PulteGroup (PHM) 10-Q24 Oct 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 17, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		215,594,980
Entity Central Index Key	0000822416
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of each class	Common Shares, par value $0.01
Trading Symbol	PHM
Security Exchange Name	NYSE
Series A Junior Participating Preferred Share Purchase Rights
Entity Information [Line Items]
Title of each class	Series A Junior Participating Preferred Share Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol Flag	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and equivalents	$ 1,848,451	$ 1,053,104
Restricted cash	51,110	41,449
Total cash, cash equivalents, and restricted cash	1,899,561	1,094,553
House and land inventory	11,585,447	11,326,017
Land held for sale	35,116	42,254
Residential mortgage loans available-for-sale	414,360	677,207
Investments in unconsolidated entities	162,287	146,759
Other assets	1,426,747	1,291,572
Goodwill	68,930	68,930
Other intangible assets	58,960	66,875
Deferred tax assets	65,855	82,348
Total assets	15,717,263	14,796,515
Liabilities:
Accounts payable	567,561	565,975
Customer deposits	769,893	783,556
Deferred tax liabilities	331,366	215,446
Accrued and other liabilities	1,629,171	1,685,202
Financial Services debt	425,456	586,711
Notes payable	1,981,315	2,045,527
Total liabilities	5,704,762	5,882,417
Shareholders' equity	10,012,501	8,914,098
Total liabilities and shareholders' equity	$ 15,717,263	$ 14,796,515

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 4,003,533	$ 3,895,062	$ 11,767,926	$ 10,924,333
Homebuilding Cost of Revenues:
Cost of revenues	(2,774,603)	(2,663,156)	(8,160,754)	(7,454,714)
Financial Services expenses	(46,431)	(45,323)	(137,244)	(132,655)
Selling, general, and administrative expenses	(353,167)	(350,112)	(1,004,323)	(1,030,391)
Equity income from unconsolidated entities	891	446	4,348	2,390
Gain on debt retirement	362	0	362	0
Other income (expense), net	16,729	(25,640)	32,134	(33,220)
Income before income taxes	847,314	811,277	2,502,449	2,275,743
Income tax expense	(208,539)	(183,349)	(611,070)	(540,657)
Net income	$ 638,775	$ 627,928	$ 1,891,379	$ 1,735,086
Per share:
Basic earnings (usd per share)	$ 2.92	$ 2.70	$ 8.49	$ 7.26
Diluted earnings (usd per share)	2.90	2.69	8.45	7.22
Cash dividends declared (usd per share)	$ 0.16	$ 0.15	$ 0.48	$ 0.45
Number of shares used in calculation:
Basic shares outstanding (shares)	218,288	230,967	221,832	237,639
Effect of dilutive securities (shares)	1,394	1,333	1,152	1,240
Diluted shares outstanding (shares)	219,682	232,300	222,984	238,879
Home sale revenues
Homebuilding Cost of Revenues:
Cost of revenues	$ (2,739,596)	$ (2,636,842)	$ (8,068,287)	$ (7,364,743)
Land sale and other revenues
Homebuilding Cost of Revenues:
Cost of revenues	(35,007)	(26,314)	(92,467)	(89,971)
Homebuilding
Revenues:
Revenues	3,926,813	3,822,353	11,541,051	10,684,706
Homebuilding Cost of Revenues:
Income before income taxes	818,365	783,763	2,413,103	2,167,562
Homebuilding \| Home sale revenues
Revenues:
Revenues	3,886,908	3,791,695	11,433,476	10,587,080
Homebuilding \| Land sale and other revenues
Revenues:
Revenues	39,905	30,658	107,575	97,626
Financial Services
Revenues:
Revenues	76,720	72,709	226,875	239,627
Homebuilding Cost of Revenues:
Income before income taxes	$ 28,949	$ 27,514	$ 89,346	$ 108,181

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 638,775	$ 627,928	$ 1,891,379	$ 1,735,086
Other comprehensive income, net of tax:
Change in value of derivatives	0	0	0	45
Other comprehensive income	0	0	0	45
Comprehensive income	$ 638,775	$ 627,928	$ 1,891,379	$ 1,735,131

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
Beginning shareholders' equity (shares) at Dec. 31, 2021		249,326
Beginning shareholders' equity at Dec. 31, 2021	$ 7,489,515	$ 2,493	$ 3,290,791	$ (45)	$ 4,196,276
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share issuances (shares)		675
Share issuances	6,030	$ 6	6,024
Dividends declared	(106,650)				(106,650)
Share repurchases (shares)		(21,769)
Share repurchases	(974,673)	$ (217)			(974,456)
Cash paid for shares withheld for taxes	(14,325)				(14,325)
Share-based compensation	28,975		28,975
Net income	1,735,086				1,735,086
Other comprehensive income	45			45
Ending shareholders' equity (shares) at Sep. 30, 2022		228,232
Ending shareholders' equity at Sep. 30, 2022	8,164,003	$ 2,282	3,325,790	0	4,835,931
Beginning shareholders' equity (shares) at Jun. 30, 2022		232,570
Beginning shareholders' equity at Jun. 30, 2022	7,745,216	$ 2,326	3,319,150	0	4,423,740
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		41
Dividends declared	(34,624)				(34,624)
Share repurchases (shares)		(4,379)
Share repurchases	(180,446)	$ (44)			(180,402)
Cash paid for shares withheld for taxes	(711)				(711)
Share-based compensation	6,640		6,640
Net income	627,928				627,928
Other comprehensive income	0
Ending shareholders' equity (shares) at Sep. 30, 2022		228,232
Ending shareholders' equity at Sep. 30, 2022	8,164,003	$ 2,282	3,325,790	0	4,835,931
Beginning shareholders' equity (shares) at Dec. 31, 2022		225,840
Beginning shareholders' equity at Dec. 31, 2022	8,914,098	$ 2,258	3,330,138	0	5,581,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share issuances (shares)		474
Share issuances	4,842	$ 4	4,838
Dividends declared	(106,792)				(106,792)
Share repurchases (shares)		(10,179)
Share repurchases	(700,000)	$ (101)			(699,899)
Excise tax on share repurchases	(6,701)				(6,701)
Cash paid for shares withheld for taxes	(10,408)				(10,408)
Share-based compensation	26,083		26,083
Net income	1,891,379				1,891,379
Other comprehensive income	0
Ending shareholders' equity (shares) at Sep. 30, 2023		216,135
Ending shareholders' equity at Sep. 30, 2023	10,012,501	$ 2,161	3,361,059	0	6,649,281
Beginning shareholders' equity (shares) at Jun. 30, 2023		219,892
Beginning shareholders' equity at Jun. 30, 2023	9,705,025	$ 2,199	3,354,318	0	6,348,508
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share issuances (shares)		1
Dividends declared	(35,020)				(35,020)
Share repurchases (shares)		(3,758)
Share repurchases	(300,000)	$ (38)			(299,962)
Excise tax on share repurchases	3,000				3,000
Cash paid for shares withheld for taxes	(20)				(20)
Share-based compensation	6,741		6,741
Net income	638,775				638,775
Other comprehensive income	0
Ending shareholders' equity (shares) at Sep. 30, 2023		216,135
Ending shareholders' equity at Sep. 30, 2023	$ 10,012,501	$ 2,161	$ 3,361,059	$ 0	$ 6,649,281

