PulteGroup (PHM) 10-Q 27 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jul. 20, 2021
Entity Information [Line Items]
Document Type		10-Q
Document Quarterly Report		true
Document Period End Date	Jun. 30, 2021
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 1500
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			259,524,310
Entity Central Index Key		0000822416
Current Fiscal Year End Date		--12-31
Document Fiscal Year Focus		2021
Document Fiscal Period Focus		Q2
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	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Cash and equivalents	$ 1,663,270	$ 2,582,205
Restricted cash	57,852	50,030
Total cash, cash equivalents, and restricted cash	1,721,122	2,632,235
House and land inventory	8,378,951	7,721,798
Land held for sale	38,574	27,962
Residential mortgage loans available-for-sale	581,150	564,979
Investments in unconsolidated entities	44,800	35,562
Other assets	1,020,518	923,270
Intangible assets	153,464	163,425
Deferred tax assets	143,441	136,267
Total assets	12,082,020	12,205,498
Liabilities:
Accounts payable	441,826	511,321
Customer deposits	730,995	449,474
Accrued and other liabilities	1,436,251	1,407,043
Deferred tax liabilities	115,519	103,548
Financial Services debt	352,627	411,821
Notes payable	2,046,334	2,752,302
Liabilities	5,123,552	5,635,509
Shareholders' equity	6,958,468	6,569,989
Total liabilities and shareholders' equity	$ 12,082,020	$ 12,205,498

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenues	$ 3,359,484	$ 2,593,781	$ 6,089,274	$ 4,888,761
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(272,286)	(196,858)	(543,973)	(460,527)
Loss on debt retirement (see Note 4)	0	0	(61,469)	0
Goodwill impairment	0	0	0	(20,190)
Other expense, net	(624)	(5,286)	(3,259)	(7,810)
Income before income taxes	639,473	457,009	1,033,526	720,778
Income tax expense	(136,074)	(108,389)	(226,020)	(168,447)
Net income	$ 503,399	$ 348,620	$ 807,506	$ 552,331
Per share:
Basic earnings (usd per share)	$ 1.91	$ 1.29	$ 3.04	$ 2.03
Diluted earnings (usd per share)	1.90	1.29	3.03	2.03
Cash dividends declared (usd per share)	$ 0.14	$ 0.12	$ 0.28	$ 0.24
Number of shares used in calculation:
Basic shares outstanding (shares)	262,099	268,324	263,744	269,167
Effect of dilutive securities (shares)	648	701	627	960
Diluted shares outstanding (shares)	262,747	269,025	264,371	270,127
Home sale
Revenues:
Revenues	$ 3,235,379	$ 2,472,029	$ 5,831,889	$ 4,693,532
Homebuilding Cost of Revenues:
Cost of revenues	(2,375,495)	(1,880,209)	(4,311,130)	(3,575,074)
Land sale and other
Revenues:
Revenues	33,076	26,950	60,235	45,877
Homebuilding Cost of Revenues:
Cost of revenues	(31,195)	(20,041)	(55,831)	(35,055)
Total Homebuilding
Revenues:
Revenues	3,268,455	2,498,979	5,892,124	4,739,409
Homebuilding Cost of Revenues:
Financial services expenses	(2,406,690)	(1,900,250)	(4,366,961)	(3,610,129)
Income before income taxes	588,019	396,585	915,723	640,804
Financial Services
Revenues:
Revenues	91,029	94,802	197,150	149,352
Homebuilding Cost of Revenues:
Financial services expenses	$ (40,411)	$ (34,378)	$ (80,086)	$ (69,327)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 503,399	$ 348,620	$ 807,506	$ 552,331
Other comprehensive income, net of tax:
Change in value of derivatives	25	25	50	50
Other comprehensive income	25	25	50	50
Comprehensive income	$ 503,424	$ 348,645	$ 807,556	$ 552,381

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, 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)		13
Stock option exercises	99		99
Share issuances (shares)		755
Share issuances	4,096	$ 8	4,088
Dividends declared	(65,056)				(65,056)
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	13,232		13,232
Net income	552,331				552,331
Other comprehensive income	50			50
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
Shareholders' equity (shares) at Mar. 31, 2020		268,149
Shareholders' equity at Mar. 31, 2020	5,530,391	$ 2,681	3,247,475	(220)	2,280,455
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		6
Stock option exercises	48		48
Share issuances (shares)		23
Share issuances	1	$ 1
Dividends declared	(32,447)				(32,447)
Cash paid for shares withheld for taxes	(15)				(15)
Share-based compensation	5,045		5,045
Net income	348,620				348,620
Other comprehensive income	25			25
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
Shareholders' equity (shares) at Dec. 31, 2020		266,464
Shareholders' equity at Dec. 31, 2020	6,569,989	$ 2,665	3,261,412	(145)	3,306,057
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		1
Stock option exercises	11		11
Share issuances (shares)		517
Share issuances	4,181	$ 5	4,176
Dividends declared	(74,139)				(74,139)
Share repurchases (shares)		(6,915)
Share repurchases	(353,703)	$ (70)			(353,633)
Cash paid for shares withheld for taxes	(10,607)				(10,607)
Share-based compensation	15,180		15,180
Net income	807,506				807,506
Other comprehensive income	50			50
Shareholders' equity (shares) at Jun. 30, 2021		260,067
Shareholders' equity at Jun. 30, 2021	6,958,468	$ 2,600	3,280,779	(95)	3,675,184
Shareholders' equity (shares) at Mar. 31, 2021		263,637
Shareholders' equity at Mar. 31, 2021	6,685,274	$ 2,636	3,274,154	(120)	3,408,604
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share issuances (shares)		12
Share issuances	0		0
Dividends declared	(36,814)				(36,814)
Share repurchases (shares)		(3,582)
Share repurchases	(200,000)	$ (36)			(199,964)
Cash paid for shares withheld for taxes	(41)				(41)
Share-based compensation	6,625		6,625
Net income	503,399				503,399
Other comprehensive income	25			25
Shareholders' equity (shares) at Jun. 30, 2021		260,067
Shareholders' equity at Jun. 30, 2021	$ 6,958,468	$ 2,600	$ 3,280,779	$ (95)	$ 3,675,184

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 807,506	$ 552,331
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	4,781	49,661
Land-related charges	3,254	12,181
Loss on debt retirement (see Note 4)	61,469	0
Goodwill impairment	0	20,190
Depreciation and amortization	35,407	31,538
Share-based compensation expense	21,603	16,682
Other, net	(2,922)	(975)
Increase (decrease) in cash due to:
Inventories	(632,647)	101,766
Residential mortgage loans available-for-sale	(16,384)	114,139
Other assets	(85,049)	(3,772)
Accounts payable, accrued and other liabilities	235,050	(85,869)
Net cash provided by (used in) operating activities	432,068	807,872
Cash flows from investing activities:
Capital expenditures	(31,547)	(36,746)
Investments in unconsolidated entities	(15,920)	(664)
Distributions of capital from unconsolidated entities	10,500	13,619
Business acquisition	(10,400)	(83,256)
Other investing activities, net	(17)	1,597
Net cash provided by (used in) investing activities	(47,384)	(105,450)
Cash flows from financing activities:
Repayments of notes payable	(797,395)	(10,106)
Borrowings under revolving credit facility	0	700,000
Repayments under revolving credit facility	0	(700,000)
Financial Services borrowings (repayments), net	(59,193)	(70,214)
Stock option exercises	11	99
Share repurchases	(353,703)	(95,676)
Cash paid for shares withheld for taxes	(10,607)	(14,853)
Dividends paid	(74,910)	(65,332)
Net cash provided by (used in) financing activities	(1,295,797)	(256,082)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(911,113)	446,340
Cash, cash equivalents, and restricted cash at beginning of period	2,632,235	1,251,456
Cash, cash equivalents, and restricted cash at end of period	1,721,122	1,697,796
Supplemental Cash Flow Information:
Interest paid (capitalized), net	11,606	3,206
Income taxes paid (refunded), net	$ 154,658	$ 5,865

