PULTEGROUP INC/MI/, 10-K filed on 2/5/2024
Annual Report
v3.24.0.1
Cover Page Document - USD ($)
 12 Months Ended
Dec. 31, 2023
Jan. 24, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Document Transition Report false    
Entity File Number 1-9804    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 17,000,000,000
Entity Common Stock, Shares Outstanding   212,112,455  
Documents Incorporated by Reference [Text Block]
Documents Incorporated by Reference
Applicable portions of the Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated by reference in Part III of this Form.
    
Entity Registrant Name PULTEGROUP INC/MI/    
Entity Central Index Key 0000822416    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Shares      
Document Information [Line Items]      
Title of 12(b) Security Common Shares, par value $0.01    
Trading Symbol PHM    
Security Exchange Name NYSE    
Series A Junior Participating Preferred Share Purchase Rights [Member]      
Document Information [Line Items]      
Title of 12(b) Security Series A Junior Participating Preferred Share Purchase Rights    
No Trading Symbol Flag    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Atlanta, Georgia
Auditor Firm ID 42
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Cash and equivalents $ 1,806,583 $ 1,053,104
Restricted cash 42,594 41,449
Total cash, cash equivalents, and restricted cash 1,849,177 1,094,553
House and land inventory 11,795,370 11,326,017
Land held for sale 23,831 42,254
Residential mortgage loans available-for-sale 516,064 677,207
Investments in unconsolidated entities 166,913 146,759
Other assets 1,545,667 1,291,572
Goodwill 68,930 68,930
Intangible assets 56,338 66,875
Deferred tax assets 64,760 82,348
Total assets 16,087,050 14,796,515
Liabilities:    
Accounts payable, including book overdrafts of $117,212 and $87,578 at December 31, 2023 and 2022, respectively 619,012 565,975
Customer deposits 675,091 783,556
Deferred Income Tax Liabilities, Net 302,155 215,446
Accrued and other liabilities 1,645,690 1,685,202
Financial Services debt 499,627 586,711
Notes payable 1,962,218 2,045,527
Total liabilities 5,703,793 5,882,417
Shareholders’ equity:    
Preferred shares, $0.01 par value; 25,000,000 shares authorized, none issued 0 0
Common shares, $0.01 par value; 500,000,000 shares authorized, 212,557,522 and 225,840,443 shares issued and outstanding at December 31, 2023 and 2022, respectively 2,126 2,258
Additional paid-in capital 3,368,407 3,330,138
Retained earnings 7,012,724 5,581,702
Total shareholders’ equity 10,383,257 8,914,098
Total liabilities and shareholders' equity $ 16,087,050 $ 14,796,515
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Book overdrafts $ 117,212 $ 87,578
Preferred stock, par value (usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 25,000,000 25,000,000
Preferred stock, shares issued 0 0
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 212,557,522 225,840,443
Common stock, shares outstanding 212,557,522 225,840,443
v3.24.0.1
Consolidated Statements Of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Revenues $ 16,061,578 $ 16,002,979 $ 13,736,995
Homebuilding Cost of Revenues:      
Selling, general, and administrative expenses (1,312,642) (1,381,222) (1,208,698)
Equity income from unconsolidated entities, net 4,561 50,680 17,200
Gain (loss) on debt retirement 663 0 (61,469)
Other income (expense), net 37,200 (64,398) (19,610)
Income before income taxes 3,449,267 3,439,558 2,509,845
Income tax expense (846,895) (822,241) (563,525)
Net income $ 2,602,372 $ 2,617,317 $ 1,946,320
Net income per share:      
Basic (usd per share) $ 11.79 $ 11.07 $ 7.44
Diluted (usd per share) 11.72 11.01 7.43
Cash dividends declared (usd per share) $ 0.68 $ 0.61 $ 0.57
Number of shares used in calculation:      
Basic shares outstanding (shares) 219,958 235,010 259,285
Effect of dilutive securities (shares) 1,205 1,156 643
Diluted shares outstanding (shares) 221,163 236,166 259,928
Homebuilding      
Homebuilding Cost of Revenues:      
Cost of revenues $ (11,154,813) $ (10,987,785) $ (9,786,087)
Financial Services      
Homebuilding Cost of Revenues:      
Financial Services expenses (187,280) (180,696) (168,486)
Home sale revenues | Homebuilding      
Revenues:      
Revenues 15,598,707 15,548,119 13,186,925
Homebuilding Cost of Revenues:      
Cost of revenues (11,030,206) (10,867,879) (9,652,074)
Land sale and other revenues | Homebuilding      
Revenues:      
Revenues 142,116 143,144 160,538
Homebuilding Cost of Revenues:      
Cost of revenues $ (124,607) $ (119,906) $ (134,013)
v3.24.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]      
Net income $ 2,602,372 $ 2,617,317 $ 1,946,320
Other comprehensive income, net of tax:      
Change in value of derivatives 0 45 100
Other comprehensive income 0 45 100
Comprehensive income $ 2,602,372 $ 2,617,362 $ 1,946,420
v3.24.0.1
Consolidated Statements Of Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Shares
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Shareholders' Equity, shares at Dec. 31, 2020   266,464,000      
Shareholders' Equity at Dec. 31, 2020 $ 6,569,989 $ 2,665 $ 3,261,412 $ (145) $ 3,306,057
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock option exercises, shares   1,000      
Stock option exercises 11   11    
Share issuances, net of cancellations, shares   525,000      
Share issuances 4,181 $ 5 4,176    
Dividends declared (148,133)       (148,133)
Share repurchases, shares   (17,664,000)      
Share repurchases (897,303) $ (177)     (897,126)
Cash paid for shares withheld for taxes (10,842)       (10,842)
Share-based compensation 25,192   25,192    
Net income 1,946,320       1,946,320
Other comprehensive income 100     100  
Shareholders' Equity, shares at Dec. 31, 2021   249,326,000      
Shareholders' Equity at Dec. 31, 2021 7,489,515 $ 2,493 3,290,791 (45) 4,196,276
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share issuances, net of cancellations, shares   676,000      
Share issuances 6,031 $ 7 6,024    
Dividends declared (143,134)       (143,134)
Share repurchases, shares   (24,162,000)      
Share repurchases (1,074,673) $ (242)     (1,074,431)
Cash paid for shares withheld for taxes (14,326)       (14,326)
Share-based compensation 33,323   33,323    
Net income 2,617,317       2,617,317
Other comprehensive income $ 45     45  
Shareholders' Equity, shares at Dec. 31, 2022 225,840,443 225,840,000      
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, net of cancellations, shares   511,000      
Share issuances 4,841 $ 6 4,835    
Dividends declared (149,806)       (149,806)
Share repurchases, shares   (13,793,000)      
Share repurchases (1,000,000) $ (138)     (999,862)
Excise Tax On Share Repurchase (9,691)       (9,691)
Cash paid for shares withheld for taxes (11,991)       (11,991)
Share-based compensation 33,434   33,434    
Net income 2,602,372       2,602,372
Other comprehensive income $ 0        
Shareholders' Equity, shares at Dec. 31, 2023 212,557,522 212,558,000      
Shareholders' Equity at Dec. 31, 2023 $ 10,383,257 $ 2,126 $ 3,368,407 $ 0 $ 7,012,724
v3.24.0.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 2,602,372 $ 2,617,317 $ 1,946,320
Adjustments to reconcile net income to net cash from operating activities:      
Deferred income tax expense 104,266 106,584 59,168
Land-related charges 43,115 66,656 12,302
(Gain) loss on debt retirement (663) 0 61,469
Depreciation and amortization 80,824 70,918 69,953
Equity income from unconsolidated entities (4,561) (50,680) (17,200)
Distributions of earnings from unconsolidated entities 4,564 49,151 2,110
Share-based compensation expense 48,200 42,989 36,745
Other, net (758) 1,431 1,586
Increase (decrease) in cash due to:      
Inventories (354,016) (2,256,690) (1,266,398)
Residential mortgage loans available-for-sale 160,934 266,310 (382,813)
Other assets (290,631) (140,761) (159,906)
Accounts payable, accrued and other liabilities (196,884) (104,759) 640,685
Net cash provided by operating activities 2,196,762 668,466 1,004,021
Cash flows from investing activities:      
Capital expenditures (92,201) (112,661) (72,781)
Investments in unconsolidated entities (23,403) (64,701) (101,591)
Distributions of capital from unconsolidated entities 3,265 21,704 53,927
Business acquisition 0 (10,400) (10,400)
Other investing activities, net (16,756) (5,685) 6,713
Net cash used in investing activities (129,095) (171,743) (124,132)
Cash flows from financing activities:      
Repayments of notes payable (123,290) (4,856) (836,893)
Borrowings under revolving credit facility 0 2,869,000 0
Repayments under revolving credit facility 0 (2,869,000) 0
Financial Services borrowings (repayments), net (87,084) (39,412) 214,302
Debt issuance costs (1,572) (11,167) 0
Proceeds from liabilities related to consolidated inventory not owned 129,656 58,729 0
Payments related to consolidated inventory not owned 76,303 5,915 0
Stock option exercises 0 0 11
Share repurchases (1,000,000) (1,074,673) (897,303)
Cash paid for shares withheld for taxes (11,991) (14,326) (10,842)
Dividends paid (142,459) (144,115) (147,834)
Net cash used in financing activities (1,313,043) (1,235,735) (1,678,559)
Net increase (decrease) 754,624 (739,012) (798,670)
Cash, cash equivalents, and restricted cash at beginning of period 1,094,553 1,833,565 2,632,235
Cash, cash equivalents, and restricted cash at end of period 1,849,177 1,094,553 1,833,565
Supplemental Cash Flow Information:      
Interest paid (capitalized), net 10,786 1,797 10,856
Income taxes paid, net $ 784,453 $ 641,948 $ 457,406
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of significant accounting policies Summary of significant accounting policies
Basis of presentation

PulteGroup, Inc. is one of the largest homebuilders in the 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 have mortgage banking operations, conducted principally through Pulte Mortgage LLC (“Pulte Mortgage”), and title and insurance agency operations.

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of PulteGroup, Inc. and all of its direct and indirect subsidiaries and variable interest entities in which PulteGroup, Inc. is deemed to be the primary beneficiary. All significant intercompany accounts, transactions, and balances have been eliminated in consolidation.

Use of estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Reclassifications

Effective with our first quarter 2023 reporting, we reclassified our closing cost incentives provided to customers, including seller-paid financing costs, from home sale cost of revenues to home sale revenues. All prior period amounts have been reclassified to conform to the current presentation. As a result, all sales incentives provided to customers are classified as a reduction of home sale revenues. This reclassification had the effect of reducing both home sale revenues and home sale cost of revenues by the amount of such closing cost incentives, which totaled $226.0 million and $189.9 million for the years ended December 31, 2022 and 2021, respectively.

Subsequent events

We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission ("SEC").

Cash and equivalents

Cash and equivalents include institutional money market investments and time deposits with an original maturity of three months or less. Cash and equivalents at December 31, 2023 and 2022 also included $43.2 million and $42.9 million, respectively, of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit.

Restricted cash

We maintain certain cash balances that are restricted as to their use, including customer deposits on home sales that are temporarily restricted by regulatory requirements in certain states until title transfers to the homebuyer.

Investments in unconsolidated entities

We have investments in a number of unconsolidated entities, including joint ventures, with independent third parties. The equity method of accounting is used for unconsolidated entities over which we have significant influence; generally this represents ownership interests of at least 20% and not more than 50%. Under the equity method of accounting, we recognize our proportionate share of the earnings and losses of these entities. Certain of these entities sell land to us. We defer the recognition of profits from such activities until the time we ultimately sell the related land.
We evaluate our investments in unconsolidated entities for recoverability in accordance with ASC 323, “Investments – Equity Method and Joint Ventures”. If we determine that a loss in the value of the investment is other than temporary, we write down the investment to its estimated fair value. Any such losses are recorded to equity in (earnings) loss of unconsolidated entities, which is reflected in other income (expense), net. Due to uncertainties in the estimation process and the significant volatility in demand for new housing, actual results could differ significantly from such estimates. See Note 4.

Intangible assets

Goodwill, which represents the cost of acquired businesses in excess of the fair value of the net assets of such businesses at the acquisition date, totaled $68.9 million at both December 31, 2023 and 2022. We assess goodwill for impairment annually in the fourth quarter and if events or changes in circumstances indicate the carrying amount may not be recoverable.

Intangible assets consist of primarily of tradenames acquired in connection with acquisitions and totaled $56.3 million, net of accumulated amortization of $98.2 million, at December 31, 2023, and $66.9 million, net of accumulated amortization of $87.7 million, at December 31, 2022. Such tradenames are generally being amortized over 20-year lives. Amortization expense totaled $10.5 million, $11.1 million, and $16.5 million in 2023, 2022 and 2021, respectively, and is expected to be $10.0 million in 2024, $9.3 million in 2025, $8.9 million in 2026, $6.5 million in 2027, and $6.3 million in 2028. The ultimate realization of these assets is dependent upon the future cash flows and benefits that we expect to generate from their use. We assess intangibles for impairment if events or changes in circumstances indicate the carrying amount may not be recoverable.

Property and equipment

Property and equipment are recorded at cost. Maintenance and repair costs are expensed as incurred. Depreciation is computed by the straight-line method based upon estimated useful lives as follows: office furniture and equipment - 3 to 10 years; leasehold improvements - life of the lease; software and hardware - 3 to 5 years; model park improvements and furnishings - 1 to 5 years. Property and equipment are included in other assets and totaled $221.5 million net of accumulated depreciation of $264.4 million at December 31, 2023 and $200.3 million net of accumulated depreciation of $242.3 million at December 31, 2022. Depreciation expense totaled $70.3 million, $59.8 million, and $53.5 million in 2023, 2022, and 2021, respectively.

Advertising costs

Advertising costs are expensed to selling, general, and administrative expense as incurred and totaled $57.5 million, $61.6 million, and $47.2 million, in 2023, 2022, and 2021, respectively.
Employee benefits

We maintain a defined contribution retirement plan that covers substantially all of our employees. Company contributions to the plan totaled $27.8 million, $27.6 million, and $23.4 million in 2023, 2022, and 2021, respectively.

Other income (expense), net

Other income (expense), net consists of the following ($000’s omitted): 
202320222021
Write-offs of deposits and pre-acquisition costs (Note 2)
$(23,512)$(63,559)$(12,283)
Amortization of intangible assets (Note 1)
(10,538)(11,118)(16,502)
Interest income61,533 1,971 1,953 
Interest expense(469)(284)(502)
Miscellaneous, net10,186 8,592 7,724 
Total other income (expense), net$37,200 $(64,398)$(19,610)

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, 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. Anti-dilutive shares were immaterial in 2023, 2022, and 2021.