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 1,891,379	$ 1,735,086
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	132,389	43,485
Land-related charges	16,978	32,475
Gain on debt retirement	(362)	0
Depreciation and amortization	59,765	51,934
Equity income from unconsolidated entities	(4,348)	(2,390)
Distributions of income from unconsolidated entities	4,564	1,278
Share-based compensation expense	38,401	39,520
Other, net	(501)	952
Increase (decrease) in cash due to:
Inventories	(173,377)	(2,706,142)
Residential mortgage loans available-for-sale	262,637	507,861
Other assets	(142,131)	(127,173)
Accounts payable, accrued and other liabilities	(177,050)	119,189
Net cash provided by (used in) operating activities	1,908,344	(303,925)
Cash flows from investing activities:
Capital expenditures	(67,561)	(88,585)
Investments in unconsolidated entities	(18,059)	(58,154)
Distributions of capital from unconsolidated entities	2,316	3,413
Business acquisition	0	(10,400)
Other investing activities, net	(11,727)	(964)
Net cash used in investing activities	(95,031)	(154,690)
Cash flows from financing activities:
Repayments of notes payable	(86,794)	(4,856)
Borrowings under revolving credit facility	0	1,925,000
Repayments under revolving credit facility	0	(1,606,000)
Financial Services repayments, net	(161,254)	(287,933)
Debt issuance costs	(1,500)	(11,167)
Proceeds from liabilities related to consolidated inventory not owned	108,707	0
Payments related to consolidated inventory not owned	(49,379)	0
Share repurchases	(700,000)	(974,673)
Cash paid for shares withheld for taxes	(10,409)	(14,326)
Dividends paid	(107,676)	(109,597)
Net cash used in financing activities	(1,008,305)	(1,083,552)
Net increase (decrease) in cash, cash equivalents, and restricted cash	805,008	(1,542,167)
Cash, cash equivalents, and restricted cash at beginning of period	1,094,553	1,833,565
Cash, cash equivalents, and restricted cash at end of period	1,899,561	291,398
Supplemental Cash Flow Information:
Interest paid (capitalized), net	11,048	5,642
Income taxes paid (refunded), net	$ 546,871	$ 493,559

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2023
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, 2022. 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. Reclassifications Effective with our first quarter 2023 reporting, we reclassified our closing cost incentives provided to customers, including seller-paid financing costs, from home sale cost of revenues to home sale revenues. All prior period amounts have been reclassified to conform to the current presentation. As a result, all sales incentives provided to customers are classified as a reduction of home sale revenues. This reclassification had the effect of reducing both home sale revenues and home sale cost of revenues by the amount of such closing cost incentives, which totaled $48.8 million and $133.3 million for the three and nine months ended September 30, 2022, respectively. Subsequent events We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission (the "SEC"). Other income (expense), net Other income (expense), net consists of the following ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Write-offs of deposits and pre-acquisition costs $ (2,456) $ (24,462) $ (9,629) $ (32,475) Amortization of intangible assets (2,623) (2,766) (7,915) (8,353) Interest income 19,303 370 41,701 1,048 Interest expense (120) (65) (347) (216) Miscellaneous, net 2,625 1,283 8,324 6,776 Other income (expense), net $ 16,729 $ (25,640) $ 32,134 $ (33,220) 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 $769.9 million and $783.6 million at September 30, 2023 and December 31, 2022, 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 discount points are recognized upon loan origination. Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of interest rate lock commitments ("IRLCs") that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of IRLCs and residential mortgage loans available for sale 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. The related contract assets for estimated future renewal commissions are included in other assets and totaled $70.6 million and $57.3 million at September 30, 2023 and December 31, 2022, respectively. Residential mortgage loans available-for-sale Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. At September 30, 2023 and December 31, 2022, residential mortgage loans available-for-sale had an aggregate fair value of $414.4 million and $677.2 million, respectively, and an aggregate outstanding principal balance of $423.2 million and $680.5 million, respectively. Net gains from the sale of mortgages were $33.7 million and $34.4 million for the three months ended September 30, 2023 and 2022, respectively, and $102.8 million and $131.9 million for the nine months ended September 30, 2023 and 2022, respectively, and have been included in Financial Services revenues. Derivative instruments and hedging activities We are party to IRLCs with customers resulting from our mortgage origination operations. At September 30, 2023 and December 31, 2022, we had aggregate IRLCs of $674.0 million and $653.2 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 hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At September 30, 2023 and December 31, 2022, we had unexpired forward contracts of $944.0 million and $1.0 billion, respectively, and whole loan investor commitments of $145.2 million and $285.9 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. We evaluate the creditworthiness of these transactions through our normal credit policies. 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 90 days. The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted): September 30, 2023 December 31, 2022 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 6,629 $ 14,983 $ 10,830 $ 1,572 Forward contracts 12,482 66 4,144 20,853 Whole loan commitments 7 189 806 165 $ 19,118 $ 15,238 $ 15,780 $ 22,590 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. Certain of our outstanding restricted share units and deferred shares are considered participating securities. The following table presents the earnings per common share (000's omitted, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator: Net income $ 638,775 $ 627,928 $ 1,891,379 $ 1,735,086 Less: earnings distributed to participating securities (121) (202) (369) (635) Less: undistributed earnings allocated to participating securities (2,083) (3,534) (6,685) (10,288) Numerator for basic earnings per share $ 636,571 $ 624,192 $ 1,884,325 $ 1,724,163 Add back: undistributed earnings allocated to participating securities 2,083 3,534 6,685 10,288 Less: undistributed earnings reallocated to participating securities (2,066) (3,508) (6,636) (10,218) Numerator for diluted earnings per share $ 636,588 $ 624,218 $ 1,884,374 $ 1,724,233 Denominator: Basic shares outstanding 218,288 230,967 221,832 237,639 Effect of dilutive securities 1,394 1,333 1,152 1,240 Diluted shares outstanding 219,682 232,300 222,984 238,879 Earnings per share: Basic $ 2.92 $ 2.70 $ 8.49 $ 7.26 Diluted $ 2.90 $ 2.69 $ 8.45 $ 7.22 Credit losses We are exposed to credit losses primarily through our vendors and insurance carriers. We assess and monitor each counterparty’s ability to pay amounts owed by considering contractual terms and conditions, the counterparty’s financial condition, macroeconomic factors, and business strategy. At September 30, 2023 and December 31, 2022, we reported $207.2 million and $222.9 million, respectively, of assets in-scope under ASC 326, "Financial Instruments - Credit Losses". These assets consist primarily of insurance receivables, contract assets related to insurance brokerage commissions, and vendor rebate receivables. Counterparties associated with these assets are generally highly rated. Allowances on the aforementioned in-scope assets were not material as of September 30, 2023. New accounting pronouncements In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)", as amended by ASU 2021-01 in January 2021, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the cessation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024. The adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements.

Inventory

Inventory	9 Months Ended
Inventory	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventory	Inventory Major components of inventory were as follows ($000’s omitted): September 30, December 31, Homes under construction $ 5,355,403 $ 5,440,186 Land under development 5,519,982 5,134,432 Raw land 573,726 679,341 Consolidated inventory not owned (a) 136,336 72,058 $ 11,585,447 $ 11,326,017 (a) Consolidated inventory not owned includes land sold to third parties for which the Company retains a repurchase option. We capitalize interest cost into inventory during the active development and construction of our communities. In all periods presented, we capitalized substantially all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels. Information related to interest capitalized into inventory is as follows ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Interest in inventory, beginning of period $ 141,994 $ 151,554 $ 137,262 $ 160,756 Interest capitalized 31,659 33,235 95,388 96,156 Interest expensed (33,643) (41,120) (92,640) (113,243) Interest in inventory, end of period $ 140,010 $ 143,669 $ 140,010 $ 143,669 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 income (expense), net ( Note 1 ). If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity. No VIEs required consolidation at either September 30, 2023 or December 31, 2022 because we determined that we were not any VIE's primary beneficiary. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the land option agreements. The following provides a summary of our interests in land option agreements as of September 30, 2023 and December 31, 2022 ($000’s omitted): September 30, 2023 December 31, 2022 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 244,897 $ 2,169,510 $ 213,895 $ 2,130,398 Other land options 366,561 4,088,141 264,860 3,269,843 $ 611,458 $ 6,257,651 $ 478,755 $ 5,400,241 Land-related charges Our evaluations for land impairments, net realizable value adjustments, and write-offs of deposits and pre-acquisition costs are based on our best estimates of the future cash flows of our communities. Due to uncertainties in the estimation process, the significant volatility in demand for new housing, the long life cycles of certain of our communities, and potential changes in our strategy related to certain communities, actual results could differ significantly from such estimates.

