10-Q

______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-9804

PULTEGROUP, INC.

(Exact name of registrant as specified in its charter) 

MICHIGAN	38-2766606
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3350 Peachtree Road NE, Suite 150

Atlanta, Georgia 30326

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (404) 978-6400

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  [X]   NO  [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES  [X]   NO  [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  [X] Accelerated filer  [ ] Non-accelerated filer [ ]   Smaller reporting company [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  

YES [ ]  NO  [X]

Number of shares of common stock outstanding as of April 15, 2016: 346,032,239 ______________________________________________________________________________________________________

1

PULTEGROUP, INC.

INDEX

		Page No.
PART I	FINANCIAL INFORMATION
Item 1	Financial Statements
	Condensed Consolidated Balance Sheets at March 31, 2016 and December 31, 2015	3
	Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015	4
	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2016 and 2015	5
	Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2016 and 2015	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 2015	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2	Management's Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4	Controls and Procedures	42
PART II	OTHER INFORMATION	42
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 6	Exhibits	43
	Signatures	44

2

PART I. FINANCIAL INFORMATION

Item 1.      Financial Statements

PULTEGROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

($000’s omitted)

	March 31, 2016		December 31, 2015
	(Unaudited)		(Note)
ASSETS
Cash and equivalents	$	995,696	$	754,161
Restricted cash	22,419		21,274
House and land inventory	6,202,479		5,450,058
Land held for sale	85,017		81,492
Residential mortgage loans available-for-sale	290,578		442,715
Investments in unconsolidated entities	53,090		41,267
Other assets	686,163		660,835
Intangible assets	163,185		110,215
Deferred tax assets, net	1,344,853		1,394,879
	$	9,843,480	$	8,956,896
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable	$	331,932	$	327,725
Customer deposits	223,692		186,141
Accrued and other liabilities	1,294,892		1,284,273
Income tax liabilities	33,460		57,050
Financial Services debt	118,614		267,877
Term loan	498,817		498,423
Senior notes	2,568,546		1,576,082
	5,069,953		4,197,571
Shareholders' equity	4,773,527		4,759,325
	$	9,843,480	$	8,956,896

Note: The Condensed Consolidated Balance Sheet at December 31, 2015 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.

See accompanying Notes to Condensed Consolidated Financial Statements.

3

PULTEGROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(000’s omitted, except per share data)

(Unaudited)

	Three Months Ended
	March 31,
	2016		2015
Revenues:
Homebuilding
Home sale revenues	$	1,394,243	$	1,088,158
Land sale revenues	2,487		17,542
	1,396,730		1,105,700
Financial Services	35,848		27,598
Total revenues	1,432,578		1,133,298
Homebuilding Cost of Revenues:
Home sale cost of revenues	1,089,329		841,145
Land sale cost of revenues	2,028		13,378
	1,091,357		854,523
Financial Services expenses	26,119		22,541
Selling, general, and administrative expenses	191,015		161,312
Other expense (income), net	5,874		(883		)
Income before income taxes	118,213		95,805
Income tax expense	34,913		40,834
Net income	$	83,300	$	54,971
Per share:
Basic earnings	$	0.24	$	0.15
Diluted earnings	$	0.24	$	0.15
Cash dividends declared	$	0.09	$	0.08
Number of shares used in calculation:
Basic	347,815		366,748
Effect of dilutive securities	2,662		3,362
Diluted	350,477		370,110

See accompanying Notes to Condensed Consolidated Financial Statements.

4

PULTEGROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(000’s omitted)

(Unaudited)

	Three Months Ended
	March 31,
	2016		2015
Net income	$	83,300	$	54,971
Other comprehensive income, net of tax:
Change in value of derivatives	21		21
Other comprehensive income	21		21
Comprehensive income	$	83,321	$	54,992

See accompanying Notes to Condensed Consolidated Financial Statements.

5

PULTEGROUP, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(000's omitted, except per share data)

(Unaudited)

	Common Stock					Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Total
	Shares		$
Shareholders' Equity, January 1, 2016	349,149		$	3,491		$	3,093,802		$	(609	)	$	1,662,641		$	4,759,325
Stock option exercises	4		—			52			—			—			52
Share issuances, net of cancellations	456		4			8,852			—			—			8,856
Dividends declared	—		—			—			—			(31,459		)	(31,459		)
Share repurchases	(3,226	)	(32		)	—			—			(52,713		)	(52,745		)
Share-based compensation	—		—			6,635			—			—			6,635
Excess tax benefits (deficiencies) from share-based awards	—		—			(458		)	—			—			(458		)
Net income	—		—			—			—			83,300			83,300
Other comprehensive income	—		—			—			21			—			21
Shareholders' Equity, March 31, 2016	346,383		$	3,463		$	3,108,883		$	(588	)	$	1,661,769		$	4,773,527
Shareholders' Equity, January 1, 2015	369,459		$	3,695		$	3,072,996		$	(690	)	$	1,728,953		$	4,804,954
Stock option exercises	564		6			6,590			—			—			6,596
Share issuances, net of cancellations	358		3			7,420			—			—			7,423
Dividends declared	—		—			—			—			(29,449		)	(29,449		)
Share repurchases	(4,954	)	(50		)	—			—			(107,905		)	(107,955		)
Share-based compensation	—		—			5,662			—			—			5,662
Excess tax benefits (deficiencies) from share-based awards	—		—			(229		)	—			—			(229		)
Net income	—		—			—			—			54,971			54,971
Other comprehensive income	—		—			—			21			—			21
Shareholders' Equity, March 31, 2015	365,427		$	3,654		$	3,092,439		$	(669	)	$	1,646,570		$	4,741,994

See accompanying Notes to Condensed Consolidated Financial Statements.

6

PULTEGROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

($000’s omitted)

(Unaudited)

	Three Months Ended
	March 31,
	2016			2015
Cash flows from operating activities:
Net income	$	83,300		$	54,971
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	50,026			40,805
Depreciation and amortization	13,113			11,062
Share-based compensation expense	9,355			8,280
Other, net	4,447			4,810
Increase (decrease) in cash due to:
Restricted cash	(1,145		)	(1,686		)
Inventories	(381,910		)	(230,993		)
Residential mortgage loans available-for-sale	151,886			119,976
Other assets	(25,133		)	(3,830		)
Accounts payable, accrued and other liabilities	31,999			(28,792		)
Net cash provided by (used in) operating activities	(64,062		)	(25,397		)
Cash flows from investing activities:
Capital expenditures	(9,460		)	(14,517		)
Cash used for business acquisition	(430,011		)	—
Other investing activities, net	(12,281		)	4,632
Net cash used in investing activities	(451,752		)	(9,885		)
Cash flows from financing activities:
Proceeds from debt issuance	991,575			—
Repayments of debt	(702		)	—
Borrowings under revolving credit facility	220,000			—
Repayments under revolving credit facility	(220,000		)	—
Financial Services borrowings (repayments)	(149,263		)	(72,678		)
Stock option exercises	52			6,596
Share repurchases	(52,745		)	(107,955		)
Dividends paid	(31,568		)	(29,616		)
Net cash provided by (used in) financing activities	757,349			(203,653		)
Net increase (decrease) in cash and equivalents	241,535			(238,935		)
Cash and equivalents at beginning of period	754,161			1,292,862
Cash and equivalents at end of period	$	995,696		$	1,053,927
Supplemental Cash Flow Information:
Interest paid (capitalized), net	$	(23,124	)	$	(21,412	)
Income taxes paid (refunded), net	$	1,212		$	(1,997	)

See accompanying Notes to Condensed Consolidated Financial Statements.

7

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Basis of presentation

PulteGroup, Inc. is one of the largest homebuilders in the United States ("U.S."), and our common stock trades 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 operations.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015.

Business acquisition

We acquired substantially all of the assets of JW Homes ("Wieland") in January 2016, for approximately $430 million in cash and the assumption of certain payables related to such assets. The acquired net assets were located in Atlanta, Charleston, Charlotte, Nashville, and Raleigh, and included approximately 7,000 lots, including 375 homes in inventory, and control of approximately 1,300 lots through land option contracts. We also assumed a sales order backlog of 317 homes. The acquired net assets were recorded at their estimated fair values and provisionally resulted in goodwill of $38.3 million and separately identifiable intangible assets of $18.0 million comprised of the John Wieland Homes and Neighborhoods tradename, which is being amortized over a 20-year life. The acquisition of these assets was not material to our results of operations or financial condition.

Use of estimates

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

Reclassifications

Certain prior period amounts have been reclassified to conform to the current year presentation, including the adoption in January 2016 of Accounting Standards Update ("ASU") 2015-03, “Interest - Imputation of Interest,” which changes the presentation of debt issuance costs in the balance sheet from an asset to a direct reduction of the carrying amount of the related debt. The adoption of this guidance resulted in the reclassification of applicable unamortized debt issuance costs from other assets to senior notes and term loan. See Note 4.

Subsequent events

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

8

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Other expense (income), net

Other expense (income), net consists of the following ($000’s omitted):

	Three Months Ended
	March 31,
	2016			2015
Write-off of deposits and pre-acquisition costs	$	3,041		$	1,869
Amortization of intangible assets	3,450			3,225
Interest income	(923		)	(1,099		)
Interest expense	174			187
Equity in earnings of unconsolidated entities	(170		)	(1,107		)
Miscellaneous, net	302			(3,958		)
	$	5,874		$	(883	)

Earnings per share

Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares outstanding, adjusted for unvested shares (the “Denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of stock options, unvested restricted shares and restricted share units, and other potentially dilutive instruments. Any stock options that have an exercise price greater than the average market price are considered to be anti-dilutive and are excluded from the diluted earnings per share calculation. Our diluted earnings per share calculation excluded 2.3 million and 4.8 million potentially dilutive instruments, including stock options, unvested restricted shares and restricted share units for the three months endedMarch 31, 2016 and 2015, respectively.    

In accordance with ASC 260 "Earnings Per Share", the two-class method determines earnings per share for each class of common stock and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. Our outstanding restricted share awards, restricted share units, and deferred shares are considered participating securities. The following table presents the earnings per common share (000's omitted, except per share data):

9

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Three Months Ended
	March 31,
	2016			2015
Numerator:
Net income	$	83,300		$	54,971
Less: earnings distributed to participating securities	(285		)	(188		)
Less: undistributed earnings allocated to participating securities	(404		)	(166		)
Numerator for basic earnings per share	$	82,611		$	54,617
Add back: undistributed earnings allocated to participating securities	404			166
Less: undistributed earnings reallocated to participating securities	(401		)	(165		)
Numerator for diluted earnings per share	$	82,614		$	54,618
Denominator:
Basic shares outstanding	347,815			366,748
Effect of dilutive securities	2,662			3,362
Diluted shares outstanding	350,477			370,110
Earnings per share:
Basic	$	0.24		$	0.15
Diluted	$	0.24		$	0.15

Residential mortgage loans available-for-sale

Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. At March 31, 2016 and December 31, 2015, residential mortgage loans available-for-sale had an aggregate fair value of $290.6 million and $442.7 million, respectively, and an aggregate outstanding principal balance of $279.4 million and $429.6 million, respectively. The net gain resulting from changes in fair value of these loans totaled $1.0 million and $0.1 million for the three months endedMarch 31, 2016 and 2015, respectively. These changes in fair value were substantially offset by changes in fair value of the corresponding hedging instruments. Net gains from the sale of mortgages were $21.5 million and $16.2 million for the three months endedMarch 31, 2016 and 2015, respectively.

Derivative instruments and hedging activities

We are party to interest rate lock commitments with customers resulting from our mortgage origination operations. At March 31, 2016 and December 31, 2015, we had aggregate interest rate lock commitments of $257.3 million and $208.2 million, respectively, which were originated at interest rates prevailing at the date of commitment.

We are also party to 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. 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 execute an interest rate lock until the time the loan is sold to an investor. We also use whole loan investor commitments, which are obligations of the investor to buy loans at a specified price within a specified time period. At March 31, 2016 and December 31, 2015, we had unexpired forward contracts of $469.7 million and $525.0 million, respectively, and whole loan investor commitments of $38.0 million and $77.6 million, respectively. Changes in the fair value of interest rate lock commitments 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.

10

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on interest rate lock commitments and residential mortgage loans available-for-sale are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 60 days. The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted):

	March 31, 2016				December 31, 2015
	Other Assets		Accrued and Other Liabilities		Other Assets		Accrued and Other Liabilities
Interest rate lock commitments	$	9,032	$	133	$	5,854	$	280
Forward contracts	167		3,340		1,178		840
Whole loan commitments	72		167		358		345
	$	9,271	$	3,640	$	7,390	$	1,465

New accounting pronouncements

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date", which delayed the effective date by one year. As a result, the standard is effective for us for annual and interim periods beginning January 1, 2018 and allows for full retrospective or modified retrospective methods of adoption. We are currently evaluating the impact that the standard will have on our financial statements.

In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern and provide related disclosures. ASU 2014-15 is effective for annual and interim reporting periods beginning January 1, 2017 and is not expected to have a material impact on our financial statements.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the impact that the standard will have on our financial statements.

In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2019-09"), which includes multiple amendments intended to simplify aspects of share-based payment accounting. ASU 2016-09 will be effective for annual reporting periods beginning after December 15, 2016, and early adoption is permitted. Amendments to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, and forfeitures will be applied using a modified retrospective transition method through a cumulative-effect adjustment to equity as of the beginning of the period of adoption. Amendments to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement will be applied retrospectively, and amendments requiring the recognition of excess tax benefits and tax deficiencies in the income statement are to be applied prospectively. We are currently evaluating the impact that the standard will have on our financial statements.

