PulteGroup (PHM) 10-Q22 Oct 242024 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, 2024	Oct. 15, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		205,082,181
Entity Central Index Key	0000822416
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
ASSETS
Cash and equivalents	$ 1,397,664	$ 1,806,583
Restricted cash	57,472	42,594
Total cash, cash equivalents, and restricted cash	1,455,136	1,849,177
House and land inventory	12,641,932	11,795,370
Land held for sale	24,914	23,831
Residential mortgage loans available-for-sale	556,664	516,064
Investments in unconsolidated entities	213,022	166,913
Other assets	1,897,985	1,545,667
Goodwill	68,930	68,930
Other intangible assets	48,802	56,338
Deferred tax assets	47,708	64,760
Total assets	16,955,093	16,087,050
Liabilities:
Accounts payable	704,663	619,012
Customer deposits	597,820	675,091
Deferred tax liabilities	401,142	302,155
Accrued and other liabilities	1,539,476	1,645,690
Financial Services debt	524,093	499,627
Notes payable	1,623,686	1,962,218
Total liabilities	5,390,880	5,703,793
Shareholders' equity	11,564,213	10,383,257
Total liabilities and shareholders' equity	$ 16,955,093	$ 16,087,050

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 4,476,342	$ 4,003,533	$ 13,025,156	$ 11,767,926
Homebuilding Cost of Revenues:
Cost of revenues	(3,116,554)	(2,774,603)	(8,999,039)	(8,160,754)
Financial Services expenses	(58,905)	(46,431)	(159,615)	(137,244)
Selling, general, and administrative expenses	(406,897)	(353,167)	(1,125,637)	(1,004,323)
Equity income from unconsolidated entities	2,508	891	42,577	4,348
Loss on debt retirement	0	362	(222)	362
Other income, net	9,702	17,091	39,709	32,496
Income before income taxes	906,196	847,314	2,823,151	2,502,449
Income tax expense	(208,282)	(208,539)	(653,128)	(611,070)
Net income	$ 697,914	$ 638,775	$ 2,170,023	$ 1,891,379
Per share:
Basic earnings (usd per share)	$ 3.38	$ 2.92	$ 10.36	$ 8.49
Diluted earnings (usd per share)	3.35	2.90	10.28	8.45
Cash dividends declared (usd per share)	$ 0.20	$ 0.16	$ 0.60	$ 0.48
Number of shares used in calculation:
Basic shares outstanding (shares)	206,774	218,288	209,374	221,832
Effect of dilutive securities (shares)	1,686	1,394	1,683	1,152
Diluted shares outstanding (shares)	208,460	219,682	211,057	222,984
Home sale revenues
Homebuilding Cost of Revenues:
Cost of revenues	$ (3,091,267)	$ (2,739,596)	$ (8,897,835)	$ (8,068,287)
Land sale and other revenues
Homebuilding Cost of Revenues:
Cost of revenues	(25,287)	(35,007)	(101,204)	(92,467)
Homebuilding
Revenues:
Revenues	4,362,511	3,926,813	12,707,308	11,541,051
Homebuilding Cost of Revenues:
Income before income taxes	851,270	818,365	2,663,868	2,413,103
Homebuilding \| Home sale revenues
Revenues:
Revenues	4,343,227	3,886,908	12,610,981	11,433,476
Homebuilding \| Land sale and other revenues
Revenues:
Revenues	19,284	39,905	96,327	107,575
Financial Services
Revenues:
Revenues	113,831	76,720	317,848	226,875
Homebuilding Cost of Revenues:
Income before income taxes	$ 54,926	$ 28,949	$ 159,283	$ 89,346

Consolidated Statements Of Shar

Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
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	$ 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
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	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	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)
Cash paid for shares withheld for taxes	(20)			(20)
Share-based compensation	6,741		6,741
Net income	638,775			638,775
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	6,649,281
Beginning shareholders' equity (shares) at Dec. 31, 2023		212,558
Beginning shareholders' equity at Dec. 31, 2023	10,383,257	$ 2,126	3,368,407	7,012,724
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share issuances (shares)		421
Share issuances	9,292	$ 4	9,288
Dividends declared	(126,233)			(126,233)
Share repurchases (shares)		(7,604)
Share repurchases	(879,999)	$ (76)		(879,923)
Excise tax on share repurchases	(8,352)			(8,352)
Cash paid for shares withheld for taxes	(18,463)			(18,463)
Share-based compensation	34,688		34,688
Net income	2,170,023			2,170,023
Ending shareholders' equity (shares) at Sep. 30, 2024		205,375
Ending shareholders' equity at Sep. 30, 2024	11,564,213	$ 2,054	3,412,383	8,149,776
Beginning shareholders' equity (shares) at Jun. 30, 2024		207,905
Beginning shareholders' equity at Jun. 30, 2024	11,222,823	$ 2,079	3,403,327	7,817,417
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share issuances (shares)		9
Dividends declared	(41,551)			(41,551)
Share repurchases (shares)		(2,539)
Share repurchases	(320,000)	$ (25)		(319,975)
Excise tax on share repurchases	3,189			3,189
Cash paid for shares withheld for taxes	(840)			(840)
Share-based compensation	9,056		9,056
Net income	697,914			697,914
Ending shareholders' equity (shares) at Sep. 30, 2024		205,375
Ending shareholders' equity at Sep. 30, 2024	$ 11,564,213	$ 2,054	$ 3,412,383	$ 8,149,776

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 2,170,023	$ 1,891,379
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	116,013	132,389
Land-related charges	19,929	16,978
Depreciation and amortization	64,975	59,765
Equity income from unconsolidated entities	(42,577)	(4,348)
Distributions of income from unconsolidated entities	2,557	4,564
Share-based compensation expense	39,247	38,401
Other, net	(74)	(863)
Increase (decrease) in cash due to:
Inventories	(805,331)	(173,377)
Residential mortgage loans available-for-sale	(45,184)	262,637
Other assets	(366,279)	(142,131)
Accounts payable, accrued and other liabilities	(40,115)	(177,050)
Net cash provided by operating activities	1,113,184	1,908,344
Cash flows from investing activities:
Capital expenditures	(94,065)	(67,561)
Investments in unconsolidated entities	(15,105)	(18,059)
Distributions of capital from unconsolidated entities	9,017	2,316
Other investing activities, net	(8,197)	(11,727)
Net cash used in investing activities	(108,350)	(95,031)
Cash flows from financing activities:
Repayments of notes payable	(350,453)	(86,794)
Financial Services borrowings (repayments), net	24,465	(161,254)
Debt issuance costs	0	(1,500)
Proceeds from liabilities related to consolidated inventory not owned	46,256	108,707
Payments related to consolidated inventory not owned	(94,121)	(49,379)
Share repurchases	(879,999)	(700,000)
Cash paid for shares withheld for taxes	(18,463)	(10,409)
Dividends paid	(126,560)	(107,676)
Net cash used in financing activities	(1,398,875)	(1,008,305)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(394,041)	805,008
Cash, cash equivalents, and restricted cash at beginning of period	1,849,177	1,094,553
Cash, cash equivalents, and restricted cash at end of period	1,455,136	1,899,561
Supplemental Cash Flow Information:
Interest paid (capitalized), net	20,144	11,048
Income taxes paid (refunded), net	$ 546,344	$ 546,871