Segment Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2023
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, Colorado, Nevada, New Mexico, Washington We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance brokerage operations that operate generally in the same markets as the Homebuilding segments. Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues (a) : Northeast $ 234,475 $ 250,209 $ 684,495 $ 657,703 Southeast 646,927 713,205 2,009,556 1,819,114 Florida 1,220,036 942,467 3,525,623 2,683,248 Midwest 543,772 557,669 1,412,102 1,553,800 Texas 487,521 577,686 1,587,752 1,580,567 West 794,082 781,117 2,321,523 2,390,274 3,926,813 3,822,353 11,541,051 10,684,706 Financial Services 76,720 72,709 226,875 239,627 Consolidated revenues $ 4,003,533 $ 3,895,062 $ 11,767,926 $ 10,924,333 Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Income (loss) before income taxes (a) : Northeast $ 52,265 $ 52,682 $ 150,227 $ 140,052 Southeast 144,643 181,667 469,653 460,056 Florida 316,113 220,850 904,916 628,979 Midwest 105,267 82,279 242,552 235,345 Texas 99,433 133,404 305,552 351,253 West 107,537 145,890 307,537 463,947 Other homebuilding (b) (6,893) (33,009) 32,666 (112,070) 818,365 783,763 2,413,103 2,167,562 Financial Services 28,949 27,514 89,346 108,181 Consolidated income before income taxes $ 847,314 $ 811,277 $ 2,502,449 $ 2,275,743 (a) All periods reflect the reclassification of closing cost incentives to homes sale revenues from home sale cost of revenues ( Note 1 ). (b) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments. Other homebuilding also includes insurance reserve reversals of $66.2 million in the nine months ended September 30, 2023. Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Land-related charges (a) : Northeast $ 197 $ 3,759 $ 266 $ 3,961 Southeast 2,616 5,889 5,643 9,724 Florida 338 4,881 2,430 6,493 Midwest 282 1,677 886 2,780 Texas 59 2,794 388 3,328 West 2,889 5,462 6,689 6,189 Other homebuilding 487 — 676 — $ 6,868 $ 24,462 $ 16,978 $ 32,475 (a) Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges. Operating Data by Segment ($000's omitted) September 30, 2023 Homes Under Land Under Raw Land Consolidated Inventory Not Owned Total Total Northeast $ 339,345 $ 319,912 $ 38,499 $ — $ 697,756 $ 803,724 Southeast 767,994 715,736 66,342 25,033 1,575,105 1,838,802 Florida (a) 1,451,547 1,143,172 93,178 61,855 2,749,752 3,269,761 Midwest 671,733 677,952 22,806 3,472 1,375,963 1,528,933 Texas 593,864 700,732 122,623 45,976 1,463,195 1,666,557 West 1,500,748 1,628,040 220,548 — 3,349,336 3,697,236 Other homebuilding (b) 30,172 334,438 9,730 — 374,340 2,166,356 5,355,403 5,519,982 573,726 136,336 11,585,447 14,971,369 Financial Services — — — — — 745,894 $ 5,355,403 $ 5,519,982 $ 573,726 $ 136,336 $ 11,585,447 $ 15,717,263 December 31, 2022 Homes Under Land Under Raw Land Consolidated Inventory Not Owned Total Total Northeast $ 321,687 $ 241,897 $ 45,455 $ — $ 609,039 $ 700,413 Southeast 793,539 544,867 102,336 20,169 1,460,911 1,668,053 Florida (a) 1,417,657 1,081,836 125,253 51,889 2,676,635 3,195,091 Midwest 523,194 689,541 22,467 — 1,235,202 1,382,227 Texas 690,622 726,342 133,300 — 1,550,264 1,735,683 West 1,662,251 1,528,863 238,758 — 3,429,872 3,771,808 Other homebuilding (b) 31,236 321,086 11,772 — 364,094 1,470,919 5,440,186 5,134,432 679,341 72,058 11,326,017 13,924,194 Financial Services — — — — — 872,321 $ 5,440,186 $ 5,134,432 $ 679,341 $ 72,058 $ 11,326,017 $ 14,796,515 (a) Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million. (b) 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. Other homebuilding also includes goodwill of $40.4 million.