11

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

2. Inventory

Major components of inventory were as follows ($000’s omitted):

	March 31, 2016		December 31, 2015
Homes under construction	$	1,821,322	$	1,408,260
Land under development	3,568,201		3,259,066
Raw land	812,956		782,732
	$	6,202,479	$	5,450,058

We capitalize interest cost into inventory during the active development and construction of our communities. In all periods presented, we capitalized all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels. Information related to interest capitalized into inventory is as follows ($000’s omitted):

	Three Months Ended
	March 31,
	2016			2015
Interest in inventory, beginning of period	$	149,498		$	167,638
Interest capitalized	35,284			30,803
Interest expensed	(26,129		)	(31,554		)
Interest in inventory, end of period	$	158,653		$	166,887

Land option agreements

We enter into land option agreements in order to procure land for the construction of homes in the future. Pursuant to these land option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. Such contracts enable us to defer acquiring portions of properties owned by third parties or unconsolidated entities until we have determined whether and when to exercise our option, which reduces our financial risks associated with long-term land holdings. Option deposits and pre-acquisition costs (such as environmental testing, surveys, engineering, and entitlement costs) are capitalized if the costs are directly identifiable with the land under option, the costs would be capitalized if we owned the land, and acquisition of the property is probable. Such costs are reflected in other assets and are reclassified to inventory upon taking title to the land. We write off deposits and pre-acquisition costs when it becomes probable that we will not go forward with the project or recover the capitalized costs. Such decisions take into consideration changes in local market conditions, the timing of required land purchases, the availability and best use of necessary incremental capital, and other factors. We record any such write-offs of deposits and pre-acquisition costs within other expense, net.

If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity. No VIEs required consolidation at either March 31, 2016 or December 31, 2015 because we determined that we were not the VIE's primary beneficiary. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the land option agreements. The following provides a summary of our interests in land option agreements as of March 31, 2016 and December 31, 2015 ($000’s omitted): 

	March 31, 2016				December 31, 2015
	Deposits and Pre-acquisition Costs		Remaining Purchase Price		Deposits and Pre-acquisition Costs		Remaining Purchase Price
Land options with VIEs	$	91,777	$	1,152,369	$	77,641	$	1,064,506
Other land options	91,254		1,134,743		84,478		981,687
	$	183,031	$	2,287,112	$	162,119	$	2,046,193

12

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

3. Segment information

Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:

Northeast:	Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia
Southeast:	Georgia, North Carolina, South Carolina, Tennessee
Florida:	Florida
Midwest:	Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio
Texas:	Texas
West:	Arizona, California, Nevada, New Mexico, Washington

We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking and title operations and operate generally in the same markets as the Homebuilding segments.

	Operating Data by Segment ($000’s omitted)
	Three Months Ended
	March 31,
	2016			2015
Revenues:
Northeast	$	118,654		$	111,153
Southeast (a)	294,426			185,788
Florida	269,841			203,062
Midwest	189,892			178,652
Texas	213,292			177,499
West	310,625			249,546
	1,396,730			1,105,700
Financial Services	35,848			27,598
Consolidated revenues	$	1,432,578		$	1,133,298
Income before income taxes:
Northeast	$	9,590		$	9,527
Southeast (a)	19,770			24,624
Florida	40,302			33,224
Midwest	5,620			1,180
Texas	28,517			22,791
West	33,507			31,079
Other homebuilding (b)	(28,873		)	(31,677		)
	108,433			90,748
Financial Services	9,780			5,057
Consolidated income before income taxes	$	118,213		$	95,805

(a) Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1).

(b) Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments.

13

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Operating Data by Segment
	($000's omitted)
	March 31, 2016
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	178,697	$	293,122	$	122,359	$	594,178	$	724,862
Southeast (a)	374,347		544,577		203,394		1,122,318		1,274,358
Florida	253,262		630,859		80,526		964,647		1,079,826
Midwest	257,042		413,194		68,931		739,167		801,961
Texas	217,893		353,206		97,754		668,853		757,559
West	517,537		1,139,387		215,118		1,872,042		2,074,250
Other homebuilding (b)	22,544		193,856		24,874		241,274		2,773,441
	1,821,322		3,568,201		812,956		6,202,479		9,486,257
Financial Services	—		—		—		—		357,223
	$	1,821,322	$	3,568,201	$	812,956	$	6,202,479	$	9,843,480
	December 31, 2015
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	163,173	$	292,631	$	121,522	$	577,326	$	688,610
Southeast (a)	196,456		367,577		139,246		703,279		765,933
Florida	227,910		574,092		97,185		899,187		1,013,543
Midwest	197,738		414,386		68,918		681,042		734,834
Texas	191,424		317,702		107,737		616,863		691,342
West	413,208		1,094,112		222,920		1,730,240		1,924,958
Other homebuilding (b)	18,351		198,566		25,204		242,121		2,628,687
	1,408,260		3,259,066		782,732		5,450,058		8,447,907
Financial Services	—		—		—		—		508,989
	$	1,408,260	$	3,259,066	$	782,732	$	5,450,058	$	8,956,896

(a) Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1).

(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.

14

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

4. Debt

Senior notes

Our senior notes are summarized as follows ($000’s omitted):

	March 31, 2016			December 31, 2015
6.500% unsecured senior notes due May 2016 (a)	465,245			465,245
7.625% unsecured senior notes due October 2017 (b)	123,000			123,000
4.250% unsecured senior notes due March 2021 (a)	300,000			—
5.500% unsecured senior notes due March 2026 (a)	700,000			—
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 (c)	(19,699		)	(12,163		)
Total senior notes	$	2,568,546		$	1,576,082
Estimated fair value	$	2,663,408		$	1,643,651

(a) Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.

(b) Not redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.

(c) 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. As discussed in Note 1, we adopted ASU 2015-03 in January 2016. We applied the new guidance retrospectively to all prior periods presented in the financial statements to conform to the 2016 presentation. As a result, $10.3 million of debt issuance costs at December 31, 2015, were reclassified from other assets to a reduction in senior notes.

On February 25, 2016, we issued $1.0 billion of senior unsecured notes, consisting of $300 million of 4.25% senior notes due March 1, 2021, and $700 million of 5.50% senior notes due March 1, 2026. Similar to the other senior note series reflected in the above table, these notes are irrevocably and unconditionally guaranteed on a senior basis, jointly and severally, by certain of our wholly-owned subsidiaries. The notes and the guarantees are senior unsecured obligations and rank equally in right of payment with the existing and future senior unsecured indebtedness of the Company and each of the guarantors, respectively. The notes are redeemable at our option at any time up to the date of maturity.

Revolving credit facility

We maintain a senior unsecured revolving credit facility (the “Revolving Credit Facility”) that matures in July 2017.  The Revolving Credit Facility provides for maximum borrowings of $500.0 million and contains an uncommitted accordion feature that could increase the size of the Revolving Credit Facility to $1.0 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 available borrowing capacity under the Revolving Credit Facility and may total no more than the greater of: (i) 50% of the size of the facility or (ii) $300.0 million in the aggregate. The interest rate on borrowings under the Revolving Credit Facility may be based on either the London Interbank Offered Rate ("LIBOR") or a base rate plus an applicable margin, as defined.  We had no borrowings outstanding and $213.4 million and $191.3 million of letters of credit issued under the Revolving Credit Facility at March 31, 2016 and December 31, 2015, respectively.

The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth, a minimum Interest Coverage Ratio, and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of March 31, 2016, we were in compliance with all covenants. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

15

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Term loan

On September 30, 2015, we entered into a senior unsecured $500.0 million term loan agreement (the “Term Loan”) with an initial maturity date of January 3, 2017, which can be extended at our option up to 12 months. The interest rate on the Term Loan may be based on either LIBOR or a base rate plus an applicable margin, as defined. Borrowings are interest only with the principal being due at the maturity date and are guaranteed by certain of our wholly-owned subsidiaries. The Term Loan contains customary affirmative and negative covenants for loans of this type, including the same financial covenants as under the Revolving Credit Facility. As of March 31, 2016, we were in compliance with all covenants.

Limited recourse notes payable

Certain of our local homebuilding operations maintain limited recourse collateralized notes payable with third parties that totaled $36.3 million at March 31, 2016 and $35.3 million at December 31, 2015. These notes have maturities ranging up to six years, are collateralized by the land positions to which they relate, have no recourse to any other assets, and are classified within accrued and other liabilities. The stated interest rates on these notes range up to 5.00%.

Pulte Mortgage

Pulte Mortgage maintains a master repurchase agreement (the “Repurchase Agreement”) with third party lenders that expires in September 2016. The Repurchase Agreement's borrowing capacity was $310.0 million through January 18, 2016, after which it decreased to $175.0 million through July 28, 2016, after which it increases to $200.0 million. The purpose for the changes in capacity during the term of the agreement is to lower associated fees during seasonally lower volume periods of mortgage origination activity. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. Pulte Mortgage had $118.6 million and $267.9 million outstanding under the Repurchase Agreement at March 31, 2016 and December 31, 2015, respectively, and was in compliance with all of its covenants and requirements as of such dates.

16

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

5. Shareholders’ equity

During the three months endedMarch 31, 2016, we declared cash dividends totaling $31.5 million and repurchased 3.1 million shares under our repurchase authorization for a total of $50.0 million. At March 31, 2016, we had remaining authorization to repurchase $554.8 million of common shares. During the three months endedMarch 31, 2015, we declared cash dividends totaling $29.4 million and repurchased 4.6 million shares under our repurchase authorization for a total of $99.6 million.

Under our share-based compensation plans, we accept shares as payment under certain conditions related to stock option exercises and vesting of shares, generally related to the payment of minimum tax obligations. During the three months endedMarch 31, 2016 and 2015, employees surrendered shares valued at $2.7 million and $8.3 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

6. Income taxes

Our effective tax rate for the three months endedMarch 31, 2016 and 2015 was 29.5%, and 42.6%, respectively. Our effective tax rate for the current year differed from the federal statutory tax rate primarily due to the favorable resolution of certain state income tax matters.  For the prior year, our effective tax rate differed from the federal statutory tax rate primarily due to state income taxes and an adjustment to deferred taxes due to changes in state laws and business operations. 

At March 31, 2016 and December 31, 2015, we had deferred tax assets, net of deferred tax liabilities and valuation allowance, of $1.3 billion and $1.4 billion, respectively. The accounting for deferred taxes is based upon estimates of future results.  Differences between estimated and actual results could result in changes in the valuation of deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time. 

Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. At March 31, 2016 and December 31, 2015, we had $22.5 million and $39.0 million, respectively, of gross unrecognized tax benefits and $11.8 million and $17.2 million, respectively, of related accrued interest and penalties. It is reasonably possible within the next twelve months that our gross unrecognized tax benefits may decrease by up to $18.5 million, excluding interest and penalties, primarily due to expirations of certain statutes of limitations and potential settlements.

We are currently under examination by the IRS and various state taxing jurisdictions and anticipate finalizing certain examinations within the next twelve months. The final outcome of these examinations is not yet determinable. The statutes of limitation for our major tax jurisdictions generally remain open for examination for tax years 2005 to 2016.

17

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

7. Fair value disclosures

ASC 820, “Fair Value Measurements and Disclosures,” provides a framework for measuring fair value in generally accepted accounting principles and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows:

Level 1	Fair value determined based on quoted prices in active markets for identical assets or liabilities.
Level 2	Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active.
Level 3	Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.

Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted):

Financial Instrument	Fair Value Hierarchy	Fair Value
		March 31, 2016			December 31, 2015
Measured at fair value on a recurring basis:
Residential mortgage loans available-for-sale	Level 2	$	290,578		$	442,715
Interest rate lock commitments	Level 2	8,899			5,574
Forward contracts	Level 2	(3,173		)	338
Whole loan commitments	Level 2	(95		)	13
Measured at fair value on a non-recurring basis:
House and land inventory	Level 3	$	—		$	11,052
Disclosed at fair value:
Cash and equivalents (including restricted cash)	Level 1	$	1,018,115		$	775,435
Financial Services debt	Level 2	118,614			267,877
Term loan	Level 2	500,000			500,000
Senior notes	Level 2	2,663,408			1,643,651

Fair values for agency residential mortgage loans available-for-sale are determined based on quoted market prices for comparable instruments. Fair values for non-agency residential mortgage loans available-for-sale are determined based on purchase commitments from whole loan investors and other relevant market information available to management. Fair values for interest rate lock commitments, including the value of servicing rights, are based on market prices for similar instruments. Forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan investor commitments are based on market prices for similar instruments from the specific whole loan investor.

Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The non-recurring fair values included in the above table represent only those assets whose carrying values were adjusted to fair value as of the respective balance sheet dates.

The carrying amounts of cash and equivalents, Financial Services debt, the Term Loan, and the Revolving Credit Facility approximate their fair values due to their short-term nature and floating interest rate terms. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues. The carrying value of senior notes was $2.6 billion and $1.6 billion at March 31, 2016 and December 31, 2015, respectively.

18

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

8. 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. Determining the liabilities for anticipated losses requires a significant level of management judgment. Given the ongoing volatility in the mortgage industry, changes in values of underlying collateral over time, and other uncertainties regarding the ultimate resolution of these claims, actual costs could differ from our current estimates. Changes in these liabilities were as follows ($000's omitted):

	Three Months Ended
	March 31,
	2016			2015
Liabilities, beginning of period	$	46,381		$	58,222
Reserves provided (released), net	866			58
Payments	(154		)	(54		)
Liabilities, end of period	$	47,093		$	58,226

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 $213.4 million and $1.1 billion, respectively, at March 31, 2016, and $191.3 million and $1.0 billion, respectively, at December 31, 2015. In the event any such letter of credit or surety bond is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond. 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 projects that have not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed.