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
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, 2020. 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 On January 24, 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 and $10.4 million was paid in January 2020 and 2021, respectively, while an additional payment of $10.4 million will be settled in 2022. 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 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 period of time between the acquisition and the March 31, 2020 valuation date. Restructuring costs We recorded severance expense of $10.3 million in the three months ended June 30, 2020 as we took actions to reduce overhead expenses in response to lower demand in March through May of 2020 resulting from the COVID-19 pandemic. Other expense, net Other expense, net consists of the following ($000’s omitted): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Write-offs of deposits and pre-acquisition costs $ (1,866) $ (2,311) $ (3,235) $ (6,643) Amortization of intangible assets (4,968) (5,045) (9,961) (9,602) Interest income 473 1,326 1,105 5,133 Interest expense (138) (3,000) (272) (3,796) Equity in earnings of unconsolidated entities 4,190 334 5,017 902 Miscellaneous, net 1,685 3,410 4,087 6,196 Total other expense, net $ (624) $ (5,286) $ (3,259) $ (7,810) 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, and 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 $731.0 million and $449.5 million at June 30, 2021 and December 31, 2020, 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 considered satisfied upon issuance of the initial policy, and related contract assets for estimated future renewal commissions are included in other assets and totaled $40.6 million and $38.5 million at June 30, 2021 and December 31, 2020, 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 unvested restricted share units and other potentially dilutive instruments. 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net income $ 503,399 $ 348,620 $ 807,506 $ 552,331 Less: earnings distributed to participating securities (294) (265) (592) (538) Less: undistributed earnings allocated to participating securities (3,731) (2,602) (5,908) (4,358) Numerator for basic earnings per share $ 499,374 $ 345,753 $ 801,006 $ 547,435 Add back: undistributed earnings allocated to participating securities 3,731 2,602 5,908 4,358 Less: undistributed earnings reallocated to participating securities (3,722) (2,595) (5,895) (4,342) Numerator for diluted earnings per share $ 499,383 $ 345,760 $ 801,019 $ 547,451 Denominator: Basic shares outstanding 262,099 268,324 263,744 269,167 Effect of dilutive securities 648 701 627 960 Diluted shares outstanding 262,747 269,025 264,371 270,127 Earnings per share: Basic $ 1.91 $ 1.29 $ 3.04 $ 2.03 Diluted $ 1.90 $ 1.29 $ 3.03 $ 2.03 Residential mortgage loans available-for-sale Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. At June 30, 2021 and December 31, 2020, residential mortgage loans available-for-sale had an aggregate fair value of $581.2 million and $565.0 million, respectively, and an aggregate outstanding principal balance of $561.2 million and $539.1 million, respectively. Net gains from the sale of mortgages were $56.7 million and $66.3 million for the three months ended June 30, 2021 and 2020, respectively, and $134.2 million and $97.2 million for the six months ended June 30, 2021 and 2020, respectively, and have been included in Financial Services revenues. Derivative instruments and hedging activities We are party to interest rate lock commitments ("IRLCs") with customers resulting from our mortgage origination operations. At June 30, 2021 and December 31, 2020, we had aggregate IRLCs of $492.5 million and $367.2 million, respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. We evaluate the creditworthiness of these transactions through our normal credit policies. We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At June 30, 2021 and December 31, 2020, we had unexpired forward contracts of $815.0 million and $686.4 million, respectively, and whole loan investor commitments of $208.7 million and $169.6 million, respectively. Changes in the fair value of IRLCs and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable. There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs and residential mortgage loans available-for-sale are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 60 days. The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted): June 30, 2021 December 31, 2020 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 14,927 $ 134 $ 16,179 $ 18 Forward contracts 371 1,392 501 5,937 Whole loan commitments 709 710 168 666 $ 16,007 $ 2,236 $ 16,848 $ 6,621 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 June 30, 2021 and December 31, 2020, we reported $198.4 million and $176.2 million, respectively, 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 June 30, 2021. New accounting pronouncements On January 1, 2021, we adopted 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. Our adoption of ASU 2019-12 did not have a material impact on our financial statements. 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 an "expected credit loss" methodology. We adopted ASC 326 using the modified retrospective transition method. ASC 326 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.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventory	Inventory Major components of inventory were as follows ($000’s omitted): June 30, December 31, Homes under construction $ 4,079,383 $ 3,086,740 Land under development 3,808,810 4,137,318 Raw land 490,758 497,740 $ 8,378,951 $ 7,721,798 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest in inventory, beginning of period $ 193,352 $ 213,425 $ 193,409 $ 210,383 Interest capitalized 31,476 39,686 66,103 79,599 Interest expensed (39,395) (45,169) (74,079) (82,040) Interest in inventory, end of period $ 185,433 $ 207,942 $ 185,433 $ 207,942 Land option agreements We enter into land option agreements in order to procure land for the construction of homes in the future. Pursuant to these land option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. Such contracts enable us to defer acquiring portions of properties owned by third parties or unconsolidated entities until we have determined whether and when to exercise our option, which reduces our financial risks associated with long-term land holdings. Option deposits and pre-acquisition costs (such as environmental testing, surveys, engineering, and entitlement costs) are capitalized if the costs are directly identifiable with the land under option, the costs would be capitalized if we owned the land, and acquisition of the property is probable. Such costs are reflected in other assets and are reclassified to inventory upon taking title to the land. We write off deposits and pre-acquisition costs when it becomes probable that we will not go forward with the project or recover the capitalized costs. Such decisions take into consideration changes in local market conditions, the timing of required land purchases, the availability and best use of necessary incremental capital, and other factors. We record any such write-offs of deposits and pre-acquisition costs within other expense, net. If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity. No VIEs required consolidation at either June 30, 2021 or December 31, 2020 because we determined that we were not the VIEs' primary beneficiary. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the land option agreements. The following provides a summary of our interests in land option agreements as of June 30, 2021 and December 31, 2020 ($000’s omitted): June 30, 2021 December 31, 2020 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 126,617 $ 1,866,043 $ 126,900 $ 1,586,551 Other land options 200,303 2,889,793 164,964 2,187,017 $ 326,920 $ 4,755,836 $ 291,864 $ 3,773,568 Land-related charges We recorded the following land-related charges ($000's omitted): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 Statement of Operations Classification 2021 2020 2021 2020 Land impairments Home sale cost of revenues $ — $ — $ — $ 5,386 Net realizable value ("NRV") adjustments - land held for sale Land sale and other cost of revenues 19 142 19 152 Write-offs of deposits and pre-acquisition costs Other expense, net 1,866 2,311 3,235 6,643 $ 1,885 $ 2,453 $ 3,254 $ 12,181 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	6 Months Ended
	Jun. 30, 2021
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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenues: Northeast $ 285,874 $ 141,478 $ 462,342 $ 303,912 Southeast 517,256 457,863 954,034 840,257 Florida 791,564 581,520 1,416,805 1,088,209 Midwest 465,590 339,680 832,403 631,849 Texas 470,294 365,348 844,416 710,086 West 737,877 613,090 1,382,124 1,165,096 3,268,455 2,498,979 5,892,124 4,739,409 Financial Services 91,029 94,802 197,150 149,352 Consolidated revenues $ 3,359,484 $ 2,593,781 $ 6,089,274 $ 4,888,761 Income (loss) before income taxes: Northeast $ 53,300 $ 18,944 $ 79,194 $ 37,553 Southeast 93,444 72,780 164,766 127,524 Florida (a) 147,833 97,263 249,040 152,596 Midwest 70,804 43,607 123,668 75,069 Texas 84,388 59,909 150,037 113,504 West 131,070 90,164 229,902 157,419 Other homebuilding (b) 7,180 13,918 (80,884) (22,861) 588,019 396,585 915,723 640,804 Financial Services 51,454 60,424 117,803 79,974 Consolidated income before income taxes $ 639,473 $ 457,009 $ 1,033,526 $ 720,778 (a) Includes goodwill impairment charge totaling $20.2 million (see Note 1 ) in the six months ended June 30, 2020. (b) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes insurance adjustments of $46.2 million and $52.3 million for the three and six months ended June 30, 2021, respectively, and $60.7 million and $59.4 million for the three and six months ended June 30, 2020 (see Note 8 ). Other homebuilding also includes a loss on debt retirement of $61.5 million in the six months ended June 30, 2021 (see Note 4 ). Operating Data by Segment Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Land-related charges (a) : Northeast $ 18 $ 92 $ 134 $ 4,845 Southeast 883 929 1,339 1,676 Florida 302 459 433 981 Midwest 438 499 492 1,275 Texas 263 329 791 986 West (19) 145 65 1,674 Other homebuilding — — — 744 $ 1,885 $ 2,453 $ 3,254 $ 12,181 (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) June 30, 2021 Homes Under Land Under Raw Land Total Total Northeast $ 379,303 $ 230,831 $ 28,960 $ 639,094 $ 735,366 Southeast 631,880 576,612 59,327 1,267,819 1,405,516 Florida 803,909 