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
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 agency 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, 2023. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Subsequent events We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission (the "SEC"). Other income, net Other income, net consists of the following ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Write-offs of deposits and pre-acquisition costs $ (4,732) $ (2,456) $ (12,406) $ (9,629) Amortization of intangible assets (2,498) (2,623) (7,536) (7,915) Gain (loss) on debt retirement — 362 (222) 362 Interest income 13,748 19,303 48,268 41,701 Interest expense (120) (120) (352) (347) Miscellaneous, net 3,304 2,625 11,957 8,324 Other income, net $ 9,702 $ 17,091 $ 39,709 $ 32,496 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 $597.8 million and $675.1 million at September 30, 2024 and December 31, 2023, 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, and are accrued from the date a mortgage loan is originated until the date that the servicing rights are sold. 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 agency 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 $87.2 million and $74.0 million at September 30, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, residential mortgage loans available-for-sale had an aggregate fair value of $556.7 million and $516.1 million, respectively, and an aggregate outstanding principal balance of $554.1 million and $508.5 million, respectively. Net gains from the sale of mortgages were $62.0 million and $33.7 million for the three months ended September 30, 2024 and 2023, respectively, and $173.2 million and $102.8 million for the nine months ended September 30, 2024 and 2023, 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, 2024 and December 31, 2023, we had aggregate IRLCs of $724.1 million and $404.7 million, respectively. 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, 2024 and December 31, 2023, we had unexpired forward contracts of $1.1 billion and $745.0 million, respectively, and whole loan investor commitments of $298.7 million and $207.9 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. 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, 2024 December 31, 2023 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 2,695 $ 11,361 $ 3,926 $ 1,506 Forward contracts 2,593 11,845 110 26,104 Whole loan commitments 80 127 24 47 $ 5,368 $ 23,333 $ 4,060 $ 27,657 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. A decreasing number of our outstanding restricted share units are considered participating securities such that there was no impact for the three and nine months ended September 30, 2024. The following table presents a reconciliation of the Numerator used in the earnings per share calculation for the three and nine months ended September 30, 2023 (000's omitted, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2023 Numerator: Net income $ 638,775 $ 1,891,379 Less: earnings distributed to participating securities (121) (369) Less: undistributed earnings allocated to participating securities (2,083) (6,685) Numerator for basic earnings per share $ 636,571 $ 1,884,325 Add back: undistributed earnings allocated to participating securities 2,083 6,685 Less: undistributed earnings reallocated to participating securities (2,066) (6,636) Numerator for diluted earnings per share $ 636,588 $ 1,884,374 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. Our assets exposed to credit losses consist primarily of insurance receivables, contract assets related to insurance agency commissions, accounts receivable, 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, 2024. New accounting pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for us for annual periods beginning on or after January 1, 2024 and interim periods beginning on or after January 1, 2025. We are currently evaluating the impact ASU 2023-07 will have on our financial statement disclosures. In December 2023, FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for us for annual periods beginning on or after January 1, 2025. We are currently evaluating the impact ASU 2023-09 will have on our financial statement disclosures.

