the decision in March 2020 to draw $700.0 million under the Revolving Credit Facility. In June 2020, we repaid the full outstanding balance of $700.0 million . As a result, we had no borrowings outstanding at both September 30, 2020 and December 31, 2019 , and $250.7 million and $262.8 million of letters of credit issued under the Revolving Credit Facility at September 30, 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 September 30, 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 $749.3 million and $737.2 million at September 30, 2020 and December 31, 2019 , respectively. Financial Services debt Pulte Mortgage maintains a master repurchase agreement with third party lenders (the "Repurchase Agreement") that matures on July 29, 2021. The maximum aggregate commitment was $360.0 million at September 30, 2020 and increases to $420.0 million during the seasonally high borrowing period from December 28, 2020 through January 15, 2021. At all other times, the maximum aggregate commitment ranges from $230.0 million to $375.0 million . The purpose of the changes in capacity during the term of the agreement is to lower associated fees during seasonally lower volume periods of mortgage origination activity. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. Pulte Mortgage had $249.0 million and $326.6 million outstanding under the Repurchase Agreement at September 30, 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	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Shareholders’ equity	Shareholders’ equity During the nine months ended September 30, 2020 , we declared cash dividends totaling $97.5 million and repurchased 2.8 million shares under our repurchase authorization for $95.7 million . For the nine months ended September 30, 2019 , we declared cash dividends totaling $91.6 million and repurchased 7.7 million shares under our repurchase authorization for $244.4 million . In May 2019, our board of directors approved a $500.0 million increase in our share repurchase authorization. At September 30, 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 nine months ended September 30, 2020 and 2019 , participants surrendered shares valued at $14.9 million and $10.7 million , respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Our effective tax rate for the three and nine months ended September 30, 2020 was 14.0% and 19.6% , respectively, compared to 25.4% and 24.6% , respectively, for the same periods in 2019 . Our effective tax rate differs from the federal statutory rate primarily due to benefits associated with federal energy efficient home credits partially offset by state income tax expense. Income tax expense for the three and nine months ended September 30, 2020 includes benefits of $53.2 million and $58.0 million , respectively, associated with the extension of federal energy efficient homes tax credits, including to homes closed in prior open tax years. This provision was extended to apply to homes closed through December 31, 2020. At September 30, 2020 and December 31, 2019 , we had deferred tax assets, net of deferred tax liabilities and valuation allowance, of $80.8 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 $27.3 million and $40.3 million of gross unrecognized tax benefits at September 30, 2020 and December 31, 2019 , respectively. Additionally, we had accrued interest and penalties of $2.3 million and $6.5 million at September 30, 2020 and December 31, 2019 , respectively.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 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 September 30, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 400,067 $ 508,967 Interest rate lock commitments Level 2 20,728 8,202 Forward contracts Level 2 (1,888 ) (1,073 ) Whole loan commitments Level 2 (186 ) 596 Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 9,979 Land held for sale Level 2 — 4,193 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 2,114,208 $ 1,251,456 Financial Services debt Level 2 249,046 326,573 Senior notes payable Level 2 3,193,764 3,098,665 Other notes payable Level 2 66,902 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 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 September 30, 2020 and December 31, 2019 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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. 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 $11.9 million and $25.2 million at September 30, 2020 and December 31, 2019 , respectively. The decrease in liabilities is primarily related to payments in connection with the settlement of certain previously recorded liabilities. 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 $250.7 million and $1.5 billion , respectively, at September 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Warranty liabilities, beginning of period $ 86,278 $ 81,442 $ 91,389 $ 79,154 Reserves provided 15,320 16,152 47,364 43,060 Payments (18,551 ) (19,573 ) (52,741 ) (53,634 ) Other adjustments (a) 501 10,402 (2,464 ) 19,843 Warranty liabilities, end of period $ 83,548 $ 88,423 $ 83,548 $ 88,423 (a) Includes charges of $9.0 million and $14.8 million in the three and nine months ended September 30, 2019 , respectively, related to estimated costs to complete repairs in a closed-out community. 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. A portion of 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 $652.5 million and $709.8 million at September 30, 2020 and December 31, 2019 , respectively. The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses. Liabilities related to IBNR and related claim expenses represented approximately 68% of the total general liability reserves at both September 30, 2020 and December 31, 2019 . The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses. Housing market conditions can be volatile, and we believe such conditions can affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are typically reported and resolved over an extended period, often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Additionally, the amount of insurance coverage available for each policy period also impacts our recorded reserves. Because of the inherent uncertainty in estimating future losses and the timing of such losses related to these claims, actual costs could differ significantly from estimated costs. Adjustments to reserves are recorded in the period in which the change in estimate occurs. We reduced general liability reserves by $59.4 million and $18.3 million during the nine months ended September 30, 2020 and 2019 , respectively, as a result of changes in estimates resulting from actual claim experience being less than anticipated in previous actuarial projections. The changes in actuarial estimates were driven by changes in actual claims experience that, in turn, impacted actuarial estimates for potential future claims. These changes in actuarial estimates did not involve any changes in actuarial methodology but did impact the development of estimates for future periods, which resulted in adjustments to the IBNR portion of our recorded liabilities. Costs associated with our insurance programs are classified within selling, general, and administrative expenses. Changes in these liabilities were as follows ($000's omitted): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Balance, beginning of period $ 640,014 $ 716,218 $ 709,798 $ 737,013 Reserves provided 21,992 21,892 60,618 59,558 Adjustments to previously recorded reserves — (1,700 ) (59,362 ) (18,338 ) Payments, net (a) (9,460 ) (11,092 ) (58,508 ) (52,915 ) Balance, end of period $ 652,546 $ 725,318 $ 652,546 $ 725,318 (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 $82.0 million and $118.4 million at September 30, 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 nine months ended September 30, 2019, we wrote off $24.0 million of insurance receivables in connection with policy settlement negotiations with certain of our carriers. Leases We lease certain office space and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets and leasehold improvements are limited to the expected lease term. Certain of our lease agreements include rental payments based on a pro-rata share of the lessor’s operating costs which are variable in nature. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. ROU assets are classified within other assets on the balance sheet, while lease liabilities are classified within accrued and other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets and lease liabilities were $73.5 million and $94.3 million at September 30, 2020 , respectively, and $70.0 million and $91.4 million at December 31, 2019 , respectively. During the nine months ended September 30, 2020 , we recorded an additional $13.0 million of lease liabilities under operating leases and $4.0 million and $12.8 million during the three and nine months ended September 30, 2019 , respectively. Payments on lease liabilities during the three and nine months ended September 30, 2020 totaled $4.8 million and $14.8 million , respectively, and $5.9 million and $17.4 million in the comparable prior year periods. Lease expense includes costs for leases with terms in excess of one year as well as short-term leases with terms of less than one year. For the three and nine months ended September 30, 2020 , our total lease expense was $9.6 million and $28.2 million , respectively, and $9.1 million and $27.0 million in the comparable prior year periods. Our total lease expense is inclusive of variable lease costs of $1.5 million and $4.9 million for the three and nine months ended September 30, 2020 , respectively, and $1.7 million and $4.9 million in the comparable prior year periods, as well as short-term lease costs of $2.6 million and $6.6 million for the three and nine months ended September 30, 2020 , respectively, and $2.4 million and $7.3 million in the comparable prior year periods. Sublease income was de minimis. The future minimum lease payments required under our leases as of September 30, 2020 were as follows ($000's omitted): Years Ending December 31, 2020 (a) $ 5,541 2021 22,648 2022 20,755 2023 19,425 2024 13,755 Thereafter 28,687 Total lease payments (b) 110,811 Less: Interest (c) 16,503 Present value of lease liabilities (d) $ 94,308 (a) Remaining payments are for the three months ending December 31, 2020 . (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were $1.7 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 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 5.5 years and 5.7% , respectively, at September 30, 2020 .