860,922 74,281 1,739,112 2,100,982 Midwest 522,661 376,402 25,872 924,935 1,041,914 Texas 468,435 417,435 95,595 981,465 1,082,300 West 1,213,043 1,089,048 192,561 2,494,652 2,734,463 Other homebuilding (a) 60,152 257,560 14,162 331,874 2,249,872 4,079,383 3,808,810 490,758 8,378,951 11,350,413 Financial Services — — — — 731,607 $ 4,079,383 $ 3,808,810 $ 490,758 $ 8,378,951 $ 12,082,020 Operating Data by Segment ($000's omitted) December 31, 2020 Homes Under Land Under Raw Land Total Total Northeast $ 342,737 $ 203,561 $ 68,865 $ 615,163 $ 712,205 Southeast 465,950 645,408 69,937 1,181,295 1,296,382 Florida 638,394 921,962 116,709 1,677,065 1,967,788 Midwest 364,839 424,169 18,173 807,181 911,984 Texas 354,256 458,893 66,024 879,173 955,436 West 874,673 1,212,730 142,380 2,229,783 2,519,724 Other homebuilding (a) 45,891 270,595 15,652 332,138 3,149,871 3,086,740 4,137,318 497,740 7,721,798 11,513,390 Financial Services — — — — 692,108 $ 3,086,740 $ 4,137,318 $ 497,740 $ 7,721,798 $ 12,205,498 (a) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt Notes payable Our notes payable are summarized as follows ($000’s omitted): June 30, December 31, 4.250% unsecured senior notes due March 2021 (a) $ — $ 425,954 5.500% unsecured senior notes due March 2026 (a) 500,000 700,000 5.000% unsecured senior notes due January 2027 (a) 500,000 600,000 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) (11,862) (13,750) Total senior notes 1,988,138 2,712,204 Other notes payable 58,196 40,098 Notes payable $ 2,046,334 $ 2,752,302 Estimated fair value $ 2,582,456 $ 3,415,662 (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. In the six months ended June 30, 2021, we accelerated the retirement of $200.0 million and $100.0 million of our unsecured notes scheduled to mature in 2026 and 2027, respectively, through a cash tender offer. The retirement resulted in a loss of $61.5 million, which includes the write-off of debt issuance costs, unamortized discounts and premiums, and transaction fees. Other notes payable include notes with third parties that totaled $58.2 million and $40.1 million at June 30, 2021 and December 31, 2020, respectively. These notes have maturities ranging up to four years, are secured by the applicable land positions, and generally have no recourse to other assets. The stated interest rates on these notes range up to 6%. Revolving credit facility We maintain a revolving credit facility (the "Revolving Credit Facility") maturing in June 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 June 30, 2021. 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 June 30, 2021 and December 31, 2020, and $260.9 million and $249.7 million of letters of credit issued under the Revolving Credit Facility at June 30, 2021 and December 31, 2020, respectively. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth, a minimum Interest Coverage Ratio, and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of June 30, 2021, 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 $739.1 million and $750.3 million at June 30, 2021 and December 31, 2020, 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 $375.0 million at June 30, 2021, which continues through maturity. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. Pulte Mortgage had $352.6 million and $411.8 million outstanding under the Repurchase Agreement at June 30, 2021 and December 31, 2020, respectively, and was in compliance with all of its covenants and requirements as of such dates.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Shareholders’ equity	Shareholders’ equity In the six months ended June 30, 2021, we declared cash dividends totaling $74.1 million and repurchased 6.9 million shares under our repurchase authorization for $353.7 million. In the six months ended June 30, 2020, we declared cash dividends totaling $65.1 million and repurchased 2.8 million shares under our repurchase authorization for $95.7 million. On April 26, 2021, the Board of Directors approved an additional share repurchase authorization of $1.0 billion. At June 30, 2021, we had remaining authorization to repurchase $1.0 billion 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. In the six months ended June 30, 2021 and 2020, participants surrendered shares valued at $10.6 million and $14.9 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income taxes	Income taxesOur effective tax rate for the three and six months ended June 30, 2021 was 21.3% and 21.9%, respectively, compared to 23.7% and 23.4%, respectively, for the same periods in 2020. Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense, partially offset by benefits associated with federal energy efficient home credits. The effective tax rate for 2021 also reflects a reduction in valuation allowances relating to projected utilization of certain state net operating loss carryforwards. At June 30, 2021 and December 31, 2020, we had net deferred tax assets of $27.9 million and $32.7 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 $35.1 million and $30.9 million of gross unrecognized tax benefits at June 30, 2021 and December 31, 2020, respectively. Additionally, we had accrued interest and penalties of $3.3 million and $2.8 million at June 30, 2021 and December 31, 2020, respectively.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair value disclosures	Fair value disclosures ASC 820, “Fair Value Measurements and Disclosures,” provides a framework for measuring fair value in generally accepted accounting principles and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows: Level 1 Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2 Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active. Level 3 Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): Financial Instrument Fair Value Fair Value June 30, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 581,150 $ 564,979 Interest rate lock commitments Level 2 14,793 16,161 Forward contracts Level 2 (1,021) (5,436) Whole loan commitments Level 2 (1) (498) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 582 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 1,721,122 $ 2,632,235 Financial Services debt Level 2 352,627 411,821 Senior notes payable Level 2 2,524,260 3,375,564 Other notes payable Level 2 58,196 40,098 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 $2.0 billion and $2.7 billion at June 30, 2021 and December 31, 2020, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies 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 $260.9 million and $1.7 billion, respectively, at June 30, 2021 and $249.7 million and $1.5 billion, respectively, at December 31, 2020. 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 Warranty liabilities, beginning of period $ 83,807 $ 88,395 $ 82,744 $ 91,389 Reserves provided 21,464 17,005 38,808 32,044 Payments (18,312) (15,914) (33,804) (34,189) Other adjustments 800 (3,208) 11 (2,966) Warranty liabilities, end of period $ 87,759 $ 86,278 $ 87,759 $ 86,278 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 $620.6 million and $641.8 million at June 30, 2021 and December 31, 2020, 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 70% and 68% of the total general liability reserves at June 30, 2021 and December 31, 2020, respectively. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses. Housing market conditions can be volatile, and we believe such conditions can affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are typically reported and resolved over an extended period, often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Additionally, the amount of insurance coverage available for each policy period also impacts our recorded reserves. Because of the inherent uncertainty in estimating future losses and the timing of such losses related to these claims, actual costs could differ significantly from estimated costs. Adjustments to reserves are recorded in the period in which the change in estimate occurs. We reduced general liability reserves by $49.1 million and $55.2 million during the three and six months ended June 30, 2021, respectively, and $60.7 million and $59.4 million during the three and six months ended June 30, 2020, 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 Balance, beginning of period $ 653,068 $ 719,172 $ 641,779 $ 709,798 Reserves provided 22,907 20,177 42,449 38,626 Adjustments to previously recorded reserves (49,136) (60,662) (55,218) (59,362) Payments, net (a) (6,222) (38,673) (8,393) (49,048) Balance, end of period $ 620,617 $ 640,014 $ 620,617 $ 640,014 (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 $67.9 million and $69.5 million at June 30, 2021 and December 31, 2020, 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. 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 $80.4 million and $99.0 million at June 30, 2021, respectively, and $71.3 million and $91.4 million at December 31, 2020, respectively. In the three and six months ended June 30, 2021, we recorded an additional $12.0 million and $13.1 million of lease liabilities under operating leases, respectively, and $3.4 million and $13.0 million in the comparable prior year periods. Payments on lease liabilities in the three and six months ended June 30, 2021 totaled $5.2 million and $10.5 million, respectively, and $4.2 million and $10.1 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 six months ended June 30, 2021, our total lease expense was $10.3 million and $20.6 million, respectively, and $8.8 million and $18.7 million in the comparable prior year periods. Our total lease expense is inclusive of variable lease costs of $2.2 million and $4.0 million for the three and six months ended June 30, 2021, respectively, and $1.5 million and $3.4 million in the comparable prior year periods, as well as short-term lease costs of $3.1 million and $6.0 million for the three and six months ended June 30, 2021, respectively, and $1.8 million and $4.0 million in the comparable prior year periods. Sublease income was de minimis. The future minimum lease payments required under our leases as of June 30, 2021 were as follows ($000's omitted): Years Ending December 31, 2021 (a) $ 10,602 2022 24,146 2023 22,123 2024 15,969 2025 11,155 Thereafter 25,034 Total lease payments (b) 109,029 Less: Interest (c) 10,047 Present value of lease liabilities (d) $ 98,982 (a) Remaining payments are for the six months ending December 31, 2021. (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were $2.2 million of legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2021. (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 5.54%, respectively, at June 30, 2021.