Inventory

Inventory	9 Months Ended
Inventory	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory Major components of inventory were as follows ($000’s omitted): September 30, December 31, Homes under construction $ 6,056,408 $ 5,262,850 Land under development 6,016,314 5,805,993 Raw land 502,494 606,005 Consolidated inventory not owned (a) 66,716 120,522 $ 12,641,932 $ 11,795,370 (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, 2024 2023 2024 2023 Interest in inventory, beginning of period $ 149,362 $ 141,994 $ 139,078 $ 137,262 Interest capitalized 26,443 31,659 86,346 95,388 Interest expensed (29,708) (33,643) (79,327) (92,640) Interest in inventory, end of period $ 146,097 $ 140,010 $ 146,097 $ 140,010 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 may serve to reduce 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, net. See 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, 2024 or December 31, 2023 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, 2024 and December 31, 2023 ($000’s omitted): September 30, 2024 December 31, 2023 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 313,562 $ 2,603,779 $ 238,070 $ 1,916,558 Other land options 632,058 5,498,859 466,139 4,531,566 $ 945,620 $ 8,102,638 $ 704,209 $ 6,448,124 Land-related charges Our evaluations for land-related charges are based on our best estimates of the future cash flows from 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, 2024
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: 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, Oregon, Utah, Washington We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance agency 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, 2024 2023 2024 2023 Revenues: Northeast $ 265,395 $ 234,475 $ 723,096 $ 684,495 Southeast 666,807 646,927 2,155,684 2,009,556 Florida 1,181,792 1,220,036 3,670,848 3,525,623 Midwest 660,694 543,772 1,847,562 1,412,102 Texas 569,663 487,521 1,694,259 1,587,752 West 1,018,160 794,082 2,615,859 2,321,523 4,362,511 3,926,813 12,707,308 11,541,051 Financial Services 113,831 76,720 317,848 226,875 Consolidated revenues $ 4,476,342 $ 4,003,533 $ 13,025,156 $ 11,767,926 Income (loss) before income taxes: Northeast $ 56,805 $ 52,265 $ 157,148 $ 150,227 Southeast 145,725 144,643 494,613 469,653 Florida 270,428 316,113 884,656 904,916 Midwest 134,391 105,267 352,519 242,552 Texas 95,244 99,433 298,724 305,552 West 152,973 107,537 376,312 307,537 Other homebuilding (a) (4,296) (6,893) 99,896 32,666 851,270 818,365 2,663,868 2,413,103 Financial Services 54,926 28,949 159,283 89,346 Consolidated income before income taxes $ 906,196 $ 847,314 $ 2,823,151 $ 2,502,449 (a) 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 $78.7 million for the nine months ended September 30, 2024, and $66.2 million for the nine months ended September 30, 2023, (see N ote 8 ), and a gain of $37.7 million for the nine months ended September 30, 2024 related to the sale of our minority interest in a joint venture. Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Land-related charges (a) : Northeast $ 5,890 $ 197 $ 7,494 $ 266 Southeast 188 2,616 2,744 5,643 Florida 1,085 338 2,002 2,430 Midwest 188 282 835 886 Texas 1,257 59 1,764 388 West 3,352 2,889 4,796 6,689 Other homebuilding 171 487 294 676 $ 12,131 $ 6,868 $ 19,929 $ 16,978 (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, 2024 Homes Under Land Under Raw Land Consolidated Inventory Not Owned Total Total Northeast $ 416,146 $ 307,118 $ 4,175 $ — $ 727,439 $ 863,828 Southeast 781,382 1,012,198 43,900 10,830 1,848,310 2,173,809 Florida (a) 1,372,237 1,444,069 134,885 22,815 2,974,006 3,613,361 Midwest 718,718 667,987 15,435 3,279 1,405,419 1,587,979 Texas 618,259 797,086 107,231 29,792 1,552,368 1,840,163 West 2,117,307 1,408,440 188,767 — 3,714,514 4,263,595 Other homebuilding (b) 32,359 379,416 8,101 — 419,876 1,682,875 6,056,408 6,016,314 502,494 66,716 12,641,932 16,025,610 Financial Services — — — — — 929,483 $ 6,056,408 $ 6,016,314 $ 502,494 $ 66,716 $ 12,641,932 $ 16,955,093 Operating Data by Segment ($000's omitted) December 31, 2023 Homes Under Land Under Raw Land Consolidated Inventory Not Owned Total Total Northeast $ 312,903 $ 337,130 $ 4,091 $ — $ 654,124 $ 775,316 Southeast 786,698 826,240 80,451 27,963 1,721,352 1,994,492 Florida (a) 1,405,934 1,211,087 205,843 48,139 2,871,003 3,420,924 Midwest 621,144 685,139 14,265 3,472 1,324,020 1,476,166 Texas 634,574 721,032 101,394 40,948 1,497,948 1,686,609 West 1,473,617 1,688,498 190,082 — 3,352,197 3,752,089 Other homebuilding (b) 27,980 336,867 9,879 — 374,726 2,140,954 5,262,850 5,805,993 606,005 120,522 11,795,370 15,246,550 Financial Services — — — — — 840,500 $ 5,262,850 $ 5,805,993 $ 606,005 $ 120,522 $ 11,795,370 $ 16,087,050 (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	9 Months Ended
Debt	Sep. 30, 2024
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) $ 251,867 $ 455,424 5.000% unsecured senior notes due January 2027 (a) 337,277 443,875 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) (6,597) (8,047) Total senior notes $ 1,582,547 $ 1,891,252 Other notes payable 41,139 70,966 Notes payable $ 1,623,686 $ 1,962,218 Estimated fair value $ 1,757,342 $ 2,080,187 (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 nine months ended September 30, 2024, we completed repurchases of $193.4 million and $106.6 million aggregate principal amount of our unsecured senior notes scheduled to mature in 2026 and 2027, respectively, through a cash tender offer. Our total repurchases in the nine months ended September 30, 2024, including open market repurchases, were $310.2 million. Other notes payable Other notes payable include non-recourse and limited recourse notes with third parties that totaled $41.1 million and $71.0 million at September 30, 2024 and December 31, 2023, respectively. These notes have maturities ranging up to six 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 5%. We recorded $10.8 million and $35.3 million of inventory through seller financing in the nine months ended September 30, 2024 and 2023, 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). We were in compliance with all covenants and requirements as of September 30, 2024. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries. At September 30, 2024, we had no borrowings outstanding, $310.9 million of letters of credit issued, and $939.1 million of remaining capacity under the Revolving Credit Facility. At December 31, 2023, we had no borrowings outstanding, $312.7 million of letters of credit issued, and $937.3 million of remaining capacity under the Revolving Credit Facility. Joint venture debt At September 30, 2024, aggregate outstanding debt of unconsolidated joint ventures was $35.2 million. Financial Services debt Pulte Mortgage maintains a master repurchase agreement with third-party lenders (as amended, the "Repurchase Agreement") that matures on August 13, 2025. The maximum aggregate commitment under the Repurchase Agreement was $675.0 million at September 30, 2024 and will decrease to $650.0 million on January 14, 2025, which continues until maturity. 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, 2024, Pulte Mortgage had $524.1 million outstanding at a weighted-average interest rate of 6.65% and $150.9 million of remaining capacity under the Repurchase Agreement. At December 31, 2023, Pulte Mortgage had $499.6 million outstanding at a weighted-average interest rate of 7.15% and $350.4 million of remaining capacity under the prior agreement replaced by the Repurchase Agreement. Pulte Mortgage was in compliance with all covenants and requirements as of September 30, 2024.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Shareholders’ equity	Shareholders’ equity In the nine months ended September 30, 2024, we declared cash dividends totaling $126.2 million and repurchased 7.6 million shares under our repurchase authorization for $880.0 million. 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. On January 30, 2024, the Board of Directors increased our share repurchase authorization by $1.5 billion. At September 30, 2024, we had remaining authorization to repurchase $1.0 billion of common shares. Under our share-based compensation plans, we accept shares as payment under certain conditions related to the vesting of shares, generally related to the payment of minimum tax obligations. In the nine months ended September 30, 2024 and 2023, participants surrendered shares valued at $18.5 million and $10.4 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Our effective tax rate was 23.0% and 23.1% for the three and nine months ended September 30, 2024, respectively, compared with 24.6% and 24.4% for the same periods in 2023. Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense. Income tax expense for the three and nine months ended September 30, 2024 also includes a benefit of $14.3 million associated with the purchase of transferable federal renewable energy tax credits. Income tax expense for the nine months ended September 30, 2024 also reflects a reduction in income tax liabilities totaling $13.2 million related to the favorable resolution of uncertain state tax positions. At September 30, 2024 and December 31, 2023, we had net deferred tax liabilities of $353.4 million and $237.4 million, respectively. The accounting for deferred taxes is based upon estimates of future results. Differences between estimated and actual results could result in changes in the valuation of deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time. Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. We had $40.7 million and $58.2 million of gross unrecognized tax benefits at September 30, 2024 and December 31, 2023, respectively. Additionally, we had accrued interest and penalties of $1.8 million and $6.3 million at September 30, 2024 and December 31, 2023, respectively.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
Fair Value Disclosures	Sep. 30, 2024
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 $ 556,664 $ 516,064 IRLCs Level 2 (8,666) 2,420 Forward contracts Level 2 (9,252) (25,994) Whole loan commitments Level 2 (47) (23) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ 6,989 $ 12,906 Land held for sale Level 2 6,000 — Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 1,455,136 $ 1,849,177 Financial Services debt Level 2 524,093 499,627 Senior notes payable Level 2 1,716,203 2,009,221 Other notes payable Level 2 41,139 70,966 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 $1.6 billion and $1.9 billion at September 30, 2024 and December 31, 2023, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
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 $310.9 million and $2.8 billion, respectively, at September 30, 2024 and $312.7 million and $2.4 billion, respectively, at December 31, 2023. 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, 2024 2023 2024 2023 Warranty liabilities, beginning of period $ 127,533 $ 106,136 $ 120,393 $ 108,348 Reserves provided 28,009 29,412 85,368 74,598 Payments (28,319) (24,984) (79,953) (75,313) Other adjustments 2,818 1,747 4,233 4,678 Warranty liabilities, end of period $ 130,041 $ 112,311 $ 130,041 $ 112,311 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 typically 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 $517.7 million and $563.1 million at September 30, 2024 and December 31, 2023, 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 76% and 77% of the total general liability reserves at September 30, 2024 and December 31, 2023, respectively. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third-party recovery rates and claims management expenses. 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 $78.7 million during the nine months ended September 30, 2024, and $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, 2024 2023 2024 2023 Balance, beginning of period $ 506,523 $ 605,192 $ 563,103 $ 635,857 Reserves provided 20,281 20,578 62,656 70,050 Adjustments to previously recorded reserves — (789) (78,708) (66,209) Payments, net (9,149) (2,000) (29,396) (16,717) Balance, end of period $ 517,655 $ 622,981 $ 517,655 $ 622,981 Leases We lease certain office space and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets and leasehold improvements are limited to the expected lease term. Certain of our lease agreements include rental payments based on a pro rata share of the lessor’s operating costs which are variable in nature. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. ROU assets are classified within other assets on the balance sheet, while lease liabilities are classified within accrued and other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets and lease liabilities were $72.7 million and $85.5 million at September 30, 2024, respectively, and $77.4 million and $91.6 million at December 31, 2023, respectively. In the three and nine months ended September 30, 2024 we recorded an additional $3.6 million and $9.1 million, respectively, of lease liabilities under operating leases, and $1.3 million and $9.6 million in the comparable prior year periods. Payments on lease liabilities in the three and nine months ended September 30, 2024 totaled $5.9 million and $17.6 million, respectively, and $6.1 million and $17.4 million in the comparable prior year periods. Lease expense includes costs for leases with terms in excess of one year as well as short-term leases with terms of less than one year. In the three and nine months ended September 30, 2024 our total lease expense was $15.3 million and $45.5 million, respectively, and $13.5 million and $42.0 million in the comparable prior year periods. Our total lease expense is inclusive of variable lease costs of $2.3 million and $8.4 million in the three and nine months ended September 30, 2024, respectively, and $2.7 million and $8.9 million in the comparable prior year periods, as well as short-term lease costs of $6.2 million and $17.0 million in the three and nine months ended September 30, 2024, respectively, and $4.0 million and $12.8 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, 2024 were as follows ($000's omitted): Years Ending December 31, 2024 (a) $ 9,555 2025 23,296 2026 17,490 2027 13,981 2028 11,408 Thereafter 18,309 Total lease payments (b) 94,039 Less: Interest (c) (8,568) Present value of lease liabilities (d) $ 85,471 (a) Remaining payments are for the three months ending December 31, 2024. (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $53.5 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2024. (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 4.2%, respectively, at September 30, 2024.