Debt

Debt	3 Months Ended
Debt	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Notes payable Our notes payable are summarized as follows ($000’s omitted): September 30, December 31, 5.500% unsecured senior notes due March 2026 (a) $ 478,000 $ 500,000 5.000% unsecured senior notes due January 2027 (a) 457,000 500,000 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) (8,465) (9,701) Total senior notes $ 1,926,535 $ 1,990,299 Other notes payable 54,780 55,228 Notes payable $ 1,981,315 $ 2,045,527 Estimated fair value $ 1,998,032 $ 2,079,218 (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 three months ended September 30, 2023, we completed open market repurchases of $22.0 million and $43.0 million of our unsecured senior notes scheduled to mature in 2026 and 2027, respectively. Other notes payable Other notes payable include non-recourse and limited recourse notes with third parties that totaled $54.8 million and $55.2 million at September 30, 2023 and December 31, 2022, respectively. These notes have maturities ranging up to four years, are secured by the applicable land positions to which they relate, and generally have no recourse to other assets. The stated interest rates on these notes range up to 6%. We recorded $35.3 million and $19.9 million of inventory financed by sellers in the nine months ended September 30, 2023 and 2022, respectively. Revolving credit facility We maintain a revolving credit facility (the "Revolving Credit Facility") maturing in June 2027 that has a maximum borrowing capacity of $1.3 billion and contains an uncommitted accordion feature that could increase the capacity to $1.8 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, up to the maximum borrowing capacity. The interest rate on borrowings under the Revolving Credit Facility may be based on either the Secured Overnight Financing Rate or a base rate plus an applicable margin, as defined therein. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of September 30, 2023, we were in compliance with all covenants. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries. At September 30, 2023, we had no borrowings outstanding, $304.6 million of letters of credit issued, and $945.4 million of remaining capacity under the Revolving Credit Facility. At December 31, 2022, we had no borrowings outstanding, $303.4 million of letters of credit issued, and $946.6 million of remaining capacity under the Revolving Credit Facility. Joint venture debt At September 30, 2023, aggregate outstanding debt of unconsolidated joint ventures was $79.5 million, of which $40.3 million was related to one joint venture in which we have a 50% interest. In connection with this loan, we and our joint venture partner provided customary limited recourse guaranties in which our maximum financial loss exposure is limited to our pro rata share of the debt outstanding. Financial Services debt Pulte Mortgage entered into a master repurchase agreement (the "Repurchase Agreement") in August 2023 that matures on August 14, 2024. The Repurchase Agreement replaced a substantially similar agreement that previously existed with different lenders. The maximum aggregate commitment under the Repurchase Agreement was $560.0 million at September 30, 2023, and will increase to $850.0 million during the seasonally high borrowing period from December 27, 2023 to January 15, 2024. Thereafter, the maximum aggregate commitment ranges from $600.0 million to $700.0 million. The Repurchase Agreement also contains an accordion feature that could increase the commitment by $50.0 million above its active commitment level. 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. At September 30, 2023, Pulte Mortgage had $425.5 million outstanding at a weighted average interest rate of 7.01% and $134.5 million of remaining capacity under the Repurchase Agreement. At December 31, 2022, Pulte Mortgage had $586.7 million outstanding at a weighted average interest rate of 5.39% and $213.3 million of remaining capacity under the prior agreement replaced by the Repurchase Agreement. Pulte Mortgage was in compliance with all of its covenants and requirements as of such dates.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Shareholders’ equity	Shareholders’ equity In the nine months ended September 30, 2023, we declared cash dividends totaling $106.8 million and repurchased 10.2 million shares under our repurchase authorization for $700.0 million. In the nine months ended September 30, 2022, we declared cash dividends totaling $106.7 million and repurchased 21.8 million shares under our repurchase authorization for $974.7 million. On April 24, 2023, the Board of Directors increased our share repurchase authorization by $1.0 billion. At September 30, 2023, we had remaining authorization to repurchase $682.9 million of common shares. Under our share-based compensation plans, we accept shares as payment under certain conditions related to the vesting of shares, generally related to the payment of minimum tax obligations. In the nine months ended September 30, 2023 and 2022, participants surrendered shares valued at $10.4 million and $14.3 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Our effective tax rate was 24.6% and 24.4% for the three and nine months ended September 30, 2023, respectively, compared with 22.6% and 23.8%, respectively, for the same periods in 2022. Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense. The 2023 effective income tax rate for each of these periods was higher than the rate for the same period in 2022 due to the change in qualification standards for federal energy efficient home tax credits. On August 16, 2022, the Inflation Reduction Act of 2022 (the "Inflation Reduction Act") was signed into law. Notably, the Inflation Reduction Act retroactively extended the federal energy efficient home tax credits to January 1, 2022 using the same standards as prior years. For 2023 through 2032, the credit is based on EnergyStar or Zero Energy Ready standards. At September 30, 2023 and December 31, 2022, we had net deferred tax liabilities of $265.5 million and $133.1 million, respectively. The accounting for deferred taxes is based upon estimates of future results. Differences between estimated and actual results could result in changes in the valuation of deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
Fair Value Disclosures	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair value disclosures	Fair value disclosures ASC 820, “Fair Value Measurements and Disclosures”, provides a framework for measuring fair value in generally accepted accounting principles and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows: Level 1 Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2 Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active. Level 3 Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): Financial Instrument Fair Value Fair Value September 30, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 414,360 $ 677,207 IRLCs Level 2 (8,354) 9,258 Forward contracts Level 2 12,416 (16,709) Whole loan commitments Level 2 (182) 641 Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ 11,387 $ 10,873 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 1,899,561 $ 1,094,553 Financial Services debt Level 2 425,456 586,711 Senior notes payable Level 2 1,943,252 2,023,990 Other notes payable Level 2 54,780 55,228 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 IRLCs, 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. 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 $1.9 billion at September 30, 2023 and $2.0 billion at December 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
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 $304.6 million and $2.3 billion, respectively, at September 30, 2023 and $303.4 million and $2.2 billion, respectively, at December 31, 2022. 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. Warranty liabilities Home buyers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home's construction and operating systems for periods of up to, and, in limited instances, exceeding, 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the projected cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates. Changes to warranty liabilities were as follows ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Warranty liabilities, beginning of period $ 106,136 $ 110,605 $ 108,348 $ 107,117 Reserves provided 29,412 22,840 74,598 66,398 Payments (24,984) (23,137) (75,313) (65,466) Other adjustments 1,747 24 4,678 2,283 Warranty liabilities, end of period $ 112,311 $ 110,332 $ 112,311 $ 110,332 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 retention 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 numerous 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 $623.0 million and $635.9 million at September 30, 2023 and December 31, 2022, 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 74% of the total general liability reserves at both September 30, 2023 and December 31, 2022. 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. Volatility in both national and local housing market conditions may 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 time 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. 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 $66.2 million during the nine months ended September 30, 2023 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. There were no material adjustments to individual claims. Costs associated with our insurance programs are classified within selling, general, and administrative expenses. Changes in these liabilities were as follows ($000's omitted): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Balance, beginning of period $ 605,192 $ 652,686 $ 635,857 $ 627,067 Reserves provided 20,578 31,134 70,050 74,676 Adjustments to previously recorded reserves (789) (2,169) (66,209) 1,889 Payments, net (a) (2,000) (2,358) (16,717) (24,339) Balance, end of period $ 622,981 $ 679,293 $ 622,981 $ 679,293 (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 $39.7 million and $43.7 million at September 30, 2023 and December 31, 2022, 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. 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 $69.9 million and $84.8 million at September 30, 2023, respectively, and $73.5 million and $90.1 million at December 31, 2022, respectively. In the three and nine months ended September 30, 2023, we recorded an additional $1.3 million and $9.6 million, respectively, of lease liabilities under operating leases, and $3.3 million and $7.5 million in the comparable prior year periods. Payments on lease liabilities in the three and nine months ended September 30, 2023 totaled $6.1 million and $17.4 million, respectively, and $5.0 million and $16.1 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. In the three and nine months ended September 30, 2023 our total lease expense was $13.5 million and $42.0 million, respectively, and $14.3 million and $40.5 million in the comparable prior year periods. Our total lease expense is inclusive of variable lease costs of $2.7 million and $8.9 million in the three and nine months ended September 30, 2023, respectively, and $3.3 million and $7.7 million in the comparable prior year periods, as well as short-term lease costs of $4.0 million and $12.8 million in the three and nine months ended September 30, 2023, respectively, and $5.2 million and $15.8 million in the comparable prior year periods. Sublease income was de minimis. The future minimum lease payments required under our leases as of September 30, 2023 were as follows ($000's omitted): Years Ending December 31, 2023 (a) $ 9,235 2024 25,010 2025 17,320 2026 12,885 2027 10,240 Thereafter 17,256 Total lease payments (b) 91,946 Less: Interest (c) (7,147) Present value of lease liabilities (d) $ 84,799 (a) Remaining payments are for the three months ending December 31, 2023. (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $6.2 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2023. (c) Our leases do not provide a readily determinable implicit rate. As a result, 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 4.8 years and 3.8%, respectively, at September 30, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 638,775	$ 627,928	$ 1,891,379	$ 1,735,086

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policy)