Basis of Presentation (Policy)

Basis of Presentation (Policy)	6 Months Ended
	Jun. 30, 2021
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, 2020.
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, and 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 $731.0 million and $449.5 million at June 30, 2021 and December 31, 2020, 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.
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 unvested restricted share units and other potentially dilutive instruments.
Residential mortgage loans available-for-sale	Residential mortgage loans available-for-sale Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. At June 30, 2021 and December 31, 2020, residential mortgage loans available-for-sale had an aggregate fair value of $581.2 million and $565.0 million, respectively, and an aggregate outstanding principal balance of $561.2 million and $539.1 million, respectively. Net gains from the sale of mortgages were $56.7 million and $66.3 million for the three months ended June 30, 2021 and 2020, respectively, and $134.2 million and $97.2 million for the six months ended June 30, 2021 and 2020, respectively, and have been included in Financial Services revenues.
Derivative instruments and hedging activities	Derivative instruments and hedging activities We are party to interest rate lock commitments ("IRLCs") with customers resulting from our mortgage origination operations. At June 30, 2021 and December 31, 2020, we had aggregate IRLCs of $492.5 million and $367.2 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
New accounting pronouncements	New accounting pronouncements On January 1, 2021, we adopted 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. Our adoption of ASU 2019-12 did not have a material impact on our financial statements. 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 an "expected credit loss" methodology. We adopted ASC 326 using the modified retrospective transition method. ASC 326 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.
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 $2.0 billion and $2.7 billion at June 30, 2021 and December 31, 2020, respectively.
Letters of credit and surety bonds	Letters of credit and surety bondsIn 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 $260.9 million and $1.7 billion, respectively, at June 30, 2021 and $249.7 million and $1.5 billion, respectively, at December 31, 2020. 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.
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.
Allowance for warranties	Home purchasers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home’s construction and operating systems for periods of up to, and, in limited instances, exceeding, 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the 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.
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 $620.6 million and $641.8 million at June 30, 2021 and December 31, 2020, 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 70% and 68% of the total general liability reserves at June 30, 2021 and December 31, 2020, respectively. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses. Housing market conditions can be volatile, and we believe such conditions can affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are typically reported and resolved over an extended period, often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Additionally, the amount of insurance