In accordance with ASC 260 "Earnings Per Share", the two-class method determines earnings per share for each class of common share and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. Our outstanding restricted share units and deferred shares are considered participating securities. The following table presents a reconciliation of the Numerator used in our earnings per common share calculation ($000's omitted):
December 31, 2023December 31, 2022December 31, 2021
Numerator:
Net income$2,602,372 $2,617,317 $1,946,320 
Less: earnings distributed to participating securities(511)(846)(1,218)
Less: undistributed earnings allocated to participating securities(8,990)(15,330)(15,117)
Numerator for basic earnings per share$2,592,871 $2,601,141 $1,929,985 
Add: undistributed earnings allocated to participating securities8,990 15,330 15,117 
Less: undistributed earnings reallocated to participating securities(8,923)(15,229)(15,080)
Numerator for diluted earnings per share$2,592,938 $2,601,242 $1,930,022 
Share-based compensation

We measure compensation cost for share-based compensation on the grant date. Fair value for restricted share units is determined based on the quoted price of our common shares on the grant date. We recognize compensation expense for restricted share units, the majority of which cliff vest at the end of three years, ratably over the vesting period. For share-based awards containing performance conditions, we recognize compensation expense ratably over the vesting period when it is probable that the stated performance targets will be achieved and record cumulative adjustments in the period in which estimates change. Compensation expense related to our share-based awards is included in selling, general, and administrative expense, except for a small portion recognized in Financial Services expenses. Forfeitures of share-based awards are recognized as a reduction of expense as incurred. See Note 7.

Income taxes

The provision for income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are recognized by identifying the temporary differences arising from the different treatment of items for tax and accounting purposes. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, judgment is required. Differences between estimated and actual results could result in changes in the valuation of our 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 including the valuation and realization of deferred tax assets and liabilities 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 follow the provisions of ASC 740, "Income Taxes", which prescribes a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Significant judgment is required to evaluate uncertain tax positions. Our evaluations of tax positions consider a variety of factors, including relevant facts and circumstances, applicable tax law, correspondence with taxing authorities, and effective settlements of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in material increases or decreases in income tax expense (benefit) in the period in which the change is made. Interest and penalties related to income taxes and unrecognized tax benefits are recognized as a component of income tax expense (benefit). See Note 8.

Revenue recognition

Home sale revenues - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied at the home closing date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposit liabilities related to sold but undelivered homes, which totaled $675.1 million and $783.6 million at December 31, 2023 and 2022, respectively. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. See Note 11 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. Other 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 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 until the loans are sold. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received.
Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Insurance agency commissions relate to commissions on home 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 $74.0 million and $57.3 million at December 31, 2023 and 2022, respectively.

Sales incentives

Sales incentives primarily relate to discounts on the selling price of the home, payment of closing costs, or free products or services offered to the customer. Sales incentives are recorded as a reduction of home sale revenues.

Inventory and cost of revenues

Inventory is stated at cost unless the carrying value is determined to not be recoverable, in which case the affected inventory is written down to fair value. Cost includes land acquisition, land development, and home construction costs, including interest, real estate taxes, and certain direct and indirect overhead costs related to development and construction. For those communities for which construction and development activities have been idled, applicable interest and real estate taxes are expensed as incurred. Land acquisition and development costs are allocated to individual lots using an average lot cost determined based on the total expected land acquisition and development costs and the total expected home closings for the community. The specific identification method is used to accumulate home construction costs.

We capitalize interest cost into homebuilding inventories. Each layer of capitalized interest is amortized over a period that approximates the average life of communities under development. Interest expense is allocated over the period based on the timing of home closings.

Cost of revenues includes the construction cost, average lot cost, and estimated warranty costs applicable to the home. Sales commissions are classified within selling, general, and administrative expenses. The construction cost of the home includes amounts paid through the closing date of the home, plus an accrual for costs incurred but not yet paid. Total community land acquisition and development costs are based on an analysis of budgeted costs compared with actual costs incurred to date and estimates to complete. The development cycles for our communities range from under one year to in excess of ten years for certain master planned communities. Adjustments to estimated total land acquisition and development costs for the community affect the amounts costed for the community’s remaining lots.
    
We test inventory for impairment when events and circumstances indicate that the undiscounted cash flows estimated to be generated by the community may be less than its carrying amount. Such indicators include gross margins or sales paces significantly below expectations, construction costs or land development costs significantly in excess of budgeted amounts, significant delays or changes in the planned development or strategy for the community, and other known qualitative factors. Communities that demonstrate potential impairment indicators are tested for impairment by comparing the expected undiscounted cash flows for the community to its carrying value. For those communities whose carrying values exceed the expected undiscounted cash flows, we estimate the fair value of the community, and impairment charges are recorded if the fair value of the community's inventory is less than its carrying value. See Note 2.

Land held for sale

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 held for sale is recorded at the lower of cost or fair value less costs to sell. In determining the fair value of land held for sale, we consider recent offers received, prices for land in recent comparable sales transactions, and other factors. We record net realizable value adjustments for land held for sale within Homebuilding land sale cost of revenues. See Note 2.

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 a liability in the amount of such costs at the time revenue is recognized (see Note 11).

Self-insured risks

We maintain, and require the majority of our subcontractors to maintain, general liability insurance coverage, including coverage for certain construction defects. 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, subject to certain self-insured per occurrence and aggregate retentions, deductibles, and available policy limits. However, we retain a significant portion of the overall risk for such claims. We reserve for these costs on an undiscounted basis at the time revenue is recognized for each home closing and evaluate the recorded liabilities based on actuarial analyses of our historical claims, which include estimates of claims incurred but not yet reported. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. In certain instances, we have the ability to recover a portion of our costs under various insurance policies or from our subcontractors or other third parties. Estimates of such amounts are recorded when recovery is considered probable. See Note 11.

Residential mortgage loans available-for-sale

Substantially all of the loans originated by us and their related servicing rights are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. In accordance with ASC 825, “Financial Instruments”, we use the fair value option to record residential mortgage loans available-for-sale. Election of the fair value option for these loans allows a better offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. We do not designate any derivative instruments as hedges or apply the hedge accounting provisions of ASC 815, “Derivatives and Hedging". See Note 11 for discussion of the risks retained related to mortgage loan originations. 

Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of IRLCs that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of these loans are reflected in Financial Services revenues as they occur. At December 31, 2023 and 2022, residential mortgage loans available-for-sale had an aggregate fair value of $516.1 million and $677.2 million, respectively, and an aggregate outstanding principal balance of $508.5 million and $680.5 million, respectively. These changes in fair value were substantially offset by changes in fair value of the corresponding derivative instruments. Net gains from the sale of mortgages during 2023, 2022, and 2021 were $149.8 million, $157.3 million, and $251.3 million, respectively, and have been included in Financial Services revenues.

Mortgage servicing rights

We sell the servicing rights for the loans we originate through fixed price servicing sales contracts to reduce the risks and costs inherent in servicing loans. This strategy results in owning the servicing rights for only a short period of time. The servicing sales contracts provide for the reimbursement of payments made by the purchaser if loans prepay within specified periods of time, generally within 90 to 120 days after sale. We establish reserves for this exposure at the time the sale is recorded. Such reserves were immaterial at December 31, 2023 and 2022.

Interest income on mortgage loans

Interest income on mortgage loans is recorded in Financial Services revenues, accrued from the date a mortgage loan is originated until the loan is sold, and totaled $20.4 million, $14.2 million, and $10.0 million in 2023, 2022, and 2021, respectively. Loans are placed on non-accrual status once they become greater than 90 days past due their contractual terms. Subsequent payments received are applied according to the contractual terms of the loan. Mortgage discounts are not amortized as interest income due to the short period the loans are held until sale to third party investors.

Derivative instruments and hedging activities

We are party to IRLCs with customers resulting from our mortgage origination operations. At December 31, 2023 and 2022, we had aggregate IRLCs of $404.7 million and $653.2 million, respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the
contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. We evaluate the creditworthiness of these transactions through our normal credit policies.

We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At December 31, 2023 and 2022, we had unexpired forward contracts of $745.0 million and $1.0 billion, respectively, and whole loan investor commitments of $207.9 million and $285.9 million, respectively. Changes in the fair value of IRLCs and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable.

There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs 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 location in the Consolidated Balance Sheets are summarized below ($000’s omitted):

 
 December 31, 2023December 31, 2022
 Other AssetsOther LiabilitiesOther AssetsOther Liabilities
IRLCs$3,926 $1,506 $10,830 $1,572 
Forward contracts110 26,104 4,144 20,853 
Whole loan commitments24 47 806 165 
$4,060 $27,657 $15,780 $22,590 

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 assets were not material as of December 31, 2023.

New accounting pronouncements

In 2023, we adopted ASU 2020-04, "Reference Rate Reform (Topic 848)", as amended by ASU 2021-01 in January 2021, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the cessation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. Our adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements.
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. Home sale revenues for detached and attached homes were $13.1 billion and $2.5 billion in 2023, $13.2 billion and $2.3 billion in 2022, and $11.1 billion and $2.1 billion in 2021, respectively. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:

Northeast:Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia
Southeast:Georgia, North Carolina, South Carolina, Tennessee
Florida:Florida
Midwest:Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio
Texas:Texas
West:Arizona, California, Colorado, Nevada, New Mexico, 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. The Financial Services segment operates generally in the same markets as the Homebuilding segments. Evaluation of segment performance is generally based on income before income taxes. Each reportable segment generally follows the same accounting policies described in Note 1.
 Operating Data by Segment ($000’s omitted)
Years Ended December 31,
 202320222021
Revenues (a):
Northeast$969,628 $1,063,568 $1,112,778 
Southeast2,675,213 2,764,945 2,208,345 
Florida4,740,387 3,930,828 3,108,017 
Midwest2,089,257 2,292,871 1,959,752 
Texas2,069,467 2,193,295 1,768,895 
West3,196,871 3,445,756 3,189,676 
15,740,823 15,691,263 13,347,463 
Financial Services320,755 311,716 389,532 
Consolidated revenues$16,061,578 $16,002,979 $13,736,995 
Income before income taxes (a)(b):
Northeast$218,159 $244,233 $215,193 
Southeast620,969 692,279 417,880 
Florida1,212,675 939,034 585,680 
Midwest368,321 363,028 287,956 
Texas389,085 465,461 322,979 
West (c)
419,635 687,403 592,845 
Other homebuilding (d)
87,231 (84,110)(134,405)
3,316,075 3,307,328 2,288,128 
Financial Services133,192 132,230 221,717 
Consolidated income before income taxes$3,449,267 $3,439,558 $2,509,845 

(a)All periods reflect the reclassification of closing cost incentives to home sale revenues from home sale cost of revenues (Note 1).
(b)Includes certain land-related charges (see the following table and Note 2).
(c)    West includes a gain of $49.1 million related to a property sale in an unconsolidated entity in 2022.
(d)     Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Also included are insurance reserve reversals of $130.8 million, $65.0 million, and $81.1 million in 2023, 2022 and 2021, respectively, partially offset by a loss on debt retirement of $61.5 million in 2021 (Note 5).
Operating Data by Segment ($000's omitted)
Years Ended December 31,
202320222021
Land-related charges*:
Northeast$497 $4,597 $1,433 
Southeast7,853 18,381 5,365 
Florida2,683 13,515 1,088 
Midwest7,786 6,517 2,150 
Texas3,661 6,745 1,357 
West19,343 16,406 909 
Other homebuilding1,292 495 — 
$43,115 $66,656 $12,302 

*    Land-related charges include land impairments, NRV adjustments for land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. See Note 2 for additional discussion of these charges.

 Operating Data by Segment ($000's omitted)
Years Ended December 31,
 202320222021
Depreciation and amortization:
Northeast$3,365 $2,956 $2,631 
Southeast6,056 5,151 4,765 
Florida13,471 11,720 8,823 
Midwest8,207 7,035 6,332 
Texas6,214 5,591 4,989 
West12,438 11,840 11,898 
Other homebuilding22,992 19,929 24,811 
72,743 64,222 64,249 
Financial Services8,081 6,696 5,704 
$80,824 $70,918 $69,953 
 Operating Data by Segment
($000's omitted)
December 31, 2023
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$312,903 $337,130 $4,091 $— $654,124 $775,316 
Southeast786,698 826,240 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 
Midwest621,144 685,139 14,265 3,472 1,324,020 1,476,166 
Texas634,574 721,032 101,394 40,948 1,497,948 1,686,609 
West1,473,617 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 
 December 31, 2022
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$321,687 $241,897 $45,455 $— $609,039 $700,413 
Southeast793,539 544,867 102,336 20,169 1,460,911 1,668,053 
Florida (a)
1,417,657 1,081,836 125,253 51,889 2,676,635 3,195,091 
Midwest523,194 689,541 22,467 — 1,235,202 1,382,227 
Texas690,622 726,342 133,300 — 1,550,264 1,735,683 
West1,662,251 1,528,863 238,758 — 3,429,872 3,771,808 
Other homebuilding (b)
31,236 321,086 11,772 — 364,094 1,470,919 
5,440,186 5,134,432 679,341 72,058 11,326,017 13,924,194 
Financial Services— — — — — 872,321 
$5,440,186 $5,134,432 $679,341 $72,058 $11,326,017 $14,796,515 
 
(a)Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million.
(b)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million.
v3.24.0.1
Inventory And Land Held For Sale
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventory and land held for sale Inventory and land held for sale
Major components of inventory at December 31, 2023 and 2022 were ($000’s omitted):
20232022
Homes under construction$5,262,850 $5,440,186 
Land under development5,805,993 5,134,432 
Raw land606,005 679,341 
Consolidated inventory not owned (a)
120,522 72,058 
$11,795,370 $11,326,017 

(a)    Consolidated inventory not owned includes land sold to third parties for which the Company retains a repurchase option.