Supplemental Guarantor Informat

Supplemental Guarantor Information	9 Months Ended
	Sep. 30, 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 September 30, 2020 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 2,001,550 $ 65,726 $ — $ 2,067,276 Restricted cash — 39,218 7,714 — 46,932 Total cash, cash equivalents, and — 2,040,768 73,440 — 2,114,208 House and land inventory — 7,458,068 157,403 — 7,615,471 Land held for sale — 26,867 — — 26,867 Residential mortgage loans available- — — 400,067 — 400,067 Investments in unconsolidated entities — 40,921 801 — 41,722 Other assets 34,990 639,993 242,405 — 917,388 Intangible assets — 114,192 54,274 — 168,466 Deferred tax assets, net 93,577 — (12,744 ) — 80,833 Investments in subsidiaries and 8,910,969 1,101,141 10,341,970 (20,354,080 ) — $ 9,039,536 $ 11,421,950 $ 11,257,616 $ (20,354,080 ) $ 11,365,022 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 71,684 $ 1,757,966 $ 251,572 $ — $ 2,081,222 Income tax liabilities 15,769 — — — 15,769 Financial Services debt — — 249,046 — 249,046 Notes payable 2,712,068 66,902 — — 2,778,970 Total liabilities 2,799,521 1,824,868 500,618 — 5,125,007 Total shareholders’ equity 6,240,015 9,597,082 10,756,998 (20,354,080 ) 6,240,015 $ 9,039,536 $ 11,421,950 $ 11,257,616 $ (20,354,080 ) $ 11,365,022 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 September 30, 2020 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 2,761,898 $ 62,023 $ — $ 2,823,921 Land sale and other revenues — 6,723 17,442 — 24,165 — 2,768,621 79,465 — 2,848,086 Financial Services — — 106,871 — 106,871 — 2,768,621 186,336 — 2,954,957 Homebuilding Cost of Revenues: Home sale cost of revenues — (2,086,122 ) (45,619 ) — (2,131,741 ) Land sale and other cost of revenues — (3,959 ) (16,543 ) — (20,502 ) — (2,090,081 ) (62,162 ) — (2,152,243 ) Financial Services expenses — (180 ) (42,627 ) — (42,807 ) Selling, general, and administrative — (262,348 ) (8,909 ) — (271,257 ) Goodwill impairment — — — — — Other income (expense), net (84 ) (13,265 ) 8,866 — (4,483 ) Intercompany interest (1,173 ) — 1,173 — — Income (loss) before income taxes and (1,257 ) 402,747 82,677 — 484,167 Income tax (expense) benefit 314 (48,113 ) (19,970 ) — (67,769 ) Income (loss) before equity in income (943 ) 354,634 62,707 — 416,398 Equity in income (loss) of subsidiaries 417,341 61,743 344,854 (823,938 ) — Net income (loss) 416,398 416,377 407,561 (823,938 ) 416,398 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 416,423 $ 416,377 $ 407,561 $ (823,938 ) $ 416,423 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended September 30, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 2,588,933 $ 48,069 $ — $ 2,637,002 Land sale and other revenues — 8,526 22 — 8,548 — 2,597,459 48,091 — 2,645,550 Financial Services — — 64,815 — 64,815 — 2,597,459 112,906 — 2,710,365 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,992,043 ) (36,579 ) — (2,028,622 ) Land sale and other cost of revenues — (7,350 ) — — (7,350 ) — (1,999,393 ) (36,579 ) — (2,035,972 ) Financial Services expenses — (133 ) (32,381 ) — (32,514 ) Selling, general, and administrative — (252,414 ) (18,211 ) — (270,625 ) Other income (expense), net (126 ) (15,697 ) 10,715 — (5,108 ) Intercompany interest (2,255 ) — 2,255 — — Income (loss) before income taxes and (2,381 ) 329,822 38,705 — 366,146 Income tax (expense) benefit 688 (83,937 ) (9,793 ) — (93,042 ) Income (loss) before equity in income (1,693 ) 245,885 28,912 — 273,104 Equity in income (loss) of subsidiaries 274,797 34,672 371,107 (680,576 ) — Net income (loss) 273,104 280,557 400,019 (680,576 ) 273,104 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 273,129 $ 280,557 $ 400,019 $ (680,576 ) $ 273,129 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the nine months ended September 30, 2020 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 7,407,014 $ 110,439 $ — $ 7,517,453 Land sale and other revenues — 17,722 52,320 — 70,042 — 7,424,736 162,759 — 7,587,495 Financial Services — — 256,223 — 256,223 — 7,424,736 418,982 — 7,843,718 Homebuilding Cost of Revenues: Home sale cost of revenues — (5,622,495 ) (84,319 ) — (5,706,814 ) Land sale and other cost of revenues — (9,345 ) (46,213 ) — (55,558 ) — (5,631,840 ) (130,532 ) — (5,762,372 ) Financial Services expenses — (535 ) (111,600 ) — (112,135 ) Selling, general, and administrative — (713,360 ) (18,425 ) — (731,785 ) Goodwill impairment — — (20,190 ) — (20,190 ) Other income (expense), net (3,628 ) (30,323 ) 21,659 — (12,292 ) Intercompany interest (4,247 ) — 4,247 — — Income (loss) before income taxes and (7,875 ) 1,048,678 164,141 — 1,204,944 Income tax (expense) benefit 1,969 (198,316 ) (39,869 ) — (236,216 ) Income (loss) before equity in income (5,906 ) 850,362 124,272 — 968,728 Equity in income (loss) of subsidiaries 974,634 130,079 829,470 (1,934,183 ) — Net income (loss) 968,728 980,441 953,742 (1,934,183 ) 968,728 Other comprehensive income 75 — — — 75 Comprehensive income (loss) $ 968,803 $ 980,441 $ 953,742 $ (1,934,183 ) $ 968,803 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the nine months ended September 30, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 6,855,951 $ 134,466 $ — $ 6,990,417 Land sale and other revenues — 40,311 682 — 40,993 — 6,896,262 135,148 — 7,031,410 Financial Services — — 164,634 — 164,634 — 6,896,262 299,782 — 7,196,044 Homebuilding Cost of Revenues: Home sale cost of revenues — (5,267,638 ) (101,930 ) — (5,369,568 ) Land sale and other cost of revenues — (34,509 ) (1,106 ) — (35,615 ) — (5,302,147 ) (103,036 ) — (5,405,183 ) Financial Services expenses — (390 ) (94,474 ) — (94,864 ) Selling, general, and administrative — (731,801 ) (50,990 ) — (782,791 ) Other income (expense), net (5,213 ) (29,961 ) 25,593 — (9,581 ) Intercompany interest (6,506 ) — 6,506 — — Income (loss) before income taxes and (11,719 ) 831,963 83,381 — 903,625 Income tax (expense) benefit 2,930 (204,186 ) (21,467 ) — (222,723 ) Income (loss) before equity in income (8,789 ) 627,777 61,914 — 680,902 Equity in income (loss) of subsidiaries 689,691 77,480 647,207 (1,414,378 ) — Net income (loss) 680,902 705,257 709,121 (1,414,378 ) 680,902 Other comprehensive income 75 — — — 75 Comprehensive income (loss) $ 680,977 $ 705,257 $ 709,121 $ (1,414,378 ) $ 680,977 CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2020 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 70,895 $ 1,007,020 $ 190,710 $ — $ 1,268,625 Cash flows from investing activities: Capital expenditures — (40,773 ) (6,152 ) — (46,925 ) Investments in unconsolidated entities — — (663 ) — (663 ) Distributions of capital from unconsolidated entities — 19,630 309 — 19,939 Other investing activities, net — 152 1,569 — 1,721 Business acquisition — — (83,251 ) — (83,251 ) Net cash provided by (used in) — (20,991 ) (88,188 ) — (109,179 ) Cash flows from financing activities: Financial Services borrowing (repayments), net — — (77,527 ) — (77,527 ) Repayments of debt — (10,993 ) — — (10,993 ) Borrowings under revolving credit facility 700,000 — — — 700,000 Repayments under revolving credit facility (700,000 ) — — — (700,000 ) Stock option exercises 111 — — — 111 Share repurchases (95,676 ) — — — (95,676 ) Cash paid for shares withheld for taxes (14,853 ) — — — (14,853 ) Dividends paid (97,756 ) — — — (97,756 ) Intercompany activities, net 137,279 7,661 (144,940 ) — — Net cash provided by (used in) (70,895 ) (3,332 ) (222,467 ) — (296,694 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — 982,697 (119,945 ) — 862,752 Cash, cash equivalents, and restricted cash — 1,058,071 193,385 — 1,251,456 Cash, cash equivalents, and restricted cash $ — $ 2,040,768 $ 73,440 $ — $ 2,114,208 CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 162,105 $ 304,142 $ 116,533 $ — $ 582,780 Cash flows from investing activities: Capital expenditures — (36,098 ) (7,064 ) — (43,162 ) Investments in unconsolidated entities — (7,807 ) (708 ) — (8,515 ) Distributions of capital from unconsolidated entities — 214 — — 214 Other investing activities, net — 3,072 1,723 — 4,795 Business acquisition — (163,724 ) — — (163,724 ) Net cash provided by (used in) — (204,343 ) (6,049 ) — (210,392 ) Cash flows from financing activities: Financial Services borrowings (repayments), net — — (99,052 ) — (99,052 ) Repayments of debt (280,175 ) (16,699 ) (537 ) — (297,411 ) Stock option exercises 6,368 — — — 6,368 Share repurchases (244,388 ) — — — (244,388 ) Cash paid for shares withheld for taxes (10,726 ) — — — (10,726 ) Dividends paid (92,235 ) 44,499 (44,499 ) — (92,235 ) Intercompany activities, net 459,051 (339,156 ) (119,895 ) — — Net cash provided by (used in) (162,105 ) (311,356 ) (263,983 ) — (737,444 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — (211,557 ) (153,499 ) — (365,056 ) Cash, cash equivalents, and restricted cash — 929,367 204,333 — 1,133,700 Cash, cash equivalents, and restricted cash $ — $ 717,810 $ 50,834 $ — $ 768,644