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Other Expense (Income), Net	Other expense, net consists of the following ($000’s omitted): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Write-offs of deposits and pre-acquisition costs $ (1,866) $ (2,311) $ (3,235) $ (6,643) Amortization of intangible assets (4,968) (5,045) (9,961) (9,602) Interest income 473 1,326 1,105 5,133 Interest expense (138) (3,000) (272) (3,796) Equity in earnings of unconsolidated entities 4,190 334 5,017 902 Miscellaneous, net 1,685 3,410 4,087 6,196 Total other expense, net $ (624) $ (5,286) $ (3,259) $ (7,810)
Schedule of Earnings Per Share	The following table presents the earnings per common share (000's omitted, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net income $ 503,399 $ 348,620 $ 807,506 $ 552,331 Less: earnings distributed to participating securities (294) (265) (592) (538) Less: undistributed earnings allocated to participating securities (3,731) (2,602) (5,908) (4,358) Numerator for basic earnings per share $ 499,374 $ 345,753 $ 801,006 $ 547,435 Add back: undistributed earnings allocated to participating securities 3,731 2,602 5,908 4,358 Less: undistributed earnings reallocated to participating securities (3,722) (2,595) (5,895) (4,342) Numerator for diluted earnings per share $ 499,383 $ 345,760 $ 801,019 $ 547,451 Denominator: Basic shares outstanding 262,099 268,324 263,744 269,167 Effect of dilutive securities 648 701 627 960 Diluted shares outstanding 262,747 269,025 264,371 270,127 Earnings per share: Basic $ 1.91 $ 1.29 $ 3.04 $ 2.03 Diluted $ 1.90 $ 1.29 $ 3.03 $ 2.03
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted): June 30, 2021 December 31, 2020 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 14,927 $ 134 $ 16,179 $ 18 Forward contracts 371 1,392 501 5,937 Whole loan commitments 709 710 168 666 $ 16,007 $ 2,236 $ 16,848 $ 6,621

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Components of Inventory	Major components of inventory were as follows ($000’s omitted): June 30, December 31, Homes under construction $ 4,079,383 $ 3,086,740 Land under development 3,808,810 4,137,318 Raw land 490,758 497,740 $ 8,378,951 $ 7,721,798
Capitalized Interest Rollforward	Information related to interest capitalized into inventory is as follows ($000’s omitted): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest in inventory, beginning of period $ 193,352 $ 213,425 $ 193,409 $ 210,383 Interest capitalized 31,476 39,686 66,103 79,599 Interest expensed (39,395) (45,169) (74,079) (82,040) Interest in inventory, end of period $ 185,433 $ 207,942 $ 185,433 $ 207,942
Schedule Of Company Interests In Land Option Agreements	The following provides a summary of our interests in land option agreements as of June 30, 2021 and December 31, 2020 ($000’s omitted): June 30, 2021 December 31, 2020 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 126,617 $ 1,866,043 $ 126,900 $ 1,586,551 Other land options 200,303 2,889,793 164,964 2,187,017 $ 326,920 $ 4,755,836 $ 291,864 $ 3,773,568
Schedule Of Impairment Losses	We recorded the following land-related charges ($000's omitted): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 Statement of Operations Classification 2021 2020 2021 2020 Land impairments Home sale cost of revenues $ — $ — $ — $ 5,386 Net realizable value ("NRV") adjustments - land held for sale Land sale and other cost of revenues 19 142 19 152 Write-offs of deposits and pre-acquisition costs Other expense, net 1,866 2,311 3,235 6,643 $ 1,885 $ 2,453 $ 3,254 $ 12,181

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Components of Reportable Segments	For reporting purposes, our Homebuilding operations are aggregated into six reportable segments: Northeast: Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia Southeast: Georgia, North Carolina, South Carolina, Tennessee Florida: Florida Midwest: Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio Texas: Texas West: Arizona, California, Nevada, New Mexico, Washington
Operating Data By Reporting Segment	Operating Data by Segment Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenues: Northeast $ 285,874 $ 141,478 $ 462,342 $ 303,912 Southeast 517,256 457,863 954,034 840,257 Florida 791,564 581,520 1,416,805 1,088,209 Midwest 465,590 339,680 832,403 631,849 Texas 470,294 365,348 844,416 710,086 West 737,877 613,090 1,382,124 1,165,096 3,268,455 2,498,979 5,892,124 4,739,409 Financial Services 91,029 94,802 197,150 149,352 Consolidated revenues $ 3,359,484 $ 2,593,781 $ 6,089,274 $ 4,888,761 Income (loss) before income taxes: Northeast $ 53,300 $ 18,944 $ 79,194 $ 37,553 Southeast 93,444 72,780 164,766 127,524 Florida (a) 147,833 97,263 249,040 152,596 Midwest 70,804 43,607 123,668 75,069 Texas 84,388 59,909 150,037 113,504 West 131,070 90,164 229,902 157,419 Other homebuilding (b) 7,180 13,918 (80,884) (22,861) 588,019 396,585 915,723 640,804 Financial Services 51,454 60,424 117,803 79,974 Consolidated income before income taxes $ 639,473 $ 457,009 $ 1,033,526 $ 720,778 (a) Includes goodwill impairment charge totaling $20.2 million (see Note 1 ) in the six months ended June 30, 2020. (b) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes insurance adjustments of $46.2 million and $52.3 million for the three and six months ended June 30, 2021, respectively, and $60.7 million and $59.4 million for the three and six months ended June 30, 2020 (see Note 8 ). Other homebuilding also includes a loss on debt retirement of $61.5 million in the six months ended June 30, 2021 (see Note 4 ). Operating Data by Segment Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Land-related charges (a) : Northeast $ 18 $ 92 $ 134 $ 4,845 Southeast 883 929 1,339 1,676 Florida 302 459 433 981 Midwest 438 499 492 1,275 Texas 263 329 791 986 West (19) 145 65 1,674 Other homebuilding — — — 744 $ 1,885 $ 2,453 $ 3,254 $ 12,181
Total Assets And Inventory By Reporting Segment	Operating Data by Segment ($000's omitted) June 30, 2021 Homes Under Land Under Raw Land Total Total Northeast $ 379,303 $ 230,831 $ 28,960 $ 639,094 $ 735,366 Southeast 631,880 576,612 59,327 1,267,819 1,405,516 Florida 803,909 860,922 74,281 1,739,112 2,100,982 Midwest 522,661 376,402 25,872 924,935 1,041,914 Texas 468,435 417,435 95,595 981,465 1,082,300 West 1,213,043 1,089,048 192,561 2,494,652 2,734,463 Other homebuilding (a) 60,152 257,560 14,162 331,874 2,249,872 4,079,383 3,808,810 490,758 8,378,951 11,350,413 Financial Services — — — — 731,607 $ 4,079,383 $ 3,808,810 $ 490,758 $ 8,378,951 $ 12,082,020 Operating Data by Segment ($000's omitted) December 31, 2020 Homes Under Land Under Raw Land Total Total Northeast $ 342,737 $ 203,561 $ 68,865 $ 615,163 $ 712,205 Southeast 465,950 645,408 69,937 1,181,295 1,296,382 Florida 638,394 921,962 116,709 1,677,065 1,967,788 Midwest 364,839 424,169 18,173 807,181 911,984 Texas 354,256 458,893 66,024 879,173 955,436 West 874,673 1,212,730 142,380 2,229,783 2,519,724 Other homebuilding (a) 45,891 270,595 15,652 332,138 3,149,871 3,086,740 4,137,318 497,740 7,721,798 11,513,390 Financial Services — — — — 692,108 $ 3,086,740 $ 4,137,318 $ 497,740 $ 7,721,798 $ 12,205,498 (a) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Senior Notes	Our notes payable are summarized as follows ($000’s omitted): June 30, December 31, 4.250% unsecured senior notes due March 2021 (a) $ — $ 425,954 5.500% unsecured senior notes due March 2026 (a) 500,000 700,000 5.000% unsecured senior notes due January 2027 (a) 500,000 600,000 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) (11,862) (13,750) Total senior notes 1,988,138 2,712,204 Other notes payable 58,196 40,098 Notes payable $ 2,046,334 $ 2,752,302 Estimated fair value $ 2,582,456 $ 3,415,662 (a) Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.