In all periods presented, we capitalized all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels. Activity related to interest capitalized into inventory is as follows ($000’s omitted):
 Years Ended December 31,
 202320222021
Interest in inventory, beginning of period$137,262 $160,756 $193,409 
Interest capitalized126,040 130,051 129,380 
Interest expensed(124,224)(153,545)(162,033)
Interest in inventory, end of period$139,078 $137,262 $160,756 

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 (expense), 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 December 31, 2023 or 2022 because we determined that we were not the primary beneficiary. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the applicable land option agreements. The following provides a summary of our interests in land option agreements ($000’s omitted):
 
 December 31, 2023December 31, 2022
 Deposits and
Pre-acquisition
Costs		Remaining Purchase
Price		Deposits and
Pre-acquisition
Costs		Remaining Purchase
Price
Land options with VIEs$238,070 $1,916,558 $213,895 $2,130,398 
Other land options466,139 4,531,566 264,860 3,269,843 
$704,209 $6,448,124 $478,755 $5,400,241 

Land-related charges

We recorded the following land-related charges ($000's omitted):
Statement of Operations Classification202320222021
Net realizable value adjustments ("NRV") - land held for saleLand sale and other cost of revenues$— $107 $19 
Land impairmentsHome sale cost of revenues19,603 2,990 — 
Write-offs of deposits and pre-acquisition costsOther income (expense), net23,512 63,559 12,283 
Total land-related charges$43,115 $66,656 $12,302 

Our evaluations for land-related charges are based on our best estimates of the future cash flows for 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.
v3.24.0.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment information Segment information
Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. Home sale revenues for detached and attached homes were $13.1 billion and $2.5 billion in 2023, $13.2 billion and $2.3 billion in 2022, and $11.1 billion and $2.1 billion in 2021, respectively. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:

Northeast:Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia
Southeast:Georgia, North Carolina, South Carolina, Tennessee
Florida:Florida
Midwest:Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio
Texas:Texas
West:Arizona, California, Colorado, Nevada, New Mexico, 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. The Financial Services segment operates generally in the same markets as the Homebuilding segments. Evaluation of segment performance is generally based on income before income taxes. Each reportable segment generally follows the same accounting policies described in Note 1.
 Operating Data by Segment ($000’s omitted)
Years Ended December 31,
 202320222021
Revenues (a):
Northeast$969,628 $1,063,568 $1,112,778 
Southeast2,675,213 2,764,945 2,208,345 
Florida4,740,387 3,930,828 3,108,017 
Midwest2,089,257 2,292,871 1,959,752 
Texas2,069,467 2,193,295 1,768,895 
West3,196,871 3,445,756 3,189,676 
15,740,823 15,691,263 13,347,463 
Financial Services320,755 311,716 389,532 
Consolidated revenues$16,061,578 $16,002,979 $13,736,995 
Income before income taxes (a)(b):
Northeast$218,159 $244,233 $215,193 
Southeast620,969 692,279 417,880 
Florida1,212,675 939,034 585,680 
Midwest368,321 363,028 287,956 
Texas389,085 465,461 322,979 
West (c)
419,635 687,403 592,845 
Other homebuilding (d)
87,231 (84,110)(134,405)
3,316,075 3,307,328 2,288,128 
Financial Services133,192 132,230 221,717 
Consolidated income before income taxes$3,449,267 $3,439,558 $2,509,845 

(a)All periods reflect the reclassification of closing cost incentives to home sale revenues from home sale cost of revenues (Note 1).
(b)Includes certain land-related charges (see the following table and Note 2).
(c)    West includes a gain of $49.1 million related to a property sale in an unconsolidated entity in 2022.
(d)     Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Also included are insurance reserve reversals of $130.8 million, $65.0 million, and $81.1 million in 2023, 2022 and 2021, respectively, partially offset by a loss on debt retirement of $61.5 million in 2021 (Note 5).
Operating Data by Segment ($000's omitted)
Years Ended December 31,
202320222021
Land-related charges*:
Northeast$497 $4,597 $1,433 
Southeast7,853 18,381 5,365 
Florida2,683 13,515 1,088 
Midwest7,786 6,517 2,150 
Texas3,661 6,745 1,357 
West19,343 16,406 909 
Other homebuilding1,292 495 — 
$43,115 $66,656 $12,302 

*    Land-related charges include land impairments, NRV adjustments for land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. See Note 2 for additional discussion of these charges.

 Operating Data by Segment ($000's omitted)
Years Ended December 31,
 202320222021
Depreciation and amortization:
Northeast$3,365 $2,956 $2,631 
Southeast6,056 5,151 4,765 
Florida13,471 11,720 8,823 
Midwest8,207 7,035 6,332 
Texas6,214 5,591 4,989 
West12,438 11,840 11,898 
Other homebuilding22,992 19,929 24,811 
72,743 64,222 64,249 
Financial Services8,081 6,696 5,704 
$80,824 $70,918 $69,953 
 Operating Data by Segment
($000's omitted)
December 31, 2023
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$312,903 $337,130 $4,091 $— $654,124 $775,316 
Southeast786,698 826,240 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 
Midwest621,144 685,139 14,265 3,472 1,324,020 1,476,166 
Texas634,574 721,032 101,394 40,948 1,497,948 1,686,609 
West1,473,617 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 
 December 31, 2022
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$321,687 $241,897 $45,455 $— $609,039 $700,413 
Southeast793,539 544,867 102,336 20,169 1,460,911 1,668,053 
Florida (a)
1,417,657 1,081,836 125,253 51,889 2,676,635 3,195,091 
Midwest523,194 689,541 22,467 — 1,235,202 1,382,227 
Texas690,622 726,342 133,300 — 1,550,264 1,735,683 
West1,662,251 1,528,863 238,758 — 3,429,872 3,771,808 
Other homebuilding (b)
31,236 321,086 11,772 — 364,094 1,470,919 
5,440,186 5,134,432 679,341 72,058 11,326,017 13,924,194 
Financial Services— — — — — 872,321 
$5,440,186 $5,134,432 $679,341 $72,058 $11,326,017 $14,796,515 
 
(a)Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million.
(b)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million.
v3.24.0.1
Investments In Unconsolidated Entities
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investments In unconsolidated entities Investments in unconsolidated entities
We participate in a number of joint ventures and other investments with independent third parties. These entities generally purchase, develop, and sell land, including selling land to us for use in our homebuilding operations. Our investments in such entities totaled $166.9 million and $146.8 million at December 31, 2023 and 2022, respectively. In 2023, 2022, and 2021, we recognized earnings from unconsolidated joint ventures of $4.6 million , $50.7 million , and $17.2 million, respectively. We received distributions of capital from our unconsolidated joint ventures of $3.3 million, $21.7 million, and $53.9 million in 2023, 2022, and 2021, respectively. We made capital contributions to our unconsolidated joint ventures of $23.4 million, $64.7 million, and $101.6 million in 2023, 2022, and 2021, respectively.

At December 31, 2023, aggregate outstanding debt of unconsolidated joint ventures was $73.5 million, of which $33.2 million related to one joint venture in which we have a 50% interest. In connection with this loan, we and our joint venture partner
provided customary limited recourse guaranties in which our maximum financial loss exposure is limited to our pro rata share of the debt outstanding.

The timing of cash flows related to a joint venture and any related financing agreements varies by agreement. If additional capital contributions are required and approved by the joint venture, we would need to contribute our pro rata portion of those capital needs in order to not dilute our ownership in the joint ventures. While future capital contributions may be required, we believe the total amount of such contributions will be limited. Our maximum financial exposure related to joint ventures is unlikely to exceed the combined investment and limited recourse guaranty totals.
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Our notes payable are summarized as follows ($000’s omitted):
 December 31,
 20232022
5.500% unsecured senior notes due March 2026 (a)
$455,424 $500,000 
5.000% unsecured senior notes due January 2027 (a)
443,875 500,000 
7.875% unsecured senior notes due June 2032 (a)
300,000 300,000 
6.375% unsecured senior notes due May 2033 (a)
400,000 400,000 
6.000% unsecured senior notes due February 2035 (a)
300,000 300,000 
Net premiums, discounts, and issuance costs (b)
(8,047)(9,701)
Total senior notes$1,891,252 $1,990,299 
Other notes payable70,966 55,228 
Notes payable$1,962,218 $2,045,527 
Estimated fair value$2,080,187 $2,079,218 

(a)Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.
(b)The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.

The indentures governing the senior notes impose certain restrictions on the incurrence of additional debt along with other limitations. At December 31, 2023, we were in compliance with all of the covenants and requirements under the senior notes.

We retired outstanding debt totaling $123.3 million, $4.9 million, and $836.9 million during 2023, 2022, and 2021, respectively. The retirements in 2023 included open market repurchases of $44.6 million and $56.1 million of our unsecured senior notes scheduled to mature in 2026 and 2027, respectively. The retirements in 2021 included a tender offer to retire $200.0 million and $100.0 million of our unsecured notes scheduled to mature in 2026 and 2027, respectively. The retirement in 2021 resulted in a loss of $61.5 million that included the write-off of debt issuance costs, unamortized discounts and premiums, and transaction fees related to the repurchased debt and which is reflected in other income (expense), net.

Other notes payable

Other notes payable include non-recourse and limited recourse collateralized notes with third parties that totaled $71.0 million and $55.2 million at December 31, 2023 and 2022, 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 any other assets. The stated interest rates on these notes range up to 6%. We recorded inventory through seller financing of $46.7 million, $39.1 million, and $50.9 million in 2023, 2022, and 2021, respectively.

Revolving credit facility

We maintain a revolving credit facility ("Revolving Credit Facility") maturing in June 2027 that has a maximum borrowing capacity of $1.3 billion and contains an uncommitted accordion feature that could increase the capacity to $1.8 billion, subject to certain conditions and availability of additional bank commitments. The Revolving Credit Facility also provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, up to the
maximum borrowing capacity. The interest rate on borrowings under the Revolving Credit Facility may be based on either the Secured Overnight Financing Rate or a base rate plus an applicable margin, as defined therein. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of December 31, 2023, we were in compliance with all covenants. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

At 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. At December 31, 2022, we had no borrowings outstanding, $303.4 million of letters of credit issued, and $946.6 million of remaining capacity under the Revolving Credit Facility.

Financial Services debt

In August 2023, Pulte Mortgage entered into a master repurchase agreement (the "Repurchase Agreement"), which matures on August 14, 2024. The Repurchase Agreement replaced a substantially similar agreement that previously existed with different lenders. The maximum aggregate commitment was $850.0 million during the seasonally high borrowing period from December 27, 2023 through January 15, 2024. At all other times, the maximum aggregate commitment ranges from $600.0 million to $700.0 million. The Repurchase Agreement also contains an accordion feature that could increase the commitment by $50.0 million above its active commitment level. The purpose of the changes in capacity during the term of the agreement is to lower associated fees during seasonally lower volume periods of mortgage origination activity. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. 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 Repurchase Agreement. At December 31, 2022, Pulte Mortgage had $586.7 million outstanding at a weighted average interest rate of 5.39% and $213.3 million of remaining capacity under the Repurchase Agreement. Pulte Mortgage was in compliance with its covenants and requirements as of such dates.
v3.24.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Shareholders' equity Shareholders’ equity
We declared quarterly cash dividends totaling $149.8 million, $143.1 million, and $148.1 million in 2023, 2022, and 2021, respectively. Under a share repurchase program authorized by our Board of Directors, we repurchased 13.8 million, 24.2 million, and 17.7 million shares in 2023, 2022, and 2021, respectively, for a total of $1.0 billion, $1.1 billion, and $897.3 million in 2023, 2022, and 2021, respectively. On April 24, 2023, the Board of Directors increased our share repurchase authorization by $1.0 billion. At December 31, 2023, we had remaining authorization to repurchase $382.9 million of common shares. On January 29, 2024, the Board of Directors increased our share repurchase authorization by $1.5 billion.

Under our stock compensation plans, we accept shares as payment under certain conditions related to stock option exercises and vesting of restricted shares and share units, generally related to the payment of tax obligations. During 2023, 2022, and 2021, employees surrendered shares valued at $12.0 million, $14.3 million, and $10.8 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.
v3.24.0.1
Stock Compensation Plans
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock compensation plans Stock compensation plans
We maintain a stock award plan for both employees and non-employee directors. The plan provides for the grant of a variety of equity awards, including time-based and performance-based restricted share units ("RSUs") to key employees for periods not to exceed ten years. Non-employee directors are awarded an annual distribution of common shares. RSUs represent the right to receive an equal number of common shares and are converted into common shares upon distribution. Time-based RSUs generally cliff vest after three years, and RSU holders earn cash or accrued dividends during the vesting period. Performance-based RSUs vest upon attainment of the stated performance targets and minimum service requirements and are converted into common shares upon distribution. As of December 31, 2023, there were 10.6 million shares that remained available for grant under the plan. Our stock compensation expense is presented below ($000's omitted):
202320222021
RSUs$28,112 $33,323 $25,192 
Other long-term incentive plans20,088 9,666 11,553 
$48,200 $42,989 $36,745 
RSUs

A summary of RSUs is presented below (000’s omitted, except per share data):

 
 202320222021
 SharesWeighted-
Average
Per Share
Grant Date
Fair Value		SharesWeighted-
Average
Per Share
Grant Date
Fair Value		SharesWeighted-
Average
Per Share
Grant Date
Fair Value
Outstanding, beginning of
       year		1,628 $48 1,995 $39 2,001 $33 
Granted714 59 550 54 720 47 
Distributed(550)44 (813)28 (642)30 
Forfeited(133)52 (104)48 (84)38 
Outstanding, end of year1,659 $54 1,628 $48 1,995 $39 

During 2023, 2022, and 2021, the total fair value of shares vested during the year was $33.8 million, $40.5 million, and $30.5 million, respectively. Unamortized compensation cost related to share awards was $29.5 million at December 31, 2023. These costs will be expensed over a weighted-average period of approximately two years. Additionally, there were 0.2 million deferred shares at December 31, 2023, that had vested but had not yet been paid out because the payout date had been deferred by the holders.

Other long-term incentive plans

We maintain long-term incentive plans for senior management and other employees that provide awards based on the achievement of stated performance targets over three-year periods. Awards are denominated in either restricted stock units or dollars that are settled in common shares based on the stock price at the end of the performance period. We recognize the expense associated with the awards based on the probability of achieving the stated performance targets at each reporting period.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
Components of current and deferred income tax expense (benefit) are as follows ($000’s omitted):
 
202320222021
Current expense
Federal$622,205 $615,434 $430,686 
State and other120,424 100,223 73,671 
$742,629 $715,657 $504,357 
Deferred expense
Federal$72,854 $55,653 $57,743 
State and other31,412 50,931 1,425 
$104,266 $106,584 $59,168 
Income tax expense$846,895 $822,241 $563,525 
The following table reconciles the statutory federal income tax rate to the effective income tax rate:
 
202320222021
Income taxes at federal statutory rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal tax3.5 3.4 3.3 
Federal tax credits(0.2)(0.9)(1.2)
Deferred tax asset valuation allowance— 0.4 (0.8)
Other0.3 — 0.2 
Effective rate24.6 %23.9 %22.5 %

The effective tax rates differ from the federal statutory rate primarily due to state income tax expense, benefits associated with federal energy efficient home credits, and changes in valuation allowances relating to projected utilization of certain state net operating loss ("NOL") carryforwards.

Deferred tax assets and liabilities reflect temporary differences arising from the different treatment of items for tax and accounting purposes. Components of our net deferred tax liability are as follows ($000’s omitted):
 
 At December 31,
 20232022
Deferred tax assets:
Accrued insurance$140,126 $138,289 
Inventory valuation reserves58,819 58,339 
Capitalized inventory expenses39,037 32,620 
State NOL carryforwards83,601 105,609 
Other65,432 66,500 
387,015 401,357 
Deferred tax liabilities:
Deferred income(537,855)(439,863)
Fixed assets and intangibles(27,890)(31,921)
Other(33,909)(31,802)
(599,654)(503,586)
Valuation allowance(24,756)(30,869)
Net deferred tax liability$(237,395)$(133,098)

We have state NOLs in various jurisdictions that may generally be carried forward up to 20 years, depending on the jurisdiction. Our state NOL carryforward deferred tax assets will expire if unused at various dates as follows: $10.7 million from 2024 to 2028 and $72.9 million from 2029 and thereafter.

We evaluate our deferred tax assets each period to determine if a valuation allowance is required based on whether it is "more likely than not" that some portion of the deferred tax assets would not be realized. The ultimate realization of these deferred tax assets is dependent upon the generation of sufficient taxable income during future periods. We conduct our evaluation by considering all available positive and negative evidence, including, among other factors, historical operating results, forecasts of future profitability, the duration of statutory carryforward periods, and the outlooks for the U.S. housing industry and broader economy.
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 our 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 $58.2 million and $23.6 million of gross unrecognized tax benefits at December 31, 2023 and 2022, respectively. If recognized, $46.0 million and $18.7 million, respectively, of these
amounts would impact our effective tax rate. Additionally, we had accrued interest and penalties of $6.3 million and $4.1 million at December 31, 2023 and 2022, respectively.