Basis of Presentation (Policy)

Basis of Presentation (Policy)	9 Months Ended
	Sep. 30, 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	Subsequent events We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission (the "SEC").
Revenue recognition	Revenue recognition Home sale revenues - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied 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 deposits related to sold but undelivered homes, which totaled $403.6 million and $294.4 million at September 30, 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 provided. 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 $36.8 million and $35.1 million at September 30, 2020 and December 31, 2019 , respectively.
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 September 30, 2020 and December 31, 2019 , residential mortgage loans available-for-sale had an aggregate fair value of $400.1 million and $509.0 million , respectively, and an aggregate outstanding principal balance of $382.9 million and $494.1 million , respectively. The net gain (loss) resulting from changes in fair value of these loans totaled $(0.7) million and $0.6 million for the three months ended September 30, 2020 and 2019 , respectively, and $(2.1) million and $(0.7) million for the nine months ended September 30, 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 $76.6 million and $36.3 million for the three months ended September 30, 2020 and 2019 , respectively, and $173.8 million and $90.6 million for the nine months ended September 30, 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 September 30, 2020 and December 31, 2019 , we had aggregate IRLCs of $471.6 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 September 30, 2020 and December 31, 2019 , we had unexpired forward contracts of $671.0 million and $518.2 million , respectively, and whole loan investor commitments of $148.0 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 changed 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 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 September 30, 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 $250.7 million and $1.5 billion , respectively, at September 30, 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 years
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. A portion of 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 $652.5 million and $709.8 million at September 30, 2020 and December 31, 2019 , respectively. The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses. Liabilities related to IBNR and related claim expenses represented approximately 68% of the total general liability reserves at both September 30, 2020 and December 31, 2019 . The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses. Housing market conditions can be volatile, and we believe such conditions can affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are typically reported and resolved over an extended period, often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Additionally, the amount of insurance coverage available for each policy period also impacts our recorded reserves. Because of the inherent uncertainty in estimating future losses and the timing of such losses related to these claims, actual costs could differ significantly from estimated costs. Adjustments to reserves are recorded in the period in which the change in estimate occurs. We reduced general liability reserves by $59.4 million and $18.3 million during the nine months ended September 30, 2020 and 2019 , respectively, as a result of changes in estimates resulting from actual claim experience being less than anticipated in previous actuarial projections. The changes in actuarial estimates were driven by changes in actual claims experience that, in turn, impacted actuarial estimates for potential future claims. These changes in actuarial estimates did not involve any changes in actuarial methodology but did impact the development of estimates for future periods, which resulted in adjustments to the IBNR portion of our recorded liabilities.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Other Expense (Income), Net	Other expense, net consists of the following ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Write-offs of deposits and pre-acquisition costs $ (1,692 ) $ (2,455 ) $ (8,335 ) $ (7,888 ) Amortization of intangible assets (5,041 ) (3,600 ) (14,643 ) (10,600 ) Loss on debt retirement — — — (4,843 ) Interest income 891 3,554 6,024 12,974 Interest expense (225 ) (147 ) (4,022 ) (437 ) Equity in earnings of unconsolidated entities 336 211 1,238 377 Miscellaneous, net 1,248 (2,671 ) 7,446 836 Total other expense, net $ (4,483 ) $ (5,108 ) $ (12,292 ) $ (9,581 )
Schedule of Earnings Per Share	The following table presents the earnings per common share (000's omitted, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Numerator: Net income $ 416,398 $ 273,104 $ 968,728 $ 680,902 Less: earnings distributed to participating securities (264 ) (298 ) (799 ) (911 ) Less: undistributed earnings allocated to participating securities (3,123 ) (2,411 ) (7,778 ) (6,075 ) Numerator for basic earnings per share $ 413,011 $ 270,395 $ 960,151 $ 673,916 Add back: undistributed earnings allocated to participating securities 3,123 2,411 7,778 6,075 Less: undistributed earnings reallocated to participating securities (3,116 ) (2,405 ) (7,754 ) (6,057 ) Numerator for diluted earnings per share $ 413,018 $ 270,401 $ 960,175 $ 673,934 Denominator: Basic shares outstanding 268,363 272,992 268,892 275,734 Effect of dilutive securities 598 640 839 858 Diluted shares outstanding 268,961 273,632 269,731 276,592 Earnings per share: Basic $ 1.54 $ 0.99 $ 3.57 $ 2.44 Diluted $ 1.54 $ 0.99 $ 3.56 $ 2.44
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): September 30, 2020 December 31, 2019 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 23,064 $ 2,336 $ 8,351 $ 149 Forward contracts 372 2,260 299 1,372 Whole loan commitments 295 481 880 284 $ 23,731 $ 5,077 $ 9,530 $ 1,805

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Components of Inventory	Major components of inventory were as follows ($000’s omitted): September 30, December 31, Homes under construction $ 3,065,801 $ 2,899,016 Land under development 4,139,123 4,347,107 Raw land 410,547 434,491 $ 7,615,471 $ 7,680,614
Capitalized Interest Rollforward	Information related to interest capitalized into inventory is as follows ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Interest in inventory, beginning of period $ 207,942 $ 234,709 $ 210,383 $ 227,495 Interest capitalized 40,044 39,893 119,643 123,924 Interest expensed (46,841 ) (46,040 ) (128,881 ) (122,857 ) Interest in inventory, end of period $ 201,145 $ 228,562 $ 201,145 $ 228,562
Schedule Of Company Interests In Land Option Agreements	The following provides a summary of our interests in land option agreements as of September 30, 2020 and December 31, 2019 ($000’s omitted): September 30, 2020 December 31, 2019 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 115,420 $ 1,497,721 $ 123,775 $ 1,466,585 Other land options 174,936 2,189,012 175,662 1,755,377 $ 290,356 $ 3,686,733 $ 299,437 $ 3,221,962
Schedule Of Impairment Losses	We recorded the following land-related charges ($000's omitted): Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 Statement of Operations Classification 2020 2019 2020 2019 Land impairments Home sale cost of revenues $ 54 $ 5,919 $ 5,440 $ 6,007 Net realizable value ("NRV") adjustments - land held for sale Land sale and other cost of revenues 2 2,366 155 3,654 Write-offs of deposits and pre-acquisition costs Other expense, net 1,692 2,455 8,335 7,888 $ 1,748 $ 10,740 $ 13,930 $ 17,549

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenues: Northeast $ 242,829 $ 209,696 $ 546,741 $ 520,425 Southeast 434,782 456,244 1,275,039 1,240,782 Florida 623,971 539,269 1,712,180 1,470,866 Midwest 411,797 403,916 1,043,646 1,048,090 Texas 359,358 359,717 1,069,444 971,606 West 775,349 676,708 1,940,445 1,779,641 2,848,086 2,645,550 7,587,495 7,031,410 Financial Services 106,871 64,815 256,223 164,634 Consolidated revenues $ 2,954,957 $ 2,710,365 $ 7,843,718 $ 7,196,044 Income (loss) before income taxes: Northeast $ 39,442 $ 37,285 $ 76,995 $ 71,425 Southeast (a) 69,275 42,313 196,798 122,668 Florida (b) 106,394 89,186 258,991 218,848 Midwest 62,638 55,286 137,707 124,406 Texas 64,646 53,502 178,150 133,617 West 121,974 100,034 279,393 284,659 Other homebuilding (c) (44,266 ) (43,744 ) (67,128 ) (121,769 ) 420,103 333,862 1,060,906 833,854 Financial Services 64,064 32,284 144,038 69,771 Consolidated income before income taxes $ 484,167 $ 366,146 $ 1,204,944 $ 903,625 (a) Includes charges of $9.0 million and $14.8 million in the three and nine months ended September 30, 2019 , respectively, related to estimated costs to complete repairs in a closed-out community. (b) Includes goodwill impairment charge totaling $20.2 million (see Note 1 ) in the nine months ended September 30, 2020 . (c) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes net insurance reserve reversals of $59.4 million and $18.3 million for the nine months ended September 30, 2020 and 2019 , respectively, and write-offs of insurance receivables of $24.0 million for the nine months ended September 30, 2019 (see Note 8 ). Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Land-related charges (a) : Northeast $ 419 $ 253 $ 5,264 $ 707 Southeast 725 8,167 2,401 10,754 Florida 108 225 1,089 1,471 Midwest 190 528 1,466 1,832 Texas 82 94 1,068 577 West 170 1,166 1,844 1,813 Other homebuilding 54 307 798 395 $ 1,748 $ 10,740 $ 13,930 $ 17,549 (a) 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) September 30, 2020 Homes Under Land Under Raw Land Total Total Northeast $ 369,977 $ 221,070 $ 24,271 $ 615,318 $ 711,598 Southeast 428,481 668,357 55,664 1,152,502 1,279,533 Florida 558,976 892,609 118,827 1,570,412 1,859,865 Midwest 382,553 429,463 19,818 831,834 932,111 Texas 321,741 452,156 68,375 842,272 924,410 West 958,715 1,246,302 109,946 2,314,963 2,608,256 Other homebuilding (a) 45,358 229,166 13,646 288,170 2,506,868 3,065,801 4,139,123 410,547 7,615,471 10,822,641 Financial Services — — — — 542,381 $ 3,065,801 $ 4,139,123 $ 410,547 $ 7,615,471 $ 11,365,022 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)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Senior Notes	Our notes payable are summarized as follows ($000’s omitted): September 30, 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) (13,886 ) (14,295 ) Total senior notes 2,712,068 2,711,659 Other notes payable 66,902 53,381 Notes payable $ 2,778,970 $ 2,765,040 Estimated fair value $ 3,260,665 $ 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)	9 Months Ended
	Sep. 30, 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 September 30, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 400,067 $ 508,967 Interest rate lock commitments Level 2 20,728 8,202 Forward contracts Level 2 (1,888 ) (1,073 ) Whole loan commitments Level 2 (186 ) 596 Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 9,979 Land held for sale Level 2 — 4,193 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 2,114,208 $ 1,251,456 Financial Services debt Level 2 249,046 326,573 Senior notes payable Level 2 3,193,764 3,098,665 Other notes payable Level 2 66,902 53,381