Basis of Presentation (Policy)	9 Months Ended
Basis of Presentation (Policy)	Sep. 30, 2023
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, 2022.
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.
Reclassifications	Reclassifications Effective with our first quarter 2023 reporting, we reclassified our closing cost incentives provided to customers, including seller-paid financing costs, from home sale cost of revenues to home sale revenues. All prior period amounts have been reclassified to conform to the current presentation. As a result, all sales incentives provided to customers are classified as a reduction of home sale revenues. This reclassification had the effect of reducing both home sale revenues and home sale cost of revenues by the amount of such closing cost incentives, which totaled $48.8 million and $133.3 million for the three and nine months ended September 30, 2022, respectively.
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 $769.9 million and $783.6 million at September 30, 2023 and December 31, 2022, 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 discount points are recognized upon loan origination. Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of interest rate lock commitments ("IRLCs") that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of IRLCs and residential mortgage loans available for sale 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. The related contract assets for estimated future renewal commissions are included in other assets and totaled $70.6 million and $57.3 million at September 30, 2023 and December 31, 2022, respectively.
Earnings per share	Earnings per share Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares outstanding, adjusted for unvested shares (the “Denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of 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 September 30, 2023 and December 31, 2022, residential mortgage loans available-for-sale had an aggregate fair value of $414.4 million and $677.2 million, respectively, and an aggregate outstanding principal balance of $423.2 million and $680.5 million, respectively. Net gains from the sale of mortgages were $33.7 million and $34.4 million for the three months ended September 30, 2023 and 2022, respectively, and $102.8 million and $131.9 million for the nine months ended September 30, 2023 and 2022, respectively, and have been included in Financial Services revenues.
Derivative instruments and hedging activities	Derivative instruments and hedging activities We are party to IRLCs with customers resulting from our mortgage origination operations. At September 30, 2023 and December 31, 2022, we had aggregate IRLCs of $674.0 million and $653.2 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 hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At September 30, 2023 and December 31, 2022, we had unexpired forward contracts of $944.0 million and $1.0 billion, respectively, and whole loan investor
Credit losses	Credit lossesWe 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.
New accounting pronouncements	New accounting pronouncements In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)", as amended by ASU 2021-01 in January 2021, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the cessation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024. The adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements.
Inventory interest capitalization	We capitalize interest cost into inventory during the active development and construction of our communities. In all periods presented, we capitalized 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 IRLCs, 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. 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 $1.9 billion at September 30, 2023 and $2.0 billion at December 31, 2022.
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 $304.6 million and $2.3 billion, respectively, at September 30, 2023 and $303.4 million and $2.2 billion, respectively, at December 31, 2022. 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 buyers 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 retention 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 numerous 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.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures (Policies)	9 Months Ended
Fair Value Measures and Disclosures (Policies)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
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 IRLCs, 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. 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 $1.9 billion at September 30, 2023 and $2.0 billion at December 31, 2022.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
Basis of Presentation (Tables)	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Other Expense (Income), Net	Other income (expense), net consists of the following ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Write-offs of deposits and pre-acquisition costs $ (2,456) $ (24,462) $ (9,629) $ (32,475) Amortization of intangible assets (2,623) (2,766) (7,915) (8,353) Interest income 19,303 370 41,701 1,048 Interest expense (120) (65) (347) (216) Miscellaneous, net 2,625 1,283 8,324 6,776 Other income (expense), net $ 16,729 $ (25,640) $ 32,134 $ (33,220)
Schedule of Earnings Per Share	The following table presents the earnings per common share (000's omitted, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator: Net income $ 638,775 $ 627,928 $ 1,891,379 $ 1,735,086 Less: earnings distributed to participating securities (121) (202) (369) (635) Less: undistributed earnings allocated to participating securities (2,083) (3,534) (6,685) (10,288) Numerator for basic earnings per share $ 636,571 $ 624,192 $ 1,884,325 $ 1,724,163 Add back: undistributed earnings allocated to participating securities 2,083 3,534 6,685 10,288 Less: undistributed earnings reallocated to participating securities (2,066) (3,508) (6,636) (10,218) Numerator for diluted earnings per share $ 636,588 $ 624,218 $ 1,884,374 $ 1,724,233 Denominator: Basic shares outstanding 218,288 230,967 221,832 237,639 Effect of dilutive securities 1,394 1,333 1,152 1,240 Diluted shares outstanding 219,682 232,300 222,984 238,879 Earnings per share: Basic $ 2.92 $ 2.70 $ 8.49 $ 7.26 Diluted $ 2.90 $ 2.69 $ 8.45 $ 7.22
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted): September 30, 2023 December 31, 2022 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 6,629 $ 14,983 $ 10,830 $ 1,572 Forward contracts 12,482 66 4,144 20,853 Whole loan commitments 7 189 806 165 $ 19,118 $ 15,238 $ 15,780 $ 22,590

Inventory (Tables)

Inventory (Tables)	9 Months Ended
Inventory (Tables)	Sep. 30, 2023
Inventory Disclosure [Abstract]
Components of Inventory	Major components of inventory were as follows ($000’s omitted): September 30, December 31, Homes under construction $ 5,355,403 $ 5,440,186 Land under development 5,519,982 5,134,432 Raw land 573,726 679,341 Consolidated inventory not owned (a) 136,336 72,058 $ 11,585,447 $ 11,326,017 (a) Consolidated inventory not owned includes land sold to third parties for which the Company retains a repurchase option.
Capitalized Interest Rollforward	Information related to interest capitalized into inventory is as follows ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Interest in inventory, beginning of period $ 141,994 $ 151,554 $ 137,262 $ 160,756 Interest capitalized 31,659 33,235 95,388 96,156 Interest expensed (33,643) (41,120) (92,640) (113,243) Interest in inventory, end of period $ 140,010 $ 143,669 $ 140,010 $ 143,669
Schedule Of Company Interests In Land Option Agreements	The following provides a summary of our interests in land option agreements as of September 30, 2023 and December 31, 2022 ($000’s omitted): September 30, 2023 December 31, 2022 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 244,897 $ 2,169,510 $ 213,895 $ 2,130,398 Other land options 366,561 4,088,141 264,860 3,269,843 $ 611,458 $ 6,257,651 $ 478,755 $ 5,400,241

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2023
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, Colorado, Nevada, New Mexico, Washington
Operating Data By Reporting Segment	Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues (a) : Northeast $ 234,475 $ 250,209 $ 684,495 $ 657,703 Southeast 646,927 713,205 2,009,556 1,819,114 Florida 1,220,036 942,467 3,525,623 2,683,248 Midwest 543,772 557,669 1,412,102 1,553,800 Texas 487,521 577,686 1,587,752 1,580,567 West 794,082 781,117 2,321,523 2,390,274 3,926,813 3,822,353 11,541,051 10,684,706 Financial Services 76,720 72,709 226,875 239,627 Consolidated revenues $ 4,003,533 $ 3,895,062 $ 11,767,926 $ 10,924,333 Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Income (loss) before income taxes (a) : Northeast $ 52,265 $ 52,682 $ 150,227 $ 140,052 Southeast 144,643 181,667 469,653 460,056 Florida 316,113 220,850 904,916 628,979 Midwest 105,267 82,279 242,552 235,345 Texas 99,433 133,404 305,552 351,253 West 107,537 145,890 307,537 463,947 Other homebuilding (b) (6,893) (33,009) 32,666 (112,070) 818,365 783,763 2,413,103 2,167,562 Financial Services 28,949 27,514 89,346 108,181 Consolidated income before income taxes $ 847,314 $ 811,277 $ 2,502,449 $ 2,275,743 (a) All periods reflect the reclassification of closing cost incentives to homes sale revenues from home sale cost of revenues ( Note 1 ). (b) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments. Other homebuilding also includes insurance reserve reversals of $66.2 million in the nine months ended September 30, 2023. Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Land-related charges (a) : Northeast $ 197 $ 3,759 $ 266 $ 3,961 Southeast 2,616 5,889 5,643 9,724 Florida 338 4,881 2,430 6,493 Midwest 282 1,677 886 2,780 Texas 59 2,794 388 3,328 West 2,889 5,462 6,689 6,189 Other homebuilding 487 — 676 — $ 6,868 $ 24,462 $ 16,978 $ 32,475 (a) Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.
Total Assets And Inventory By Reporting Segment	Operating Data by Segment ($000's omitted) September 30, 2023 Homes Under Land Under Raw Land Consolidated Inventory Not Owned Total Total Northeast $ 339,345 $ 319,912 $ 38,499 $ — $ 697,756 $ 803,724 Southeast 767,994 715,736 66,342 25,033 1,575,105 1,838,802 Florida (a) 1,451,547 1,143,172 93,178 61,855 2,749,752 3,269,761 Midwest 671,733 677,952 22,806 3,472 1,375,963 1,528,933 Texas 593,864 700,732 122,623 45,976 1,463,195 1,666,557 West 1,500,748 1,628,040 220,548 — 3,349,336 3,697,236 Other homebuilding (b) 30,172 334,438 9,730 — 374,340 2,166,356 5,355,403 5,519,982 573,726 136,336 11,585,447 14,971,369 Financial Services — — — — — 745,894 $ 5,355,403 $ 5,519,982 $ 573,726 $ 136,336 $ 11,585,447 $ 15,717,263 December 31, 2022 Homes Under Land Under Raw Land Consolidated Inventory Not Owned Total Total Northeast $ 321,687 $ 241,897 $ 45,455 $ — $ 609,039 $ 700,413 Southeast 793,539 544,867 102,336 20,169 1,460,911 1,668,053 Florida (a) 1,417,657 1,081,836 125,253 51,889 2,676,635 3,195,091 Midwest 523,194 689,541 22,467 — 1,235,202 1,382,227 Texas 690,622 726,342 133,300 — 1,550,264 1,735,683 West 1,662,251 1,528,863 238,758 — 3,429,872 3,771,808 Other homebuilding (b) 31,236 321,086 11,772 — 364,094 1,470,919 5,440,186 5,134,432 679,341 72,058 11,326,017 13,924,194 Financial Services — — — — — 872,321 $ 5,440,186 $ 5,134,432 $ 679,341 $ 72,058 $ 11,326,017 $ 14,796,515 (a) Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million. (b) 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. Other homebuilding also includes goodwill of $40.4 million.