We do not expect the total amount of gross unrecognized tax benefits to increase or decrease by a material amount within the next twelve months. A reconciliation of the change in the unrecognized tax benefits is as follows ($000’s omitted):

 
202320222021
Unrecognized tax benefits, beginning of period$23,612 $22,536 $30,855 
Increases related to positions taken during a prior period34,687 — 1,428 
Decreases related to positions taken during a prior period— (303)(8,896)
Increases related to positions taken during the current period— 1,450 267 
Decreases related to lapse of the applicable statute of limitations(71)(71)(1,118)
Unrecognized tax benefits, end of period$58,228 $23,612 $22,536 

We continue to participate in the Compliance Assurance Process (“CAP”) with the IRS as an alternative to the traditional IRS examination process. Through the CAP program, we work with the IRS to achieve tax compliance by resolving issues prior to filing the tax return. We are also currently under examination by state taxing jurisdictions and anticipate finalizing certain of the examinations within the next twelve months. The outcome of these examinations is not yet determinable, and we are not aware of unrecorded liabilities. The statute of limitations for our major tax jurisdictions generally remains open for examination for tax years 2019 to 2023.
v3.24.0.1
Fair Value Disclosures
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair value disclosures Fair value disclosures
ASC 820, "Fair Value Measurements and Disclosures," provides a framework for measuring fair value in generally accepted accounting principles and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows: 
Level 1Fair value determined based on quoted prices in active markets for identical assets or liabilities.
Level 2Fair 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 3Fair 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 InstrumentFair Value
Hierarchy		Fair Value
December 31,
2023		December 31,
2022
Measured at fair value on a recurring basis:
Residential mortgage loans available-for-saleLevel 2$516,064 $677,207 
IRLCsLevel 22,420 9,258 
Forward contractsLevel 2(25,994)(16,709)
Whole loan commitmentsLevel 2(23)641 
Measured at fair value on a non-recurring basis:
House and land inventoryLevel 3$12,906 $10,873 
Disclosed at fair value:
Cash and equivalents (including restricted cash)Level 1$1,849,177 $1,094,553 
Financial Services debtLevel 2499,627 586,711 
Senior notes payableLevel 22,009,221 2,023,990 
Other notes payableLevel 270,966 55,228 

Fair values for agency residential mortgage loans available-for-sale are determined based on quoted market prices for comparable instruments. Fair values for non-agency residential mortgage loans available-for-sale are determined based on purchase commitments from whole loan investor. 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. See Note 1 for a more detailed discussion of these derivative instruments.

Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The non-recurring fair values included in the above table represent only those assets whose carrying values were adjusted to fair value during the quarterly period ended as of the respective balance sheet dates. See Note 1 for a more detailed discussion of the valuation methods used for inventory.

The carrying amounts of cash and equivalents, Financial Services debt, Other notes payable and the Revolving Credit Facility approximate their fair values due to their short-term nature and floating interest rate terms. The fair values of the Senior notes payable 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 the senior notes payable was $1.9 billion at December 31, 2023 and $2.0 billion at December 31, 2022.
v3.24.0.1
Other Assets and Accrued and Other Liabilities
 12 Months Ended
Dec. 31, 2023
Other Assets and Accrued and Other Liabilities [Abstract]  
Other assets and accrued and other liabilities Other assets and accrued and other liabilities
Other assets are presented below ($000’s omitted):
 
 December 31,
20232022
Accounts and notes receivable:
Insurance receivables (Note 11)
$26,928 $43,746 
Other receivables179,249 193,047 
206,177 236,793 
Deposits and pre-acquisition costs (Note 1)
704,209 478,755 
Prepaid expenses245,035 223,524 
Property and equipment, net (Note 1)
221,488 200,262 
Right-of-use assets (Note 11)
77,400 73,485 
Income taxes receivable29,950 24,281 
Other61,408 54,472 
$1,545,667 $1,291,572 

We record receivables from various parties in the normal course of business, including amounts due from insurance companies (Note 11) and municipalities. In certain instances, we may accept consideration for land sales or other transactions in the form of a note receivable.

Accrued and other liabilities are presented below ($000’s omitted):

 
 December 31,
 20232022
Self-insurance liabilities (Note 11)
$563,103 $635,857 
Compensation-related liabilities250,372 239,459 
Land development and construction liabilities144,121 156,318 
Liabilities related to consolidated inventory not owned (Note 2)
120,522 72,058 
Warranty liabilities (Note 11)
120,393 108,348 
Lease liabilities (Note 11)
91,554 90,083 
Income tax liabilities62,400 98,709 
Dividends payable (Note 6)
43,916 36,696 
Accrued interest36,433 41,135 
Loan origination liabilities (Note 11)
10,493 12,378 
Other (a)
202,383 194,161 
$1,645,690 $1,685,202 
 

(a)Other liabilities primarily include liabilities associated with property taxes, forward contracts on mortgage-backed securities, and other miscellaneous liabilities.
v3.24.0.1
Commitments And Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
Loan origination liabilities

Our mortgage operations may be responsible for losses associated with mortgage loans originated and sold to investors in the event of errors or omissions relating to representations and warranties made by us that the loans met certain requirements, including representations as to underwriting standards, the existence of primary mortgage insurance, and the validity of certain borrower representations in connection with the loan. If a loan is determined to be faulty, we either indemnify the investor for
potential future losses, repurchase the loan from the investor, or reimburse the investor's actual losses. Reserves provided are reflected in Financial Services expenses, and liabilities related to these exposures totaled $10.5 million and $12.4 million at December 31, 2023 and 2022, respectively.
Given the unsettled claims, changes in values of underlying collateral over time, and other uncertainties regarding the ultimate resolution of known and potential claims, actual costs could differ from our current estimates.

Letters of credit and surety bonds

In the normal course of business, we post letters of credit and surety bonds pursuant to certain performance-related obligations, as security for certain land option agreements, and under various insurance programs. The majority of these letters of credit and surety bonds are in support of our land development and construction obligations to various municipalities, other government agencies, and utility companies related to the construction of roads, sewers, and other infrastructure. We had outstanding letters of credit and surety bonds totaling $312.7 million and $2.4 billion, respectively, at December 31, 2023, and $303.4 million and $2.2 billion, respectively, at December 31, 2022. In the event any such letter of credit or surety bonds is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond. We do not believe that a material amount, if any, of the letters of credit or surety bonds will be drawn. 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 the applicable projects but has not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed.

Litigation and regulatory matters

We are involved in 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 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

Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the projected cost of claims. 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 in warranty liabilities were as follows ($000’s omitted):

 
202320222021
Warranty liabilities, beginning of period$108,348 $107,117 $82,744 
Reserves provided107,522 85,011 93,919 
Payments(99,613)(90,508)(73,760)
Other adjustments4,136 6,728 4,214 
Warranty liabilities, end of period$120,393 $108,348 $107,117 
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 our own self-insured per occurrence and aggregate retentions, deductibles, policies issued by our captive insurance subsidiaries, and any potential claims in excess of available insurance policy limits.
Our general liability insurance includes coverage for certain construction defects. While construction defect claims may relate to a variety of issues, the majority of our claims relate to alleged problems with siding, windows, roofing, and foundations. The availability of general liability insurance for the homebuilding industry and its subcontractors has become increasingly limited, and the insurance policies available require companies to retain significant per occurrence and aggregate retention levels. In certain instances, we may offer our subcontractors the opportunity to purchase general liability insurance through one of our captive insurance subsidiaries or participate in a project-specific insurance program. Policies issued by our captive insurance subsidiaries represent self-insurance of these risks by us. This self-insured exposure is limited by reinsurance policies that we purchase. General liability coverage for the homebuilding industry is complex, and our coverage varies from policy year to policy year. Our insurance coverage requires a per occurrence retention up to an overall aggregate amount. Amounts paid to resolve insured claims 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 the purchased coverage levels. Our insurance policies, including the captive insurance subsidiaries' reinsurance policies, are maintained with highly-rated carriers 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 omission, workers compensation, and other business insurance coverage. We reserve for costs associated with these claims (including expected claims management expenses) on an undiscounted basis at the time revenue is recognized for each home closing and 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 $563.1 million and $635.9 million at December 31, 2023 and 2022, respectively, the vast majority of which relate to general liability claims. The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses. Liabilities related to IBNR and related claim expenses represented approximately 77% and 74% of the total general liability reserves at December 31, 2023 and 2022, 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 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. During 2023, 2022, and 2021, we reduced reserves, primarily general liability reserves, by $130.8 million, $65.0 million, and $81.1 million, respectively, as a result of changes in estimates resulting from actual claim experience observed 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 significant 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. Rather, the adjustments reflect an overall lower level of losses related to construction defect claims in recent years as compared with our previous experience. We attribute the favorable experience in more recent years to a variety of factors, including improved construction techniques, rising home values, and increased participation from our subcontractors in resolving 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):
202320222021
Balance, beginning of period$635,857 $627,067 $641,779 
Reserves provided92,399 111,067 90,863 
Adjustments to previously recorded reserves(130,841)(64,965)(81,131)
Payments, net (a)
(34,312)(37,312)(24,444)
Balance, end of period$563,103 $635,857 $627,067 

(a)Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below).

Estimates of anticipated recoveries of our costs under various insurance policies or from subcontractors or other third parties are recorded when recovery is considered probable. Such receivables are recorded in other assets and totaled $26.9 million and $43.7 million at December 31, 2023 and 2022, respectively. The insurance receivables relate to costs incurred or to be incurred to perform corrective repairs, settle claims with customers, and other costs related to the continued progression of both known and anticipated future construction defect claims that we believe to be insured related to previously closed homes. Given the complexity inherent with resolving construction defect claims in the homebuilding industry, there generally exists a significant lag between our payment of claims and our reimbursements from applicable insurance carriers or third parties.

Leases

We lease certain office space and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets and leasehold improvements are limited to the expected lease term. Certain of our lease agreements include rental payments based on a pro-rata share of the lessor’s operating costs, which are variable in nature. Our lease agreements do not contain any residual value guarantees or material restrictive covenants.
    
ROU assets are classified within other assets on the balance sheet, while lease liabilities are classified within accrued and other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets and lease liabilities were $77.4 million and $91.6 million, respectively, at December 31, 2023, and $73.5 million and $90.1 million, respectively, at December 31, 2022. We recorded an additional $20.6 million and $14.5 million of lease liabilities under operating leases during 2023 and 2022, respectively. Payments on lease liabilities during 2023, 2022, and 2021 totaled $23.4 million, $21.9 million, and $20.8 million respectively.

Lease expense includes costs for leases with terms in excess of one year as well as short-term leases with terms of less than one year. Our total lease expense was $56.4 million, $54.8 million, and $43.3 million during 2023, 2022, and 2021, respectively. Our total lease expense in 2023, 2022, and 2021 is inclusive of variable lease costs of $11.8 million, $9.9 million, and $7.7 million respectively, and short-term lease costs of $17.3 million, $21.2 million, and $14.2 million, respectively. Sublease income was de minimis. The future minimum lease payments required under our leases as of December 31, 2023 were as follows ($000's omitted):
Years Ending December 31,
2024$26,793 
202521,746 
202615,880 
202712,292 
20289,715 
Thereafter14,478 
Total lease payments (a)
100,904 
Less: Interest (b)
(9,350)
Present value of lease liabilities (c)
$91,554 

(a)     Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $4.4 million of legally binding minimum lease payments for leases signed but not yet commenced at December 31, 2023.
(b)     Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.
(c)     The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 4.8 years and 4.1%, respectively, at December 31, 2023.
v3.24.0.1
Summary of Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Consolidation Policy
The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of PulteGroup, Inc. and all of its direct and indirect subsidiaries and variable interest entities in which PulteGroup, Inc. is deemed to be the primary beneficiary. All significant intercompany accounts, transactions, and balances have been eliminated in consolidation.
Use of Estimates Policy
Use of estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassifications
Reclassifications

Effective with our first quarter 2023 reporting, we reclassified our closing cost incentives provided to customers, including seller-paid financing costs, from home sale cost of revenues to home sale revenues. All prior period amounts have been reclassified to conform to the current presentation. As a result, all sales incentives provided to customers are classified as a reduction of home sale revenues. This reclassification had the effect of reducing both home sale revenues and home sale cost of revenues by the amount of such closing cost incentives, which totaled $226.0 million and $189.9 million for the years ended December 31, 2022 and 2021, respectively.
Subsequent Events Policy
We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission ("SEC").
Cash and Equivalents Policy
Cash and equivalents include institutional money market investments and time deposits with an original maturity of three months or less. Cash and equivalents at December 31, 2023 and 2022 also included $43.2 million and $42.9 million, respectively, of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit.
Restricted Cash Policy We maintain certain cash balances that are restricted as to their use, including customer deposits on home sales that are temporarily restricted by regulatory requirements in certain states until title transfers to the homebuyer.
Investments in Unconsolidated Entities Policy
We have investments in a number of unconsolidated entities, including joint ventures, with independent third parties. The equity method of accounting is used for unconsolidated entities over which we have significant influence; generally this represents ownership interests of at least 20% and not more than 50%. Under the equity method of accounting, we recognize our proportionate share of the earnings and losses of these entities. Certain of these entities sell land to us. We defer the recognition of profits from such activities until the time we ultimately sell the related land.
We evaluate our investments in unconsolidated entities for recoverability in accordance with ASC 323, “Investments – Equity Method and Joint Ventures”. If we determine that a loss in the value of the investment is other than temporary, we write down the investment to its estimated fair value. Any such losses are recorded to equity in (earnings) loss of unconsolidated entities, which is reflected in other income (expense), net. Due to uncertainties in the estimation process and the significant volatility in demand for new housing, actual results could differ significantly from such estimates. See Note 4.
Intangible Assets Policy
Goodwill, which represents the cost of acquired businesses in excess of the fair value of the net assets of such businesses at the acquisition date, totaled $68.9 million at both December 31, 2023 and 2022. We assess goodwill for impairment annually in the fourth quarter and if events or changes in circumstances indicate the carrying amount may not be recoverable.