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Warranty liabilities, beginning of period $ 86,278 $ 81,442 $ 91,389 $ 79,154 Reserves provided 15,320 16,152 47,364 43,060 Payments (18,551 ) (19,573 ) (52,741 ) (53,634 ) Other adjustments (a) 501 10,402 (2,464 ) 19,843 Warranty liabilities, end of period $ 83,548 $ 88,423 $ 83,548 $ 88,423 (a) Includes charges of $9.0 million and $14.8 million in the three and nine months ended September 30, 2019 , respectively, related to estimated costs to complete repairs in a closed-out community.
Summary of Changes in Self-Insurance Liability	Changes in these liabilities were as follows ($000's omitted): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Balance, beginning of period $ 640,014 $ 716,218 $ 709,798 $ 737,013 Reserves provided 21,992 21,892 60,618 59,558 Adjustments to previously recorded reserves — (1,700 ) (59,362 ) (18,338 ) Payments, net (a) (9,460 ) (11,092 ) (58,508 ) (52,915 ) Balance, end of period $ 652,546 $ 725,318 $ 652,546 $ 725,318 (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 September 30, 2020 were as follows ($000's omitted): Years Ending December 31, 2020 (a) $ 5,541 2021 22,648 2022 20,755 2023 19,425 2024 13,755 Thereafter 28,687 Total lease payments (b) 110,811 Less: Interest (c) 16,503 Present value of lease liabilities (d) $ 94,308 (a) Remaining payments are for the three months ending December 31, 2020 . (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were $1.7 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 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 5.5 years and 5.7% , respectively, at September 30, 2020 .

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Guarantor Information [Abstract]
Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2020 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 2,001,550 $ 65,726 $ — $ 2,067,276 Restricted cash — 39,218 7,714 — 46,932 Total cash, cash equivalents, and — 2,040,768 73,440 — 2,114,208 House and land inventory — 7,458,068 157,403 — 7,615,471 Land held for sale — 26,867 — — 26,867 Residential mortgage loans available- — — 400,067 — 400,067 Investments in unconsolidated entities — 40,921 801 — 41,722 Other assets 34,990 639,993 242,405 — 917,388 Intangible assets — 114,192 54,274 — 168,466 Deferred tax assets, net 93,577 — (12,744 ) — 80,833 Investments in subsidiaries and 8,910,969 1,101,141 10,341,970 (20,354,080 ) — $ 9,039,536 $ 11,421,950 $ 11,257,616 $ (20,354,080 ) $ 11,365,022 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 71,684 $ 1,757,966 $ 251,572 $ — $ 2,081,222 Income tax liabilities 15,769 — — — 15,769 Financial Services debt — — 249,046 — 249,046 Notes payable 2,712,068 66,902 — — 2,778,970 Total liabilities 2,799,521 1,824,868 500,618 — 5,125,007 Total shareholders’ equity 6,240,015 9,597,082 10,756,998 (20,354,080 ) 6,240,015 $ 9,039,536 $ 11,421,950 $ 11,257,616 $ (20,354,080 ) $ 11,365,022 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 September 30, 2020 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 2,761,898 $ 62,023 $ — $ 2,823,921 Land sale and other revenues — 6,723 17,442 — 24,165 — 2,768,621 79,465 — 2,848,086 Financial Services — — 106,871 — 106,871 — 2,768,621 186,336 — 2,954,957 Homebuilding Cost of Revenues: Home sale cost of revenues — (2,086,122 ) (45,619 ) — (2,131,741 ) Land sale and other cost of revenues — (3,959 ) (16,543 ) — (20,502 ) — (2,090,081 ) (62,162 ) — (2,152,243 ) Financial Services expenses — (180 ) (42,627 ) — (42,807 ) Selling, general, and administrative — (262,348 ) (8,909 ) — (271,257 ) Goodwill impairment — — — — — Other income (expense), net (84 ) (13,265 ) 8,866 — (4,483 ) Intercompany interest (1,173 ) — 1,173 — — Income (loss) before income taxes and (1,257 ) 402,747 82,677 — 484,167 Income tax (expense) benefit 314 (48,113 ) (19,970 ) — (67,769 ) Income (loss) before equity in income (943 ) 354,634 62,707 — 416,398 Equity in income (loss) of subsidiaries 417,341 61,743 344,854 (823,938 ) — Net income (loss) 416,398 416,377 407,561 (823,938 ) 416,398 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 416,423 $ 416,377 $ 407,561 $ (823,938 ) $ 416,423 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended September 30, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 2,588,933 $ 48,069 $ — $ 2,637,002 Land sale and other revenues — 8,526 22 — 8,548 — 2,597,459 48,091 — 2,645,550 Financial Services — — 64,815 — 64,815 — 2,597,459 112,906 — 2,710,365 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,992,043 ) (36,579 ) — (2,028,622 ) Land sale and other cost of revenues — (7,350 ) — — (7,350 ) — (1,999,393 ) (36,579 ) — (2,035,972 ) Financial Services expenses — (133 ) (32,381 ) — (32,514 ) Selling, general, and administrative — (252,414 ) (18,211 ) — (270,625 ) Other income (expense), net (126 ) (15,697 ) 10,715 — (5,108 ) Intercompany interest (2,255 ) — 2,255 — — Income (loss) before income taxes and (2,381 ) 329,822 38,705 — 366,146 Income tax (expense) benefit 688 (83,937 ) (9,793 ) — (93,042 ) Income (loss) before equity in income (1,693 ) 245,885 28,912 — 273,104 Equity in income (loss) of subsidiaries 274,797 34,672 371,107 (680,576 ) — Net income (loss) 273,104 280,557 400,019 (680,576 ) 273,104 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 273,129 $ 280,557 $ 400,019 $ (680,576 ) $ 273,129 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the nine months ended September 30, 2020 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 7,407,014 $ 110,439 $ — $ 7,517,453 Land sale and other revenues — 17,722 52,320 — 70,042 — 7,424,736 162,759 — 7,587,495 Financial Services — — 256,223 — 256,223 — 7,424,736 418,982 — 7,843,718 Homebuilding Cost of Revenues: Home sale cost of revenues — (5,622,495 ) (84,319 ) — (5,706,814 ) Land sale and other cost of revenues — (9,345 ) (46,213 ) — (55,558 ) — (5,631,840 ) (130,532 ) — (5,762,372 ) Financial Services expenses — (535 ) (111,600 ) — (112,135 ) Selling, general, and administrative — (713,360 ) (18,425 ) — (731,785 ) Goodwill impairment — — (20,190 ) — (20,190 ) Other income (expense), net (3,628 ) (30,323 ) 21,659 — (12,292 ) Intercompany interest (4,247 ) — 4,247 — — Income (loss) before income taxes and (7,875 ) 1,048,678 164,141 — 1,204,944 Income tax (expense) benefit 1,969 (198,316 ) (39,869 ) — (236,216 ) Income (loss) before equity in income (5,906 ) 850,362 124,272 — 968,728 Equity in income (loss) of subsidiaries 974,634 130,079 829,470 (1,934,183 ) — Net income (loss) 968,728 980,441 953,742 (1,934,183 ) 968,728 Other comprehensive income 75 — — — 75 Comprehensive income (loss) $ 968,803 $ 980,441 $ 953,742 $ (1,934,183 ) $ 968,803
Consolidating Statement Of Cash Flows	CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2020 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 70,895 $ 1,007,020 $ 190,710 $ — $ 1,268,625 Cash flows from investing activities: Capital expenditures — (40,773 ) (6,152 ) — (46,925 ) Investments in unconsolidated entities — — (663 ) — (663 ) Distributions of capital from unconsolidated entities — 19,630 309 — 19,939 Other investing activities, net — 152 1,569 — 1,721 Business acquisition — — (83,251 ) — (83,251 ) Net cash provided by (used in) — (20,991 ) (88,188 ) — (109,179 ) Cash flows from financing activities: Financial Services borrowing (repayments), net — — (77,527 ) — (77,527 ) Repayments of debt — (10,993 ) — — (10,993 ) Borrowings under revolving credit facility 700,000 — — — 700,000 Repayments under revolving credit facility (700,000 ) — — — (700,000 ) Stock option exercises 111 — — — 111 Share repurchases (95,676 ) — — — (95,676 ) Cash paid for shares withheld for taxes (14,853 ) — — — (14,853 ) Dividends paid (97,756 ) — — — (97,756 ) Intercompany activities, net 137,279 7,661 (144,940 ) — — Net cash provided by (used in) (70,895 ) (3,332 ) (222,467 ) — (296,694 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — 982,697 (119,945 ) — 862,752 Cash, cash equivalents, and restricted cash — 1,058,071 193,385 — 1,251,456 Cash, cash equivalents, and restricted cash $ — $ 2,040,768 $ 73,440 $ — $ 2,114,208 CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 162,105 $ 304,142 $ 116,533 $ — $ 582,780 Cash flows from investing activities: Capital expenditures — (36,098 ) (7,064 ) — (43,162 ) Investments in unconsolidated entities — (7,807 ) (708 ) — (8,515 ) Distributions of capital from unconsolidated entities — 214 — — 214 Other investing activities, net — 3,072 1,723 — 4,795 Business acquisition — (163,724 ) — — (163,724 ) Net cash provided by (used in) — (204,343 ) (6,049 ) — (210,392 ) Cash flows from financing activities: Financial Services borrowings (repayments), net — — (99,052 ) — (99,052 ) Repayments of debt (280,175 ) (16,699 ) (537 ) — (297,411 ) Stock option exercises 6,368 — — — 6,368 Share repurchases (244,388 ) — — — (244,388 ) Cash paid for shares withheld for taxes (10,726 ) — — — (10,726 ) Dividends paid (92,235 ) 44,499 (44,499 ) — (92,235 ) Intercompany activities, net 459,051 (339,156 ) (119,895 ) — — Net cash provided by (used in) (162,105 ) (311,356 ) (263,983 ) — (737,444 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — (211,557 ) (153,499 ) — (365,056 ) Cash, cash equivalents, and restricted cash — 929,367 204,333 — 1,133,700 Cash, cash equivalents, and restricted cash $ — $ 717,810 $ 50,834 $ — $ 768,644