Litigation and regulatory matters

We are involved in various litigation and legal claims in the normal course of our business operations, including actions brought on behalf of various classes of claimants. We are also subject to a variety of local, state, and federal laws and regulations related to land development activities, house construction standards, sales practices, mortgage lending operations, employment practices, and protection of the environment. As a result, we are subject to periodic examination or inquiry by various governmental agencies that administer these laws and regulations.

We establish liabilities for 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.

19

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Allowance for warranties

Home purchasers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home’s construction and operating systems for periods of up to and in limited instances exceeding 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates. Changes to warranty liabilities were as follows ($000’s omitted):

	Three Months Ended
	March 31,
	2016			2015
Warranty liabilities, beginning of period	$	61,360		$	65,389
Reserves provided	12,319			8,841
Payments	(12,743		)	(16,829		)
Warranty liabilities, end of period	$	60,936		$	57,401

Self-insured risks

We maintain, and require our subcontractors to maintain, general liability insurance coverage. We also maintain builders' risk, property, errors and omissions, workers compensation, and other business insurance coverage. These insurance policies protect us against a portion of the risk of loss from claims. However, we retain a significant portion of the overall risk for such claims either through policies issued by our captive insurance subsidiaries or through our own self-insured per occurrence and aggregate retentions, deductibles, and claims in excess of available insurance policy limits.

Our general liability insurance includes coverage for certain construction defects. While construction defect claims can relate to a variety of circumstances, the majority of our claims relate to alleged problems with siding, plumbing, foundations and other concrete work, windows, roofing, and heating, ventilation and air conditioning systems. The availability of general liability insurance for the homebuilding industry and its subcontractors has become increasingly limited, and the insurance policies available require companies to maintain significant per occurrence and aggregate retention levels. In certain instances, we may offer our subcontractors the opportunity to purchase insurance through one of our captive insurance subsidiaries or participate in a project-specific insurance program provided by us. Policies issued by the 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 generally requires a per occurrence deductible up to an overall aggregate retention level. Beginning with the first dollar, amounts paid to satisfy 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 our purchased coverage levels. Our insurance policies, including the captive insurance subsidiaries' reinsurance policies, are maintained with highly-rated underwriters for whom we believe counterparty default risk is not significant.

At any point in time, we are managing over 1,000 individual claims related to general liability, property, errors and omissions, workers compensation, and other business insurance coverage. We reserve for costs associated with such claims (including expected claims management expenses) on an undiscounted basis at the time revenue is recognized for each home closing and 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 $693.0 million and $692.1 million at March 31, 2016 and December 31, 2015, respectively, the vast majority of which relates 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 65% of the total general

20

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

liability reserves at both March 31, 2016 and December 31, 2015. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses.

Housing market conditions have been volatile across most of our markets over the past ten years, and we believe such conditions can affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are reported and resolved over an extended period often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Additionally, the amount of insurance coverage available for each policy period also impacts our recorded reserves. Because of the inherent uncertainty in estimating future losses related 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.

Costs associated with our insurance programs are classified within selling, general, and administrative expenses. Changes in these liabilities were as follows ($000's omitted):

	Three Months Ended
	March 31,
	2016			2015
Balance, beginning of period	$	692,053		$	710,245
Reserves provided, net	19,751			15,832
Payments	(18,824		)	(5,310		)
Balance, end of period	$	692,980		$	720,767

In certain instances, we have the ability to recover a portion of our costs under various insurance policies or from subcontractors or other third parties. Estimates of such amounts are recorded when recovery is considered probable. Such receivables are recorded in other assets and totaled $135.8 million and $130.2 million at March 31, 2016 and December 31, 2015, respectively. The increase in insurance receivables resulted from the continued progression of insured construction defect claims. Given the complexity inherent with resolving construction defect claims in the homebuilding industry as described above, there generally exists a significant lag between our payment of claims and related reimbursements. Additionally, we are the plaintiff in litigation with certain of our insurance carriers relating to a large portion of the insurance receivables balance. We believe collection of these insurance receivables is probable based on the legal merits of our positions, favorable legal rulings received to date, and our long history of collecting significant amounts of insurance reimbursements related to similar claims. While the outcome of these matters 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.

9. Supplemental Guarantor information

All of our senior notes are guaranteed jointly and severally on a senior basis by certain of our wholly-owned Homebuilding subsidiaries and certain other wholly-owned subsidiaries (collectively, the “Guarantors”). Such guaranties are full and unconditional. Our subsidiaries, comprising the Financial Services segment along with certain other subsidiaries (collectively, the "Non-Guarantor Subsidiaries"), do not guarantee the senior notes. In accordance with Rule 3-10 of Regulation S-X, supplemental consolidating financial information of the Company, including such information for the Guarantors, is presented below. Investments in subsidiaries are presented using the equity method of accounting.

21

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

CONDENSED CONSOLIDATING BALANCE SHEET

MARCH 31, 2016

($000’s omitted)

	Unconsolidated							Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	—	$	937,248		$	58,448	$	—		$	995,696
Restricted cash	—		20,937			1,482		—			22,419
House and land inventory	—		6,160,236			42,243		—			6,202,479
Land held for sale	—		84,507			510		—			85,017
Residential mortgage loans available-        for-sale	—		—			290,578		—			290,578
Investments in unconsolidated entities	97		48,234			4,759		—			53,090
Other assets	23,002		522,693			140,468		—			686,163
Intangible assets	—		163,185			—		—			163,185
Deferred tax assets, net	1,342,225		—			2,628		—			1,344,853
Investments in subsidiaries and        intercompany accounts, net	6,597,500		(754,237		)	6,491,667		(12,334,930		)	—
	$	7,962,824	$	7,182,803		$	7,032,783	$	(12,334,930	)	$	9,843,480
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits,        accrued and other liabilities	$	88,474	$	1,569,237		$	192,805	$	—		$	1,850,516
Income tax liabilities	33,460		—			—		—			33,460
Financial Services debt	—		—			118,614		—			118,614
Term loan	498,817		—			—		—			498,817
Senior notes	2,568,546		—			—		—			2,568,546
Total liabilities	3,189,297		1,569,237			311,419		—			5,069,953
Total shareholders’ equity	4,773,527		5,613,566			6,721,364		(12,334,930		)	4,773,527
	$	7,962,824	$	7,182,803		$	7,032,783	$	(12,334,930	)	$	9,843,480

22

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2015

($000’s omitted)

	Unconsolidated						Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	—	$	638,602	$	115,559	$	—		$	754,161
Restricted cash	—		20,274		1,000		—			21,274
House and land inventory	—		5,450,058		—		—			5,450,058
Land held for sale	—		80,458		1,034		—			81,492
Residential mortgage loans available-        for-sale	—		—		442,715		—			442,715
Investments in unconsolidated entities	93		36,499		4,675		—			41,267
Other assets	38,991		531,120		90,724		—			660,835
Intangible assets	—		110,215		—		—			110,215
Deferred tax assets, net	1,392,251		11		2,617		—			1,394,879
Investments in subsidiaries and        intercompany accounts, net	5,529,606		465,644		6,293,018		(12,288,268		)	—
	$	6,960,941	$	7,332,881	$	6,951,342	$	(12,288,268	)	$	8,956,896
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits,        accrued and other liabilities	$	70,061	$	1,558,885	$	169,193	$	—		$	1,798,139
Income tax liabilities	57,050		—		—		—			57,050
Financial Services debt	—		—		267,877		—			267,877
Term loan	498,423		—		—		—			498,423
Senior notes	1,576,082		—		—		—			1,576,082
Total liabilities	2,201,616		1,558,885		437,070		—			4,197,571
Total shareholders’ equity	4,759,325		5,773,996		6,514,272		(12,288,268		)	4,759,325
	$	6,960,941	$	7,332,881	$	6,951,342	$	(12,288,268	)	$	8,956,896

23

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months endedMarch 31, 2016

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	1,393,259	$	984		$	—		$	1,394,243
Land sale revenues	—			2,010		477			—			2,487
	—			1,395,269		1,461			—			1,396,730
Financial Services	—			—		35,848			—			35,848
	—			1,395,269		37,309			—			1,432,578
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			1,087,165		2,164			—			1,089,329
Land sale cost of revenues	—			1,643		385			—			2,028
	—			1,088,808		2,549			—			1,091,357
Financial Services expenses	—			123		25,996			—			26,119
Selling, general, and administrative        expenses	—			187,581		3,434			—			191,015
Other expense (income), net	170			9,676		(3,972		)	—			5,874
Intercompany interest	510			2,184		(2,694		)	—			—
Income (loss) before income taxes and        equity in income (loss) of        subsidiaries	(680		)	106,897		11,996			—			118,213
Income tax expense (benefit)	(263		)	30,568		4,608			—			34,913
Income (loss) before equity in income        (loss) of subsidiaries	(417		)	76,329		7,388			—			83,300
Equity in income (loss) of subsidiaries	83,717			7,010		111,918			(202,645		)	—
Net income (loss)	83,300			83,339		119,306			(202,645		)	83,300
Other comprehensive income	21			—		—			—			21
Comprehensive income (loss)	$	83,321		$	83,339	$	119,306		$	(202,645	)	$	83,321

24

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months endedMarch 31, 2015

($000’s omitted)

	Unconsolidated												Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	1,088,158		$	—		$	—		$	1,088,158
Land sale revenues	—			17,542			—			—			17,542
	—			1,105,700			—			—			1,105,700
Financial Services	—			—			27,598			—			27,598
	—			1,105,700			27,598			—			1,133,298
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			841,145			—			—			841,145
Land sale cost of revenues	—			13,378			—			—			13,378
	—			854,523			—			—			854,523
Financial Services expenses	187			(168		)	22,522			—			22,541
Selling, general, and administrative        expenses	—			160,828			484			—			161,312
Other expense (income), net	174			(708		)	(349		)	—			(883		)
Intercompany interest	7,723			(5,422		)	(2,301		)	—			—
Income (loss) before income taxes and        equity in income (loss) of        subsidiaries	(8,084		)	96,647			7,242			—			95,805
Income tax expense (benefit)	(3,072		)	41,097			2,809			—			40,834
Income (loss) before equity in income        (loss) of subsidiaries	(5,012		)	55,550			4,433			—			54,971
Equity in income (loss) of subsidiaries	59,983			4,337			52,063			(116,383		)	—
Net income (loss)	54,971			59,887			56,496			(116,383		)	54,971
Other comprehensive income	21			—			—			—			21
Comprehensive income (loss)	$	54,992		$	59,887		$	56,496		$	(116,383	)	$	54,992

25

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

CONSOLIDATING STATEMENT OF CASH FLOWS

For the three months endedMarch 31, 2016

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Net cash provided by (used in)    operating activities	$	41,058		$	(255,994	)	$	150,874		$	—	$	(64,062	)
Cash flows from investing activities:
Capital expenditures	—			(8,918		)	(542		)	—		(9,460		)
Cash used for business acquisitions	—			(430,011		)	—			—		(430,011		)
Other investing activities, net	(3		)	(12,731		)	453			—		(12,281		)
Net cash provided by (used in)    investing activities	(3		)	(451,660		)	(89		)	—		(451,752		)
Cash flows from financing activities:
Proceeds from debt issuance	991,575			—			—			—		991,575
Repayments of debt	—			(702		)	—			—		(702		)
Borrowings under revolving credit facility	220,000			—			—			—		220,000
Repayments under revolving credit facility	(220,000		)	—			—			—		(220,000		)
Financial Services borrowings (repayments)	—			—			(149,263		)	—		(149,263		)
Stock option exercises	52			—			—			—		52
Share repurchases	(52,745		)	—			—			—		(52,745		)
Dividends paid	(31,568		)	—			—			—		(31,568		)
Intercompany activities, net	(948,369		)	1,007,002			(58,633		)	—		—
Net cash provided by (used in)    financing activities	(41,055		)	1,006,300			(207,896		)	—		757,349
Net increase (decrease) in cash and    equivalents	—			298,646			(57,111		)	—		241,535
Cash and equivalents at beginning of    period	—			638,602			115,559			—		754,161
Cash and equivalents at end of period	$	—		$	937,248		$	58,448		$	—	$	995,696

26

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

CONSOLIDATING STATEMENT OF CASH FLOWS

For the three months endedMarch 31, 2015

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Net cash provided by (used in)     operating activities	$	87,624		$	(203,566	)	$	90,545		$	—	$	(25,397	)
Cash flows from investing activities:
Capital expenditures	—			(13,489		)	(1,028		)	—		(14,517		)
Other investing activities, net	3,710			5			917			—		4,632
Net cash provided by (used in) investing     activities	3,710			(13,484		)	(111		)	—		(9,885		)
Cash flows from financing activities:
Financial Services borrowings (repayments)	—			—			(72,678		)	—		(72,678		)
Stock option exercises	6,596			—			—			—		6,596
Share repurchases	(107,955		)	—			—			—		(107,955		)
Dividends paid	(29,616		)	—			—			—		(29,616		)
Intercompany activities, net	32,187			56,487			(88,674		)	—		—
Net cash provided by (used in)    financing activities	(98,788		)	56,487			(161,352		)	—		(203,653		)
Net increase (decrease) in cash and     equivalents	(7,454		)	(160,563		)	(70,918		)	—		(238,935		)
Cash and equivalents at beginning of     period	7,454			1,157,307			128,101			—		1,292,862
Cash and equivalents at end of period	$	—		$	996,744		$	57,183		$	—	$	1,053,927

27

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

Industry-wide new home sales continue to pace well below historical averages, though improving demand conditions in the overall U.S. housing market continued through the first quarter of 2016. We remain pleased with the overall demand for new homes, which continues along a sustained, but slow recovery path supported by an improving economy, favorable demographics, ongoing employment and wage gains, low interest rates, a limited supply of new homes, and the gradual release of pent-up demand. Within this environment, we remain focused on driving additional gains in construction and asset efficiency to deliver higher returns on invested capital. Consistent with our positive market view and long-term business strategy, we expect to use our capital to support future growth while consistently returning funds to shareholders through dividends and share repurchases.