Intangible assets consist of primarily of tradenames acquired in connection with acquisitions and totaled $56.3 million, net of accumulated amortization of $98.2 million, at December 31, 2023, and $66.9 million, net of accumulated amortization of $87.7 million, at December 31, 2022. Such tradenames are generally being amortized over 20-year lives. Amortization expense totaled $10.5 million, $11.1 million, and $16.5 million in 2023, 2022 and 2021, respectively, and is expected to be $10.0 million in 2024, $9.3 million in 2025, $8.9 million in 2026, $6.5 million in 2027, and $6.3 million in 2028. The ultimate realization of these assets is dependent upon the future cash flows and benefits that we expect to generate from their use. We assess intangibles for impairment if events or changes in circumstances indicate the carrying amount may not be recoverable.
Property and Equipment, Net and Depreciation Policy
Property and equipment are recorded at cost. Maintenance and repair costs are expensed as incurred. Depreciation is computed by the straight-line method based upon estimated useful lives as follows: office furniture and equipment - 3 to 10 years; leasehold improvements - life of the lease; software and hardware - 3 to 5 years; model park improvements and furnishings - 1 to 5 years. Property and equipment are included in other assets and totaled $221.5 million net of accumulated depreciation of $264.4 million at December 31, 2023 and $200.3 million net of accumulated depreciation of $242.3 million at December 31, 2022. Depreciation expense totaled $70.3 million, $59.8 million, and $53.5 million in 2023, 2022, and 2021, respectively.
Advertising Costs Policy
Advertising costs are expensed to selling, general, and administrative expense as incurred and totaled $57.5 million, $61.6 million, and $47.2 million, in 2023, 2022, and 2021, respectively.
Employee Benefits Policy
We maintain a defined contribution retirement plan that covers substantially all of our employees. Company contributions to the plan totaled $27.8 million, $27.6 million, and $23.4 million in 2023, 2022, and 2021, respectively.
Earnings Per Share Policy
Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares, 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. Anti-dilutive shares were immaterial in 2023, 2022, and 2021.
In accordance with ASC 260 "Earnings Per Share", the two-class method determines earnings per share for each class of common share and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. Our outstanding restricted share units and deferred shares are considered participating securities
Share-based Compensation Policy
We measure compensation cost for share-based compensation on the grant date. Fair value for restricted share units is determined based on the quoted price of our common shares on the grant date. We recognize compensation expense for restricted share units, the majority of which cliff vest at the end of three years, ratably over the vesting period. For share-based awards containing performance conditions, we recognize compensation expense ratably over the vesting period when it is probable that the stated performance targets will be achieved and record cumulative adjustments in the period in which estimates change. Compensation expense related to our share-based awards is included in selling, general, and administrative expense, except for a small portion recognized in Financial Services expenses. Forfeitures of share-based awards are recognized as a reduction of expense as incurred. See Note 7.
Income Taxes Policy
The provision for income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are recognized by identifying the temporary differences arising from the different treatment of items for tax and accounting purposes. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, judgment is required. Differences between estimated and actual results could result in changes in the valuation of our 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 including the valuation and realization of deferred tax assets and liabilities 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 follow the provisions of ASC 740, "Income Taxes", which prescribes a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Significant judgment is required to evaluate uncertain tax positions. Our evaluations of tax positions consider a variety of factors, including relevant facts and circumstances, applicable tax law, correspondence with taxing authorities, and effective settlements of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in material increases or decreases in income tax expense (benefit) in the period in which the change is made. Interest and penalties related to income taxes and unrecognized tax benefits are recognized as a component of income tax expense (benefit). See Note 8.
Homebuilding Revenue Recognition Policy
Revenue recognition

Home sale revenues - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied at the home closing date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposit liabilities related to sold but undelivered homes, which totaled $675.1 million and $783.6 million at December 31, 2023 and 2022, respectively. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. See Note 11 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. Other 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 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 until the loans are sold. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received.
Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Insurance agency commissions relate to commissions on home 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 $74.0 million and $57.3 million at December 31, 2023 and 2022, respectively.
Sales Incentives Policy
Sales incentives primarily relate to discounts on the selling price of the home, payment of closing costs, or free products or services offered to the customer. Sales incentives are recorded as a reduction of home sale revenues.
Inventory and Cost of Revenues Policy
Inventory is stated at cost unless the carrying value is determined to not be recoverable, in which case the affected inventory is written down to fair value. Cost includes land acquisition, land development, and home construction costs, including interest, real estate taxes, and certain direct and indirect overhead costs related to development and construction. For those communities for which construction and development activities have been idled, applicable interest and real estate taxes are expensed as incurred. Land acquisition and development costs are allocated to individual lots using an average lot cost determined based on the total expected land acquisition and development costs and the total expected home closings for the community. The specific identification method is used to accumulate home construction costs.

We capitalize interest cost into homebuilding inventories. Each layer of capitalized interest is amortized over a period that approximates the average life of communities under development. Interest expense is allocated over the period based on the timing of home closings.

Cost of revenues includes the construction cost, average lot cost, and estimated warranty costs applicable to the home. Sales commissions are classified within selling, general, and administrative expenses. The construction cost of the home includes amounts paid through the closing date of the home, plus an accrual for costs incurred but not yet paid. Total community land acquisition and development costs are based on an analysis of budgeted costs compared with actual costs incurred to date and estimates to complete. The development cycles for our communities range from under one year to in excess of ten years for certain master planned communities. Adjustments to estimated total land acquisition and development costs for the community affect the amounts costed for the community’s remaining lots.
    
We test inventory for impairment when events and circumstances indicate that the undiscounted cash flows estimated to be generated by the community may be less than its carrying amount. Such indicators include gross margins or sales paces significantly below expectations, construction costs or land development costs significantly in excess of budgeted amounts, significant delays or changes in the planned development or strategy for the community, and other known qualitative factors. Communities that demonstrate potential impairment indicators are tested for impairment by comparing the expected undiscounted cash flows for the community to its carrying value. For those communities whose carrying values exceed the expected undiscounted cash flows, we estimate the fair value of the community, and impairment charges are recorded if the fair value of the community's inventory is less than its carrying value. See
Land Held for Sale Policy 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 held for sale is recorded at the lower of cost or fair value less costs to sell. In determining the fair value of land held for sale, we consider recent offers received, prices for land in recent comparable sales transactions, and other factors. We record net realizable value adjustments for land held for sale within Homebuilding land sale cost of revenues. See Note 2
Allowance for Warranties Policy
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 a liability in the amount of such costs at the time revenue is recognized
Self-insured Risks Policy We maintain, and require the majority of our subcontractors to maintain, general liability insurance coverage, including coverage for certain construction defects. 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, subject to certain self-insured per occurrence and aggregate retentions, deductibles, and available policy limits. However, we retain a significant portion of the overall risk for such claims. We reserve for these costs on an undiscounted basis at the time revenue is recognized for each home closing and evaluate the recorded liabilities based on actuarial analyses of our historical claims, which include estimates of claims incurred but not yet reported. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. In certain instances, we have the ability to recover a portion of our costs under various insurance policies or from our subcontractors or other third parties. Estimates of such amounts are recorded when recovery is considered probable. See Note 11.
Residential Mortgage Loans Available for Sale Policy
Substantially all of the loans originated by us and their related servicing rights are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. In accordance with ASC 825, “Financial Instruments”, we use the fair value option to record residential mortgage loans available-for-sale. Election of the fair value option for these loans allows a better offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. We do not designate any derivative instruments as hedges or apply the hedge accounting provisions of ASC 815, “Derivatives and Hedging". See Note 11 for discussion of the risks retained related to mortgage loan originations. 
Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of IRLCs that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of these loans are reflected in Financial Services revenues as they occur. At December 31, 2023 and 2022, residential mortgage loans available-for-sale had an aggregate fair value of $516.1 million and $677.2 million, respectively, and an aggregate outstanding principal balance of $508.5 million and $680.5 million, respectively. These changes in fair value were substantially offset by changes in fair value of the corresponding derivative instruments. Net gains from the sale of mortgages during 2023, 2022, and 2021 were $149.8 million, $157.3 million, and $251.3 million, respectively, and have been included in Financial Services revenues
Mortgage Servicing Rights Policy
Mortgage servicing rights

We sell the servicing rights for the loans we originate through fixed price servicing sales contracts to reduce the risks and costs inherent in servicing loans. This strategy results in owning the servicing rights for only a short period of time. The servicing sales contracts provide for the reimbursement of payments made by the purchaser if loans prepay within specified periods of time, generally within 90 to 120 days after sale. We establish reserves for this exposure at the time the sale is recorded. Such reserves were immaterial at December 31, 2023 and 2022.
Interest Income on Mortgage Loans Policy Interest income on mortgage loans is recorded in Financial Services revenues, accrued from the date a mortgage loan is originated until the loan is sold, and totaled $20.4 million, $14.2 million, and $10.0 million in 2023, 2022, and 2021, respectively. Loans are placed on non-accrual status once they become greater than 90 days past due their contractual terms. Subsequent payments received are applied according to the contractual terms of the loan. Mortgage discounts are not amortized as interest income due to the short period the loans are held until sale to third party investors
Derivative Instruments and Hedging Activities Policy
We are party to IRLCs with customers resulting from our mortgage origination operations. At December 31, 2023 and 2022, we had aggregate IRLCs of $404.7 million and $653.2 million, respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the
contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. We evaluate the creditworthiness of these transactions through our normal credit policies.

We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At December 31, 2023 and 2022, we had unexpired forward contracts of $745.0 million and $1.0 billion, respectively, and whole loan investor commitments of $207.9 million and $285.9 million, respectively. Changes in the fair value of IRLCs and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable.
There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs 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.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.
New Accounting Pronouncements Policy
New accounting pronouncements

In 2023, we adopted ASU 2020-04, "Reference Rate Reform (Topic 848)", as amended by ASU 2021-01 in January 2021, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the cessation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. Our adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements.
Inventory, Interest Capitalization Policy
We capitalize interest cost into homebuilding inventories. Each layer of capitalized interest is amortized over a period that approximates the average life of communities under development. Interest expense is allocated over the period based on the timing of home closings.
In all periods presented, we capitalized all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels
Fair Value of Financial Instruments Policy
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 investor. 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. See Note 1 for a more detailed discussion of these derivative instruments.

Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The non-recurring fair values included in the above table represent only those assets whose carrying values were adjusted to fair value during the quarterly period ended as of the respective balance sheet dates. See Note 1 for a more detailed discussion of the valuation methods used for inventory.
The carrying amounts of cash and equivalents, Financial Services debt, Other notes payable and the Revolving Credit Facility approximate their fair values due to their short-term nature and floating interest rate terms. The fair values of the Senior notes payable 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
Financing Receivables Policy We record receivables from various parties in the normal course of business, including amounts due from insurance companies (Note 11) and municipalities. In certain instances, we may accept consideration for land sales or other transactions in the form of a note receivable
Legal Reserves Policy
We are involved in 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 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.
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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Other Expense, Net
Other income (expense), net consists of the following ($000’s omitted): 
202320222021
Write-offs of deposits and pre-acquisition costs (Note 2)
$(23,512)$(63,559)$(12,283)
Amortization of intangible assets (Note 1)
(10,538)(11,118)(16,502)
Interest income61,533 1,971 1,953 
Interest expense(469)(284)(502)
Miscellaneous, net10,186 8,592 7,724 
Total other income (expense), net$37,200 $(64,398)$(19,610)
Schedule of Earnings Per Share of Common Stock The following table presents a reconciliation of the Numerator used in our earnings per common share calculation ($000's omitted):
December 31, 2023December 31, 2022December 31, 2021
Numerator:
Net income$2,602,372 $2,617,317 $1,946,320 
Less: earnings distributed to participating securities(511)(846)(1,218)
Less: undistributed earnings allocated to participating securities(8,990)(15,330)(15,117)
Numerator for basic earnings per share$2,592,871 $2,601,141 $1,929,985 
Add: undistributed earnings allocated to participating securities8,990 15,330 15,117 
Less: undistributed earnings reallocated to participating securities(8,923)(15,229)(15,080)
Numerator for diluted earnings per share$2,592,938 $2,601,242 $1,930,022 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair values of derivative instruments and their location in the Consolidated Balance Sheets are summarized below ($000’s omitted):

 
 December 31, 2023December 31, 2022
 Other AssetsOther LiabilitiesOther AssetsOther Liabilities
IRLCs$3,926 $1,506 $10,830 $1,572 
Forward contracts110 26,104 4,144 20,853 
Whole loan commitments24 47 806 165 
$4,060 $27,657 $15,780 $22,590 
Operating Data by Segment
 Operating Data by Segment ($000’s omitted)
Years Ended December 31,
 202320222021
Revenues (a):
Northeast$969,628 $1,063,568 $1,112,778 
Southeast2,675,213 2,764,945 2,208,345 
Florida4,740,387 3,930,828 3,108,017 
Midwest2,089,257 2,292,871 1,959,752 
Texas2,069,467 2,193,295 1,768,895 
West3,196,871 3,445,756 3,189,676 
15,740,823 15,691,263 13,347,463 
Financial Services320,755 311,716 389,532 
Consolidated revenues$16,061,578 $16,002,979 $13,736,995 
Income before income taxes (a)(b):
Northeast$218,159 $244,233 $215,193 
Southeast620,969 692,279 417,880 
Florida1,212,675 939,034 585,680 
Midwest368,321 363,028 287,956 
Texas389,085 465,461 322,979 
West (c)
419,635 687,403 592,845 
Other homebuilding (d)
87,231 (84,110)(134,405)
3,316,075 3,307,328 2,288,128 
Financial Services133,192 132,230 221,717 
Consolidated income before income taxes$3,449,267 $3,439,558 $2,509,845 

(a)All periods reflect the reclassification of closing cost incentives to home sale revenues from home sale cost of revenues (Note 1).
(b)Includes certain land-related charges (see the following table and Note 2).
(c)    West includes a gain of $49.1 million related to a property sale in an unconsolidated entity in 2022.
(d)     Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Also included are insurance reserve reversals of $130.8 million, $65.0 million, and $81.1 million in 2023, 2022 and 2021, respectively, partially offset by a loss on debt retirement of $61.5 million in 2021 (Note 5).
 Operating Data by Segment
($000's omitted)
December 31, 2023
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$312,903 $337,130 $4,091 $— $654,124 $775,316 
Southeast786,698 826,240 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 
Midwest621,144 685,139 14,265 3,472 1,324,020 1,476,166 
Texas634,574 721,032 101,394 40,948 1,497,948 1,686,609 
West1,473,617 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 
 December 31, 2022
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$321,687 $241,897 $45,455 $— $609,039 $700,413 
Southeast793,539 544,867 102,336 20,169 1,460,911 1,668,053 
Florida (a)
1,417,657 1,081,836 125,253 51,889 2,676,635 3,195,091 
Midwest523,194 689,541 22,467 — 1,235,202 1,382,227 
Texas690,622 726,342 133,300 — 1,550,264 1,735,683 
West1,662,251 1,528,863 238,758 — 3,429,872 3,771,808 
Other homebuilding (b)
31,236 321,086 11,772 — 364,094 1,470,919 
5,440,186 5,134,432 679,341 72,058 11,326,017 13,924,194 
Financial Services— — — — — 872,321 
$5,440,186 $5,134,432 $679,341 $72,058 $11,326,017 $14,796,515 
 
(a)Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million.
(b)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million.
Land-Related Charges By Reporting Segment
Operating Data by Segment ($000's omitted)
Years Ended December 31,
202320222021
Land-related charges*:
Northeast$497 $4,597 $1,433 
Southeast7,853 18,381 5,365 
Florida2,683 13,515 1,088 
Midwest7,786 6,517 2,150 
Texas3,661 6,745 1,357 
West19,343 16,406 909 
Other homebuilding1,292 495 — 
$43,115 $66,656 $12,302 