Fair Value Disclosures Fair Val

Fair Value Disclosures Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): Financial Instrument Fair Value Fair Value June 30, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 581,150 $ 564,979 Interest rate lock commitments Level 2 14,793 16,161 Forward contracts Level 2 (1,021) (5,436) Whole loan commitments Level 2 (1) (498) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 582 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 1,721,122 $ 2,632,235 Financial Services debt Level 2 352,627 411,821 Senior notes payable Level 2 2,524,260 3,375,564 Other notes payable Level 2 58,196 40,098

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Changes in Warranty Liability	Changes to warranty liabilities were as follows ($000’s omitted): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Warranty liabilities, beginning of period $ 83,807 $ 88,395 $ 82,744 $ 91,389 Reserves provided 21,464 17,005 38,808 32,044 Payments (18,312) (15,914) (33,804) (34,189) Other adjustments 800 (3,208) 11 (2,966) Warranty liabilities, end of period $ 87,759 $ 86,278 $ 87,759 $ 86,278
Summary of Changes in Self-Insurance Liability	Changes in these liabilities were as follows ($000's omitted): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Balance, beginning of period $ 653,068 $ 719,172 $ 641,779 $ 709,798 Reserves provided 22,907 20,177 42,449 38,626 Adjustments to previously recorded reserves (49,136) (60,662) (55,218) (59,362) Payments, net (a) (6,222) (38,673) (8,393) (49,048) Balance, end of period $ 620,617 $ 640,014 $ 620,617 $ 640,014 (a) Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below).
Schedule of Future Minimum Lease Payments Required Under Leases	The future minimum lease payments required under our leases as of June 30, 2021 were as follows ($000's omitted): Years Ending December 31, 2021 (a) $ 10,602 2022 24,146 2023 22,123 2024 15,969 2025 11,155 Thereafter 25,034 Total lease payments (b) 109,029 Less: Interest (c) 10,047 Present value of lease liabilities (d) $ 98,982 (a) Remaining payments are for the six months ending December 31, 2021. (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were $2.2 million of legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2021. (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 5.54%, respectively, at June 30, 2021.

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands	Jan. 24, 2020	Jan. 31, 2021	Jan. 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2022	Dec. 31, 2020	Jan. 01, 2020
Finite-Lived Intangible Assets [Line Items]
Payments for business acquisitions								$ 10,400	$ 83,256
Goodwill impairment				$ 0		$ 0		0	20,190
Severance expense					$ 10,300
Customer deposits				730,995				730,995			$ 449,474
Contract asset insurance renewals				40,600				40,600			38,500
Residential mortgage loans available-for-sale fair value				581,150				581,150			564,979
Residential mortgage loans available-for-sale aggregate outstanding principal balance				561,200				561,200			539,100
Net gains from the sale of mortgages				56,700		$ 66,300		$ 134,200	$ 97,200
Variability in future cash flows of derivative instruments in days								60 days
Assets In-Scope Under Accounting Standards Codification 326				198,400				$ 198,400			176,200
Interest rate lock commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount				492,500				492,500			367,200
Forward contracts
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount				815,000				815,000			686,400
Whole loan commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount				$ 208,700				208,700			$ 169,600
Innovative Construction Group
Finite-Lived Intangible Assets [Line Items]
Consideration for business acquisition			$ 104,000
Payments for business acquisitions		$ 10,400	83,300
Goodwill			48,700
Goodwill impairment							$ 20,200	$ 61,500
Innovative Construction Group | Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Intangible asset acquired			27,800
Intangible asset, amortization period	7 years
Innovative Construction Group | Trade Name
Finite-Lived Intangible Assets [Line Items]
Intangible asset acquired			$ 1,800
Intangible asset, amortization period	5 years
Forecast | Innovative Construction Group
Finite-Lived Intangible Assets [Line Items]
Payments for business acquisitions										$ 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Abstract]
Write-offs of deposits and pre-acquisition costs	$ (1,866)	$ (2,311)	$ (3,235)	$ (6,643)
Amortization of intangible assets	(4,968)	(5,045)	(9,961)	(9,602)
Loss on debt retirement (see Note 4)	0	0	(61,469)	0
Interest income	473	1,326	1,105	5,133
Interest expense	(138)	(3,000)	(272)	(3,796)
Equity in earnings of unconsolidated entities	4,190	334	5,017	902
Miscellaneous, net	1,685	3,410	4,087	6,196
Total other expense, net	$ (624)	$ (5,286)	$ (3,259)	$ (7,810)

Basis of Presentation (Earnings

Basis of Presentation (Earnings per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 503,399	$ 348,620	$ 807,506	$ 552,331
Less: earnings distributed to participating securities	(294)	(265)	(592)	(538)
Less: undistributed earnings allocated to participating securities	(3,731)	(2,602)	(5,908)	(4,358)
Numerator for basic earnings per share	499,374	345,753	801,006	547,435
Add back: undistributed earnings allocated to participating securities	3,731	2,602	5,908	4,358
Less: undistributed earnings reallocated to participating securities	(3,722)	(2,595)	(5,895)	(4,342)
Numerator for diluted earnings per share	$ 499,383	$ 345,760	$ 801,019	$ 547,451
Denominator:
Basic shares outstanding (shares)	262,099	268,324	263,744	269,167
Effect of dilutive securities (shares)	648	701	627	960
Diluted shares outstanding (shares)	262,747	269,025	264,371	270,127
Earnings per share:
Basic earnings (usd per share)	$ 1.91	$ 1.29	$ 3.04	$ 2.03
Diluted earnings (usd per share)	$ 1.90	$ 1.29	$ 3.03	$ 2.03

Basis of Presentation (Fair Val

Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	$ 16,007	$ 16,848
Accrued and Other Liabilities	2,236	6,621
Interest rate lock commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	14,927	16,179
Accrued and Other Liabilities	134	18
Forward contracts
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	371	501
Accrued and Other Liabilities	1,392	5,937
Whole loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	709	168
Accrued and Other Liabilities	$ 710	$ 666

Basis of Presentation Payments

Basis of Presentation Payments to Acquire Businesses, Net of Cash Acquired (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Business Acquisitions [Abstract]
Payments for business acquisitions	$ (10,400)	$ (83,256)

Inventory (Major Components Of

Inventory (Major Components Of Inventory) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Homes under construction	$ 4,079,383	$ 3,086,740
Land under development	3,808,810	4,137,318
Raw land	490,758	497,740
Total Inventory	$ 8,378,951	$ 7,721,798

Inventory (Information Related

Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest in inventory, beginning of period	$ 193,352	$ 213,425	$ 193,409	$ 210,383
Interest capitalized	31,476	39,686	66,103	79,599
Interest expensed	(39,395)	(45,169)	(74,079)	(82,040)
Interest in inventory, end of period	$ 185,433	$ 207,942	$ 185,433	$ 207,942

Inventory (Summary of Interests

Inventory (Summary of Interests in Land Option Agreements) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	$ 326,920	$ 291,864
Remaining Purchase Price	4,755,836	3,773,568
Land options with VIEs
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	126,617	126,900
Remaining Purchase Price	1,866,043	1,586,551
Other land options
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	200,303	164,964
Remaining Purchase Price	$ 2,889,793	$ 2,187,017