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
	Jan. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Payments for business acquisitions						$ 83,251	$ 163,724
Goodwill impairment		$ 0			$ 0	(20,190)	0
Severance expense			$ 10,300
Customer deposits		403,646				403,646					$ 294,427
Contract asset insurance renewals		36,800				36,800					35,100
Residential mortgage loans available-for-sale fair value		400,067				400,067					508,967
Residential mortgage loans available-for-sale aggregate outstanding principal balance		382,900				382,900					494,100
Changes in fair value, gain (loss)		(700)			600	(2,100)	(700)
Net gains from the sale of mortgages		76,600			$ 36,300	$ 173,800	$ 90,600
Variability in future cash flows of derivative instruments in days						60 days
Assets In-Scope Under Accounting Standards Codification 326		195,200				$ 195,200
Interest rate lock commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount		471,600				471,600					255,300
Forward contracts
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount		671,000				671,000					518,200
Whole loan commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount		$ 148,000				148,000					$ 200,700
Innovative Construction Group [Member]
Finite-Lived Intangible Assets [Line Items]
Consideration for business acquisition	$ 104,000
Payments for business acquisitions	83,300
Goodwill	48,700
Goodwill impairment				$ (20,200)		$ (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 | Innovative Construction Group [Member]
Finite-Lived Intangible Assets [Line Items]
Payments for business acquisitions								$ 10,400	$ 10,400
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Retained Earnings
Finite-Lived Intangible Assets [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption (Deprecated 2020-01-31)										$ (700)

Basis of Presentation (Other Ex

Basis of Presentation (Other Expense (Income), Net) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Write-offs of deposits and pre-acquisition costs	$ (1,692)	$ (2,455)	$ (8,335)	$ (7,888)
Amortization of intangible assets	(5,041)	(3,600)	(14,643)	(10,600)
Loss on debt retirement (see Note 4)	0	0	0	(4,843)
Interest income	891	3,554	6,024	12,974
Interest expense	(225)	(147)	(4,022)	(437)
Equity in earnings of unconsolidated entities	336	211	1,238	377
Miscellaneous, net	1,248	(2,671)	7,446	836
Total other expense, net	$ (4,483)	$ (5,108)	$ (12,292)	$ (9,581)

Basis of Presentation (Earnings

Basis of Presentation (Earnings per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income	$ 416,398	$ 273,104	$ 968,728	$ 680,902
Less: earnings distributed to participating securities	(264)	(298)	(799)	(911)
Less: undistributed earnings allocated to participating securities	(3,123)	(2,411)	(7,778)	(6,075)
Numerator for basic earnings per share	413,011	270,395	960,151	673,916
Add back: undistributed earnings allocated to participating securities	3,123	2,411	7,778	6,075
Less: undistributed earnings reallocated to participating securities	(3,116)	(2,405)	(7,754)	(6,057)
Numerator for diluted earnings per share	$ 413,018	$ 270,401	$ 960,175	$ 673,934
Denominator:
Basic shares outstanding (shares)	268,363	272,992	268,892	275,734
Effect of dilutive securities (shares)	598	640	839	858
Diluted shares outstanding (shares)	268,961	273,632	269,731	276,592
Earnings per share:
Basic earnings (usd per share)	$ 1.54	$ 0.99	$ 3.57	$ 2.44
Diluted earnings (usd per share)	$ 1.54	$ 0.99	$ 3.56	$ 2.44

Basis of Presentation (Fair Val

Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	$ 23,731	$ 9,530
Accrued and Other Liabilities	5,077	1,805
Interest rate lock commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	23,064	8,351
Accrued and Other Liabilities	2,336	149
Forward contracts
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	372	299
Accrued and Other Liabilities	2,260	1,372
Whole loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	295	880
Accrued and Other Liabilities	$ 481	$ 284

Basis of Presentation Payments

Basis of Presentation Payments to Acquire Businesses, Net of Cash Acquired (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Business Acquisitions [Abstract]
Payments for business acquisitions	$ (83,251)	$ (163,724)

Inventory (Major Components Of

Inventory (Major Components Of Inventory) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Homes under construction	$ 3,065,801	$ 2,899,016
Land under development	4,139,123	4,347,107
Raw land	410,547	434,491
Total Inventory	$ 7,615,471	$ 7,680,614

Inventory (Information Related

Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest in inventory, beginning of period	$ 207,942	$ 234,709	$ 210,383	$ 227,495
Interest capitalized	40,044	39,893	119,643	123,924
Interest expensed	(46,841)	(46,040)	(128,881)	(122,857)
Interest in inventory, end of period	$ 201,145	$ 228,562	$ 201,145	$ 228,562

Inventory (Summary of Interests

Inventory (Summary of Interests in Land Option Agreements) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	$ 290,356	$ 299,437
Remaining Purchase Price	3,686,733	3,221,962
Land options with VIEs
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	115,420	123,775
Remaining Purchase Price	1,497,721	1,466,585
Other land options
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	174,936	175,662
Remaining Purchase Price	$ 2,189,012	$ 1,755,377

Inventory Inventory (Summary of

Inventory Inventory (Summary of Land-related Charges) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Inventory Disclosure [Abstract]
Land impairments	$ 54	$ 5,919	$ 5,440	$ 6,007
Net realizable value adjustments (NRV) - land held for sale	2	2,366	155	3,654
Write-offs of deposits and pre-acquisition costs	1,692	2,455	8,335	7,888
Total land-related charges	$ 1,748	$ 10,740	$ 13,930	$ 17,549

Inventory - Fair Value Unobserv

Inventory - Fair Value Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Inventory Disclosure [Abstract]
Impairment Charges	$ 54	$ 5,919	$ 5,440	$ 6,007