*    Land-related charges include land impairments, NRV adjustments for land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. See Note 2 for additional discussion of these charges.
Depreciation and Amortization Expense by Reporting Segment
 Operating Data by Segment ($000's omitted)
Years Ended December 31,
 202320222021
Depreciation and amortization:
Northeast$3,365 $2,956 $2,631 
Southeast6,056 5,151 4,765 
Florida13,471 11,720 8,823 
Midwest8,207 7,035 6,332 
Texas6,214 5,591 4,989 
West12,438 11,840 11,898 
Other homebuilding22,992 19,929 24,811 
72,743 64,222 64,249 
Financial Services8,081 6,696 5,704 
$80,824 $70,918 $69,953 
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Inventory And Land Held For Sale (Tables)
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Components of Inventory
Major components of inventory at December 31, 2023 and 2022 were ($000’s omitted):
20232022
Homes under construction$5,262,850 $5,440,186 
Land under development5,805,993 5,134,432 
Raw land606,005 679,341 
Consolidated inventory not owned (a)
120,522 72,058 
$11,795,370 $11,326,017 

(a)    Consolidated inventory not owned includes land sold to third parties for which the Company retains a repurchase option.
Capitalized Interest Rollforward Activity related to interest capitalized into inventory is as follows ($000’s omitted):
 Years Ended December 31,
 202320222021
Interest in inventory, beginning of period$137,262 $160,756 $193,409 
Interest capitalized126,040 130,051 129,380 
Interest expensed(124,224)(153,545)(162,033)
Interest in inventory, end of period$139,078 $137,262 $160,756 
Land-related Charges
We recorded the following land-related charges ($000's omitted):
Statement of Operations Classification202320222021
Net realizable value adjustments ("NRV") - land held for saleLand sale and other cost of revenues$— $107 $19 
Land impairmentsHome sale cost of revenues19,603 2,990 — 
Write-offs of deposits and pre-acquisition costsOther income (expense), net23,512 63,559 12,283 
Total land-related charges$43,115 $66,656 $12,302 
v3.24.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Operating Data by Segment
 Operating Data by Segment ($000’s omitted)
Years Ended December 31,
 202320222021
Revenues (a):
Northeast$969,628 $1,063,568 $1,112,778 
Southeast2,675,213 2,764,945 2,208,345 
Florida4,740,387 3,930,828 3,108,017 
Midwest2,089,257 2,292,871 1,959,752 
Texas2,069,467 2,193,295 1,768,895 
West3,196,871 3,445,756 3,189,676 
15,740,823 15,691,263 13,347,463 
Financial Services320,755 311,716 389,532 
Consolidated revenues$16,061,578 $16,002,979 $13,736,995 
Income before income taxes (a)(b):
Northeast$218,159 $244,233 $215,193 
Southeast620,969 692,279 417,880 
Florida1,212,675 939,034 585,680 
Midwest368,321 363,028 287,956 
Texas389,085 465,461 322,979 
West (c)
419,635 687,403 592,845 
Other homebuilding (d)
87,231 (84,110)(134,405)
3,316,075 3,307,328 2,288,128 
Financial Services133,192 132,230 221,717 
Consolidated income before income taxes$3,449,267 $3,439,558 $2,509,845 

(a)All periods reflect the reclassification of closing cost incentives to home sale revenues from home sale cost of revenues (Note 1).
(b)Includes certain land-related charges (see the following table and Note 2).
(c)    West includes a gain of $49.1 million related to a property sale in an unconsolidated entity in 2022.
(d)     Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Also included are insurance reserve reversals of $130.8 million, $65.0 million, and $81.1 million in 2023, 2022 and 2021, respectively, partially offset by a loss on debt retirement of $61.5 million in 2021 (Note 5).
 Operating Data by Segment
($000's omitted)
December 31, 2023
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$312,903 $337,130 $4,091 $— $654,124 $775,316 
Southeast786,698 826,240 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 
Midwest621,144 685,139 14,265 3,472 1,324,020 1,476,166 
Texas634,574 721,032 101,394 40,948 1,497,948 1,686,609 
West1,473,617 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 
 December 31, 2022
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$321,687 $241,897 $45,455 $— $609,039 $700,413 
Southeast793,539 544,867 102,336 20,169 1,460,911 1,668,053 
Florida (a)
1,417,657 1,081,836 125,253 51,889 2,676,635 3,195,091 
Midwest523,194 689,541 22,467 — 1,235,202 1,382,227 
Texas690,622 726,342 133,300 — 1,550,264 1,735,683 
West1,662,251 1,528,863 238,758 — 3,429,872 3,771,808 
Other homebuilding (b)
31,236 321,086 11,772 — 364,094 1,470,919 
5,440,186 5,134,432 679,341 72,058 11,326,017 13,924,194 
Financial Services— — — — — 872,321 
$5,440,186 $5,134,432 $679,341 $72,058 $11,326,017 $14,796,515 
 
(a)Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million.
(b)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million.
Land-Related Charges By Reporting Segment
Operating Data by Segment ($000's omitted)
Years Ended December 31,
202320222021
Land-related charges*:
Northeast$497 $4,597 $1,433 
Southeast7,853 18,381 5,365 
Florida2,683 13,515 1,088 
Midwest7,786 6,517 2,150 
Texas3,661 6,745 1,357 
West19,343 16,406 909 
Other homebuilding1,292 495 — 
$43,115 $66,656 $12,302 

*    Land-related charges include land impairments, NRV adjustments for land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. See Note 2 for additional discussion of these charges.
Depreciation and Amortization Expense by Reporting Segment
 Operating Data by Segment ($000's omitted)
Years Ended December 31,
 202320222021
Depreciation and amortization:
Northeast$3,365 $2,956 $2,631 
Southeast6,056 5,151 4,765 
Florida13,471 11,720 8,823 
Midwest8,207 7,035 6,332 
Texas6,214 5,591 4,989 
West12,438 11,840 11,898 
Other homebuilding22,992 19,929 24,811 
72,743 64,222 64,249 
Financial Services8,081 6,696 5,704 
$80,824 $70,918 $69,953 
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Senior Notes
Our notes payable are summarized as follows ($000’s omitted):
 December 31,
 20232022
5.500% unsecured senior notes due March 2026 (a)
$455,424 $500,000 
5.000% unsecured senior notes due January 2027 (a)
443,875 500,000 
7.875% unsecured senior notes due June 2032 (a)
300,000 300,000 
6.375% unsecured senior notes due May 2033 (a)
400,000 400,000 
6.000% unsecured senior notes due February 2035 (a)
300,000 300,000 
Net premiums, discounts, and issuance costs (b)
(8,047)(9,701)
Total senior notes$1,891,252 $1,990,299 
Other notes payable70,966 55,228 
Notes payable$1,962,218 $2,045,527 
Estimated fair value$2,080,187 $2,079,218 

(a)Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.
(b)The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes
v3.24.0.1
Stock Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock Compensation Expense by Plan Type Our stock compensation expense is presented below ($000's omitted):
202320222021
RSUs$28,112 $33,323 $25,192 
Other long-term incentive plans20,088 9,666 11,553 
$48,200 $42,989 $36,745 
Restricted Stock, RSUs, and Performance Shares Activity Rollforward
A summary of RSUs is presented below (000’s omitted, except per share data):

 
 202320222021
 SharesWeighted-
Average
Per Share
Grant Date
Fair Value		SharesWeighted-
Average
Per Share
Grant Date
Fair Value		SharesWeighted-
Average
Per Share
Grant Date
Fair Value
Outstanding, beginning of
       year		1,628 $48 1,995 $39 2,001 $33 
Granted714 59 550 54 720 47 
Distributed(550)44 (813)28 (642)30 
Forfeited(133)52 (104)48 (84)38 
Outstanding, end of year1,659 $54 1,628 $48 1,995 $39 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense (Benefit)
Components of current and deferred income tax expense (benefit) are as follows ($000’s omitted):
 
202320222021
Current expense
Federal$622,205 $615,434 $430,686 
State and other120,424 100,223 73,671 
$742,629 $715,657 $504,357 
Deferred expense
Federal$72,854 $55,653 $57,743 
State and other31,412 50,931 1,425 
$104,266 $106,584 $59,168 
Income tax expense$846,895 $822,241 $563,525 
Effective Income Tax Rate Reconciliation
The following table reconciles the statutory federal income tax rate to the effective income tax rate:
 
202320222021
Income taxes at federal statutory rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal tax3.5 3.4 3.3 
Federal tax credits(0.2)(0.9)(1.2)
Deferred tax asset valuation allowance— 0.4 (0.8)
Other0.3 — 0.2 
Effective rate24.6 %23.9 %22.5 %
Deferred Tax Assets and Liabilities Components of our net deferred tax liability are as follows ($000’s omitted):
 
 At December 31,
 20232022
Deferred tax assets:
Accrued insurance$140,126 $138,289 
Inventory valuation reserves58,819 58,339 
Capitalized inventory expenses39,037 32,620 
State NOL carryforwards83,601 105,609 
Other65,432 66,500 
387,015 401,357 
Deferred tax liabilities:
Deferred income(537,855)(439,863)
Fixed assets and intangibles(27,890)(31,921)
Other(33,909)(31,802)
(599,654)(503,586)
Valuation allowance(24,756)(30,869)
Net deferred tax liability$(237,395)$(133,098)
Summary of Income Tax Contingencies A reconciliation of the change in the unrecognized tax benefits is as follows ($000’s omitted):
 
202320222021
Unrecognized tax benefits, beginning of period$23,612 $22,536 $30,855 
Increases related to positions taken during a prior period34,687 — 1,428 
Decreases related to positions taken during a prior period— (303)(8,896)
Increases related to positions taken during the current period— 1,450 267 
Decreases related to lapse of the applicable statute of limitations(71)(71)(1,118)
Unrecognized tax benefits, end of period$58,228 $23,612 $22,536 
v3.24.0.1
Fair Value Disclosures (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): 
Financial InstrumentFair Value
Hierarchy		Fair Value
December 31,
2023		December 31,
2022
Measured at fair value on a recurring basis:
Residential mortgage loans available-for-saleLevel 2$516,064 $677,207 
IRLCsLevel 22,420 9,258 
Forward contractsLevel 2(25,994)(16,709)
Whole loan commitmentsLevel 2(23)641 
Measured at fair value on a non-recurring basis:
House and land inventoryLevel 3$12,906 $10,873 
Disclosed at fair value:
Cash and equivalents (including restricted cash)Level 1$1,849,177 $1,094,553 
Financial Services debtLevel 2499,627 586,711 
Senior notes payableLevel 22,009,221 2,023,990 
Other notes payableLevel 270,966 55,228 
v3.24.0.1
Other Assets and Accrued and Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Other Assets and Accrued and Other Liabilities [Abstract]  
Schedule of Other Assets
Other assets are presented below ($000’s omitted):
 
 December 31,
20232022
Accounts and notes receivable:
Insurance receivables (Note 11)
$26,928 $43,746 
Other receivables179,249 193,047 
206,177 236,793 
Deposits and pre-acquisition costs (Note 1)
704,209 478,755 
Prepaid expenses245,035 223,524 
Property and equipment, net (Note 1)
221,488 200,262 
Right-of-use assets (Note 11)
77,400 73,485 
Income taxes receivable29,950 24,281 
Other61,408 54,472 
$1,545,667 $1,291,572 
Schedule of Accrued and Other Liabilities
Accrued and other liabilities are presented below ($000’s omitted):

 
 December 31,
 20232022
Self-insurance liabilities (Note 11)
$563,103 $635,857 
Compensation-related liabilities250,372 239,459 
Land development and construction liabilities144,121 156,318 
Liabilities related to consolidated inventory not owned (Note 2)
120,522 72,058 
Warranty liabilities (Note 11)
120,393 108,348 
Lease liabilities (Note 11)
91,554 90,083 
Income tax liabilities62,400 98,709 
Dividends payable (Note 6)
43,916 36,696 
Accrued interest36,433 41,135 
Loan origination liabilities (Note 11)
10,493 12,378 
Other (a)
202,383 194,161 
$1,645,690 $1,685,202 
 

(a)Other liabilities primarily include liabilities associated with property taxes, forward contracts on mortgage-backed securities, and other miscellaneous liabilities.
v3.24.0.1
Commitments And Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Summary of Changes in Warranty Liability Changes in warranty liabilities were as follows ($000’s omitted):
 
202320222021
Warranty liabilities, beginning of period$108,348 $107,117 $82,744 
Reserves provided107,522 85,011 93,919 
Payments(99,613)(90,508)(73,760)
Other adjustments4,136 6,728 4,214 
Warranty liabilities, end of period$120,393 $108,348 $107,117 
Summary of Changes in Self-insurance Liability Changes in these liabilities were as follows ($000's omitted):
202320222021
Balance, beginning of period$635,857 $627,067 $641,779 
Reserves provided92,399 111,067 90,863 
Adjustments to previously recorded reserves(130,841)(64,965)(81,131)
Payments, net (a)
(34,312)(37,312)(24,444)
Balance, end of period$563,103 $635,857 $627,067 
Schedule of Future Minimum Lease Payments Required Under Leases The future minimum lease payments required under our leases as of December 31, 2023 were as follows ($000's omitted):
Years Ending December 31,
2024$26,793 
202521,746 
202615,880 
202712,292 
20289,715 
Thereafter14,478 
Total lease payments (a)
100,904 
Less: Interest (b)
(9,350)
Present value of lease liabilities (c)
$91,554 