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Senior Notes	Our notes payable are summarized as follows ($000’s omitted): September 30, December 31, 5.500% unsecured senior notes due March 2026 (a) $ 478,000 $ 500,000 5.000% unsecured senior notes due January 2027 (a) 457,000 500,000 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) (8,465) (9,701) Total senior notes $ 1,926,535 $ 1,990,299 Other notes payable 54,780 55,228 Notes payable $ 1,981,315 $ 2,045,527 Estimated fair value $ 1,998,032 $ 2,079,218 (a) Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries. (b) The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.

Fair Value Disclosures Fair Val

Fair Value Disclosures Fair Value Disclosures (Tables)	9 Months Ended
Fair Value Disclosures Fair Value Disclosures (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): Financial Instrument Fair Value Fair Value September 30, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 414,360 $ 677,207 IRLCs Level 2 (8,354) 9,258 Forward contracts Level 2 12,416 (16,709) Whole loan commitments Level 2 (182) 641 Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ 11,387 $ 10,873 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 1,899,561 $ 1,094,553 Financial Services debt Level 2 425,456 586,711 Senior notes payable Level 2 1,943,252 2,023,990 Other notes payable Level 2 54,780 55,228

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Changes in Warranty Liability	Changes to warranty liabilities were as follows ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Warranty liabilities, beginning of period $ 106,136 $ 110,605 $ 108,348 $ 107,117 Reserves provided 29,412 22,840 74,598 66,398 Payments (24,984) (23,137) (75,313) (65,466) Other adjustments 1,747 24 4,678 2,283 Warranty liabilities, end of period $ 112,311 $ 110,332 $ 112,311 $ 110,332
Summary of Changes in Self-Insurance Liability	Changes in these liabilities were as follows ($000's omitted): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Balance, beginning of period $ 605,192 $ 652,686 $ 635,857 $ 627,067 Reserves provided 20,578 31,134 70,050 74,676 Adjustments to previously recorded reserves (789) (2,169) (66,209) 1,889 Payments, net (a) (2,000) (2,358) (16,717) (24,339) Balance, end of period $ 622,981 $ 679,293 $ 622,981 $ 679,293 (a) Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below).
Schedule of Future Minimum Lease Payments Required Under Leases	The future minimum lease payments required under our leases as of September 30, 2023 were as follows ($000's omitted): Years Ending December 31, 2023 (a) $ 9,235 2024 25,010 2025 17,320 2026 12,885 2027 10,240 Thereafter 17,256 Total lease payments (b) 91,946 Less: Interest (c) (7,147) Present value of lease liabilities (d) $ 84,799 (a) Remaining payments are for the three months ending December 31, 2023. (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $6.2 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2023. (c) Our leases do not provide a readily determinable implicit rate. As a result, 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 4.8 years and 3.8%, respectively, at September 30, 2023.

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Customer deposits	$ 769,893		$ 769,893		$ 783,556
Contract asset insurance renewals	70,600		70,600		57,300
Residential mortgage loans available-for-sale fair value	414,360		414,360		677,207
Residential mortgage loans available-for-sale aggregate outstanding principal balance	423,200		423,200		680,500
Net gains from the sale of mortgages	33,700	$ 34,400	$ 102,800	$ 131,900
Variability in future cash flows of derivative instruments in days			90 days
Assets In-Scope Under Accounting Standards Codification 326	207,200		$ 207,200		222,900
Home sale revenues \| Homebuilding \| Revision of Prior Period, Reclassification, Adjustment
Finite-Lived Intangible Assets [Line Items]
Closing cost incentives		$ 48,800		$ 133,300
Interest rate lock commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount	674,000		674,000		653,200
Forward contracts
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount	944,000		944,000		1,000,000
Whole loan commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount	$ 145,200		$ 145,200		$ 285,900

Basis of Presentation (Other Ex

Basis of Presentation (Other Expense (Income), Net) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Write-offs of deposits and pre-acquisition costs	$ (2,456)	$ (24,462)	$ (9,629)	$ (32,475)
Amortization of intangible assets	(2,623)	(2,766)	(7,915)	(8,353)
Interest income	19,303	370	41,701	1,048
Interest expense	(120)	(65)	(347)	(216)
Miscellaneous, net	2,625	1,283	8,324	6,776
Other income (expense), net	$ 16,729	$ (25,640)	$ 32,134	$ (33,220)

Basis of Presentation (Earnings

Basis of Presentation (Earnings per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income	$ 638,775	$ 627,928	$ 1,891,379	$ 1,735,086
Less: earnings distributed to participating securities	(121)	(202)	(369)	(635)
Less: undistributed earnings allocated to participating securities	(2,083)	(3,534)	(6,685)	(10,288)
Numerator for basic earnings per share	636,571	624,192	1,884,325	1,724,163
Add back: undistributed earnings allocated to participating securities	2,083	3,534	6,685	10,288
Less: undistributed earnings reallocated to participating securities	(2,066)	(3,508)	(6,636)	(10,218)
Numerator for diluted earnings per share	$ 636,588	$ 624,218	$ 1,884,374	$ 1,724,233
Denominator:
Basic shares outstanding (shares)	218,288	230,967	221,832	237,639
Effect of dilutive securities (shares)	1,394	1,333	1,152	1,240
Diluted shares outstanding (shares)	219,682	232,300	222,984	238,879
Earnings Per Share [Abstract]
Basic earnings (usd per share)	$ 2.92	$ 2.70	$ 8.49	$ 7.26
Diluted earnings (usd per share)	$ 2.90	$ 2.69	$ 8.45	$ 7.22

Basis of Presentation (Fair Val

Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	$ 19,118	$ 15,780
Accrued and Other Liabilities	15,238	22,590
Interest rate lock commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	6,629	10,830
Accrued and Other Liabilities	14,983	1,572
Forward contracts
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	12,482	4,144
Accrued and Other Liabilities	66	20,853
Whole loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	7	806
Accrued and Other Liabilities	$ 189	$ 165

Inventory (Major Components Of

Inventory (Major Components Of Inventory) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Homes under construction	$ 5,355,403	$ 5,440,186
Land under development	5,519,982	5,134,432
Raw land	573,726	679,341
Consolidated inventory not owned	136,336	72,058
Total Inventory	$ 11,585,447	$ 11,326,017