Segment Information Narrative (

Segment Information Narrative (Details)	9 Months Ended
	Sep. 30, 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			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 2,954,957		$ 2,710,365	$ 7,843,718	$ 7,196,044
Income before Income Taxes:
Income before income taxes	484,167		366,146	1,204,944	903,625
Cost of Property Repairs and Maintenance			9,000		14,800
Goodwill impairment	0		0	20,190	0
Adjustments to previously recorded reserves	0		(1,700)	(59,362)	(18,338)
Write-off of insurance receivables					24,000
Northeast
Income before Income Taxes:
Income before income taxes	39,442		37,285	76,995	71,425
Southeast
Income before Income Taxes:
Income before income taxes	69,275		42,313	196,798	122,668
Florida
Income before Income Taxes:
Income before income taxes	106,394		89,186	258,991	218,848
Midwest
Income before Income Taxes:
Income before income taxes	62,638		55,286	137,707	124,406
Texas
Income before Income Taxes:
Income before income taxes	64,646		53,502	178,150	133,617
West
Income before Income Taxes:
Income before income taxes	121,974		100,034	279,393	284,659
Other homebuilding
Income before Income Taxes:
Income before income taxes	(44,266)		(43,744)	(67,128)	(121,769)
Home sales
Income before Income Taxes:
Income before income taxes	420,103		333,862	1,060,906	833,854
Financial Services
Income before Income Taxes:
Income before income taxes	64,064		32,284	144,038	69,771
Total Homebuilding
Revenues:
Revenues	2,848,086		2,645,550	7,587,495	7,031,410
Total Homebuilding | Northeast
Revenues:
Revenues	242,829		209,696	546,741	520,425
Total Homebuilding | Southeast
Revenues:
Revenues	434,782		456,244	1,275,039	1,240,782
Total Homebuilding | Florida
Revenues:
Revenues	623,971		539,269	1,712,180	1,470,866
Total Homebuilding | Midwest
Revenues:
Revenues	411,797		403,916	1,043,646	1,048,090
Total Homebuilding | Texas
Revenues:
Revenues	359,358		359,717	1,069,444	971,606
Total Homebuilding | West
Revenues:
Revenues	775,349		676,708	1,940,445	1,779,641
Financial Services
Revenues:
Revenues	$ 106,871		$ 64,815	256,223	$ 164,634
Innovative Construction Group [Member]
Income before Income Taxes:
Goodwill impairment		$ 20,200		$ 20,200

Segment Information (Land-Relat

Segment Information (Land-Related Charges by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Land-related charges	$ 1,748	$ 10,740	$ 13,930	$ 17,549
Northeast
Restructuring Cost and Reserve [Line Items]
Land-related charges	419	253	5,264	707
Southeast
Restructuring Cost and Reserve [Line Items]
Land-related charges	725	8,167	2,401	10,754
Florida
Restructuring Cost and Reserve [Line Items]
Land-related charges	108	225	1,089	1,471
Midwest
Restructuring Cost and Reserve [Line Items]
Land-related charges	190	528	1,466	1,832
Texas
Restructuring Cost and Reserve [Line Items]
Land-related charges	82	94	1,068	577
West
Restructuring Cost and Reserve [Line Items]
Land-related charges	170	1,166	1,844	1,813
Other homebuilding
Restructuring Cost and Reserve [Line Items]
Land-related charges	$ 54	$ 307	$ 798	$ 395

Segment Information (Total Asse

Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information
Homes under construction	$ 3,065,801	$ 2,899,016
Land under development	4,139,123	4,347,107
Raw land	410,547	434,491
Total Inventory	7,615,471	7,680,614
Total Assets	11,365,022	10,715,597
Northeast
Segment Reporting Information
Homes under construction	369,977	345,644
Land under development	221,070	242,666
Raw land	24,271	25,098
Total Inventory	615,318	613,408
Total Assets	711,598	698,661
Southeast
Segment Reporting Information
Homes under construction	428,481	430,008
Land under development	668,357	724,258
Raw land	55,664	72,804
Total Inventory	1,152,502	1,227,070
Total Assets	1,279,533	1,354,086
Florida
Segment Reporting Information
Homes under construction	558,976	539,895
Land under development	892,609	894,716
Raw land	118,827	99,228
Total Inventory	1,570,412	1,533,839
Total Assets	1,859,865	1,700,198
Midwest
Segment Reporting Information
Homes under construction	382,553	315,822
Land under development	429,463	464,733
Raw land	19,818	31,881
Total Inventory	831,834	812,436
Total Assets	932,111	886,889
Texas
Segment Reporting Information
Homes under construction	321,741	343,230
Land under development	452,156	447,707
Raw land	68,375	84,926
Total Inventory	842,272	875,863
Total Assets	924,410	949,236
West
Segment Reporting Information
Homes under construction	958,715	881,551
Land under development	1,246,302	1,289,255
Raw land	109,946	105,606
Total Inventory	2,314,963	2,276,412
Total Assets	2,608,256	2,538,803
Other homebuilding
Segment Reporting Information
Homes under construction	45,358	42,866
Land under development	229,166	283,772
Raw land	13,646	14,948
Total Inventory	288,170	341,586
Total Assets	2,506,868	1,953,440
Home sales
Segment Reporting Information
Homes under construction	3,065,801	2,899,016
Land under development	4,139,123	4,347,107
Raw land	410,547	434,491
Total Inventory	7,615,471	7,680,614
Total Assets	10,822,641	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	$ 542,381	$ 634,284

Debt (Summary of Senior Notes)

Debt (Summary of Senior Notes) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Net premiums, discounts, and issuance costs (b)	$ (13,886)	$ (14,295)
Total senior notes	2,712,068	2,711,659
Other notes payable	66,902	53,381
Notes payable	2,778,970	2,765,040
Estimated fair value	$ 3,260,665	$ 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	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Jan. 15, 2021	Dec. 31, 2019
Debt Instrument [Line Items]
Other notes payable		$ 66,902,000			$ 53,381,000
Debt instrument term		3 years
Line of Credit Facility, Current Borrowing Capacity		$ 1,000,000,000
Maximum borrowing capacity		1,500,000,000
Borrowings under revolving credit facility		700,000,000	$ 0
Repayments under revolving credit facility		700,000,000	$ 0
Letters of credit outstanding		250,700,000			262,800,000
Line of credit facility, remaining borrowing capacity		749,300,000			737,200,000
Long-term line of credit		249,046,000			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		0			0
Line of Credit | Financial Services
Debt Instrument [Line Items]
Long-term line of credit		249,000,000			$ 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		360,000,000
Minimum | Line of Credit | Amendment Effective September 24, 2018 through and including December 25, 2018 | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 230,000,000
Maximum
Debt Instrument [Line Items]
Stated interest rate		8.00%
Maximum | Line of Credit | Amendment Effective September 24, 2018 through and including December 25, 2018 | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 375,000,000
Forecast | Line of Credit | Amendment Effective September 24, 2018 through and including December 25, 2018 | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 420,000,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	May 31, 2019
Class of Stock [Line Items]
Dividends	$ 32,446,000	$ 30,132,000	$ 97,501,000	$ 91,595,000
Payments for repurchase of common stock			$ 95,676,000	$ 244,388,000
Increase in share repurchase authorization					$ 500,000,000
Share repurchase plan
Class of Stock [Line Items]
Share repurchases (shares)			2.8	7.7
Payments for repurchase of common stock			$ 95,700,000	$ 244,400,000
Remaining value of stock repurchase programs authorization	$ 429,900,000		429,900,000
Shares withheld to pay taxes
Class of Stock [Line Items]
Payments for repurchase of common stock			$ 14,900,000	$ 10,700,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax	14.00%	25.40%	19.60%	24.60%
Federal energy efficient home credits	$ (53.2)		$ (58)
Deferred tax assets, net	80.8		80.8		$ 170.1
Gross unrecognized tax benefits	27.3		27.3		40.3
Accrued interest and penalties on unrecognized tax benefits	$ 2.3		$ 2.3		$ 6.5

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Disclosed at fair value:
Other notes payable	$ 66,902	$ 53,381
Level 2
Disclosed at fair value:
Financial Services debt	249,046	326,573
Senior notes payable	3,193,764	3,098,665
Level 1
Disclosed at fair value:
Cash, cash equivalents, and restricted cash	2,114,208	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	400,067	508,967
Measured at fair value on a non-recurring basis:
Assets, fair value	400,067	508,967
Fair Value, Measurements, Recurring | Interest rate lock commitments | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	20,728	8,202
Measured at fair value on a non-recurring basis:
Assets, fair value	20,728	8,202
Fair Value, Measurements, Recurring | Forward contracts | Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(1,888)	(1,073)
Fair Value, Measurements, Recurring | Whole loan commitments | Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(186)	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	0	9,979
Measured at fair value on a non-recurring basis:
Assets, fair value	$ 0	$ 9,979

Fair Value Disclosures - Narrat

Fair Value Disclosures - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Carrying value of senior notes	$ 2,712,068	$ 2,711,659

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)claim	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)claim	Sep. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Loss Contingencies [Line Items]
Cost of Property Repairs and Maintenance		$ 9,000		$ 14,800
Loss contingency accrual	$ 11,900		$ 11,900			$ 25,200
Letters of credit outstanding	250,700		250,700			262,800
Surety bonds outstanding	$ 1,500,000		$ 1,500,000			1,400,000
Comprehensive Limited Warranty			1 year
Maximum product warranty in years			10 years
Number of individual claims managed | claim	1,000		1,000
Self-insurance liabilities	$ 652,546	725,318	$ 652,546	725,318	$ 640,014	$ 709,798	$ 716,218	$ 737,013
Incurred but not reported percentage of liability reserves	68.00%		68.00%			68.00%
Adjustments to previously recorded reserves	$ 0	(1,700)	$ (59,362)	(18,338)
Write-off of insurance receivables				24,000
ROU assets	73,500		73,500			$ 70,000
Operating lease liabilities	94,308		94,308			91,400
Additional ROU assets under operating leases		4,000	13,000	12,800
Payments on lease liabilities	4,800	5,900	14,800	17,400
Total lease expense	9,600	9,100	28,200	27,000
Variable lease costs	1,500	1,700	4,900	4,900
Short-term lease costs	2,600	$ 2,400	6,600	$ 7,300
Other Assets
Loss Contingencies [Line Items]
Recorded insurance receivables	$ 82,000		$ 82,000			$ 118,400