We have looked toward 2016 as a year where we would begin adding volume growth to the efficiency gains we have achieved in recent years. 2016 has gotten off to a strong start as prior investments are allowing us to grow the business, as evidenced by net new order dollars increasing 24% in the first quarter, as compared to the prior year, and our backlog increasing by 31% to $3.4 billion as of March 31, 2016, while also continuing to realize strong gross margin performance through our focus on community locations, strategic pricing, and construction efficiencies.

Our new community openings will continue at an elevated level in 2016. While we have experience opening new communities, starting up new communities can present a challenge in today's environment where entitlement and land development delays are common. We have grown our investment in the business in a disciplined manner by emphasizing smaller projects and working to shorten our years of land supply while expanding our use of land option agreements when possible. We have also focused our land investments on closer-in locations where we think demand is more sustainable when the market ultimately moderates. We have accepted the trade-off of having to pay more for certain land positions where we can be more confident in the future performance.

The following is a summary of our operating results by line of business ($000's omitted, except per share data):

	Three Months Ended
	March 31,
	2016		2015
Income before income taxes:
Homebuilding	$	108,433	$	90,748
Financial Services	9,780		5,057
Income before income taxes	118,213		95,805
Income tax expense	34,913		40,834
Net income	$	83,300	$	54,971
Per share data - assuming dilution:
Net income	$	0.24	$	0.15

• Homebuilding income before income taxes for the three months ended March 31, 2016 increased compared with the prior year period as the result of higher revenues stemming from increased volume and a higher average selling price. The revenue increase was partially offset by lower gross margins and higher overhead costs, both of which were partially attributable to the assets acquired from Wieland in January 2016 (see Note 1).

• Financial Services income before income taxes for the three months endedMarch 31, 2016 increased compared with the prior year period due to an increase in origination volume combined with higher revenues per loan.

• Our effective tax rate for the three months endedMarch 31, 2016 was 29.5%, which includes the favorable resolution of certain state income tax matters, compared to 42.6% for the same period in 2015, which reflected an adjustment to deferred taxes due to changes in state laws and business operations.

28

Homebuilding Operations

The following presents selected financial information for our Homebuilding operations ($000’s omitted):

	Three Months Ended
	March 31,
	2016			2016 vs. 2015		2015
Home sale revenues	$	1,394,243		28	%	$	1,088,158
Land sale revenues	2,487			(86	)%	17,542
Total Homebuilding revenues	1,396,730			26	%	1,105,700
Home sale cost of revenues (a)	1,089,329			30	%	841,145
Land sale cost of revenues	2,028			(85	)%	13,378
Selling, general, and administrative    expenses ("SG&A")	191,015			18	%	161,312
Other expense (income), net	5,925			(771	)%	(883		)
Income before income taxes	$	108,433		19	%	$	90,748
Supplemental data:
Gross margin from home sales	21.9		%	(80 bps)		22.7		%
SG&A as a percentage of home    sale revenues	13.7		%	(110 bps)		14.8		%
Closings (units)	3,945			17	%	3,365
Average selling price	$	353		9	%	$	323
Net new orders (b):
Units	5,652			10	%	5,139
Dollars	$	2,113,973		24	%	$	1,708,390
Cancellation rate	13		%			11		%
Active communities at March 31	709			16	%	613
Backlog at March 31:
Units	8,755			15	%	7,624
Dollars	$	3,359,157		31	%	$	2,564,092

(a) Includes the amortization of capitalized interest.

(b) Net new orders excludes backlog acquired from Wieland in January 2016. Net new order dollars represent a composite of new order dollars combined with other movements of the dollars in backlog related to cancellations and change orders.

29

Home sale revenues

Home sale revenues for the three months endedMarch 31, 2016 were higher than the prior year period by $306.1 million. The 28%increase was attributable to a 9%increase in average selling price and a 17%increase in closings, both of which include the assets acquired from Wieland during the quarter. Such assets contributed 5% to the growth in revenue, including 3% to the growth in closings and 1% to the increase in average selling price. Excluding the assets acquired from Wieland, the increase in closings reflects the significant investments we are making in opening new communities. The higher average selling price reflects an ongoing shift toward move-up buyers, the inclusion of luxury homes offered in Wieland communities, and generally stable market conditions.

Home sale gross margins

Home sale gross margins were 21.9% for the three months endedMarch 31, 2016, compared to 22.7% for the three months endedMarch 31, 2015. The assets acquired from Wieland contributed 80 basis points to this decrease, primarily as the result of required fair value adjustments associated with the acquired homes in production and related lots. Gross margins remain strong relative to historical levels and reflect a combination of factors, including shifts in community mix, relatively stable pricing conditions, and lower amortized interest costs (1.9% and 2.9% for the three months endedMarch 31, 2016 and 2015, respectively), offset by higher house construction and land costs. The lower amortized interest costs resulted from the reduction in our outstanding debt in recent years. We anticipate that our amortized interest costs as a percentage of revenues will remain below 2015 levels for the remainder of 2016, even after consideration of our recently completed offering of senior notes (see Note 4).

Land sales

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 sale revenues and their related gains or losses vary between periods, depending on the timing of land sales and our strategic operating decisions. Land sales had margin contributions of $0.5 million and $4.2 million for the three months endedMarch 31, 2016 and 2015, respectively.

SG&A

SG&A as a percentage of home sale revenues was 13.7% for the three months endedMarch 31, 2016, compared with 14.8% for the three months endedMarch 31, 2015. The gross dollar amount of our SG&A increased $29.7 million, or 18%, for the three months endedMarch 31, 2016 compared to the three months endedMarch 31, 2015. This increase in gross dollar SG&A is in line with the increase in closings and reflects the addition of field resources to manage increasing production volumes. Additionally, SG&A for the three months endedMarch 31, 2016 reflects the impact of transaction ($4.0 million) and integration costs associated with the assets acquired from Wieland in January 2016.

Equity in earnings of unconsolidated entities

Equity in earnings of unconsolidated entities was $0.2 million and $1.1 million for the three months endedMarch 31, 2016 and 2015, respectively. The majority of our unconsolidated entities represent land development joint ventures. As a result, the timing of income and losses varies between periods depending on the timing of transactions and circumstances specific to each entity.

30

Other expense, net

Other expense, net includes the following ($000’s omitted):

	Three Months Ended
	March 31,
	2016			2015
Write-off of deposits and pre-acquisition costs	$	3,041		$	1,869
Amortization of intangible assets	3,450			3,225
Interest income	(923		)	(1,099		)
Interest expense	174			187
Equity in earnings of unconsolidated entities	(170		)	(1,107		)
Miscellaneous, net	353			(3,958		)
	$	5,925		$	(883	)

Net new orders

Net new orders increased10% in units and 24% in dollars for the three months endedMarch 31, 2016, compared with the three months endedMarch 31, 2015. The assets acquired from Wieland in January 2016 contributed 3% and 4%, respectively, to this growth. Excluding the Wieland assets, our growth in net new order units resulted from the higher number of active communities while the growth in net new order dollars was also impacted by the higher average selling price. The cancellation rate (canceled orders for the period divided by gross new orders for the period) was 13% and 11% for the three months endedMarch 31, 2016 and 2015, respectively. Ending backlog units and dollars, which represent orders for homes that have not yet closed, increased15% and 31%, respectively, at March 31, 2016 compared with March 31, 2015, as a result of the higher net new order volume. The growth in backlog dollars was also impacted by the higher average selling price.

Homes in production

The following is a summary of our homes in production at March 31, 2016 and March 31, 2015:

	March 31, 2016	March 31, 2015
Sold	5,778	4,355
Unsold
Under construction	1,630	687
Completed	501	345
	2,131	1,032
Models	1,079	987
Total	8,988	6,374

The number of homes in production at March 31, 2016 was 41% higher than at March 31, 2015 due to a number of factors, including the higher net new order volume and backlog and a decision to purposefully increase the number of unsold homes under construction ("spec homes"). The increase in spec homes reflects our intention to achieve a more even production cycle over the course of 2016 compared with 2015. Though inventory levels will fluctuate throughout the year, we expect our overall level of spec starts to moderate over the year. As part of our inventory management strategies, we will continue to maintain reasonable inventory levels relative to demand in each of our markets.

31

Controlled lots

The following is a summary of our lots under control at March 31, 2016 and December 31, 2015:

	March 31, 2016						December 31, 2015
	Owned		Optioned		Controlled		Owned		Optioned		Controlled
Northeast	6,324		4,555		10,879		6,361		4,114		10,475
Southeast (a)	16,924		8,980		25,904		11,161		7,933		19,094
Florida	21,447		8,819		30,266		21,230		9,636		30,866
Midwest	13,011		7,284		20,295		13,093		6,985		20,078
Texas	13,739		7,671		21,410		13,308		7,052		20,360
West	31,135		5,763		36,898		30,766		6,440		37,206
Total	102,580		43,072		145,652		95,919		42,160		138,079
Developed (%)	28	%	15	%	24	%	28	%	12	%	23	%

(a) Southeast includes the acquisition of substantially all of the assets of Wieland in January 2016 (see Note 1).

Of our controlled lots, 102,580 and 95,919 were owned and 43,072 and 42,160 were controlled under land option agreements at March 31, 2016 and December 31, 2015, respectively. While competition for well-positioned land is robust, we continue to pursue strategic land positions that drive appropriate returns on invested capital. The remaining purchase price under our land option agreements totaled $2.3 billion at March 31, 2016. These land option agreements, which generally may be canceled at our discretion and in certain cases extend over several years, are secured by deposits and pre-acquisition costs totaling $183.0 million at March 31, 2016, of which $7.6 million is refundable.

Homebuilding Segment Operations

As of March 31, 2016, we conducted our operations in 48 markets located throughout 25 states. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:

Northeast:	Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia
Southeast:	Georgia, North Carolina, South Carolina, Tennessee
Florida:	Florida
Midwest:	Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio
Texas:	Texas
West:	Arizona, California, Nevada, New Mexico, Washington

32

The following tables present selected financial information for our reportable Homebuilding segments:

	Operating Data by Segment ($000's omitted)
	Three Months Ended
	March 31,
	2016			2016 vs. 2015		2015
Home sale revenues:
Northeast	$	118,654		8	%	$	109,763
Southeast (a)	293,424			58	%	185,788
Florida	269,701			33	%	202,540
Midwest	189,147			6	%	177,874
Texas	212,692			21	%	176,446
West	310,625			32	%	235,747
	$	1,394,243		28	%	$	1,088,158
Income (loss) before income taxes:
Northeast	$	9,590		1	%	$	9,527
Southeast (a)	19,770			(20	)%	24,624
Florida	40,302			21	%	33,224
Midwest	5,620			376	%	1,180
Texas	28,517			25	%	22,791
West	33,507			8	%	31,079
Other homebuilding (b)	(28,873		)	(9	)%	(31,677		)
	$	108,433		19	%	$	90,748
Closings (units):
Northeast	262			6	%	248
Southeast (a)	826			35	%	612
Florida	745			24	%	601
Midwest	552			(3	)%	569
Texas	775			4	%	746
West	785			33	%	589
	3,945			17	%	3,365
Average selling price:
Northeast	$	453		2	%	$	443
Southeast (a)	355			17	%	304
Florida	362			7	%	337
Midwest	343			10	%	313
Texas	274			16	%	237
West	396			(1	)%	400
	$	353		9	%	$	323

(a) Southeast includes the acquisition of substantially all of the assets of Wieland in January 2016 (see Note 1).

(b) Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments.

33

	Operating Data by Segment ($000's omitted)
	Three Months Ended
	March 31,
	2016			2016 vs. 2015		2015
Net new orders - units:
Northeast	378			(14	)%	437
Southeast (a)	1,052			12	%	938
Florida	923			1	%	911
Midwest	994			30	%	763
Texas	1,121			—	%	1,117
West	1,184			22	%	973
	5,652			10	%	5,139
Net new orders - dollars:
Northeast	$	187,277		(5	)%	$	196,256
Southeast (a)	396,328			34	%	295,106
Florida	338,685			3	%	330,255
Midwest	362,141			32	%	274,555
Texas	306,578			13	%	271,993
West	522,964			54	%	340,225
	$	2,113,973		24	%	$	1,708,390
Cancellation rates:
Northeast	10		%			10		%
Southeast (a)	12		%			7		%
Florida	11		%			9		%
Midwest	10		%			12		%
Texas	16		%			13		%
West	14		%			14		%
	13		%			11		%
Unit backlog:
Northeast	560			(14	)%	650
Southeast (a)	1,689			31	%	1,294
Florida	1,452			11	%	1,312
Midwest	1,531			11	%	1,382
Texas	1,691			3	%	1,644
West	1,832			37	%	1,342
	8,755			15	%	7,624
Backlog dollars:
Northeast	$	280,155		(7	)%	$	302,469
Southeast (a)	689,334			68	%	410,351
Florida	559,266			17	%	477,682
Midwest	555,354			19	%	466,718
Texas	469,546			15	%	406,971
West	805,502			61	%	499,901
	$	3,359,157		31	%	$	2,564,092

(a) Southeast includes the acquisition of substantially all of the assets of Wieland in January 2016 (see Note 1).