Inventory (Information Related

Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest in inventory, beginning of period	$ 141,994	$ 151,554	$ 137,262	$ 160,756
Interest capitalized	31,659	33,235	95,388	96,156
Interest expensed	(33,643)	(41,120)	(92,640)	(113,243)
Interest in inventory, end of period	$ 140,010	$ 143,669	$ 140,010	$ 143,669

Inventory (Summary of Interests

Inventory (Summary of Interests in Land Option Agreements) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	$ 611,458	$ 478,755
Remaining Purchase Price	6,257,651	5,400,241
Land options with VIEs
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	244,897	213,895
Remaining Purchase Price	2,169,510	2,130,398
Other land options
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	366,561	264,860
Remaining Purchase Price	$ 4,088,141	$ 3,269,843

Inventory (Narrative) (Details)

Inventory (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Inventory (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Inventory Disclosure [Abstract]
Write-offs of deposits and pre-acquisition costs	$ 2,456	$ 24,462	$ 9,629	$ 32,475

Segment Information (Narrative)

Segment Information (Narrative) (Details)	9 Months Ended
Segment Information (Narrative) (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	6

Segment Information (Operating

Segment Information (Operating Data By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 4,003,533	$ 3,895,062	$ 11,767,926	$ 10,924,333
Income (loss) before income taxes (a):
Income before income taxes	847,314	811,277	2,502,449	2,275,743
Homebuilding
Revenues:
Revenues	3,926,813	3,822,353	11,541,051	10,684,706
Income (loss) before income taxes (a):
Income before income taxes	818,365	783,763	2,413,103	2,167,562
Other homebuilding
Income (loss) before income taxes (a):
Insurance reserve reversal	(66,200)		(66,200)
Financial Services
Revenues:
Revenues	76,720	72,709	226,875	239,627
Income (loss) before income taxes (a):
Income before income taxes	28,949	27,514	89,346	108,181
Homebuilding \| Northeast
Revenues:
Revenues	234,475	250,209	684,495	657,703
Income (loss) before income taxes (a):
Income before income taxes	52,265	52,682	150,227	140,052
Homebuilding \| Southeast
Revenues:
Revenues	646,927	713,205	2,009,556	1,819,114
Income (loss) before income taxes (a):
Income before income taxes	144,643	181,667	469,653	460,056
Homebuilding \| Florida
Revenues:
Revenues	1,220,036	942,467	3,525,623	2,683,248
Income (loss) before income taxes (a):
Income before income taxes	316,113	220,850	904,916	628,979
Homebuilding \| Midwest
Revenues:
Revenues	543,772	557,669	1,412,102	1,553,800
Income (loss) before income taxes (a):
Income before income taxes	105,267	82,279	242,552	235,345
Homebuilding \| Texas
Revenues:
Revenues	487,521	577,686	1,587,752	1,580,567
Income (loss) before income taxes (a):
Income before income taxes	99,433	133,404	305,552	351,253
Homebuilding \| West
Revenues:
Revenues	794,082	781,117	2,321,523	2,390,274
Income (loss) before income taxes (a):
Income before income taxes	107,537	145,890	307,537	463,947
Homebuilding \| Other homebuilding
Income (loss) before income taxes (a):
Income before income taxes	$ (6,893)	$ (33,009)	$ 32,666	$ (112,070)

Segment Information (Land-Relat

Segment Information (Land-Related Charges by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Land-related charges	$ 6,868	$ 24,462	$ 16,978	$ 32,475
Northeast
Restructuring Cost and Reserve [Line Items]
Land-related charges	197	3,759	266	3,961
Southeast
Restructuring Cost and Reserve [Line Items]
Land-related charges	2,616	5,889	5,643	9,724
Florida
Restructuring Cost and Reserve [Line Items]
Land-related charges	338	4,881	2,430	6,493
Midwest
Restructuring Cost and Reserve [Line Items]
Land-related charges	282	1,677	886	2,780
Texas
Restructuring Cost and Reserve [Line Items]
Land-related charges	59	2,794	388	3,328
West
Restructuring Cost and Reserve [Line Items]
Land-related charges	2,889	5,462	6,689	6,189
Other homebuilding
Restructuring Cost and Reserve [Line Items]
Land-related charges	$ 487	$ 0	$ 676	$ 0

Segment Information (Total Asse

Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information
Homes under construction	$ 5,355,403	$ 5,440,186
Land under development	5,519,982	5,134,432
Raw land	573,726	679,341
Consolidated Inventory Not Owned	136,336	72,058
Total Inventory	11,585,447	11,326,017
Total Assets	15,717,263	14,796,515
Goodwill	68,930	68,930
Florida
Segment Reporting Information
Goodwill	28,600
Goodwill impairment charge	(20,200)
Other homebuilding
Segment Reporting Information
Goodwill impairment charge	40,400
Homebuilding
Segment Reporting Information
Homes under construction	5,355,403	5,440,186
Land under development	5,519,982	5,134,432
Raw land	573,726	679,341
Consolidated Inventory Not Owned	136,336	72,058
Total Inventory	11,585,447	11,326,017
Total Assets	14,971,369	13,924,194
Financial Services
Segment Reporting Information
Homes under construction	0	0
Land under development	0	0
Raw land	0	0
Consolidated Inventory Not Owned	0	0
Total Inventory	0	0
Total Assets	745,894	872,321
Home sale revenues \| Northeast
Segment Reporting Information
Homes under construction	339,345	321,687
Land under development	319,912	241,897
Raw land	38,499	45,455
Consolidated Inventory Not Owned	0	0
Total Inventory	697,756	609,039
Total Assets	803,724	700,413
Home sale revenues \| Southeast
Segment Reporting Information
Homes under construction	767,994	793,539
Land under development	715,736	544,867
Raw land	66,342	102,336
Consolidated Inventory Not Owned	25,033	20,169
Total Inventory	1,575,105	1,460,911
Total Assets	1,838,802	1,668,053
Home sale revenues \| Florida
Segment Reporting Information
Homes under construction	1,451,547	1,417,657
Land under development	1,143,172	1,081,836
Raw land	93,178	125,253
Consolidated Inventory Not Owned	61,855	51,889
Total Inventory	2,749,752	2,676,635
Total Assets	3,269,761	3,195,091
Home sale revenues \| Midwest
Segment Reporting Information
Homes under construction	671,733	523,194
Land under development	677,952	689,541
Raw land	22,806	22,467
Consolidated Inventory Not Owned	3,472	0
Total Inventory	1,375,963	1,235,202
Total Assets	1,528,933	1,382,227
Home sale revenues \| Texas
Segment Reporting Information
Homes under construction	593,864	690,622
Land under development	700,732	726,342
Raw land	122,623	133,300
Consolidated Inventory Not Owned	45,976	0
Total Inventory	1,463,195	1,550,264
Total Assets	1,666,557	1,735,683
Home sale revenues \| West
Segment Reporting Information
Homes under construction	1,500,748	1,662,251
Land under development	1,628,040	1,528,863
Raw land	220,548	238,758
Consolidated Inventory Not Owned	0	0
Total Inventory	3,349,336	3,429,872
Total Assets	3,697,236	3,771,808
Home sale revenues \| Other homebuilding
Segment Reporting Information
Homes under construction	30,172	31,236
Land under development	334,438	321,086
Raw land	9,730	11,772
Consolidated Inventory Not Owned	0	0
Total Inventory	374,340	364,094
Total Assets	$ 2,166,356	$ 1,470,919

Debt (Summary of Senior Notes)