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 697,914	$ 638,775	$ 2,170,023	$ 1,891,379

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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, 2024
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, 2023.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Subsequent events	Subsequent events We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission (the "SEC").
Revenue recognition	Revenue recognition Home sale revenues - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer, and our performance obligation to deliver the agreed-upon home is generally satisfied at the home closing date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposits related to sold but undelivered homes, which totaled $597.8 million and $675.1 million at September 30, 2024 and December 31, 2023, 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, and are accrued from the date a mortgage loan is originated until the date that the servicing rights are sold. 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 agency 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 $87.2 million and $74.0 million at September 30, 2024 and December 31, 2023, respectively.
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, 2024 and December 31, 2023, residential mortgage loans available-for-sale had an aggregate fair value of $556.7 million and $516.1 million, respectively, and an aggregate outstanding principal balance of $554.1 million and $508.5 million, respectively. Net gains from the sale of mortgages were $62.0 million and $33.7 million for the three months ended September 30, 2024 and 2023, respectively, and $173.2 million and $102.8 million for the nine months ended September 30, 2024 and 2023, 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, 2024 and December 31, 2023, we had aggregate IRLCs of $724.1 million and $404.7 million, respectively. 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, 2024 and December 31, 2023, we had unexpired forward contracts of $1.1 billion and $745.0 million, respectively, and whole loan investor commitments of $298.7 million and $207.9 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.
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.
Credit losses	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. Our assets exposed to credit losses consist primarily of insurance receivables, contract assets related to insurance agency commissions, accounts receivable, 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, 2024.
New accounting pronouncements	New accounting pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for us for annual periods beginning on or after January 1, 2024 and interim periods beginning on or after January 1, 2025. We are currently evaluating the impact ASU 2023-07 will have on our financial statement disclosures. In December 2023, FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for us for annual periods beginning on or after January 1, 2025. We are currently evaluating the impact ASU 2023-09 will have on our financial statement disclosures.
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 $1.6 billion and $1.9 billion at September 30, 2024 and December 31, 2023, respectively.
Letters of credit and surety bonds	Letters of credit and surety bonds
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 typically 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 Disclosures (Policie