34

Northeast

For the first quarter of 2016, Northeast home sale revenues increased8% compared with the prior year period due to a 2%increase in the average selling price combined with a 6%increase in closings. The increase in average selling price was mainly in the Northeast Corridor and New England. The increase in closings occurred mainly in Northeast Corridor, while New England decreased. Net new orders decreased14%, primarily in New England and Northeast Corridor.

Southeast

For the first quarter of 2016, the Southeast was significantly impacted by the acquisition of substantially all of the assets of Wieland in January 2016 (see Note 1). Southeast home sale revenues increased58% compared with the prior year as the result of increases in closings and average selling prices of 35% and 17%, respectively. These increases are largely due to contributions from the assets acquired from Wieland. Excluding those closings, revenues still increased significantly compared with the prior year, and occurred across all operating divisions. Income before income taxes decreased20% as result of transaction ($4.0 million) and integration costs associated with the assets acquired from Wieland. Net new orders increased12%, primarily due to the assets acquired from Wieland.

Florida

For the first quarter of 2016, Florida home sale revenues increased33% compared with the prior year period due to a 24%increase in closings combined with a 7%increase in the average selling price. The average selling price increased across all divisions. Income before income taxes increased due to improved overhead leverage and higher revenues. Net new orders remained flat overall.

Midwest

For the first quarter of 2016, Midwest home sale revenues increased6% compared with the prior year period due to a 10%increase in average selling price, partially offset by a 3%decrease in closings. The increase in average selling price was concentrated mainly in Michigan, Illinois, and St. Louis while the decrease in closings was attributable primarily to Columbus and Kentucky. The increased revenues led to an increase in income before income taxes. Net new orders increased30% on a 6% increase in active communities. Net new orders increased across all divisions with the exception of Michigan.

Texas

For the first quarter of 2016, Texas home sale revenues increased21% compared with the prior year period due to a 4%increase in closings combined with a 16%increase in the average selling price. The higher average selling price was broad-based across all divisions, while the increased closings occurred primarily in Dallas. The increased revenues and closings led to an increase in income before income taxes of 25%. Net new orders remained flat year over year with an increase in Dallas that resulted primarily from a higher community count offset by softer demand in Houston and San Antonio.

West

For the first quarter of 2016, West home sale revenues increased32% compared with the prior year period due to a 33%increase in closings, offset by a 1%decrease in average selling price. The increased closings were mainly in Northern California and Arizona. Income before income taxes increased by 8% due to higher revenues offset by lower gross margins. Net new orders increased22% partially due to a 10% increase in active communities. Net new orders increased in all divisions except for small declines in Southern California and New Mexico.

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Financial Services Operations

We conduct our Financial Services operations, which include mortgage and title operations, through Pulte Mortgage and other subsidiaries. In originating mortgage loans, we initially use our own funds, including funds available pursuant to credit agreements with third parties. Substantially all of the loans we originate are sold in the secondary market within a short period of time after origination, generally within 30 days. We also 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 loans and related servicing rights for only a short period of time. Operating as a captive business model primarily targeted to supporting our Homebuilding operations, the business levels of our Financial Services operations are highly correlated to Homebuilding. Our Homebuilding customers continue to account for substantially all loan production. We believe that our capture rate, which represents loan originations from our Homebuilding operations as a percentage of total loan opportunities from our Homebuilding operations, excluding cash closings, is an important metric in evaluating the effectiveness of our captive mortgage business model. The following tables present selected financial information for our Financial Services operations ($000's omitted):

	Three Months Ended
	March 31,
	2016			2016 vs. 2015		2015
Mortgage operations revenues	$	28,316		28	%	$	22,113
Title services revenues	7,532			37	%	5,485
Total Financial Services revenues	35,848			30	%	27,598
Expenses	26,119			16	%	22,541
Other expense (income), net	(51		)	100	%	—
Income before income taxes	$	9,780		93	%	$	5,057
Total originations:
Loans	2,548			20	%	2,116
Principal	$	666,647		29	%	$	514,788

	Three Months Ended
	March 31,
	2016			2015
Supplemental data:
Capture rate	81.1		%	81.6		%
Average FICO score	749			750
Loan application backlog	$	1,793,635		$	1,424,004
Funded origination breakdown:
FHA	10		%	11		%
VA	11		%	13		%
USDA	1		%	1		%
Other agency	71		%	69		%
Total agency	93		%	94		%
Non-agency	7		%	6		%
Total funded originations	100		%	100		%

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Revenues

Total Financial Services revenues for the three months endedMarch 31, 2016increased30% compared to the prior year period. These changes were primarily related to higher loan origination volume resulting from higher volumes in the Homebuilding segment combined with higher revenues per loan, which were attributable to a higher average loan size combined with a modest improvement in loan pricing. While loan pricing has come under pressure in recent months as industry refinancing volume has receded, the overall pricing environment for new originations remains favorable.

Income before income taxes

Income before income taxes for the three months endedMarch 31, 2016increased93% compared to the prior year period. This increase resulted primarily from the 30% increase in revenues and better overhead leverage as expenses only increased 16%.

Income Taxes

Our effective tax rate for the three months endedMarch 31, 2016 was 29.5%, which includes the favorable resolution of certain state income tax matters, compared to 42.6% for the same period in 2015, which reflected an adjustment to deferred taxes due to changes in state laws and business operations.

Liquidity and Capital Resources

We finance our land acquisition, development, and construction activities and financial services operations using internally-generated funds supplemented by credit arrangements with third parties and capital market financing. We routinely monitor current and expected operational requirements and financial market conditions to evaluate accessing other available financing sources, including revolving bank credit and securities offerings, and may determine that modifications to our financing are appropriate.

At March 31, 2016, we had unrestricted cash and equivalents of $995.7 million, senior notes of $2.6 billion, and borrowings of $498.8 million under a term loan (net of discounts and issuance costs). We also had restricted cash balances of $22.4 million. We follow a diversified investment approach for our cash and equivalents by maintaining such funds with a broad portfolio of banks within our group of relationship banks in high quality, highly liquid, short-term deposits and investments. We monitor our investments with each bank and do not believe our cash and equivalents are exposed to any material risk of loss. However, there can be no assurances that losses of principal balance on our cash and equivalents will not occur.

Our ratio of debt to total capitalization, excluding our Financial Services debt, was 39.1% at March 31, 2016.

Senior unsecured notes

On February 25, 2016, we issued $1.0 billion of senior unsecured notes, consisting of $300 million of 4.25% senior notes due March 1, 2021, and $700 million of 5.50% senior notes due March 1, 2026. The net proceeds from the senior notes will be used to fund the retirement of $465.2 million of our senior notes maturing in May 2016, with the remaining net proceeds to be used for general corporate purposes.

Revolving credit facility

We maintain a senior unsecured revolving credit facility (the “Revolving Credit Facility”) that matures in July 2017.  The Revolving Credit Facility provides for maximum borrowings of $500.0 million and contains an uncommitted accordion feature that could increase the size of the Revolving Credit Facility to $1.0 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 available borrowing capacity under the Revolving Credit Facility and may total no more than the greater of: (i) 50% of the size of the facility or (ii) $300.0 million in the aggregate. The interest rate on borrowings under the Revolving Credit Facility may be based on either the London Interbank Offered Rate ("LIBOR") or a base rate plus an applicable margin, as defined. We had no borrowings outstanding and $213.4 million and $191.3 million of letters of credit issued under the Revolving Credit Facility at March 31, 2016 and December 31, 2015, respectively.

The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth, a minimum Interest Coverage Ratio, and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving

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Credit Facility). As of March 31, 2016, we were in compliance with all covenants. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

Term loan

On September 30, 2015, we entered into a senior unsecured $500.0 million term loan agreement (the “Term Loan”) with an initial maturity date of January 3, 2017, which can be extended at our option up to 12 months. The interest rate on the Term Loan may be based on either LIBOR or a base rate plus an applicable margin, as defined. Borrowings are interest only with the principal being due at the maturity date and are guaranteed by certain of our wholly-owned subsidiaries. The Term Loan contains customary affirmative and negative covenants for loans of this type, including the same financial covenants as under the Revolving Credit Facility. As of March 31, 2016, we were in compliance with all covenants.

Limited recourse notes payable

Certain of our local homebuilding operations maintain limited recourse collateralized notes payable with third parties that totaled $36.3 million at March 31, 2016 and $35.3 million at December 31, 2015. These notes have maturities ranging up to six years, are collateralized by the applicable land positions to which they relate, have no recourse to any other assets, and are classified within accrued and other liabilities. The stated interest rates on these notes range up to 5.00%.

Pulte Mortgage

Pulte Mortgage maintains a master repurchase agreement (the “Repurchase Agreement”) with third party lenders that expires in September 2016. The Repurchase Agreement's borrowing capacity was $310.0 million through January 18, 2016, after which it decreased to $175.0 million through July 28, 2016, after which it increases to $200.0 million. The purpose for the changes in capacity during the term of the agreement is to lower associated fees during seasonally lower volume periods of mortgage origination activity. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. Pulte Mortgage had $118.6 million and $267.9 million outstanding under the Repurchase Agreement at March 31, 2016 and December 31, 2015, respectively, and was in compliance with all of its covenants and requirements as of such dates.

Dividends and share repurchase program

During the three months endedMarch 31, 2016, we declared cash dividends totaling $31.5 million and repurchased 3.1 million shares under our repurchase authorization for a total of $50.0 million. Such repurchases are reflected as reductions of common stock and retained earnings. At March 31, 2016, we had remaining authorization to repurchase $554.8 million of common shares.

Cash flows

Operating activities

Our net cash used in operating activities for the three months endedMarch 31, 2016 was $64.1 million, compared with net cash used in operating activities of $25.4 million for the three months endedMarch 31, 2015. Generally, the primary drivers of our cash flow from operations are profitability and changes in inventory levels. The negative cash flow from operations for the three months endedMarch 31, 2016 was primarily due to a net increase in inventories of $381.9 million resulting from an increase in land acquisition and development investment, combined with a seasonal build of house inventory. These uses of cash were partially offset by our pretax income of $118.2 million combined with a seasonal reduction of $151.9 million in residential mortgage loans available-for-sale.

Our negative cash flow from operations for the three months endedMarch 31, 2015, was primarily due to a net increase in inventories of $231.0 million resulting from increased investment, partially offset by our pretax income of $95.8 million combined with a seasonal reduction of $120.0 million in residential mortgage loans available-for-sale.

Investing activities

Investing activities are generally not a significant source or use of cash for us. Net cash used by investing activities for the three months endedMarch 31, 2016 was $451.8 million, compared with net cash used by investing activities of $9.9 million

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for the three months endedMarch 31, 2015. The cash used in investing activities for the three months endedMarch 31, 2016 was primarily due to the acquisition of certain real estate assets from Wieland (see Note 1).

Financing activities

Net cash provided by financing activities for the three months endedMarch 31, 2016 totaled $757.3 million, compared with net cash used in financing activities of $203.7 million for the three months endedMarch 31, 2015. The net cash provided by financing activities for the three months endedMarch 31, 2016 resulted primarily from the proceeds of the senior unsecured notes issuance for $991.6 million, offset by a reduction due to the repurchase of 3.1 million common shares for $50.0 million under our repurchase authorization, payment of $31.6 million in cash dividends, and net repayments of $149.3 million for borrowings under the Repurchase Agreement related to a seasonal reduction in residential mortgage loans available-for-sale. Net cash used in financing activities for the three months ended ended March 31, 2015 resulted primarily from repayments of $72.7 million for borrowings under the Repurchase Agreement and the repurchase of 4.6 million common shares for $99.6 million under our repurchase authorization.

Inflation

We, and the homebuilding industry in general, may be adversely affected during periods of inflation because of higher land and construction costs. Inflation may also increase our financing costs. In addition, higher mortgage interest rates affect the affordability of our products to prospective homebuyers. While we attempt to pass on to our customers increases in our costs through increased sales prices, market forces may limit our ability to do so. If we are unable to raise sales prices enough to compensate for higher costs, or if mortgage interest rates increase significantly, our revenues, gross margins, and net income could be adversely affected.

Seasonality

Although significant changes in market conditions have impacted our seasonal patterns in the past and could do so again, we historically experience variability in our quarterly results from operations due to the seasonal nature of the homebuilding industry. We generally experience increases in revenues and cash flow from operations during the fourth quarter based on the timing of home closings. This seasonal activity increases our working capital requirements in our third and fourth quarters to support our home production and loan origination volumes. As a result of the seasonality of our operations, our quarterly results of operations are not necessarily indicative of the results that may be expected for the full year.

Contractual Obligations and Commercial Commitments

We issued $1.0 billion of senior unsecured notes in February 2016. The repayment terms are described in Note 4. There have been no other material changes to our contractual obligations from those disclosed in our "Contractual Obligations and Commercial Commitments" contained in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2015.