Debt (Summary of Senior Notes) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net premiums, discounts, and issuance costs (b)	$ (8,465)	$ (9,701)
Total senior notes	1,926,535	1,990,299
Other notes payable	54,780	55,228
Notes payable	1,981,315	2,045,527
Estimated fair value	$ 1,998,032	2,079,218
Senior Notes \| 5.500% unsecured senior notes due March 2026
Debt Instrument [Line Items]
Stated interest rate	5.50%
Face amount	$ 478,000	500,000
Senior Notes \| 5.000% unsecured senior notes due January 2027
Debt Instrument [Line Items]
Stated interest rate	5%
Face amount	$ 457,000	500,000
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%
Face amount	$ 300,000	$ 300,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	9 Months Ended
Debt (Narrative) (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Jan. 15, 2024	Dec. 31, 2022
Debt Instrument [Line Items]
Other notes payable	$ 54,780,000			$ 55,228,000
Current borrowing capacity	1,300,000,000
Maximum borrowing capacity	1,800,000,000
Revolving credit facility	0
Letters of credit outstanding	304,600,000			303,400,000
Line of credit facility, remaining borrowing capacity	945,400,000			946,600,000
Financial Services debt	425,456,000			586,711,000
Joint Venture Debt \| Joint Venture
Debt Instrument [Line Items]
Joint venture debt outstanding	$ 79,500,000
Joint Venture Debt \| Joint Venture \| Joint Venture with 50% Interest
Debt Instrument [Line Items]
Ownership interest	50%
Joint Venture Debt \| Joint Venture \| Joint Venture with 50% Interest
Debt Instrument [Line Items]
Joint venture debt outstanding	$ 40,300,000
Notes Payables
Debt Instrument [Line Items]
Other notes payable	$ 54,800,000			55,200,000
Debt instrument term	4 years
Notes payable issued to acquire land inventory	$ 35,300,000	$ 19,900,000
Senior Notes \| Unsecure Senior Notes, Due 2026
Debt Instrument [Line Items]
Open market repurchases	22,000,000
Senior Notes \| Unsecure Senior Notes, Due 2027
Debt Instrument [Line Items]
Open market repurchases	43,000,000
Line of Credit \| Repurchase Agreement
Debt Instrument [Line Items]
Accordion feature	50,000,000
Financial Services
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 134,500,000			$ 213,300,000
Short-Term Debt, Weighted Average Interest Rate, at Point in Time	7.01%			5.39%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility				$ 0
Line of Credit \| Financial Services
Debt Instrument [Line Items]
Financial Services debt	$ 425,500,000			$ 586,700,000
Line of Credit \| Amendment Effective September 24, 2018 through and including December 25, 2018 \| Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 560,000,000
Line of Credit \| Amendment Effective September 24, 2018 through and including December 25, 2018 \| Financial Services \| Forecast
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 850,000,000
Maximum \| Notes Payables
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6%
Maximum \| Line of Credit \| Amendment Effective September 24, 2018 through and including December 25, 2018 \| Financial Services
Debt Instrument [Line Items]
Commitment ranges	$ 700,000,000
Minimum \| Line of Credit \| Amendment Effective September 24, 2018 through and including December 25, 2018 \| Financial Services
Debt Instrument [Line Items]
Commitment ranges	$ 600,000,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 24, 2023
Class of Stock [Line Items]
Dividends	$ 35,020	$ 34,624	$ 106,792	$ 106,650
Payments for repurchase of common stock			$ 700,000	$ 974,673
Increase in share repurchase authorization					$ 1,000,000
Share repurchase plan
Class of Stock [Line Items]
Share repurchases (shares)			10.2	21.8
Payments for repurchase of common stock			$ 700,000	$ 974,700
Remaining value of stock repurchase programs authorization	$ 682,900		682,900
Shares withheld to pay taxes
Class of Stock [Line Items]
Payments for repurchase of common stock			$ 10,400	$ 14,300

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax	24.60%	22.60%	24.40%	23.80%
Deferred tax liabilities	$ (265.5)		$ (265.5)		$ (133.1)
Gross unrecognized tax benefits	58.7		58.7		23.6
Accrued interest and penalties on unrecognized tax benefits	$ 5.7		$ 5.7		$ 4.1

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Disclosed at fair value:
Financial Services debt	$ 425,456	$ 586,711
Other notes payable	54,780	55,228
Level 2
Disclosed at fair value:
Financial Services debt	425,456	586,711
Senior notes payable	1,943,252	2,023,990
Level 1
Disclosed at fair value:
Cash, cash equivalents, and restricted cash	1,899,561	1,094,553
Fair Value, Measurements, Recurring \| Residential mortgage loans available-for-sale \| Level 2
Measured at fair value on a recurring basis:
Assets, fair value	414,360	677,207
Fair Value, Measurements, Recurring \| Interest rate lock commitments \| Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(8,354)	9,258
Fair Value, Measurements, Recurring \| Forward contracts \| Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	12,416	(16,709)
Fair Value, Measurements, Recurring \| Whole loan commitments \| Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(182)	641
Fair Value, Measurements, Nonrecurring \| Level 3 \| Land sale and other revenues
Measured at fair value on a recurring basis:
Assets, fair value	$ 11,387	$ 10,873

Fair Value Disclosures - Narrat

Fair Value Disclosures - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior notes	$ 1,926,535	$ 1,990,299
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior notes	$ 1,900,000	$ 2,000,000

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 304,600		$ 304,600			$ 303,400
Surety bonds outstanding	$ 2,300,000		$ 2,300,000			2,200,000
Comprehensive warranty against building defects	1 year		1 year
Maximum product warranty in years			10 years
Self-insurance liabilities	$ 622,981	$ 679,293	$ 622,981	$ 679,293	$ 605,192	$ 635,857	$ 652,686	$ 627,067
Incurred but not reported percentage of liability reserves						74%
ROU assets	69,900		69,900			$ 73,500
Operating lease liabilities	84,799		84,799			90,100
Additional ROU assets under operating leases	1,300	3,300	9,600	7,500
Payments on lease liabilities	6,100	5,000	17,400	16,100
Total lease expense	13,500	14,300	42,000	40,500
Variable lease costs	2,700	3,300	8,900	7,700
Short-term lease costs	4,000	$ 5,200	12,800	$ 15,800
Other Assets
Loss Contingencies [Line Items]
Recorded insurance receivables	$ 39,700		$ 39,700			$ 43,700

Commitments and Contingencies_3

Commitments and Contingencies (Changes To Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, beginning of period	$ 106,136	$ 110,605	$ 108,348	$ 107,117
Reserves provided	29,412	22,840	74,598	66,398
Payments	(24,984)	(23,137)	(75,313)	(65,466)
Other adjustments	1,747	24	4,678	2,283
Warranty liabilities, end of period	$ 112,311	$ 110,332	$ 112,311	$ 110,332

Commitments and Contingencies_4

Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Changes in Self-insurance Liability [Roll Forward]
Balance, beginning of period	$ 605,192	$ 652,686	$ 635,857	$ 627,067
Reserves provided	20,578	31,134	70,050	74,676
Adjustments to previously recorded reserves	(789)	(2,169)	(66,209)	1,889
Payments, net	(2,000)	(2,358)	(16,717)	(24,339)
Balance, end of period	$ 622,981	$ 679,293	$ 622,981	$ 679,293

Commitments and Contingencies_5

Commitments and Contingencies (Future Minimum Lease Payments Required Under Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023	$ 9,235
2024	25,010
2025	17,320
2026	12,885
2027000	10,240
Thereafter	17,256
Total lease payments	91,946
Less: Interest	(7,147)
Present value of lease liabilities	84,799	$ 90,100
Legally binding minimum lease payments for leases signed but not yet commenced	$ 6,200
Weighted average remaining lease term	4 years 9 months 18 days
Weighted average discount rate	3.80%