Fair Value Disclosures (Policies)	9 Months Ended
Fair Value Disclosures (Policies)	Sep. 30, 2024
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 $1.6 billion and $1.9 billion at September 30, 2024 and December 31, 2023, respectively.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
Basis of Presentation (Tables)	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Other Expense (Income), Net	Other income, net consists of the following ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Write-offs of deposits and pre-acquisition costs $ (4,732) $ (2,456) $ (12,406) $ (9,629) Amortization of intangible assets (2,498) (2,623) (7,536) (7,915) Gain (loss) on debt retirement — 362 (222) 362 Interest income 13,748 19,303 48,268 41,701 Interest expense (120) (120) (352) (347) Miscellaneous, net 3,304 2,625 11,957 8,324 Other income, net $ 9,702 $ 17,091 $ 39,709 $ 32,496
Schedule of Earnings Per Share	The following table presents a reconciliation of the Numerator used in the earnings per share calculation for the three and nine months ended September 30, 2023 (000's omitted, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2023 Numerator: Net income $ 638,775 $ 1,891,379 Less: earnings distributed to participating securities (121) (369) Less: undistributed earnings allocated to participating securities (2,083) (6,685) Numerator for basic earnings per share $ 636,571 $ 1,884,325 Add back: undistributed earnings allocated to participating securities 2,083 6,685 Less: undistributed earnings reallocated to participating securities (2,066) (6,636) Numerator for diluted earnings per share $ 636,588 $ 1,884,374
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, 2024 December 31, 2023 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 2,695 $ 11,361 $ 3,926 $ 1,506 Forward contracts 2,593 11,845 110 26,104 Whole loan commitments 80 127 24 47 $ 5,368 $ 23,333 $ 4,060 $ 27,657

Inventory (Tables)

Inventory (Tables)	9 Months Ended
Inventory (Tables)	Sep. 30, 2024
Inventory Disclosure [Abstract]
Components of Inventory	Major components of inventory were as follows ($000’s omitted): September 30, December 31, Homes under construction $ 6,056,408 $ 5,262,850 Land under development 6,016,314 5,805,993 Raw land 502,494 606,005 Consolidated inventory not owned (a) 66,716 120,522 $ 12,641,932 $ 11,795,370 (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, 2024 2023 2024 2023 Interest in inventory, beginning of period $ 149,362 $ 141,994 $ 139,078 $ 137,262 Interest capitalized 26,443 31,659 86,346 95,388 Interest expensed (29,708) (33,643) (79,327) (92,640) Interest in inventory, end of period $ 146,097 $ 140,010 $ 146,097 $ 140,010
Schedule Of Company Interests In Land Option Agreements	The following provides a summary of our interests in land option agreements as of September 30, 2024 and December 31, 2023 ($000’s omitted): September 30, 2024 December 31, 2023 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 313,562 $ 2,603,779 $ 238,070 $ 1,916,558 Other land options 632,058 5,498,859 466,139 4,531,566 $ 945,620 $ 8,102,638 $ 704,209 $ 6,448,124

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Components of Reportable Segments	For reporting purposes, our Homebuilding operations are aggregated into six reportable segments: Northeast: 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, Oregon, Utah, Washington
Operating Data By Reporting Segment	Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues: Northeast $ 265,395 $ 234,475 $ 723,096 $ 684,495 Southeast 666,807 646,927 2,155,684 2,009,556 Florida 1,181,792 1,220,036 3,670,848 3,525,623 Midwest 660,694 543,772 1,847,562 1,412,102 Texas 569,663 487,521 1,694,259 1,587,752 West 1,018,160 794,082 2,615,859 2,321,523 4,362,511 3,926,813 12,707,308 11,541,051 Financial Services 113,831 76,720 317,848 226,875 Consolidated revenues $ 4,476,342 $ 4,003,533 $ 13,025,156 $ 11,767,926 Income (loss) before income taxes: Northeast $ 56,805 $ 52,265 $ 157,148 $ 150,227 Southeast 145,725 144,643 494,613 469,653 Florida 270,428 316,113 884,656 904,916 Midwest 134,391 105,267 352,519 242,552 Texas 95,244 99,433 298,724 305,552 West 152,973 107,537 376,312 307,537 Other homebuilding (a) (4,296) (6,893) 99,896 32,666 851,270 818,365 2,663,868 2,413,103 Financial Services 54,926 28,949 159,283 89,346 Consolidated income before income taxes $ 906,196 $ 847,314 $ 2,823,151 $ 2,502,449 (a) 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 $78.7 million for the nine months ended September 30, 2024, and $66.2 million for the nine months ended September 30, 2023, (see N ote 8 ), and a gain of $37.7 million for the nine months ended September 30, 2024 related to the sale of our minority interest in a joint venture. Operating Data by Segment Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Land-related charges (a) : Northeast $ 5,890 $ 197 $ 7,494 $ 266 Southeast 188 2,616 2,744 5,643 Florida 1,085 338 2,002 2,430 Midwest 188 282 835 886 Texas 1,257 59 1,764 388 West 3,352 2,889 4,796 6,689 Other homebuilding 171 487 294 676 $ 12,131 $ 6,868 $ 19,929 $ 16,978 (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, 2024 Homes Under Land Under Raw Land Consolidated Inventory Not Owned Total Total Northeast $ 416,146 $ 307,118 $ 4,175 $ — $ 727,439 $ 863,828 Southeast 781,382 1,012,198 43,900 10,830 1,848,310 2,173,809 Florida (a) 1,372,237 1,444,069 134,885 22,815 2,974,006 3,613,361 Midwest 718,718 667,987 15,435 3,279 1,405,419 1,587,979 Texas 618,259 797,086 107,231 29,792 1,552,368 1,840,163 West 2,117,307 1,408,440 188,767 — 3,714,514 4,263,595 Other homebuilding (b) 32,359 379,416 8,101 — 419,876 1,682,875 6,056,408 6,016,314 502,494 66,716 12,641,932 16,025,610 Financial Services — — — — — 929,483 $ 6,056,408 $ 6,016,314 $ 502,494 $ 66,716 $ 12,641,932 $ 16,955,093 Operating Data by Segment ($000's omitted) December 31, 2023 Homes Under Land Under Raw Land Consolidated Inventory Not Owned Total Total Northeast $ 312,903 $ 337,130 $ 4,091 $ — $ 654,124 $ 775,316 Southeast 786,698 826,240 80,451 27,963 1,721,352 1,994,492 Florida (a) 1,405,934 1,211,087 205,843 48,139 2,871,003 3,420,924 Midwest 621,144 685,139 14,265 3,472 1,324,020 1,476,166 Texas 634,574 721,032 101,394 40,948 1,497,948 1,686,609 West 1,473,617 1,688,498 190,082 — 3,352,197 3,752,089 Other homebuilding (b) 27,980 336,867 9,879 — 374,726 2,140,954 5,262,850 5,805,993 606,005 120,522 11,795,370 15,246,550 Financial Services — — — — — 840,500 $ 5,262,850 $ 5,805,993 $ 606,005 $ 120,522 $ 11,795,370 $ 16,087,050 (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, 2024
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) $ 251,867 $ 455,424 5.000% unsecured senior notes due January 2027 (a) 337,277 443,875 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) (6,597) (8,047) Total senior notes $ 1,582,547 $ 1,891,252 Other notes payable 41,139 70,966 Notes payable $ 1,623,686 $ 1,962,218 Estimated fair value $ 1,757,342 $ 2,080,187 (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, 2024
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 $ 556,664 $ 516,064 IRLCs Level 2 (8,666) 2,420 Forward contracts Level 2 (9,252) (25,994) Whole loan commitments Level 2 (47) (23) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ 6,989 $ 12,906 Land held for sale Level 2 6,000 — Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 1,455,136 $ 1,849,177 Financial Services debt Level 2 524,093 499,627 Senior notes payable Level 2 1,716,203 2,009,221 Other notes payable Level 2 41,139 70,966