Off-Balance Sheet Arrangements

We use letters of credit and surety bonds to guarantee our performance under various contracts, principally in connection with the development of our homebuilding projects. The expiration dates of the letter of credit contracts coincide with the expected completion date of the related homebuilding projects. If the obligations related to a project are ongoing, annual extensions of the letters of credit are typically granted on a year-to-year basis. At March 31, 2016, we had outstanding letters of credit totaling $213.4 million. Our surety bonds generally do not have stated expiration dates; rather, we are released from the bonds as the contractual performance is completed. These bonds, which approximated $1.1 billion at March 31, 2016, are typically outstanding over a period of approximately three to five years. Because significant construction and development work has been performed related to projects that have not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed.

In the ordinary course of business, we enter into land option agreements in order to procure land for the construction of houses in the future. At March 31, 2016, these agreements had an aggregate remaining purchase price of $2.3 billion. 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.

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At March 31, 2016, aggregate outstanding debt of unconsolidated joint ventures was $12.7 million, of which our proportionate share was $5.1 million. Of this amount, we provided limited recourse guaranties for less than $0.3 million at March 31, 2016.

Critical Accounting Policies and Estimates

There have been no significant changes to our critical accounting policies and estimates during the three months endedMarch 31, 2016 compared with those contained in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2015.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Quantitative disclosure

We are subject to market risk on our debt instruments primarily due to fluctuations in interest rates. We utilize both fixed-rate and variable-rate debt. For fixed-rate debt, changes in interest rates generally affect the fair value of the debt instrument but not our earnings or cash flows. Conversely, for variable-rate debt, changes in interest rates generally do not affect the fair value of the debt instrument but could affect our earnings and cash flows. Except in very limited circumstances, we do not have an obligation to prepay fixed-rate debt prior to maturity. As a result, interest rate risk and changes in fair value should not have a significant impact on our fixed-rate debt until we are required or elect to refinance or repurchase such debt.

The following tables set forth the principal cash flows by scheduled maturity, weighted-average interest rates, and estimated fair value of our debt obligations as of March 31, 2016 ($000’s omitted):

	As of March 31, 2016 for the Years ending December 31,
	2016			2017			2018			2019			2020			Thereafter			Total			Fair Value
Rate-sensitive liabilities:
Fixed rate debt	$	487,443		$	129,796		$	—		$	3,900		$	3,900		$	2,000,000		$	2,625,039		$	2,700,202
Average interest rate	6.24		%	7.38		%	—		%	5.00		%	5.00		%	5.92		%	6.05		%
Variable rate debt (a)	$	118,614		$	500,000		$	—		$	—		$	—		$	—		$	618,614		$	618,614
Average interest rate	2.81		%	1.51		%	—		%	—		%	—		%	—		%	1.76		%

(a) Includes the Pulte Mortgage Repurchase Agreement and the Term Loan. Does not include our Revolving Credit Facility, under which there were no borrowings outstanding at either March 31, 2016 or December 31, 2015.

Qualitative disclosure

There have been no material changes to the qualitative disclosure found in Item 7A, Quantitative and Qualitative Disclosures about Market Risk, of our Annual Report on Form 10-K for the year ended December 31, 2015.

SPECIAL NOTES CONCERNING FORWARD-LOOKING STATEMENTS

As a cautionary note, except for the historical information contained herein, certain matters discussed in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Item 3, Quantitative and Qualitative Disclosures About Market Risk, are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “may,” “can,” “could,” “might,” “will” and similar expressions identify forward-looking statements, including statements related to expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.

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Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; continued volatility in the debt and equity markets; competition within the industries in which we operate; the availability and cost of land and other raw materials used by us in our homebuilding operations; the impact of any changes to our strategy in responding to the cyclical nature of the industry, including any changes regarding our land positions; the availability and cost of insurance covering risks associated with our businesses; shortages and the cost of labor; weather related slowdowns; slow growth initiatives and/or local building moratoria; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans; the interpretation of or changes to tax, labor and environmental laws; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; legal or regulatory proceedings or claims; our ability to generate sufficient cash flow in order to successfully implement our capital allocation priorities; required accounting changes; terrorist acts and other acts of war; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See PulteGroup's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and other public filings with the Securities and Exchange Commission (the “SEC”) for a further discussion of these and other risks and uncertainties applicable to our businesses. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations.

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Item 4. Controls and Procedures

Disclosure Controls and Procedures

Management, including our Chairman and Chief Executive Officer and Executive Vice President and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2016. Based upon, and as of the date of that evaluation, our Chairman and Chief Executive Officer and Executive Vice President and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of March 31, 2016.

Management is responsible for establishing and maintaining effective internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). There was no change in our internal control over financial reporting during the quarter ended March 31, 2016 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1A. Risk Factors

Set forth below is a discussion of the material changes in our risk factors as previously disclosed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2015:

If we are unable to attract and retain key personnel, our business could be adversely affected.

We depend on the continued contributions of our executive officers and other key personnel who are knowledgeable about our business and strategy, the loss of whom could adversely affect our business. On April 4, 2016, Richard J. Dugas, Jr. informed the Company’s Board of Directors of his intention to retire as Chairman and Chief Executive Officer at the 2017 Annual Meeting of Shareholders. The Board has formed a special committee of independent directors to conduct a search for his successor, with the assistance of a leading executive recruitment firm. Our future success depends in part on identifying a new Chief Executive Officer and successfully transitioning the new Chief Executive Officer into his or her new role. With any change in leadership, there is a risk to organizational effectiveness and employee retention as well as the potential for disruption to our business.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

	Total number of shares purchased (1)	Average price paid per share (1)		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs ($000’s omitted)
January 1, 2016 to January 31, 2016	—	$	—	—	$	604,765	(2)
February 1, 2016 to February 29, 2016	3,224,718	$	16.36	3,057,136	$	554,765	(2)
March 1, 2016 to March 31, 2016	—	$	—	—	$	554,765	(2)
Total	3,224,718	$	16.36	3,057,136

(1) During the first quarter of 2016, a total of 167,582 shares were surrendered by employees for payment of minimum tax obligations upon the vesting or exercise of previously granted share-based compensation awards. Such shares were not repurchased as part of our publicly-announced share repurchase programs.

(2) The Board of Directors approved share repurchase authorizations totaling $750.0 million and $300.0 million in October 2014 and December 2015, respectively. During the three months endedMarch 31, 2016, we repurchased 3.1 million shares for a total of $50.0 million. The share repurchase authorization has $554.8 million remaining as of March 31, 2016. There is no expiration date for this program.

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Item 6. Exhibits

Exhibit Number and Description

3	(a)	Restated Articles of Incorporation, of PulteGroup, Inc. (Incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K, filed with the SEC on August 18, 2009)
	(b)	Certificate of Amendment to the Articles of Incorporation, dated March 18, 2010 (Incorporated by reference to Exhibit 3(b) of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2010)
	(c)	Certificate of Amendment to the Articles of Incorporation, dated May 21, 2010 (Incorporated by reference to Exhibit 3(c) of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2010)
	(d)	By-laws, as amended, of PulteGroup, Inc. (Incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K, filed with the SEC on April 8, 2009)
	(e)	Certificate of Designation of Series A Junior Participating Preferred Shares, dated August 6, 2009 (Incorporated by reference to Exhibit 3(b) of our Registration Statement on Form 8-A, filed with the SEC on August 18, 2009)
4	(a)	Any instrument with respect to long-term debt, where the securities authorized thereunder do not exceed 10% of the total assets of PulteGroup, Inc. and its subsidiaries, has not been filed. The Company agrees to furnish a copy of such instruments to the SEC upon request.
	(b)	Amended and Restated Section 382 Rights Agreement, dated as of March 18, 2010, between PulteGroup, Inc. and Computershare Trust Company, N.A., as rights agent, which includes the Form of Rights Certificate as Exhibit B thereto (Incorporated by reference to Exhibit 4 of PulteGroup, Inc.’s Registration Statement on Form 8-A/A, filed with the SEC on March 23, 2010)
	(c)	First Amendment, dated as of March 14, 2013, to the Amended and Restated Section 382 Rights Agreement, dated as of March 18, 2010, between the Company and Computershare Trust Company, N.A., as rights agent (Incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K, filed with the SEC on March 15, 2013)
	(d)	Second Amendment to Amended and Restated Section 382 Rights Agreement, dated as of March 10, 2016, between PulteGroup, Inc. and Computershare Trust Company, N.A., as rights agent (Incorporated by reference to Exhibit 4.1 of PulteGroup, Inc.’s Current Report on Form 8-K, filed with the SEC on March 10, 2016)
10	(a)	Form of Restricted Stock Unit Award Agreement (as amended) under PulteGroup, Inc. 2013 Stock Incentive Plan (Filed herewith)
31	(a)	Rule 13a-14(a) Certification by Richard J. Dugas, Jr., Chairman and Chief Executive Officer (Filed herewith)
	(b)	Rule 13a-14(a) Certification by Robert T. O'Shaughnessy, Executive Vice President and Chief Financial Officer (Filed herewith)
32		Certification Pursuant to 18 United States Code § 1350 and Rule 13a-14(b) of the Securities Exchange Act of 1934 (Filed herewith)
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PULTEGROUP, INC.
/s/ Robert T. O'Shaughnessy
Robert T. O'Shaughnessy
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and duly authorized officer)
Date:	April 21, 2016

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EX-10.A

EXHIBIT 10(a)

1

PULTEGROUP, INC.

2013 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

Pursuant to the provisions of the PulteGroup, Inc. 2013 Stock Incentive Plan (the “Plan”), the employee named in the Grant Acceptance (the “Holder”) has been granted a restricted stock unit award (the “Award”) with respect to the number of common shares, $.01 par value per share, of PulteGroup, Inc., a Michigan corporation (the “Company”), set forth in the Grant Acceptance (the “Shares”), subject to adjustment as provided herein and in the Plan. The Award is subject to the restrictions, terms and conditions set forth below. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan. This Agreement, together with the Grant Acceptance, constitute the Restricted Stock Unit Agreement which is made and entered into as of the grant date set forth in the Grant Acceptance (the “Grant Date”).

1.Award Subject to Acceptance of Agreement. The Award shall be null and void unless the Holder accepts this Agreement by executing the Grant Acceptance in the space provided therefor and returning an original execution copy of the Grant Acceptance to the Company (or electronically accepting this Award within the Holder’s stock plan account with the Company’s stock plan administrator according to the procedures then in effect).

2.    Rights as a Shareholder. The Holder shall not be entitled to any privileges of ownership with respect to the Shares subject to the Award unless and until, and only to the extent, such Shares become vested pursuant to Section 3 hereof and the Holder becomes a shareholder of record with respect to such Shares. Within thirty (30) days following each date on which the Company pays a cash dividend to record owners of Shares (a “Dividend Date”) and subject to Holder’s continued employment through the Dividend Date, the Holder shall receive a cash payment equal to the cash dividend paid per Share by the Company on such Dividend Date multiplied by the total number of Shares subject to the Award immediately prior to such Dividend Date.

3.    Restriction Period and Vesting.

3.1    Service-Based Vesting. Except to the extent earlier forfeited or vested pursuant to this Section 3 or the terms of the Plan, the Award shall vest on the third anniversary of the Grant Date (the “Vesting Date”).

3.2    Termination due to Death or Disability. If the Holder’s employment by the Company terminates by reason of the Holder’s death or Disability, the Award shall become fully vested as of the date of the Holder’s termination of employment.

3.3    Qualifying Retirement. If the Holder’s employment by the Company is terminated by reason of a “Qualifying Retirement” (as such term is defined in the PulteGroup, Inc. Retirement Policy, effective as of February 6, 2013, as may be amended from time to time) and the Holder executes and does not revoke a Release, Non-Competition, Non-Solicitation and Confidentiality Agreement (the “Release”) within 30 days (or such later time as set forth in the Release at the time of Qualifying Retirement (but not to exceed 52 days)) after the date of Holder’s Qualifying Retirement, in a form satisfactory to the Company which shall include a two-year non-competition and non-solicitation period, fifty percent (50%) of the Shares subject to the Award that were not vested immediately prior to the Holder’s Qualifying Retirement shall vest as of the date on which the Holder’s release becomes irrevocable and the remainder of the Award shall continue to vest in accordance with the vesting schedule set forth in Section 3.1, assuming the Holder had remained employed with the Company through the Vesting Date. If the Holder does not execute the Release or timely revokes such Release, the portion of the Award which is not vested as of the date of the Holder’s Qualifying Retirement shall not vest and shall be forfeited by the Holder.

3.4    Termination for Cause or Other than due to Death, Disability or Qualifying Retirement. If the Holder’s employment by the Company is terminated by the Company for Cause, or for any reason other

EXHIBIT 10(a)

than a reason specified in Section 3.2,3.3 or 3.5 hereof, the portion of the Award which is not vested as of the date of the Holder’s termination of employment shall be forfeited by the Holder.

3.5    Change in Control. In the event a Change in Control occurs and the Holder’s employment is terminated by the Company without Cause or by the Holder for Good Reason following such Change in Control, the Award shall become fully vested as of the date of the Holder’s termination of employment.

4.    Issuance and Delivery of Shares. Subject to Section 6.9, within sixty (60) days after the vesting of the Award, the Company shall issue or deliver, subject to the conditions of this Agreement, the vested Shares to the Holder. Such issuance or delivery shall be evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company. The Company shall pay all original issue or transfer taxes and all fees and expenses incident to such issuance or delivery, except as otherwise provided in Section 6.  Prior to the issuance to the Holder of the Shares subject to the Award, the Holder shall have no direct or secured claim in any specific assets of the Company or in such Shares, and will have the status of a general unsecured creditor of the Company.