Inventory Inventory (Summary of

Inventory Inventory (Summary of Land-related Charges) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Inventory Disclosure [Abstract]
Land impairments	$ 0	$ 0	$ 0	$ 5,386
Net realizable value adjustments (NRV) - land held for sale	19	142	19	152
Write-offs of deposits and pre-acquisition costs	1,866	2,311	3,235	6,643
Total land-related charges	$ 1,885	$ 2,453	$ 3,254	$ 12,181

Inventory - Fair Value Unobserv

Inventory - Fair Value Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Inventory Disclosure [Abstract]
Impairment Charges	$ 0	$ 0	$ 0	$ 5,386

Segment Information Narrative (

Segment Information Narrative (Details)	6 Months Ended
	Jun. 30, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	6

Segment Information (Operating

Segment Information (Operating Data By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenues	$ 3,359,484	$ 2,593,781		$ 6,089,274	$ 4,888,761
Income (loss) before income taxes:
Income before income taxes	639,473	457,009		1,033,526	720,778
Goodwill impairment	0	0		0	20,190
Adjustments to previously recorded reserves	(49,136)	(60,662)		(55,218)	(59,362)
Other homebuilding
Income (loss) before income taxes:
Adjustments to previously recorded reserves	46,200	(60,700)		52,300	(59,400)
Financial Services
Income (loss) before income taxes:
Income before income taxes	51,454	60,424		117,803	79,974
Total Homebuilding
Revenues:
Revenues	3,268,455	2,498,979		5,892,124	4,739,409
Income (loss) before income taxes:
Income before income taxes	588,019	396,585		915,723	640,804
Total Homebuilding | Northeast
Revenues:
Revenues	285,874	141,478		462,342	303,912
Income (loss) before income taxes:
Income before income taxes	53,300	18,944		79,194	37,553
Total Homebuilding | Southeast
Revenues:
Revenues	517,256	457,863		954,034	840,257
Income (loss) before income taxes:
Income before income taxes	93,444	72,780		164,766	127,524
Total Homebuilding | Florida
Revenues:
Revenues	791,564	581,520		1,416,805	1,088,209
Income (loss) before income taxes:
Income before income taxes	147,833	97,263		249,040	152,596
Total Homebuilding | Midwest
Revenues:
Revenues	465,590	339,680		832,403	631,849
Income (loss) before income taxes:
Income before income taxes	70,804	43,607		123,668	75,069
Total Homebuilding | Texas
Revenues:
Revenues	470,294	365,348		844,416	710,086
Income (loss) before income taxes:
Income before income taxes	84,388	59,909		150,037	113,504
Total Homebuilding | West
Revenues:
Revenues	737,877	613,090		1,382,124	1,165,096
Income (loss) before income taxes:
Income before income taxes	131,070	90,164		229,902	157,419
Total Homebuilding | Other homebuilding
Income (loss) before income taxes:
Income before income taxes	7,180	13,918		(80,884)	(22,861)
Financial Services
Revenues:
Revenues	$ 91,029	$ 94,802		197,150	$ 149,352
Innovative Construction Group
Income (loss) before income taxes:
Goodwill impairment			$ 20,200	$ 61,500

Segment Information (Land-Relat

Segment Information (Land-Related Charges by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Land-related charges	$ 1,885	$ 2,453	$ 3,254	$ 12,181
Northeast
Restructuring Cost and Reserve [Line Items]
Land-related charges	18	92	134	4,845
Southeast
Restructuring Cost and Reserve [Line Items]
Land-related charges	883	929	1,339	1,676
Florida
Restructuring Cost and Reserve [Line Items]
Land-related charges	302	459	433	981
Midwest
Restructuring Cost and Reserve [Line Items]
Land-related charges	438	499	492	1,275
Texas
Restructuring Cost and Reserve [Line Items]
Land-related charges	263	329	791	986
West
Restructuring Cost and Reserve [Line Items]
Land-related charges	(19)	145	65	1,674
Other homebuilding
Restructuring Cost and Reserve [Line Items]
Land-related charges	$ 0	$ 0	$ 0	$ 744

Segment Information (Total Asse

Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting Information
Homes under construction	$ 4,079,383	$ 3,086,740
Land under development	3,808,810	4,137,318
Raw land	490,758	497,740
Total Inventory	8,378,951	7,721,798
Total Assets	12,082,020	12,205,498
Northeast
Segment Reporting Information
Homes under construction	379,303
Land under development	230,831
Raw land	28,960
Total Inventory	639,094
Total Assets	735,366
Southeast
Segment Reporting Information
Homes under construction	631,880
Land under development	576,612
Raw land	59,327
Total Inventory	1,267,819
Total Assets	1,405,516
Florida
Segment Reporting Information
Homes under construction	803,909
Land under development	860,922
Raw land	74,281
Total Inventory	1,739,112
Total Assets	2,100,982
Midwest
Segment Reporting Information
Homes under construction	522,661
Land under development	376,402
Raw land	25,872
Total Inventory	924,935
Total Assets	1,041,914
Texas
Segment Reporting Information
Homes under construction	468,435
Land under development	417,435
Raw land	95,595
Total Inventory	981,465
Total Assets	1,082,300
West
Segment Reporting Information
Homes under construction	1,213,043
Land under development	1,089,048
Raw land	192,561
Total Inventory	2,494,652
Total Assets	2,734,463
Other homebuilding
Segment Reporting Information
Homes under construction	60,152
Land under development	257,560
Raw land	14,162
Total Inventory	331,874
Total Assets	2,249,872
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	731,607	692,108
Home sales
Segment Reporting Information
Homes under construction	4,079,383	3,086,740
Land under development	3,808,810	4,137,318
Raw land	490,758	497,740
Total Inventory	8,378,951	7,721,798
Total Assets	$ 11,350,413	11,513,390
Home sales | Northeast
Segment Reporting Information
Homes under construction		342,737
Land under development		203,561
Raw land		68,865
Total Inventory		615,163
Total Assets		712,205
Home sales | Southeast
Segment Reporting Information
Homes under construction		465,950
Land under development		645,408
Raw land		69,937
Total Inventory		1,181,295
Total Assets		1,296,382
Home sales | Florida
Segment Reporting Information
Homes under construction		638,394
Land under development		921,962
Raw land		116,709
Total Inventory		1,677,065
Total Assets		1,967,788
Home sales | Midwest
Segment Reporting Information
Homes under construction		364,839
Land under development		424,169
Raw land		18,173
Total Inventory		807,181
Total Assets		911,984
Home sales | Texas
Segment Reporting Information
Homes under construction		354,256
Land under development		458,893
Raw land		66,024
Total Inventory		879,173
Total Assets		955,436
Home sales | West
Segment Reporting Information
Homes under construction		874,673
Land under development		1,212,730
Raw land		142,380
Total Inventory		2,229,783
Total Assets		2,519,724
Home sales | Other homebuilding
Segment Reporting Information
Homes under construction		45,891
Land under development		270,595
Raw land		15,652
Total Inventory		332,138
Total Assets		$ 3,149,871

Debt (Summary of Senior Notes)