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2024
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, 2024 2023 2024 2023 Warranty liabilities, beginning of period $ 127,533 $ 106,136 $ 120,393 $ 108,348 Reserves provided 28,009 29,412 85,368 74,598 Payments (28,319) (24,984) (79,953) (75,313) Other adjustments 2,818 1,747 4,233 4,678 Warranty liabilities, end of period $ 130,041 $ 112,311 $ 130,041 $ 112,311
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, 2024 2023 2024 2023 Balance, beginning of period $ 506,523 $ 605,192 $ 563,103 $ 635,857 Reserves provided 20,281 20,578 62,656 70,050 Adjustments to previously recorded reserves — (789) (78,708) (66,209) Payments, net (9,149) (2,000) (29,396) (16,717) Balance, end of period $ 517,655 $ 622,981 $ 517,655 $ 622,981
Schedule of Future Minimum Lease Payments Required Under Leases	The future minimum lease payments required under our leases as of September 30, 2024 were as follows ($000's omitted): Years Ending December 31, 2024 (a) $ 9,555 2025 23,296 2026 17,490 2027 13,981 2028 11,408 Thereafter 18,309 Total lease payments (b) 94,039 Less: Interest (c) (8,568) Present value of lease liabilities (d) $ 85,471 (a) Remaining payments are for the three months ending December 31, 2024. (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $53.5 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2024. (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 4.2%, respectively, at September 30, 2024.

Basis of Presentation (Other Ex

Basis of Presentation (Other Expense (Income), Net) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Write-offs of deposits and pre-acquisition costs	$ (4,732)	$ (2,456)	$ (12,406)	$ (9,629)
Amortization of intangible assets	(2,498)	(2,623)	(7,536)	(7,915)
Loss on debt retirement	0	362	(222)	362
Interest income	13,748	19,303	48,268	41,701
Interest expense	(120)	(120)	(352)	(347)
Miscellaneous, net	3,304	2,625	11,957	8,324
Other income, net	$ 9,702	$ 17,091	$ 39,709	$ 32,496

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Customer deposits	$ 597,820		$ 597,820		$ 675,091
Contract asset insurance renewals	87,200		87,200		74,000
Residential mortgage loans available-for-sale fair value	556,664		556,664		516,064
Residential mortgage loans available-for-sale aggregate outstanding principal balance	554,100		554,100		508,500
Net gains from the sale of mortgages	62,000	$ 33,700	$ 173,200	$ 102,800
Variability in future cash flows of derivative instruments in days			90 days
Interest rate lock commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount	724,100		$ 724,100		404,700
Forward contracts
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount	1,100,000		1,100,000		745,000
Whole loan commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount	$ 298,700		$ 298,700		$ 207,900

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 697,914	$ 638,775	$ 2,170,023	$ 1,891,379
Less: earnings distributed to participating securities		(121)		(369)
Less: undistributed earnings allocated to participating securities		(2,083)		(6,685)
Numerator for basic earnings per share		636,571		1,884,325
Add back: undistributed earnings allocated to participating securities		2,083		6,685
Less: undistributed earnings reallocated to participating securities		(2,066)		(6,636)
Numerator for diluted earnings per share		$ 636,588		$ 1,884,374
Denominator:
Basic shares outstanding (shares)	206,774	218,288	209,374	221,832
Effect of dilutive securities (shares)	1,686	1,394	1,683	1,152
Diluted shares outstanding (shares)	208,460	219,682	211,057	222,984
Earnings Per Share [Abstract]
Basic earnings (usd per share)	$ 3.38	$ 2.92	$ 10.36	$ 8.49
Diluted earnings (usd per share)	$ 3.35	$ 2.90	$ 10.28	$ 8.45

Basis of Presentation (Fair Val

Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	$ 5,368	$ 4,060
Accrued and Other Liabilities	23,333	27,657
Interest rate lock commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	2,695	3,926
Accrued and Other Liabilities	11,361	1,506
Forward contracts
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	2,593	110
Accrued and Other Liabilities	11,845	26,104
Whole loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	80	24
Accrued and Other Liabilities	$ 127	$ 47

Inventory (Major Components Of

Inventory (Major Components Of Inventory) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Homes under construction	$ 6,056,408	$ 5,262,850
Land under development	6,016,314	5,805,993
Raw land	502,494	606,005
Consolidated inventory not owned	66,716	120,522
Total Inventory	$ 12,641,932	$ 11,795,370

Inventory (Information Related

Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest in inventory, beginning of period	$ 149,362	$ 141,994	$ 139,078	$ 137,262
Interest capitalized	26,443	31,659	86,346	95,388
Interest expensed	(29,708)	(33,643)	(79,327)	(92,640)
Interest in inventory, end of period	$ 146,097	$ 140,010	$ 146,097	$ 140,010

Inventory (Summary of Interests

Inventory (Summary of Interests in Land Option Agreements) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	$ 945,620	$ 704,209
Remaining Purchase Price	8,102,638	6,448,124
Land options with VIEs
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	313,562	238,070
Remaining Purchase Price	2,603,779	1,916,558
Other land options
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	632,058	466,139
Remaining Purchase Price	$ 5,498,859	$ 4,531,566

Segment Information (Narrative)