Commitments and Contingencies_3

Commitments and Contingencies (Changes To Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, beginning of period	$ 86,278	$ 81,442	$ 91,389	$ 79,154
Reserves provided	15,320	16,152	47,364	43,060
Payments	(18,551)	(19,573)	(52,741)	(53,634)
Other adjustments (a)	501	10,402	(2,464)	19,843
Warranty liabilities, end of period	$ 83,548	$ 88,423	$ 83,548	$ 88,423

Commitments and Contingencies_4

Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Changes in Self-insurance Liability [Roll Forward]
Balance, beginning of period	$ 640,014	$ 716,218	$ 709,798	$ 737,013
Reserves provided	21,992	21,892	60,618	59,558
Adjustments to previously recorded reserves	0	(1,700)	(59,362)	(18,338)
Payments, net	(9,460)	(11,092)	(58,508)	(52,915)
Balance, end of period	$ 652,546	$ 725,318	$ 652,546	$ 725,318

Commitments and Contingencies_5

Commitments and Contingencies (Future Minimum Lease Payments Required Under Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
2020	$ 5,541
2021	22,648
2022	20,755
2023	19,425
2024	13,755
Thereafter	28,687
Total lease payments	110,811
Less: Interest	16,503
Present value of lease liabilities	94,308	$ 91,400
Legally binding minimum lease payments for leases signed but not yet commenced	$ 1,700
Weighted average remaining lease term	5 years 6 months
Weighted average discount rate	5.70%

Commitments and Contingencies_6

Commitments and Contingencies (Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve [Abstract]
Adjustments to previously recorded reserves	$ 0	$ (1,700)	$ (59,362)	$ (18,338)

Supplemental Guarantor Inform_3

Supplemental Guarantor Information (Balance Sheet) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and equivalents	$ 2,067,276		$ 1,217,913
Restricted cash	46,932		33,543
Total cash, cash equivalents, and restricted cash	2,114,208		1,251,456	$ 768,644		$ 1,133,700
House and land inventory	7,615,471		7,680,614
Land held for sale	26,867		24,009
Residential mortgage loans available-for-sale	400,067		508,967
Investments in unconsolidated entities	41,722		59,766
Other assets	917,388		895,686
Intangible assets	168,466		124,992
Deferred tax assets, net	80,833		170,107
Investments in subsidiaries and intercompany accounts, net	0		0
Total assets	11,365,022		10,715,597
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	2,081,222		2,129,711
Income tax liabilities	15,769		36,093
Financial Services debt	249,046		326,573
Notes payable	2,778,970		2,765,040
Total liabilities	5,125,007		5,257,417
Total shareholders’ equity	6,240,015	$ 5,851,668	5,458,180	5,181,592	$ 5,069,807	4,817,782
Total liabilities and shareholders' equity	11,365,022		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		0
Intangible assets	0		0
Deferred tax assets, net	0		0
Investments in subsidiaries and intercompany accounts, net	(20,354,080)		(18,464,066)
Total assets	(20,354,080)		(18,464,066)
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	0		0
Income tax liabilities	0		0
Financial Services debt	0		0
Notes payable	0		0
Total liabilities	0		0
Total shareholders’ equity	(20,354,080)		(18,464,066)
Total liabilities and shareholders' equity	(20,354,080)		(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	34,990		8,172
Intangible assets	0		0
Deferred tax assets, net	93,577		182,461
Investments in subsidiaries and intercompany accounts, net	8,910,969		8,103,191
Total assets	9,039,536		8,293,824
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	71,684		87,892
Income tax liabilities	15,769		36,093
Financial Services debt	0		0
Notes payable	2,712,068		2,711,659
Total liabilities	2,799,521		2,835,644
Total shareholders’ equity	6,240,015		5,458,180
Total liabilities and shareholders' equity	9,039,536		8,293,824
Guarantor Subsidiaries
ASSETS
Cash and equivalents	2,001,550		1,026,743
Restricted cash	39,218		31,328
Total cash, cash equivalents, and restricted cash	2,040,768		1,058,071	717,810		929,367
House and land inventory	7,458,068		7,554,662
Land held for sale	26,867		24,009
Residential mortgage loans available-for-sale	0		0
Investments in unconsolidated entities	40,921		59,266
Other assets	639,993		688,996
Intangible assets	114,192		124,992
Deferred tax assets, net	0		0
Investments in subsidiaries and intercompany accounts, net	1,101,141		1,081,472
Total assets	11,421,950		10,591,468
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	1,757,966		1,781,893
Income tax liabilities	0		0
Financial Services debt	0		0
Notes payable	66,902		53,381
Total liabilities	1,824,868		1,835,274
Total shareholders’ equity	9,597,082		8,756,194
Total liabilities and shareholders' equity	11,421,950		10,591,468
Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	65,726		191,170
Restricted cash	7,714		2,215
Total cash, cash equivalents, and restricted cash	73,440		193,385	$ 50,834		$ 204,333
House and land inventory	157,403		125,952
Land held for sale	0		0
Residential mortgage loans available-for-sale	400,067		508,967
Investments in unconsolidated entities	801		500
Other assets	242,405		198,518
Intangible assets	54,274		0
Deferred tax assets, net	(12,744)		(12,354)
Investments in subsidiaries and intercompany accounts, net	10,341,970		9,279,403
Total assets	11,257,616		10,294,371
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	251,572		259,926
Income tax liabilities	0		0
Financial Services debt	249,046		326,573
Notes payable	0		0
Total liabilities	500,618		586,499
Total shareholders’ equity	10,756,998		9,707,872
Total liabilities and shareholders' equity	$ 11,257,616		$ 10,294,371