(a)     Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $4.4 million of legally binding minimum lease payments for leases signed but not yet commenced at December 31, 2023.
(b)     Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.
(c)     The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 4.8 years and 4.1%, respectively, at December 31, 2023.
v3.24.0.1
Summary of Significant Accounting Policies (Narrative) (Details)
$ in Thousands
 12 Months Ended
Apr. 23, 2019
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Payments to acquire businesses, gross   $ 0 $ 10,400 $ 10,400  
Goodwill   68,930 68,930    
Escrow deposit   43,200 42,900    
Restricted cash   42,594 41,449    
Finite-Lived Intangible Assets, Net   56,300 66,900    
Intangible assets, accumulated amortization   98,200 87,700    
Intangible assets amortization expense   10,538 11,118 16,502  
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months   10,000      
Future Amortization Expense, Year Two   9,300      
Future Amortization Expense, Year Three   8,900      
Future Amortization Expense, Year Four   6,500      
Future Amortization Expense, Year Five   6,300      
Property and equipment, net   221,488 200,262    
Property and equipment, accumulated depreciation   264,400 242,300    
Depreciation Expense   70,300 59,800 53,500  
Advertising Expense   57,500 61,600 47,200  
Employee benefit plan company contributions   27,800 27,600 23,400  
Customer deposits   675,091 783,556    
Capitalized contract costs   $ 74,000 $ 57,300    
Number of VIEs requiring consolidation   0 0    
Residential mortgage loans available-for-sale   $ 516,064 $ 677,207    
Residential mortgage loans available-for-sale aggregate outstanding principal balance   508,500 680,500    
Net gains from the sale of mortgages   $ 149,800 157,300 251,300  
Days past contractual term once loans no longer accrue interest income   90 days      
Variability in future cash flows of derivative instruments in days   90 days      
Stockholders' Equity Attributable to Parent   $ (10,383,257) (8,914,098) (7,489,515) $ (6,569,989)
Number of reportable segments | segment   6      
Minimum | Office Furniture and Equipment [Member]          
Property and equipment, useful life   3 years      
Minimum | Software and Hardware [Member]          
Property and equipment, useful life   3 years      
Minimum | Model Park Improvements and Furnishings [Member]          
Property and equipment, useful life   1 year      
Maximum | Office Furniture and Equipment [Member]          
Property and equipment, useful life   10 years      
Maximum | Software and Hardware [Member]          
Property and equipment, useful life   5 years      
Maximum | Model Park Improvements and Furnishings [Member]          
Property and equipment, useful life   5 years      
Financial Services          
Interest income on mortgage loans   $ 20,400 14,200 10,000  
Other Homebuilding [Member]          
Goodwill, Impaired, Accumulated Impairment Loss   40,400      
Florida [Member]          
Goodwill   28,600      
Goodwill, Impaired, Accumulated Impairment Loss   (20,200)      
Homebuilding | Home sale revenues | Revision of Prior Period, Reclassification, Adjustment          
Closing Cost Incentives     226,000 189,900  
IRLCs          
Derivative, Notional Amount   404,700 653,200    
Forward contracts          
Derivative, Notional Amount   745,000 1,000,000    
Whole loan commitments          
Derivative, Notional Amount   $ 207,900 285,900    
American West Homes [Member] [Member] | Trade Names [Member]          
Weighted average useful life (in years) 20 years        
JW Homes (Wieland) [Member]          
Goodwill     68,900    
Restricted stock [Member]          
Share-based compensation vesting period   3 years      
Retained Earnings          
Stockholders' Equity Attributable to Parent   $ (7,012,724) $ (5,581,702) $ (4,196,276) $ (3,306,057)
v3.24.0.1
Summary of Significant Accounting Policies (Other Expense, Net) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]      
Write-off of deposits and pre-acquisition costs $ (23,512) $ (63,559) $ (12,283)
Amortization of intangible assets (10,538) (11,118) (16,502)
Interest income 61,533 1,971 1,953
Interest expense (469) (284) (502)
Equity income from unconsolidated entities, net 4,561 50,680 17,200
Miscellaneous, net 10,186 8,592 7,724
Total other income (expense), net $ 37,200 $ (64,398) $ (19,610)
v3.24.0.1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Numerator:      
Net income $ 2,602,372 $ 2,617,317 $ 1,946,320
Less: earnings distributed to participating securities (511) (846) (1,218)
Less: undistributed earnings allocated to participating securities (8,990) (15,330) (15,117)
Numerator for basic earnings per share 2,592,871 2,601,141 1,929,985
Add back: undistributed earnings allocated to participating securities 8,990 15,330 15,117
Less: undistributed earnings reallocated to participating securities (8,923) (15,229) (15,080)
Numerator for diluted earnings per share $ 2,592,938 $ 2,601,242 $ 1,930,022
v3.24.0.1
Summary of Significant Accounting Policies (Schedule Of The Company's Interests In Land Option Agreements) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Land under option agreement [Line Items]    
Deposits and Pre-acquisition Costs $ 704,209 $ 478,755
Remaining Purchase Price 6,448,124 5,400,241
Land options with VIEs    
Land under option agreement [Line Items]    
Deposits and Pre-acquisition Costs 238,070 213,895
Remaining Purchase Price 1,916,558 2,130,398
Other land options    
Land under option agreement [Line Items]    
Deposits and Pre-acquisition Costs 466,139 264,860
Remaining Purchase Price $ 4,531,566 $ 3,269,843
v3.24.0.1
Summary of Significant Accounting Policies (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]    
Other Assets $ 4,060 $ 15,780
Other Liabilities 27,657 22,590
IRLCs    
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]    
Other Assets 3,926 10,830
Other Liabilities 1,506 1,572
Forward contracts    
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]    
Other Assets 110 4,144
Other Liabilities 26,104 20,853
Whole loan commitments    
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]    
Other Assets 24 806
Other Liabilities $ 47 $ 165
v3.24.0.1
Inventory And Land Held For Sale (Major Components Of Inventory) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Homes under construction $ 5,262,850 $ 5,440,186
Land under development 5,805,993 5,134,432
Raw land 606,005 679,341
Consolidated Inventory Not Owned 120,522 72,058
House and land inventory $ 11,795,370 $ 11,326,017
v3.24.0.1
Inventory And Land Held For Sale (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]      
Interest in inventory, beginning of period $ 137,262 $ 160,756 $ 193,409
Interest capitalized 126,040 130,051 129,380
Interest expensed (124,224) (153,545) (162,033)
Interest in inventory, end of period $ 139,078 $ 137,262 $ 160,756
v3.24.0.1
Inventory And Land Held For Sale Inventory and Land Held for Sale (Land-related Charges) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Inventory Disclosure [Abstract]      
Net realizable value adjustments (NRV) - land held for sale $ 0 $ 107 $ 19
Land impairments 19,603 2,990 0
Write-off of deposits and pre-acquisition costs 23,512 63,559 12,283
Total land-related charges $ 43,115 $ 66,656 $ 12,302
v3.24.0.1
Segment Information Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Segment Reporting Information      
Revenues $ 16,061,578 $ 16,002,979 $ 13,736,995
Number of reportable segments | segment 6    
Home sale revenues | Homebuilding      
Segment Reporting Information      
Revenues $ 15,598,707 15,548,119 13,186,925
Detached single-family homes | Homebuilding      
Segment Reporting Information      
Revenues 13,100,000 13,200,000 11,100,000
Attached homes | Homebuilding      
Segment Reporting Information      
Revenues 2,500,000 2,300,000 2,100,000
Land sale and other revenues | Homebuilding      
Segment Reporting Information      
Revenues $ 142,116 $ 143,144 $ 160,538
v3.24.0.1
Segment Information (Operating Data By Segment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Revenues $ 16,061,578 $ 16,002,979 $ 13,736,995
Income (loss) before income taxes:      
Income before income taxes 3,449,267 3,439,558 2,509,845
Gain Property Sale, Unconsolidated Entity   49,100  
Adjustment to self insurance reserves (130,841) (64,965) (81,131)
Gain (loss) on debt retirement 663 0 (61,469)
Real Estate | Northeast [Member] | Operating Segments      
Revenues:      
Revenues 969,628 1,063,568 1,112,778
Income (loss) before income taxes:      
Income before income taxes 218,159 244,233 215,193
Real Estate | Southeast [Member] | Operating Segments      
Revenues:      
Revenues 2,675,213 2,764,945 2,208,345
Income (loss) before income taxes:      
Income before income taxes 620,969 692,279 417,880
Real Estate | Florida [Member] | Operating Segments      
Revenues:      
Revenues 4,740,387 3,930,828 3,108,017
Income (loss) before income taxes:      
Income before income taxes 1,212,675 939,034 585,680
Real Estate | Midwest [Member] | Operating Segments      
Revenues:      
Revenues 2,089,257 2,292,871 1,959,752
Income (loss) before income taxes:      
Income before income taxes 368,321 363,028 287,956
Real Estate | Texas [Member] | Operating Segments      
Revenues:      
Revenues 2,069,467 2,193,295 1,768,895
Income (loss) before income taxes:      
Income before income taxes 389,085 465,461 322,979
Real Estate | West [Member] | Operating Segments      
Revenues:      
Revenues 3,196,871 3,445,756 3,189,676
Income (loss) before income taxes:      
Income before income taxes 419,635 687,403 592,845
Real Estate | Other Homebuilding [Member] | Operating Segments      
Income (loss) before income taxes:      
Income before income taxes 87,231 (84,110) (134,405)
Real Estate | Homebuilding | Operating Segments      
Revenues:      
Revenues 15,740,823 15,691,263 13,347,463
Income (loss) before income taxes:      
Income before income taxes 3,316,075 3,307,328 2,288,128
Home sale revenues | Homebuilding      
Revenues:      
Revenues 15,598,707 15,548,119 13,186,925
Detached single-family homes | Homebuilding      
Revenues:      
Revenues 13,100,000 13,200,000 11,100,000
Attached homes | Homebuilding      
Revenues:      
Revenues 2,500,000 2,300,000 2,100,000
Land sale and other revenues | Homebuilding      
Revenues:      
Revenues 142,116 143,144 160,538
Financial Services | Financial Services | Operating Segments      
Revenues:      
Revenues 320,755 311,716 389,532
Income (loss) before income taxes:      
Income before income taxes $ 133,192 $ 132,230 $ 221,717
v3.24.0.1
Segment Information (Land-Related Charges By Segment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information      
Total land-related charges $ 43,115 $ 66,656 $ 12,302
Northeast [Member] | Operating Segments      
Segment Reporting Information      
Total land-related charges 497 4,597 1,433
Southeast [Member] | Operating Segments      
Segment Reporting Information      
Total land-related charges 7,853 18,381 5,365
Florida [Member] | Operating Segments      
Segment Reporting Information      
Total land-related charges 2,683 13,515 1,088
Midwest [Member] | Operating Segments      
Segment Reporting Information      
Total land-related charges 7,786 6,517 2,150
Texas [Member] | Operating Segments      
Segment Reporting Information      
Total land-related charges 3,661 6,745 1,357
West [Member] | Operating Segments      
Segment Reporting Information      
Total land-related charges 19,343 16,406 909
Other Homebuilding [Member] | Operating Segments      
Segment Reporting Information      
Total land-related charges $ 1,292 $ 495 $ 0
v3.24.0.1
Segment Information (Depreciation and Amortization) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Depreciation and amortization:      
Depreciation and amortization $ 80,824 $ 70,918 $ 69,953
Northeast [Member] | Operating Segments      
Depreciation and amortization:      
Depreciation and amortization 3,365 2,956 2,631
Southeast [Member] | Operating Segments      
Depreciation and amortization:      
Depreciation and amortization 6,056 5,151 4,765
Florida [Member] | Operating Segments      
Depreciation and amortization:      
Depreciation and amortization 13,471 11,720 8,823
Texas [Member] | Operating Segments      
Depreciation and amortization:      
Depreciation and amortization 6,214 5,591 4,989
Midwest [Member] | Operating Segments      
Depreciation and amortization:      
Depreciation and amortization 8,207 7,035 6,332
West [Member] | Operating Segments      
Depreciation and amortization:      
Depreciation and amortization 12,438 11,840 11,898
Other Homebuilding [Member] | Operating Segments      
Depreciation and amortization:      
Depreciation and amortization 22,992 19,929 24,811
Homebuilding | Operating Segments      
Depreciation and amortization:      
Depreciation and amortization 72,743 64,222 64,249
Financial Services | Operating Segments      
Depreciation and amortization:      
Depreciation and amortization $ 8,081 $ 6,696 $ 5,704
v3.24.0.1
Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information    
Homes under construction $ 5,262,850 $ 5,440,186
Land under development 5,805,993 5,134,432
Raw land 606,005 679,341
Consolidated Inventory Not Owned 120,522 72,058
House and land inventory 11,795,370 11,326,017
Total assets 16,087,050 14,796,515
Goodwill 68,930 68,930
Northeast [Member] | Operating Segments    
Segment Reporting Information    
Homes under construction 312,903 321,687
Land under development 337,130 241,897
Raw land 4,091 45,455
Consolidated Inventory Not Owned 0 0
House and land inventory 654,124 609,039
Total assets 775,316 700,413
Southeast [Member] | Operating Segments    
Segment Reporting Information    
Homes under construction 786,698 793,539
Land under development 826,240 544,867
Raw land 80,451 102,336
Consolidated Inventory Not Owned 27,963 20,169
House and land inventory 1,721,352 1,460,911
Total assets 1,994,492 1,668,053
Florida [Member]    
Segment Reporting Information    
Goodwill 28,600  
Florida [Member] | Operating Segments    
Segment Reporting Information    
Homes under construction 1,405,934 1,417,657
Land under development 1,211,087 1,081,836
Raw land 205,843 125,253
Consolidated Inventory Not Owned 48,139 51,889
House and land inventory 2,871,003 2,676,635
Total assets 3,420,924 3,195,091
Texas [Member] | Operating Segments    
Segment Reporting Information    
Homes under construction 634,574 690,622
Land under development 721,032 726,342
Raw land 101,394 133,300
Consolidated Inventory Not Owned 40,948 0
House and land inventory 1,497,948 1,550,264
Total assets 1,686,609 1,735,683
Midwest [Member] | Operating Segments    
Segment Reporting Information    
Homes under construction 621,144 523,194
Land under development 685,139 689,541
Raw land 14,265 22,467
Consolidated Inventory Not Owned 3,472 0
House and land inventory 1,324,020 1,235,202
Total assets 1,476,166 1,382,227
West [Member] | Operating Segments    
Segment Reporting Information    
Homes under construction 1,473,617 1,662,251
Land under development 1,688,498 1,528,863
Raw land 190,082 238,758
Consolidated Inventory Not Owned 0 0
House and land inventory 3,352,197 3,429,872
Total assets 3,752,089 3,771,808
Other Homebuilding [Member] | Operating Segments    
Segment Reporting Information    
Homes under construction 27,980 31,236
Land under development 336,867 321,086
Raw land 9,879 11,772
Consolidated Inventory Not Owned 0 0
House and land inventory 374,726 364,094
Total assets 2,140,954 1,470,919
Homebuilding | Operating Segments    
Segment Reporting Information    
Homes under construction 5,262,850 5,440,186
Land under development 5,805,993 5,134,432
Raw land 606,005 679,341
Consolidated Inventory Not Owned 120,522 72,058
House and land inventory 11,795,370 11,326,017
Total assets 15,246,550 13,924,194
Financial Services | Operating Segments    
Segment Reporting Information    
Homes under construction 0 0
Land under development 0 0
Raw land 0 0
Consolidated Inventory Not Owned 0 0
House and land inventory 0 0
Total assets $ 840,500 $ 872,321
v3.24.0.1
Investments In Unconsolidated Entities (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]      
Equity Method Investments $ 166,913 $ 146,759  
Equity in earnings of unconsolidated entities (4,561) (50,680) $ (17,200)