Segment Information (Narrative) (Details)	9 Months Ended
Segment Information (Narrative) (Details)	Sep. 30, 2024 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 4,476,342	$ 4,003,533	$ 13,025,156	$ 11,767,926
Income (loss) before income taxes:
Income before income taxes	906,196	847,314	2,823,151	2,502,449
Gain on sale of minority interest in a joint venture			37,700
Homebuilding
Revenues:
Revenues	4,362,511	3,926,813	12,707,308	11,541,051
Income (loss) before income taxes:
Income before income taxes	851,270	818,365	2,663,868	2,413,103
Other homebuilding
Income (loss) before income taxes:
Insurance reserve reversal			78,700
Financial Services
Revenues:
Revenues	113,831	76,720	317,848	226,875
Income (loss) before income taxes:
Income before income taxes	54,926	28,949	159,283	89,346
Homebuilding \| Northeast
Revenues:
Revenues	265,395	234,475	723,096	684,495
Income (loss) before income taxes:
Income before income taxes	56,805	52,265	157,148	150,227
Homebuilding \| Southeast
Revenues:
Revenues	666,807	646,927	2,155,684	2,009,556
Income (loss) before income taxes:
Income before income taxes	145,725	144,643	494,613	469,653
Homebuilding \| Florida
Revenues:
Revenues	1,181,792	1,220,036	3,670,848	3,525,623
Income (loss) before income taxes:
Income before income taxes	270,428	316,113	884,656	904,916
Homebuilding \| Midwest
Revenues:
Revenues	660,694	543,772	1,847,562	1,412,102
Income (loss) before income taxes:
Income before income taxes	134,391	105,267	352,519	242,552
Homebuilding \| Texas
Revenues:
Revenues	569,663	487,521	1,694,259	1,587,752
Income (loss) before income taxes:
Income before income taxes	95,244	99,433	298,724	305,552
Homebuilding \| West
Revenues:
Revenues	1,018,160	794,082	2,615,859	2,321,523
Income (loss) before income taxes:
Income before income taxes	152,973	107,537	376,312	307,537
Homebuilding \| Other homebuilding
Income (loss) before income taxes:
Income before income taxes	$ (4,296)	$ (6,893)	$ 99,896	$ 32,666

Segment Information (Land-Relat

Segment Information (Land-Related Charges by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Land-related charges	$ 12,131	$ 6,868	$ 19,929	$ 16,978
Northeast
Restructuring Cost and Reserve [Line Items]
Land-related charges	5,890	197	7,494	266
Southeast
Restructuring Cost and Reserve [Line Items]
Land-related charges	188	2,616	2,744	5,643
Florida
Restructuring Cost and Reserve [Line Items]
Land-related charges	1,085	338	2,002	2,430
Midwest
Restructuring Cost and Reserve [Line Items]
Land-related charges	188	282	835	886
Texas
Restructuring Cost and Reserve [Line Items]
Land-related charges	1,257	59	1,764	388
West
Restructuring Cost and Reserve [Line Items]
Land-related charges	3,352	2,889	4,796	6,689
Other homebuilding
Restructuring Cost and Reserve [Line Items]
Land-related charges	$ 171	$ 487	$ 294	$ 676

Segment Information (Total Asse

Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information
Homes under construction	$ 6,056,408	$ 5,262,850
Land under development	6,016,314	5,805,993
Raw land	502,494	606,005
Consolidated Inventory Not Owned	66,716	120,522
Total Inventory	12,641,932	11,795,370
Total Assets	16,955,093	16,087,050
Goodwill	68,930	68,930
Homebuilding
Segment Reporting Information
Homes under construction	6,056,408	5,262,850
Land under development	6,016,314	5,805,993
Raw land	502,494	606,005
Consolidated Inventory Not Owned	66,716	120,522
Total Inventory	12,641,932	11,795,370
Total Assets	16,025,610	15,246,550
Florida
Segment Reporting Information
Goodwill	28,600
Goodwill impairment charge	20,200
Other homebuilding
Segment Reporting Information
Goodwill impairment charge	40,400
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	929,483	840,500
Home sale revenues \| Northeast
Segment Reporting Information
Homes under construction	416,146	312,903
Land under development	307,118	337,130
Raw land	4,175	4,091
Consolidated Inventory Not Owned	0	0
Total Inventory	727,439	654,124
Total Assets	863,828	775,316
Home sale revenues \| Southeast
Segment Reporting Information
Homes under construction	781,382	786,698
Land under development	1,012,198	826,240
Raw land	43,900	80,451
Consolidated Inventory Not Owned	10,830	27,963
Total Inventory	1,848,310	1,721,352
Total Assets	2,173,809	1,994,492
Home sale revenues \| Florida
Segment Reporting Information
Homes under construction	1,372,237	1,405,934
Land under development	1,444,069	1,211,087
Raw land	134,885	205,843
Consolidated Inventory Not Owned	22,815	48,139
Total Inventory	2,974,006	2,871,003
Total Assets	3,613,361	3,420,924
Home sale revenues \| Midwest
Segment Reporting Information
Homes under construction	718,718	621,144
Land under development	667,987	685,139
Raw land	15,435	14,265
Consolidated Inventory Not Owned	3,279	3,472
Total Inventory	1,405,419	1,324,020
Total Assets	1,587,979	1,476,166
Home sale revenues \| Texas
Segment Reporting Information
Homes under construction	618,259	634,574
Land under development	797,086	721,032
Raw land	107,231	101,394
Consolidated Inventory Not Owned	29,792	40,948
Total Inventory	1,552,368	1,497,948
Total Assets	1,840,163	1,686,609
Home sale revenues \| West
Segment Reporting Information
Homes under construction	2,117,307	1,473,617
Land under development	1,408,440	1,688,498
Raw land	188,767	190,082
Consolidated Inventory Not Owned	0	0
Total Inventory	3,714,514	3,352,197
Total Assets	4,263,595	3,752,089
Home sale revenues \| Other homebuilding
Segment Reporting Information
Homes under construction	32,359	27,980
Land under development	379,416	336,867
Raw land	8,101	9,879
Consolidated Inventory Not Owned	0	0
Total Inventory	419,876	374,726
Total Assets	$ 1,682,875	$ 2,140,954

Debt (Summary of Senior Notes)