Debt (Summary of Senior Notes) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Net premiums, discounts, and issuance costs (b)	$ (11,862)	$ (13,750)
Total senior notes	1,988,138	2,712,204
Other notes payable	58,196	40,098
Notes payable	2,046,334	2,752,302
Estimated fair value	$ 2,582,456	3,415,662
Senior Notes | 4.250% unsecured senior notes due March 2021
Debt Instrument [Line Items]
Stated interest rate	4.25%
Face amount	$ 0	425,954
Senior Notes | 5.500% unsecured senior notes due March 2026
Debt Instrument [Line Items]
Stated interest rate	5.50%
Face amount	$ 500,000	700,000
Senior Notes | 5.000% unsecured senior notes due January 2027
Debt Instrument [Line Items]
Stated interest rate	5.00%
Face amount	$ 500,000	600,000
Senior Notes | 7.875% unsecured senior notes due June 2032
Debt Instrument [Line Items]
Stated interest rate	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%
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%
Face amount	$ 300,000	$ 300,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Repayments of notes payable				$ 797,395,000	$ 10,106,000
Goodwill impairment		$ 0	$ 0	0	20,190,000
Other notes payable		58,196,000		$ 58,196,000		$ 40,098,000
Debt instrument term				4 years
Current borrowing capacity		1,000,000,000		$ 1,000,000,000
Maximum borrowing capacity		1,500,000,000		1,500,000,000
Borrowings under revolving credit facility				0	700,000,000
Repayments under revolving credit facility				0	$ 700,000,000
Letters of credit outstanding		260,900,000		260,900,000		249,700,000
Line of credit facility, remaining borrowing capacity		739,100,000		739,100,000		750,300,000
Long-term line of credit		352,627,000		352,627,000		411,821,000
Notes Payables | Notes Payable Maturing in 2026
Debt Instrument [Line Items]
Repayments of notes payable				200,000,000
Notes Payables | Notes Payable Maturing in 2027
Debt Instrument [Line Items]
Repayments of notes payable				100,000,000
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		352,600,000		352,600,000		$ 411,800,000
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		$ 375,000,000
Maximum
Debt Instrument [Line Items]
Stated interest rate		6.00%		6.00%

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Apr. 26, 2021
Class of Stock [Line Items]
Dividends	$ 36,814,000	$ 32,447,000	$ 74,139,000	$ 65,056,000
Payments for repurchase of common stock			$ 353,703,000	$ 95,676,000
Increase in share repurchase authorization					$ 1,000,000,000
Share repurchase plan
Class of Stock [Line Items]
Share repurchases (shares)			6.9	2.8
Payments for repurchase of common stock			$ 353,700,000	$ 95,700,000
Remaining value of stock repurchase programs authorization	$ 1,000,000,000		1,000,000,000
Shares withheld to pay taxes
Class of Stock [Line Items]
Payments for repurchase of common stock			$ 10,600,000	$ 14,900,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax	21.30%	23.70%	21.90%	23.40%
Deferred tax assets, net	$ 27.9		$ 27.9		$ 32.7
Gross unrecognized tax benefits	35.1		35.1		30.9
Accrued interest and penalties on unrecognized tax benefits	$ 3.3		$ 3.3		$ 2.8

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Disclosed at fair value:
Other notes payable	$ 58,196	$ 40,098
Level 2
Disclosed at fair value:
Financial Services debt	352,627	411,821
Senior notes payable	2,524,260	3,375,564
Level 1
Disclosed at fair value:
Cash, cash equivalents, and restricted cash	1,721,122	2,632,235
Fair Value, Measurements, Recurring | Residential mortgage loans available-for-sale | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	581,150	564,979
Measured at fair value on a non-recurring basis:
Assets, fair value	581,150	564,979
Fair Value, Measurements, Recurring | Interest rate lock commitments | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	14,793	16,161
Measured at fair value on a non-recurring basis:
Assets, fair value	14,793	16,161
Fair Value, Measurements, Recurring | Forward contracts | Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(1,021)	(5,436)
Fair Value, Measurements, Recurring | Whole loan commitments | Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(1)	(498)
Fair Value, Measurements, Nonrecurring | House and land inventory | Level 3
Measured at fair value on a recurring basis:
Assets, fair value	0	582
Measured at fair value on a non-recurring basis:
Assets, fair value	$ 0	$ 582

Fair Value Disclosures - Narrat

Fair Value Disclosures - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Carrying value of senior notes	$ 1,988,138	$ 2,712,204

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)claim	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)claim	Jun. 30, 2020USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 260,900		$ 260,900			$ 249,700
Surety bonds outstanding	1,700,000		$ 1,700,000			1,500,000
Maximum product warranty in years			10 years
Self-insurance liabilities	$ 620,617	$ 640,014	$ 620,617	$ 640,014	$ 653,068	$ 641,779	$ 719,172	$ 709,798
Incurred but not reported percentage of liability reserves	70.00%		70.00%			68.00%
Adjustments to previously recorded reserves	$ (49,136)	(60,662)	$ (55,218)	(59,362)
ROU assets	80,400		80,400			$ 71,300
Operating lease liabilities	98,982		98,982			91,400
Additional ROU assets under operating leases	12,000	3,400	13,100	13,000
Payments on lease liabilities	5,200	4,200	10,500	10,100
Total lease expense	10,300	8,800	20,600	18,700
Variable lease costs	2,200	1,500	4,000	3,400
Short-term lease costs	$ 3,100	$ 1,800	$ 6,000	$ 4,000
Number of individual claims managed | claim	1,000		1,000
Other Assets
Loss Contingencies [Line Items]
Recorded insurance receivables	$ 67,900		$ 67,900			$ 69,500

Commitments and Contingencies_3

Commitments and Contingencies (Changes To Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, beginning of period	$ 83,807	$ 88,395	$ 82,744	$ 91,389
Reserves provided	21,464	17,005	38,808	32,044
Payments	(18,312)	(15,914)	(33,804)	(34,189)
Other adjustments	800	(3,208)	11	(2,966)
Warranty liabilities, end of period	$ 87,759	$ 86,278	$ 87,759	$ 86,278

Commitments and Contingencies_4

Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in Self-insurance Liability [Roll Forward]
Balance, beginning of period	$ 653,068	$ 719,172	$ 641,779	$ 709,798
Reserves provided	22,907	20,177	42,449	38,626
Adjustments to previously recorded reserves	(49,136)	(60,662)	(55,218)	(59,362)
Payments, net	(6,222)	(38,673)	(8,393)	(49,048)
Balance, end of period	$ 620,617	$ 640,014	$ 620,617	$ 640,014

Commitments and Contingencies_5

Commitments and Contingencies (Future Minimum Lease Payments Required Under Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2020	$ 10,602
2021	24,146
2022	22,123
2023	15,969
2024	11,155
Thereafter	25,034
Total lease payments	109,029
Less: Interest	10,047
Present value of lease liabilities	98,982	$ 91,400
Legally binding minimum lease payments for leases signed but not yet commenced	$ 2,200
Weighted average remaining lease term	5 years 6 months
Weighted average discount rate	5.54%

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve [Abstract]
Adjustments to previously recorded reserves	$ (49,136)	$ (60,662)	$ (55,218)	$ (59,362)