5.    Additional Terms and Conditions of Award.

5.1    Nontransferability of Award. Prior to the vesting of the Award and delivery of the Shares, the Award may not be transferred by the Holder other than by will, the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company. Except to the extent permitted by the foregoing, the Award may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process.

5.2    Investment Representation. The Holder hereby represents and covenants that (a) any Shares acquired upon the vesting of the Award will be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), unless such acquisition has been registered under the Securities Act and any applicable state securities law; (b) any subsequent sale of any such Shares shall be made either pursuant to an effective registration statement under the Securities Act and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws; and (c) if requested by the Company, the Holder shall submit a written statement, in form satisfactory to the Company, to the effect that such representation (x) is true and correct as of the date of acquisition of any Shares hereunder or (y) is true and correct as of the date of any sale of any such Shares, as applicable. As a further condition precedent to the delivery to the Holder of any Shares subject to the Award, the Holder shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance of the Shares and, in connection therewith, shall execute any documents which the Board or the Committee shall in its sole discretion deem necessary or advisable.

5.3    Withholding Taxes. (a) As a condition precedent to the delivery to the Holder of any Shares upon vesting of the Award, the Holder shall, upon request by the Company, pay to the Company such amount of cash as the Company may be required, under all applicable federal, state, local or other laws or regulations, to withhold and pay over as income or other withholding taxes (the “Required Tax Payments”) with respect to the Award. If the Holder shall fail to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company to the Holder or withhold Shares.

(b)    The Holder may elect to satisfy his or her obligation to advance the Required Tax Payments by any of the following means: (1) a cash payment to the Company, (2) delivery to the Company (either actual delivery or by attestation procedures established by the Company) of previously owned whole Shares having a Fair Market Value, determined as of the date the obligation to withhold or pay taxes first arises in connection with the Award (the “Tax Date”), equal to the Required Tax Payments, (3) authorizing the Company to withhold from the Shares otherwise to be delivered to the Holder pursuant to the Award, a number of whole Shares having a Fair Market Value, determined as of the Tax Date, equal to the Required Tax Payments, or (4) any combination of (1), (2) and (3). Shares to be delivered or withheld may not have a Fair Market

EXHIBIT 10(a)

Value in excess of the minimum amount of the Required Tax Payments. Any fraction of a Share which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the Holder. No Shares shall be delivered until the Required Tax Payments have been satisfied in full.

5.4    Compliance with Applicable Law. The Award is subject to the condition that if the listing, registration or qualification of the Shares subject to the Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the delivery of such Shares, the Shares subject to the Award shall not be delivered, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent or approval.

5.5    Adjustment. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation-Stock Compensation) that causes the per share value of the Shares to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary dividend, the number and class of securities subject to the Award shall be equitably adjusted by the Committee. In the event of any other change in corporate capitalization, including a merger, consolidation, reorganization, or partial or complete liquidation of the Company, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving corporation) to prevent dilution or enlargement of rights of participants. The decision of the Committee regarding any such adjustment and the Fair Market Value of any fractional security shall be final, binding and conclusive.

5.6     Award Confers No Rights to Continued Employment. In no event shall the granting of the Award or its acceptance by the Holder give or be deemed to give the Holder any right to continued employment by the Company or a Subsidiary.

5.7    Decisions of Board of Directors or Committee. The Board or the Committee shall have the right to resolve all questions which may arise in connection with the Award. Any interpretation, determination or other action made or taken by the Board or the Committee regarding the Plan or this Agreement shall be final, binding and conclusive.

5.8    Agreement Subject to the Plan. This Agreement is subject to the provisions of the Planand shall be interpreted in accordance therewith. The Holder hereby acknowledges receipt of a copy of the Plan.

6.    Miscellaneous Provisions.

6.1    Employment by Subsidiary. References in this Agreement to employment by the Company shall also mean employment by a Subsidiary.

6.2    Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon the death of the Holder, acquire any rights hereunder in accordance with this Agreement or the Plan.

6.3    Notices. All notices, requests or other communications provided for in this Agreement shall be made, if to the Company, to PulteGroup, Inc., 3350 Peachtree Road, NE, Suite 150, Atlanta, GA, Attention: Executive Vice President and Chief Legal Officer and if to the Holder, to the last known mailing address of the Holder contained in the records of the Company. All notices, requests or other communications provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile with confirmation of receipt, (c) by mailing in the United States mails or (d) by express courier service. The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile transmission, upon receipt by the party entitled thereto if by express courier service, or five days after the date mailed if by United States mails; provided, however, that

EXHIBIT 10(a)

if a notice, request or other communication is not received during regular business hours, it shall be deemed to be received on the next succeeding business day of the Company.

6.4    Governing Law. This Agreement, the Award and all determinations made and actions taken pursuant hereto and thereto, to the extent not otherwise governed by the laws of the United States, shall be governed by the laws of the State of Michigan and construed in accordance therewith without giving effect to conflicts of laws principles.

6.5    Counterparts. This Agreement may be executed in two counterparts each of which shall be deemed an original and both of which together shall constitute one and the same instrument.

6.6    Entire Understanding. This Agreement and the Plan contain the entire understanding of the parties hereto with respect to the subject matter of the Agreement and supersedes all prior agreements, written or oral, with respect thereto.

6.7    Arbitration. The Holder acknowledges and agrees that any and all disputes related to compensation such as this Agreement or Award will be exclusively resolved through the Company’s Alternative Dispute Resolution Policy located in the Employee Handbook.

6.8    Statute of Limitations. Any action, claim or lawsuit relating to this Agreement must be filed no more than six (6) months after the date of the employment action that is the subject of the action, claim or lawsuit. The Holder voluntarily waives any statute of limitations to the contrary.

6.9    Compliance With Section 409A of the Code. This Award is intended to be exempt from or comply with Section 409A of the Code, and shall be interpreted and construed accordingly. To the extent this Agreement provides for the Award to become vested and be settled upon the Holder’s termination of employment, the applicable Shares shall be transferred to the Holder or his or her beneficiary upon the Holder’s “separation from service,” within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Award, to the extent any payments hereunder constitute nonqualified deferred compensation, within the meaning of Section 409A, then (A) each such payment which is conditioned upon Holder’s execution of a release and which is to be paid or provided during a designated period that begins in one taxable year and ends in a second taxable year, shall be paid or provided in the later of the two taxable years and (B) if Holder is a specified employee (within the meaning of Section 409A of the Code) as of the date of Holder’s separation from service, each such payment that is payable upon Holder’s separation from service and would have been paid prior to the six-month anniversary of Holder’s separation from service, shall be delayed until the earlier to occur of (i) the first day of the seventh month following the Holder’s separation from service or (ii) the date of Holder’s death.

6.10    Award Subject to Clawback. The Award and any Shares delivered pursuant to the Award are subject to forfeiture, recovery by the Company or other action pursuant to any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law.

EXHIBIT 10(a)

Appendix of Definitions

“Cause” shall mean a determination by the Company that the Holder has (i) willfully and continuously failed to substantially perform the duties assigned by the Company or a Subsidiary with which the Holder is employed (other than a failure resulting from the Holder’s Disability), (ii) willfully engaged in conduct which is demonstrably injurious to the Company or any Subsidiary, monetarily or otherwise, including conduct that, in the reasonable judgment of the Company, does not conform to the standard of the Company's executives or employees, or (iii) engaged in any act of dishonesty, the commission of a felony or a significant violation of any statutory or common law duty of loyalty to the Company or any Subsidiary.

“Change in Control” shall mean:

(i)    the acquisition by any individual, entity or group (a “Person”), including any “person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, of beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act, of 40% or more of either (A) the then outstanding common shares of the Company (the “Outstanding Common Shares”) or (B) the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); excluding, however, the following: (1) any acquisition directly from the Company (excluding any acquisition resulting from the exercise of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged was acquired directly from the Company), (2) any acquisition by the Company, (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (4) any acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of subparagraph (iii) of this definition; provided further, that for purposes of clause (2), if any Person (other than the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company) shall become the beneficial owner of 40% or more of the Outstanding Common Shares or 40% or more of the Outstanding Voting Securities by reason of an acquisition by the Company, and such Person shall, after such acquisition by the Company, become the beneficial owner of any additional shares of the Outstanding Common Shares or any additional Outstanding Voting Securities and such beneficial ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control;

(ii)    individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board; provided that any individual who becomes a director of the Company subsequent to the date hereof whose election, or nomination for election by the Company's shareholders, was approved by the vote of at least a majority of the directors then comprising the Incumbent Board shall be deemed a member of the Incumbent Board; and provided further, that any individual who was initially elected as a director of the Company as a result of an actual or threatened solicitation by a Person other than the Board for the purpose of opposing a solicitation by any other Person with respect to the election or removal of directors, or any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall not be deemed a member of the Incumbent Board;

(iii)    the consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Corporate Transaction”); excluding, however, a Corporate Transaction pursuant to which (A) all or substantially all of the individuals or entities who are the beneficial owners, respectively, of the Outstanding Common Shares and the Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 60% of, respectively, the outstanding shares of common stock, and the combined voting power of the outstanding securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or indirectly) in substantially the same proportions relative to each other as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Common Shares and the Outstanding

EXHIBIT 10(a)

Voting Securities, as the case may be, (B) no Person (other than: the Company; any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; the corporation resulting from such Corporate Transaction; and any Person which beneficially owned, immediately prior to such Corporate Transaction, directly or indirectly, 40% or more of the Outstanding Common Shares or the Outstanding Voting Securities, as the case may be) will beneficially own, directly or indirectly, 40% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors and (C) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or

(iv)    the consummation of a plan of complete liquidation or dissolution of the Company.

“Disability” shall mean a sickness or disability extending for more than three (3) consecutive months as a result of which the Holder is unable to perform his or her duties for the Company or an affiliate, as applicable, in the required and customary manner and that will continue for not less than an additional three (3) months, as determined by the Company in its sole discretion. In the event of any dispute regarding the existence of the Holder’s Disability hereunder, the matter shall be resolved by the determination of a physician selected by the Committee and reasonably acceptable to the Holder. The Holder shall submit to appropriate medical examinations for purposes of such determination.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as then in effect, or any successor federal statute of substantially similar effect.

“Good Reason” shall mean the occurrence of any of the following events without the Holder’s prior written consent: (i) a material diminution in the Holder’s annual base salary; (ii) a material diminution in the Holder’s authority, duties or responsibilities; or (iii) a material change in the geographic location at which the Holder must perform services; providedthat, the Holder must notify the Company of his or her intention to terminate his or her employment by written notice to the Company within ninety (90) days of the initial existence of such event and the Company shall have thirty (30) days to cure such event after receipt of such notice. If the Company shall fail to cure such event, the Holder may terminate his or her employment for Good Reason within thirty (30) days following the expiration of the Company's cure period.

EX-31.A

EXHIBIT 31(a)

CHIEF EXECUTIVE OFFICER'S CERTIFICATION

I, Richard J. Dugas, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of PulteGroup, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	April 21, 2016	/s/ Richard J. Dugas, Jr.
		Richard J. Dugas, Jr.
		Chairman and Chief Executive Officer

EX-31.B

EXHIBIT 31(b)

CHIEF FINANCIAL OFFICER'S CERTIFICATION

I, Robert T. O'Shaughnessy, certify that:

1. I have reviewed this quarterly report on Form 10-Q of PulteGroup, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	April 21, 2016	/s/ Robert T. O'Shaughnessy
		Robert T. O'Shaughnessy
		Executive Vice President and Chief Financial Officer

EX-32

EXHIBIT 32

Certification

Pursuant to 18 United States Code § 1350 and

Rule 13a-14(b) of the Securities Exchange Act of 1934

In connection with the Quarterly Report of PulteGroup, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies that to his knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: April 21, 2016

/s/ Richard J. Dugas, Jr.

Richard J. Dugas, Jr.