Debt (Summary of Senior Notes) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Net premiums, discounts, and issuance costs	$ (6,597)	$ (8,047)
Total senior notes	1,582,547	1,891,252
Other notes payable	41,139	70,966
Notes payable	1,623,686	1,962,218
Estimated fair value	$ 1,757,342	2,080,187
Senior Notes \| 5.500% unsecured senior notes due March 2026
Debt Instrument [Line Items]
Stated interest rate	5.50%
Face amount	$ 251,867	455,424
Senior Notes \| 5.000% unsecured senior notes due January 2027
Debt Instrument [Line Items]
Stated interest rate	5%
Face amount	$ 337,277	443,875
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, 2024	Sep. 30, 2023	Jan. 14, 2025	Dec. 31, 2023
Debt Instrument [Line Items]
Other notes payable	$ 41,139,000			$ 70,966,000
Current borrowing capacity	1,300,000,000
Maximum borrowing capacity	1,800,000,000
Revolving credit facility	0
Letters of credit outstanding	310,900,000			312,700,000
Line of credit facility, remaining borrowing capacity	939,100,000			937,300,000
Financial Services debt	524,093,000			499,627,000
Joint Venture Debt \| Joint Venture
Debt Instrument [Line Items]
Joint venture debt outstanding	35,200,000
Notes Payables
Debt Instrument [Line Items]
Other notes payable	$ 41,100,000			71,000,000
Debt instrument term	6 years
Notes payable issued to acquire land inventory	$ 10,800,000	$ 35,300,000
Senior Notes
Debt Instrument [Line Items]
Open market repurchases	310,200,000
Senior Notes \| Unsecure Senior Notes, Due 2026
Debt Instrument [Line Items]
Open market repurchases	193,400,000
Senior Notes \| Unsecure Senior Notes, Due 2027
Debt Instrument [Line Items]
Open market repurchases	106,600,000
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	$ 150,900,000			$ 350,400,000
Weighted-average interest rate	6.65%			7.15%
Financial Services \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 675,000,000
Financial Services \| Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 650,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility				$ 0
Line of Credit \| Financial Services
Debt Instrument [Line Items]
Financial Services debt	$ 524,100,000			$ 499,600,000
Maximum \| Notes Payables
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5%

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jan. 30, 2024
Class of Stock [Line Items]
Dividends	$ 41,551	$ 35,020	$ 126,233	$ 106,792
Payments for repurchase of common stock			$ 879,999	$ 700,000
Increase in share repurchase authorization					$ 1,500,000
Share repurchase plan
Class of Stock [Line Items]
Share repurchases (shares)			7.6	10.2
Payments for repurchase of common stock			$ 880,000	$ 700,000
Remaining value of stock repurchase programs authorization	$ 1,000,000		1,000,000
Shares withheld to pay taxes
Class of Stock [Line Items]
Payments for repurchase of common stock			$ 18,500	$ 10,400

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax	23%	24.60%	23.10%	24.40%
Benefit associated with the purchase of transferable federal tax credits	$ (14.3)		$ (14.3)
Income tax benefit from favorable resolution of uncertain tax positions			(13.2)
Deferred tax liabilities	353.4		353.4		$ 237.4
Gross unrecognized tax benefits	40.7		40.7		58.2
Accrued interest and penalties on unrecognized tax benefits	$ 1.8		$ 1.8		$ 6.3

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disclosed at fair value:
Financial Services debt	$ 524,093	$ 499,627
Other notes payable	41,139	70,966
Level 2
Disclosed at fair value:
Financial Services debt	524,093	499,627
Senior notes payable	1,716,203	2,009,221
Level 1
Disclosed at fair value:
Cash, cash equivalents, and restricted cash	1,455,136	1,849,177
Fair Value, Measurements, Recurring \| Residential mortgage loans available-for-sale \| Level 2
Measured at fair value on a recurring basis:
Assets, fair value	556,664	516,064
Fair Value, Measurements, Recurring \| Interest rate lock commitments \| Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(8,666)	2,420
Fair Value, Measurements, Recurring \| Forward contracts \| Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(9,252)	(25,994)
Fair Value, Measurements, Recurring \| Whole loan commitments \| Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(47)	(23)
Fair Value, Measurements, Nonrecurring \| Level 2 \| Land held for sale
Measured at fair value on a recurring basis:
Assets, fair value	6,000	0
Fair Value, Measurements, Nonrecurring \| Level 3 \| Land sale and other revenues
Measured at fair value on a recurring basis:
Assets, fair value	$ 6,989	$ 12,906

Fair Value Disclosures (Narrati

Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior notes	$ 1,582,547	$ 1,891,252
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior notes	$ 1,600,000	$ 1,900,000

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 310,900		$ 310,900			$ 312,700
Surety bonds outstanding	$ 2,800,000		$ 2,800,000			2,400,000
Comprehensive warranty against building defects	1 year		1 year
Maximum product warranty in years			10 years
Self-insurance liabilities	$ 517,655	$ 622,981	$ 517,655	$ 622,981	$ 506,523	$ 563,103	$ 605,192	$ 635,857
Incurred but not reported percentage of liability reserves	76%		76%			77%
ROU assets	$ 72,700		$ 72,700			$ 77,400
Operating lease liabilities	85,471		85,471			$ 91,600
Additional ROU assets under operating leases	3,600	1,300	9,100	9,600
Payments on lease liabilities	5,900	6,100	17,600	17,400
Total lease expense	15,300	13,500	45,500	42,000
Variable lease costs	2,300	2,700	8,400	8,900
Short-term lease costs	$ 6,200	$ 4,000	$ 17,000	$ 12,800

Commitments and Contingencies_3

Commitments and Contingencies (Changes To Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, beginning of period	$ 127,533	$ 106,136	$ 120,393	$ 108,348
Reserves provided	28,009	29,412	85,368	74,598
Payments	(28,319)	(24,984)	(79,953)	(75,313)
Other adjustments	2,818	1,747	4,233	4,678
Warranty liabilities, end of period	$ 130,041	$ 112,311	$ 130,041	$ 112,311

Commitments and Contingencies_4

Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in Self-insurance Liability [Roll Forward]
Balance, beginning of period	$ 506,523	$ 605,192	$ 563,103	$ 635,857
Reserves provided	20,281	20,578	62,656	70,050
Adjustments to previously recorded reserves	0	(789)	(78,708)	(66,209)
Payments, net	(9,149)	(2,000)	(29,396)	(16,717)
Balance, end of period	$ 517,655	$ 622,981	$ 517,655	$ 622,981

Commitments and Contingencies_5

Commitments and Contingencies (Future Minimum Lease Payments Required Under Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 9,555
2025	23,296
2026	17,490
2027	13,981
2028	11,408
Thereafter	18,309
Total lease payments	94,039
Less: Interest	(8,568)
Present value of lease liabilities	85,471	$ 91,600
Legally binding minimum lease payments for leases signed but not yet commenced	$ 53,500
Weighted average remaining lease term	4 years 9 months 18 days
Weighted average discount rate	4.20%