Capital and earnings distributions received from unconsolidated entities 3,300 21,700 53,900
Payments to Acquire Interest in Subsidiaries and Affiliates (23,400) $ (64,700) $ (101,600)
Outstanding debt 73,500    
Corporate Joint Venture      
Schedule of Equity Method Investments [Line Items]      
Outstanding debt $ 33,200    
v3.24.0.1
Debt (Summary Of Company's Senior Notes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument      
Senior note carrying value $ 1,891,252 $ 1,990,299  
Debt Issuance Costs, Net (8,047) (9,701)  
Other Notes Payable 70,966 55,228  
Notes payable 1,962,218 2,045,527  
Notes Payable, Fair Value Disclosure 2,080,187 2,079,218  
Gain (loss) on debt retirement 663 0 $ (61,469)
5.500% unsecured senior notes due March 2026 [Member] | Senior Notes [Member]      
Debt Instrument      
Senior note carrying value 455,424 500,000  
Senior Unsecured Term Loan Maturing January 3, 2027 [Member] [Domain] | Senior Notes [Member]      
Debt Instrument      
Senior note carrying value $ 443,875 $ 500,000  
Debt instrument, interest rate, stated percentage 5.00% 5.00%  
Senior Notes [Member]      
Debt Instrument      
Notes payable $ 1,900,000 $ 2,000,000  
Senior Notes [Member] | 5.500% unsecured senior notes due March 2026 [Member]      
Debt Instrument      
Debt instrument, interest rate, stated percentage 5.50% 5.50%  
Unsecured Senior Notes 7.875% Due June 2032 [Member]      
Debt Instrument      
Senior note carrying value $ 300,000 $ 300,000  
Debt instrument, interest rate, stated percentage 7.875% 7.875%  
Unsecured Senior Notes 6.375% Due May 2033 [Member]      
Debt Instrument      
Senior note carrying value $ 400,000 $ 400,000  
Debt instrument, interest rate, stated percentage 6.375% 6.375%  
Unsecured Senior Notes 6.00% Due February 2035 [Member]      
Debt Instrument      
Senior note carrying value $ 300,000 $ 300,000  
Debt instrument, interest rate, stated percentage 6.00% 6.00%  
v3.24.0.1
Debt (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jun. 14, 2022
Debt Instrument        
Other Notes Payable $ 70,966,000 $ 55,228,000    
Debt Instrument, Term 6 years      
Notes Payable Issued to Acquire Land $ 46,700,000 39,100,000 $ 50,900,000  
Repayments of Long-term Debt 123,290,000 4,856,000 836,893,000  
(Gain) loss on debt retirement (663,000) 0 61,469,000  
Borrowings under revolving credit facility 0 2,869,000,000 0  
Repayments under revolving credit facility 0 (2,869,000,000) 0  
Letters of credit outstanding, amount 312,700,000 303,400,000    
Unused credit lines $ 937,300,000 946,600,000    
Maximum        
Debt Instrument        
Debt instrument, interest rate, stated percentage 6.00%      
Unsecured Letter Of Credit Facility [Member]        
Debt Instrument        
Letters of credit outstanding, amount $ 312,700,000 303,400,000    
Revolving Credit Facility [Member]        
Debt Instrument        
Financial Services debt 0 0    
Revolving Credit Facility Accordion Feature [Member]        
Debt Instrument        
Maximum borrowing capacity       $ 1,800,000,000
Financial Services        
Debt Instrument        
Unused credit lines $ 350,400,000 $ 213,300,000    
Weighted-average interest rate 7.15% 5.39%    
Weighted-average interest rate 7.15% 5.39%    
Financial Services | Repurchase Agreement [Member]        
Debt Instrument        
Maximum borrowing capacity $ 850,000,000     $ 1,300,000,000
Line of Credit Facility, Accordion Feature, Increase Limit 50,000,000      
Financial Services debt 499,600,000 $ 586,700,000    
Financial Services | Repurchase Agreement [Member] | Minimum        
Debt Instrument        
Maximum borrowing capacity 600,000,000      
Financial Services | Repurchase Agreement [Member] | Maximum        
Debt Instrument        
Maximum borrowing capacity 700,000,000      
Maturing in 2026        
Debt Instrument        
Repurchased face amount 44,600,000   200,000,000  
Maturing in 2027        
Debt Instrument        
Repurchased face amount $ 56,100,000   $ 100,000,000  
Senior Notes [Member] | Senior Unsecured Term Loan Maturing January 3, 2027 [Member] [Domain]        
Debt Instrument        
Debt instrument, interest rate, stated percentage 5.00% 5.00%    
v3.24.0.1
Shareholders' Equity (Narrative) (Details) - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jan. 29, 2024
Apr. 24, 2023
Class of Stock [Line Items]          
Dividends declared $ (149,806,000) $ (143,134,000) $ (148,133,000)    
Stock repurchases $ 1,000,000,000 $ 1,074,673,000 $ 897,303,000    
Share repurchase authorization increase         $ 1,000,000,000
Subsequent Event [Member]          
Class of Stock [Line Items]          
Share repurchase authorization increase       $ 1,500,000,000  
Share repurchase plan [Member]          
Class of Stock [Line Items]          
Shares repurchased under authorized repurchase programs 13.8 24.2 17.7    
Stock repurchases $ 1,000,000,000 $ 1,100,000,000 $ 897,300,000    
Remaining value of stock repurchase programs authorization 382,900,000        
Shares withheld to pay taxes [Member]          
Class of Stock [Line Items]          
Stock repurchases $ 12,000,000 $ 14,300,000 $ 10,800,000    
v3.24.0.1
Stock Compensation Plans Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Maximum period stock options, appreciation rights, restricted stock, and restricted stock units can be granted 10 years    
Number of shares available for grant 10,600,000    
Restricted stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation vesting period 3 years    
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock units outstanding vested but not yet paid 200,000    
Restricted Stock, Performance Shares, and Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized stock compensation expense $ 29.5    
Restricted stock shares vested during period, total fair value $ 33.8 $ 40.5 $ 30.5
Weighted average period in which stock based compensation costs are expensed 2 years    
Field long-term compensation plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation vesting period 3 years    
v3.24.0.1
Stock Compensation Plans (Expense by plan type) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 48,200 $ 42,989 $ 36,745
Restricted Stock, Performance Shares, and Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 28,112 33,323 25,192
Long-term incentive plans [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 20,088 $ 9,666 $ 11,553
v3.24.0.1
Stock Compensation Plans (Restricted Stock, RSUs and Performance Shares Activity Rollforward) (Details) - Restricted Stock, Performance Shares, and Restricted Stock Units (RSUs) [Member] - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restricted Stock, RSUs and Performance Shares Activity [Roll Forward]      
Outstanding, beginning of year 1,628 1,995 2,001
Granted 714 550 720
Vested (550) (813) (642)
Forfeited (133) (104) (84)
Outstanding, end of year 1,659 1,628 1,995
Outstanding, beginning of year, weighted-average per share grant date fair value $ 48 $ 39 $ 33
Granted, weighted-average per share grant date fair value 59 54 47
Vested, weighted-average per share grant date fair value 44 28 30
Forfeited, weighted-average per share grant date fair value 52 48 38
Outstanding, end of year, weighted-average per share grant date fair value $ 54 $ 48 $ 39
v3.24.0.1
Income Taxes Components of current and deferred income tax expense (benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current provision (benefit)      
Federal $ 622,205 $ 615,434 $ 430,686
State and other 120,424 100,223 73,671
Current Income Tax Expense (Benefit) 742,629 715,657 504,357
Deferred provision (benefit)      
Federal 72,854 55,653 57,743
State and other 31,412 50,931 1,425
Deferred Income Tax Expense (Benefit) 104,266 106,584 59,168
Income tax expense (benefit) $ 846,895 $ 822,241 $ 563,525
v3.24.0.1
Income Taxes Reconciliation of statutory federal income tax rate to effective income tax rate (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Income taxes at federal statutory rate 21.00% 21.00% 21.00%
Effect of state and local income taxes, net of federal tax 3.50% 3.40% 3.30%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent (0.20%) (0.90%) (1.20%)
Deferred tax asset valuation allowance 0.00% 0.40% (0.80%)
Other 0.30% 0.00% 0.20%
Effective rate 24.60% 23.90% 22.50%
v3.24.0.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Contingency [Line Items]        
Gross unrecognized tax benefits $ 58,228 $ 23,612 $ 22,536 $ 30,855
Unrecognized Tax Benefits that Would Impact Effective Tax Rate 46,000 18,700    
Unrecognized tax benefits, income tax penalties and interest accrued $ 6,300 $ 4,100    
Maximum        
Income Tax Contingency [Line Items]        
IncomeTaxNetOperatingLossCarryforwardPeriod 20 years      
2019 - 2023 [Member] | State and Local Jurisdiction [Member]        
Income Tax Contingency [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration $ 10,700      
2024 - Thereafter [Member] | State and Local Jurisdiction [Member]        
Income Tax Contingency [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration $ 72,900      
v3.24.0.1
Income Taxes Net deferred tax asset (liability) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred Tax Assets [Abstract]    
Deferred Tax Assets, Tax Deferred Expense, Other $ 140,126 $ 138,289
Inventory valuation reserves 58,819 58,339
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals 65,432 66,500
NOL carryforwards:    
State 83,601 105,609
Deferred Tax Assets, Gross 387,015 401,357
Deferred Tax Liabilities [Abstract]    
Deferred income (537,855) (439,863)
Deferred Tax Liabilities, Property, Plant and Equipment (27,890) (31,921)
Intangibles and other (33,909) (31,802)
Deferred Tax Liabilities, Gross (599,654) (503,586)
Valuation allowance (24,756) (30,869)
Net deferred tax liability (237,395) (133,098)
Deferred Tax Assets, Capitalized inventory expenses $ 39,037 $ 32,620
v3.24.0.1
Income Taxes Reconciliation of the change in unrecognized tax benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of the change in unrecognized tax benefits [Roll Forward]      
Unrecognized Tax Benefits, beginning of period $ 23,612 $ 22,536 $ 30,855
Increases related to tax positions taken during a prior period 34,687 0 1,428
Decreases related to tax positions taken during a prior period 0 (303) (8,896)
Increases related to tax positions taken during the current period 0 1,450 267
Decreases related to lapse of the applicable statute of limitations (71) (71) (1,118)
Unrecognized Tax Benefits, end of period $ 58,228 $ 23,612 $ 22,536
v3.24.0.1
Fair Value Disclosures Fair Value Disclosures (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosed at fair value:    
Other Notes Payable $ 70,966 $ 55,228
Fair Value, Inputs, Level 1 [Member]    
Disclosed at fair value:    
Cash and equivalents (including restricted cash), fair value 1,849,177 1,094,553
Fair Value, Inputs, Level 2 [Member]    
Disclosed at fair value:    
Financial Services debt, fair value 499,627 586,711
Debt Instrument, Fair Value Disclosure 2,009,221 2,023,990
Other Notes Payable 70,966 55,228
Land sale and other revenues | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Measured at fair value on a recurring basis:    
Assets, Fair Value Disclosure 12,906 10,873
Measured at fair value on a non-recurring basis:    
Assets, Fair Value Disclosure 12,906 10,873
IRLCs | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Measured at fair value on a recurring basis:    
Assets, Fair Value Disclosure 2,420 9,258
Measured at fair value on a non-recurring basis:    
Assets, Fair Value Disclosure 2,420 9,258
Forward contracts | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Measured at fair value on a recurring basis:    
Financial and Nonfinancial Liabilities, Fair Value Disclosure 25,994 (16,709)
Whole loan commitments | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Measured at fair value on a recurring basis:    
Financial and Nonfinancial Liabilities, Fair Value Disclosure $ 23 $ 641
v3.24.0.1
Fair Value Disclosures Fair Value Disclosures (Narrative) (Details) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable $ 1,962,218 $ 2,045,527
Senior Notes [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes payable $ 1,900,000 $ 2,000,000
v3.24.0.1
Other Assets and Accrued and Other Liabilities (Other Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Other Assets and Accrued and Other Liabilities [Abstract]    
Insurance receivable $ 26,928 $ 43,746
Other receivables 179,249 193,047
Accounts and notes receivable 206,177 236,793
Prepaid expenses 245,035 223,524
Deposits and pre-acquisition Costs 704,209 478,755
Property and equipment, net $ 221,488 $ 200,262
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other Assets Other Assets
Right-of-use assets $ 77,400 $ 73,485
Income taxes receivable 29,950 24,281
Other 61,408 54,472
Other Assets $ 1,545,667 $ 1,291,572
v3.24.0.1
Other Assets and Accrued and Other Liabilities (Other Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other Assets and Accrued and Other Liabilities [Abstract]        
Self-insurance liabilities $ 563,103 $ 635,857 $ 627,067 $ 641,779
Compensation-related 250,372 239,459    
Land development and construction liabilities 144,121 156,318    
Operating Lease, Liability 91,554 90,083    
Warranty 120,393 108,348 $ 107,117 $ 82,744
Income tax liabilities $ 62,400 $ 98,709    
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other Liabilities Accrued and other liabilities    
Accrued interest $ 36,433 $ 41,135    
Dividends Payable 43,916 36,696    
Loan origination liabilities 10,493 12,378    
Liabilities related to consolidated inventory not owned 120,522 72,058    
Other 202,383 194,161    
Accrued and other liabilities $ 1,645,690 $ 1,685,202    
v3.24.0.1
Commitments And Contingencies (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Loss Contingencies [Line Items]        
Letters of credit outstanding, amount $ 312,700 $ 303,400    
Surety Bonds Outstanding 2,400,000 2,200,000    
Self-insurance liabilities $ 563,103 $ 635,857 $ 627,067 $ 641,779
Incurred but not reported percentage of liability reserves 77.00% 74.00%    
Adjustment to self insurance reserves $ (130,841) $ (64,965) (81,131)  
Right-of-use assets 77,400 73,485    
Operating Lease, Liability 91,554 90,083    
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 20,600 14,500    
Operating Lease, Payments 23,400 21,900 20,800  
Variable Lease, Cost 11,800 9,900 7,700  
Short-term Lease, Cost 17,300 21,200 14,200  
Lease, Cost 56,400 54,800 $ 43,300  
Unsecured Letter Of Credit Facility [Member]        
Loss Contingencies [Line Items]        
Letters of credit outstanding, amount $ 312,700 $ 303,400    
v3.24.0.1
Commitments And Contingencies (Changes To Anticipated Loan Losses) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Changes in loan origination liability [Roll Forward]  
Liabilities, beginning of period $ 12,378
Liabilities, end of period $ 10,493
v3.24.0.1
Commitments And Contingencies (Changes To Warranty Liability) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Changes to warranty liabilities [Roll Forward]      
Warranty liabilities, beginning of period $ 108,348 $ 107,117 $ 82,744
Warranty reserves provided 107,522 85,011 93,919
Payments (99,613) (90,508) (73,760)
Other adjustments 4,136 6,728 4,214
Warranty liabilities, end of period $ 120,393 $ 108,348 $ 107,117
v3.24.0.1
Commitments And Contingencies (Changes in Self-insurance Liability) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]      
Insurance receivable $ 26,928 $ 43,746  
Insurance Related Expenses [Roll Forward]      
Balance, beginning of period 635,857 627,067 $ 641,779
Reserves provided 92,399 111,067 90,863
Adjustment to self insurance reserves (130,841) (64,965) (81,131)
Payments (34,312) (37,312) (24,444)
Balance, end of period $ 563,103 $ 635,857 $ 627,067
v3.24.0.1
Commitments and Contingencies Commitments And Contingencies (Future minimum operating lease payments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Years Ending December 31,    
2022 $ 21,746  
2023 26,793  
2024 15,880  
2025 12,292  
2026 9,715  
Thereafter 14,478  
Total lease payments 100,904  
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (9,350)  
Present value of lease liabilities 91,554 $ 90,083
Lessee, Operating Lease, Lease Not Yet Commenced, Liability $ 4,400  
Operating Lease, Weighted Average Remaining Lease Term 4 years 9 months 18 days  
Operating Lease, Weighted Average Discount Rate, Percent 4.10%