Supplemental Guarantor Inform_4

Supplemental Guarantor Information (Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Homebuilding
Total revenues	$ 2,954,957	$ 2,710,365	$ 7,843,718	$ 7,196,044
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(271,257)	(270,625)	(731,785)	(782,791)
Goodwill impairment	0	0	(20,190)	0
Other income (expense), net	(4,483)	(5,108)	(12,292)	(9,581)
Intercompany interest	0	0	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	484,167	366,146	1,204,944	903,625
Income tax (expense) benefit	(67,769)	(93,042)	(236,216)	(222,723)
Income (loss) before equity in income (loss) of subsidiaries	416,398	273,104	968,728	680,902
Equity in income (loss) of subsidiaries	0	0	0	0
Net income	416,398	273,104	968,728	680,902
Other comprehensive income	25	25	75	75
Comprehensive income (loss)	416,423	273,129	968,803	680,977
Total Homebuilding
Homebuilding
Revenues	2,848,086	2,645,550	7,587,495	7,031,410
Homebuilding Cost of Revenues:
Financial services expenses	(2,152,243)	(2,035,972)	(5,762,372)	(5,405,183)
Home sales
Homebuilding
Revenues	2,823,921	2,637,002	7,517,453	6,990,417
Homebuilding Cost of Revenues:
Cost of revenues	(2,131,741)	(2,028,622)	(5,706,814)	(5,369,568)
Land sale and other
Homebuilding
Revenues	24,165	8,548	70,042	40,993
Homebuilding Cost of Revenues:
Cost of revenues	(20,502)	(7,350)	(55,558)	(35,615)
Financial Services
Homebuilding
Revenues	106,871	64,815	256,223	164,634
Homebuilding Cost of Revenues:
Financial services expenses	(42,807)	(32,514)	(112,135)	(94,864)
Eliminating Entries
Homebuilding
Total revenues	0	0	0	0
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	0	0	0	0
Goodwill impairment	0		0
Other income (expense), net	0	0	0	0
Intercompany interest	0	0	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Income (loss) before equity in income (loss) of subsidiaries	0	0	0	0
Equity in income (loss) of subsidiaries	(823,938)	(680,576)	(1,934,183)	(1,414,378)
Net income	(823,938)	(680,576)	(1,934,183)	(1,414,378)
Other comprehensive income	0	0	0	0
Comprehensive income (loss)	(823,938)	(680,576)	(1,934,183)	(1,414,378)
Eliminating Entries | Total Homebuilding
Homebuilding
Revenues	0	0	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0	0	0
Eliminating Entries | Home sales
Homebuilding
Revenues	0	0	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0	0	0
Eliminating Entries | Land sale and other
Homebuilding
Revenues	0	0	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0	0	0
Eliminating Entries | Financial Services
Homebuilding
Revenues	0	0	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0	0	0
PulteGroup, Inc.
Homebuilding
Total revenues	0	0	0	0
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	0	0	0	0
Goodwill impairment	0		0
Other income (expense), net	(84)	(126)	(3,628)	(5,213)
Intercompany interest	(1,173)	(2,255)	(4,247)	(6,506)
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(1,257)	(2,381)	(7,875)	(11,719)
Income tax (expense) benefit	314	688	1,969	2,930
Income (loss) before equity in income (loss) of subsidiaries	(943)	(1,693)	(5,906)	(8,789)
Equity in income (loss) of subsidiaries	417,341	274,797	974,634	689,691
Net income	416,398	273,104	968,728	680,902
Other comprehensive income	25	25	75	75
Comprehensive income (loss)	416,423	273,129	968,803	680,977
PulteGroup, Inc. | Total Homebuilding
Homebuilding
Revenues	0	0	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0	0	0
PulteGroup, Inc. | Home sales
Homebuilding
Revenues	0	0	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0	0	0
PulteGroup, Inc. | Land sale and other
Homebuilding
Revenues	0	0	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0	0	0
PulteGroup, Inc. | Financial Services
Homebuilding
Revenues	0	0	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0	0	0
Guarantor Subsidiaries
Homebuilding
Total revenues	2,768,621	2,597,459	7,424,736	6,896,262
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(262,348)	(252,414)	(713,360)	(731,801)
Goodwill impairment	0		0
Other income (expense), net	(13,265)	(15,697)	(30,323)	(29,961)
Intercompany interest	0	0	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	402,747	329,822	1,048,678	831,963
Income tax (expense) benefit	(48,113)	(83,937)	(198,316)	(204,186)
Income (loss) before equity in income (loss) of subsidiaries	354,634	245,885	850,362	627,777
Equity in income (loss) of subsidiaries	61,743	34,672	130,079	77,480
Net income	416,377	280,557	980,441	705,257
Other comprehensive income	0	0	0	0
Comprehensive income (loss)	416,377	280,557	980,441	705,257
Guarantor Subsidiaries | Total Homebuilding
Homebuilding
Revenues	2,768,621	2,597,459	7,424,736	6,896,262
Homebuilding Cost of Revenues:
Financial services expenses	(2,090,081)	(1,999,393)	(5,631,840)	(5,302,147)
Guarantor Subsidiaries | Home sales
Homebuilding
Revenues	2,761,898	2,588,933	7,407,014	6,855,951
Homebuilding Cost of Revenues:
Cost of revenues	(2,086,122)	(1,992,043)	(5,622,495)	(5,267,638)
Guarantor Subsidiaries | Land sale and other
Homebuilding
Revenues	6,723	8,526	17,722	40,311
Homebuilding Cost of Revenues:
Cost of revenues	(3,959)	(7,350)	(9,345)	(34,509)
Guarantor Subsidiaries | Financial Services
Homebuilding
Revenues	0	0	0	0
Homebuilding Cost of Revenues:
Financial services expenses	(180)	(133)	(535)	(390)
Non-Guarantor Subsidiaries
Homebuilding
Total revenues	186,336	112,906	418,982	299,782
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(8,909)	(18,211)	(18,425)	(50,990)
Goodwill impairment	0		(20,190)
Other income (expense), net	8,866	10,715	21,659	25,593
Intercompany interest	1,173	2,255	4,247	6,506
Income (loss) before income taxes and equity in income (loss) of subsidiaries	82,677	38,705	164,141	83,381
Income tax (expense) benefit	(19,970)	(9,793)	(39,869)	(21,467)
Income (loss) before equity in income (loss) of subsidiaries	62,707	28,912	124,272	61,914
Equity in income (loss) of subsidiaries	344,854	371,107	829,470	647,207
Net income	407,561	400,019	953,742	709,121
Other comprehensive income	0	0	0	0
Comprehensive income (loss)	407,561	400,019	953,742	709,121
Non-Guarantor Subsidiaries | Total Homebuilding
Homebuilding
Revenues	79,465	48,091	162,759	135,148
Homebuilding Cost of Revenues:
Financial services expenses	(62,162)	(36,579)	(130,532)	(103,036)
Non-Guarantor Subsidiaries | Home sales
Homebuilding
Revenues	62,023	48,069	110,439	134,466
Homebuilding Cost of Revenues:
Cost of revenues	(45,619)	(36,579)	(84,319)	(101,930)
Non-Guarantor Subsidiaries | Land sale and other
Homebuilding
Revenues	17,442	22	52,320	682
Homebuilding Cost of Revenues:
Cost of revenues	(16,543)	0	(46,213)	(1,106)
Non-Guarantor Subsidiaries | Financial Services
Homebuilding
Revenues	106,871	64,815	256,223	164,634
Homebuilding Cost of Revenues:
Financial services expenses	$ (42,627)	$ (32,381)	$ (111,600)	$ (94,474)

Supplemental Guarantor Inform_5

Supplemental Guarantor Information (Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net cash provided by (used in) operating activities	$ 1,268,625	$ 582,780
Cash flows from investing activities:
Capital expenditures	(46,925)	(43,162)
Investments in unconsolidated entities	(663)	(8,515)
Distributions from unconsolidated entities	19,939	214
Other investing activities, net	1,721	4,795
Business acquisition	(83,251)	(163,724)
Net cash provided by (used in) investing activities	(109,179)	(210,392)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(77,527)	(99,052)
Repayments of notes payable	(10,993)	(297,411)
Borrowings under revolving credit facility	700,000	0
Repayments under revolving credit facility	(700,000)	0
Stock option exercises	111	6,368
Share repurchases	(95,676)	(244,388)
Cash paid for shares withheld for taxes	(14,853)	(10,726)
Dividends paid	(97,756)	(92,235)
Intercompany activities, net	0	0
Net cash provided by (used in) financing activities	(296,694)	(737,444)
Net increase (decrease) in cash, cash equivalents, and restricted cash	862,752	(365,056)
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	2,114,208	768,644
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
Distributions from unconsolidated entities	0	0
Other investing activities, net	0	0
Business acquisition	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Repayments of notes payable	0	0
Borrowings under revolving credit facility	0
Repayments 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	0	0
Net cash provided by (used in) financing activities	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	0	0
Cash, cash equivalents, and restricted cash at beginning of period	0	0
Cash, cash equivalents, and restricted cash at end of period	0	0
PulteGroup, Inc.
Net cash provided by (used in) operating activities	70,895	162,105
Cash flows from investing activities:
Capital expenditures	0	0
Investments in unconsolidated entities	0	0
Distributions from unconsolidated entities	0	0
Other investing activities, net	0	0
Business acquisition	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Repayments of notes payable	0	(280,175)
Borrowings under revolving credit facility	700,000
Repayments under revolving credit facility	(700,000)
Stock option exercises	111	6,368
Share repurchases	(95,676)	(244,388)
Cash paid for shares withheld for taxes	(14,853)	(10,726)
Dividends paid	(97,756)	(92,235)
Intercompany activities, net	137,279	459,051
Net cash provided by (used in) financing activities	(70,895)	(162,105)
Net increase (decrease) in cash, cash equivalents, and restricted cash	0	0
Cash, cash equivalents, and restricted cash at beginning of period	0	0
Cash, cash equivalents, and restricted cash at end of period	0	0
Guarantor Subsidiaries
Net cash provided by (used in) operating activities	1,007,020	304,142
Cash flows from investing activities:
Capital expenditures	(40,773)	(36,098)
Investments in unconsolidated entities	0	(7,807)
Distributions from unconsolidated entities	19,630	214
Other investing activities, net	152	3,072
Business acquisition	0	(163,724)
Net cash provided by (used in) investing activities	(20,991)	(204,343)
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Repayments of notes payable	(10,993)	(16,699)
Borrowings under revolving credit facility	0
Repayments 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	44,499
Intercompany activities, net	7,661	(339,156)
Net cash provided by (used in) financing activities	(3,332)	(311,356)
Net increase (decrease) in cash, cash equivalents, and restricted cash	982,697	(211,557)
Cash, cash equivalents, and restricted cash at beginning of period	1,058,071	929,367
Cash, cash equivalents, and restricted cash at end of period	2,040,768	717,810
Non-Guarantor Subsidiaries
Net cash provided by (used in) operating activities	190,710	116,533
Cash flows from investing activities:
Capital expenditures	(6,152)	(7,064)
Investments in unconsolidated entities	(663)	(708)
Distributions from unconsolidated entities	309	0
Other investing activities, net	1,569	1,723
Business acquisition	(83,251)	0
Net cash provided by (used in) investing activities	(88,188)	(6,049)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(77,527)	(99,052)
Repayments of notes payable	0	(537)
Borrowings under revolving credit facility	0
Repayments 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	(44,499)
Intercompany activities, net	(144,940)	(119,895)
Net cash provided by (used in) financing activities	(222,467)	(263,983)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(119,945)	(153,499)
Cash, cash equivalents, and restricted cash at beginning of period	193,385	204,333
Cash, cash equivalents, and restricted cash at end of period	$ 73,440	$ 50,834