Chairman and Chief Executive Officer

/s/ Robert T. O'Shaughnessy

Robert T. O'Shaughnessy

Executive Vice President and

Chief Financial Officer

XML

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2016	Apr. 15, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	PULTEGROUP INC/MI/
Entity Central Index Key	0000822416
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		346,032,239

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and equivalents	$ 995,696	$ 754,161
Restricted cash	22,419	21,274
House and land inventory	6,202,479	5,450,058
Land held for sale	85,017	81,492
Residential mortgage loans available-for-sale	290,578	442,715
Investments in unconsolidated entities	53,090	41,267
Other assets	686,163	660,835
Intangible assets	163,185	110,215
Deferred tax assets, net	1,344,853	1,394,879
Total assets	9,843,480	8,956,896
Liabilities:
Accounts payable	331,932	327,725
Customer deposits	223,692	186,141
Accrued and other liabilities	1,294,892	1,284,273
Income tax liabilities	33,460	57,050
Financial Services debt	118,614	267,877
Term loan	498,817	498,423
Senior notes	2,568,546	1,576,082
Total liabilities	5,069,953	4,197,571
Shareholders' equity	4,773,527	4,759,325
Total liabilities and shareholders' equity	$ 9,843,480	$ 8,956,896

XML

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Homebuilding
Home sale revenues	$ 1,394,243	$ 1,088,158
Land sale revenues	2,487	17,542
Total homebuilding revenues	1,396,730	1,105,700
Financial Services	35,848	27,598
Consolidated revenues	1,432,578	1,133,298
Homebuilding Cost of Revenues:
Home sale cost of revenues	1,089,329	841,145
Land sale cost of revenues	2,028	13,378
Total cost of revenues	1,091,357	854,523
Financial Services expenses	26,119	22,541
Selling, general, and administrative expenses	191,015	161,312
Other expense (income), net	5,874	(883)
Income before income taxes	118,213	95,805
Income tax expense	34,913	40,834
Net income	$ 83,300	$ 54,971
Per share:
Basic earnings (usd per share)	$ 0.24	$ 0.15
Diluted earnings (usd per share)	0.24	0.15
Cash dividends declared (usd per share)	$ 0.09	$ 0.08
Number of shares used in calculation:
Basic shares outstanding (shares)	347,815	366,748
Effect of dilutive securities (shares)	2,662	3,362
Diluted shares outstanding (shares)	350,477	370,110

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 83,300	$ 54,971
Other comprehensive income, net of tax:
Change in value of derivatives	21	21
Other comprehensive income	21	21
Comprehensive income	$ 83,321	$ 54,992

XML

Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Shareholders' Equity beginning of period at Dec. 31, 2014	$ 4,804,954	$ 3,695	$ 3,072,996	$ (690)	$ 1,728,953
Shareholders' Equity, shares beginning of period (shares) at Dec. 31, 2014		369,459
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		564
Stock option exercises	6,596	$ 6	6,590
Stock issuances, net of cancellations (shares)		358
Stock issuances, net of cancellations	7,423	$ 3	7,420
Dividends declared	(29,449)		0		(29,449)
Share repurchases	(107,955)	$ (50)			(107,905)
Share repurchases (shares)		(4,954)
Share-based compensation	5,662		5,662		0
Excess tax benefits (deficiencies) from share-based awards	(229)		(229)
Net income	54,971				54,971
Other comprehensive income	21			21
Shareholders' Equity end of period at Mar. 31, 2015	4,741,994	$ 3,654	3,092,439	(669)	1,646,570
Shareholders' Equity, shares end of period (shares) at Mar. 31, 2015		365,427
Shareholders' Equity beginning of period at Dec. 31, 2015	4,759,325	$ 3,491	3,093,802	(609)	1,662,641
Shareholders' Equity, shares beginning of period (shares) at Dec. 31, 2015		349,149
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		4
Stock option exercises	52	$ 0	52
Stock issuances, net of cancellations (shares)		456
Stock issuances, net of cancellations	8,856	$ 4	8,852
Dividends declared	(31,459)		0		(31,459)
Share repurchases	(52,745)	$ (32)			(52,713)
Share repurchases (shares)		(3,226)
Share-based compensation	6,635		6,635
Excess tax benefits (deficiencies) from share-based awards	(458)		(458)
Net income	83,300				83,300
Other comprehensive income	21			21
Shareholders' Equity end of period at Mar. 31, 2016	$ 4,773,527	$ 3,463	$ 3,108,883	$ (588)	$ 1,661,769
Shareholders' Equity, shares end of period (shares) at Mar. 31, 2016		346,383

XML

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 83,300	$ 54,971
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	50,026	40,805
Depreciation and amortization	13,113	11,062
Share-based compensation expense	9,355	8,280
Other, net	4,447	4,810
Increase (decrease) in cash due to:
Restricted cash	(1,145)	(1,686)
Inventories	(381,910)	(230,993)
Residential mortgage loans available-for-sale	151,886	119,976
Other assets	(25,133)	(3,830)
Accounts payable, accrued and other liabilities	31,999	(28,792)
Net cash provided by (used in) operating activities	(64,062)	(25,397)
Cash flows from investing activities:
Capital expenditures	(9,460)	(14,517)
Cash used for business acquisition	(430,011)	0
Other investing activities, net	(12,281)	4,632
Net cash used in investing activities	(451,752)	(9,885)
Cash flows from financing activities:
Proceeds from debt issuance	991,575	0
Repayments of debt	(702)	0
Borrowings under revolving credit facility	220,000	0
Repayments under revolving credit facility	(220,000)	0
Financial Services borrowings (repayments)	(149,263)	(72,678)
Stock option exercises	52	6,596
Share repurchases	(52,745)	(107,955)
Dividends paid	(31,568)	(29,616)
Net cash provided by (used in) financing activities	757,349	(203,653)
Net increase (decrease) in cash and equivalents	241,535	(238,935)
Cash and equivalents at beginning of period	754,161	1,292,862
Cash and equivalents at end of period	995,696	1,053,927
Supplemental Cash Flow Information:
Interest paid (capitalized), net	(23,124)	(21,412)
Income taxes paid (refunded), net	$ 1,212	$ (1,997)

XML

Basis of Presentation

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

PulteGroup, Inc. is one of the largest homebuilders in the United States ("U.S."), and our common stock trades 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 operations.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015.

Business acquisition

We acquired substantially all of the assets of JW Homes ("Wieland") in January 2016, for approximately $430 million in cash and the assumption of certain payables related to such assets. The acquired net assets were located in Atlanta, Charleston, Charlotte, Nashville, and Raleigh, and included approximately 7,000 lots, including 375 homes in inventory, and control of approximately 1,300 lots through land option contracts. We also assumed a sales order backlog of 317 homes. The acquired net assets were recorded at their estimated fair values and provisionally resulted in goodwill of $38.3 million and separately identifiable intangible assets of $18.0 million comprised of the John Wieland Homes and Neighborhoods tradename, which is being amortized over a 20-year life. The acquisition of these assets was not material to our results of operations or financial condition.

Use of estimates

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

Reclassifications

Certain prior period amounts have been reclassified to conform to the current year presentation, including the adoption in January 2016 of Accounting Standards Update ("ASU") 2015-03, “Interest - Imputation of Interest,” which changes the presentation of debt issuance costs in the balance sheet from an asset to a direct reduction of the carrying amount of the related debt. The adoption of this guidance resulted in the reclassification of applicable unamortized debt issuance costs from other assets to senior notes and term loan. See Note 4.

Subsequent events

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

Other expense (income), net

Other expense (income), net consists of the following ($000’s omitted):

	Three Months Ended
	March 31,
	2016			2015
Write-off of deposits and pre-acquisition costs	$	3,041		$	1,869
Amortization of intangible assets	3,450			3,225
Interest income	(923		)	(1,099		)
Interest expense	174			187
Equity in earnings of unconsolidated entities	(170		)	(1,107		)
Miscellaneous, net	302			(3,958		)
	$	5,874		$	(883	)

Earnings per share

Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares outstanding, adjusted for unvested shares (the “Denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of stock options, unvested restricted shares and restricted share units, and other potentially dilutive instruments. Any stock options that have an exercise price greater than the average market price are considered to be anti-dilutive and are excluded from the diluted earnings per share calculation. Our diluted earnings per share calculation excluded 2.3 million and 4.8 million potentially dilutive instruments, including stock options, unvested restricted shares and restricted share units for the three months endedMarch 31, 2016 and 2015, respectively.    

In accordance with ASC 260 "Earnings Per Share", the two-class method determines earnings per share for each class of common stock and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. Our outstanding restricted share awards, restricted share units, and deferred shares are considered participating securities. The following table presents the earnings per common share (000's omitted, except per share data):

	Three Months Ended
	March 31,
	2016			2015
Numerator:
Net income	$	83,300		$	54,971
Less: earnings distributed to participating securities	(285		)	(188		)
Less: undistributed earnings allocated to participating securities	(404		)	(166		)
Numerator for basic earnings per share	$	82,611		$	54,617
Add back: undistributed earnings allocated to participating securities	404			166
Less: undistributed earnings reallocated to participating securities	(401		)	(165		)
Numerator for diluted earnings per share	$	82,614		$	54,618
Denominator:
Basic shares outstanding	347,815			366,748
Effect of dilutive securities	2,662			3,362
Diluted shares outstanding	350,477			370,110
Earnings per share:
Basic	$	0.24		$	0.15
Diluted	$	0.24		$	0.15

Residential mortgage loans available-for-sale

Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. At March 31, 2016 and December 31, 2015, residential mortgage loans available-for-sale had an aggregate fair value of $290.6 million and $442.7 million, respectively, and an aggregate outstanding principal balance of $279.4 million and $429.6 million, respectively. The net gain resulting from changes in fair value of these loans totaled $1.0 million and $0.1 million for the three months endedMarch 31, 2016 and 2015, respectively. These changes in fair value were substantially offset by changes in fair value of the corresponding hedging instruments. Net gains from the sale of mortgages were $21.5 million and $16.2 million for the three months endedMarch 31, 2016 and 2015, respectively.

Derivative instruments and hedging activities

We are party to interest rate lock commitments with customers resulting from our mortgage origination operations. At March 31, 2016 and December 31, 2015, we had aggregate interest rate lock commitments of $257.3 million and $208.2 million, respectively, which were originated at interest rates prevailing at the date of commitment.

We are also party to 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. 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 execute an interest rate lock until the time the loan is sold to an investor. We also use whole loan investor commitments, which are obligations of the investor to buy loans at a specified price within a specified time period. At March 31, 2016 and December 31, 2015, we had unexpired forward contracts of $469.7 million and $525.0 million, respectively, and whole loan investor commitments of $38.0 million and $77.6 million, respectively. Changes in the fair value of interest rate lock commitments 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 interest rate lock commitments and residential mortgage loans available-for-sale are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 60 days. The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted):

	March 31, 2016				December 31, 2015
	Other Assets		Accrued and Other Liabilities		Other Assets		Accrued and Other Liabilities
Interest rate lock commitments	$	9,032	$	133	$	5,854	$	280
Forward contracts	167		3,340		1,178		840
Whole loan commitments	72		167		358		345
	$	9,271	$	3,640	$	7,390	$	1,465

New accounting pronouncements

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date", which delayed the effective date by one year. As a result, the standard is effective for us for annual and interim periods beginning January 1, 2018 and allows for full retrospective or modified retrospective methods of adoption. We are currently evaluating the impact that the standard will have on our financial statements.

In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern and provide related disclosures. ASU 2014-15 is effective for annual and interim reporting periods beginning January 1, 2017 and is not expected to have a material impact on our financial statements.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the impact that the standard will have on our financial statements.

In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2019-09"), which includes multiple amendments intended to simplify aspects of share-based payment accounting. ASU 2016-09 will be effective for annual reporting periods beginning after December 15, 2016, and early adoption is permitted. Amendments to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, and forfeitures will be applied using a modified retrospective transition method through a cumulative-effect adjustment to equity as of the beginning of the period of adoption. Amendments to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement will be applied retrospectively, and amendments requiring the recognition of excess tax benefits and tax deficiencies in the income statement are to be applied prospectively. We are currently evaluating the impact that the standard will have on our financial statements.

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Inventory

3 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Inventory and Land Held for Sale

Inventory

Major components of inventory were as follows ($000’s omitted):

	March 31, 2016		December 31, 2015
Homes under construction	$	1,821,322	$	1,408,260
Land under development	3,568,201		3,259,066
Raw land	812,956		782,732
	$	6,202,479	$	5,450,058

We capitalize interest cost into inventory during the active development and construction of our communities. In all periods presented, we capitalized all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels. Information related to interest capitalized into inventory is as follows ($000’s omitted):

	Three Months Ended
	March 31,
	2016			2015
Interest in inventory, beginning of period	$	149,498		$	167,638
Interest capitalized	35,284			30,803
Interest expensed	(26,129		)	(31,554		)
Interest in inventory, end of period	$	158,653		$	166,887

Land option agreements

We enter into land option agreements in order to procure land for the construction of homes in the future. Pursuant to these land option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. Such contracts enable us to defer acquiring portions of properties owned by third parties or unconsolidated entities until we have determined whether and when to exercise our option, which reduces our financial risks associated with long-term land holdings. Option deposits and pre-acquisition costs (such as environmental testing, surveys, engineering, and entitlement costs) are capitalized if the costs are directly identifiable with the land under option, the costs would be capitalized if we owned the land, and acquisition of the property is probable. Such costs are reflected in other assets and are reclassified to inventory upon taking title to the land. We write off deposits and pre-acquisition costs when it becomes probable that we will not go forward with the project or recover the capitalized costs. Such decisions take into consideration changes in local market conditions, the timing of required land purchases, the availability and best use of necessary incremental capital, and other factors. We record any such write-offs of deposits and pre-acquisition costs within other expense, net.

If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity. No VIEs required consolidation at either March 31, 2016 or December 31, 2015 because we determined that we were not the VIE's primary beneficiary. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the land option agreements. The following provides a summary of our interests in land option agreements as of March 31, 2016 and December 31, 2015 ($000’s omitted): 

	March 31, 2016				December 31, 2015
	Deposits and Pre-acquisition Costs		Remaining Purchase Price		Deposits and Pre-acquisition Costs		Remaining Purchase Price
Land options with VIEs	$	91,777	$	1,152,369	$	77,641	$	1,064,506
Other land options	91,254		1,134,743		84,478		981,687
	$	183,031	$	2,287,112	$	162,119	$	2,046,193

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Segment Information

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Information

Segment information

Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:

Northeast:	Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia
Southeast:	Georgia, North Carolina, South Carolina, Tennessee
Florida:	Florida
Midwest:	Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio
Texas:	Texas
West:	Arizona, California, Nevada, New Mexico, Washington

We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking and title operations and operate generally in the same markets as the Homebuilding segments.

	Operating Data by Segment ($000’s omitted)
	Three Months Ended
	March 31,
	2016			2015
Revenues:
Northeast	$	118,654		$	111,153
Southeast (a)	294,426			185,788
Florida	269,841			203,062
Midwest	189,892			178,652
Texas	213,292			177,499
West	310,625			249,546
	1,396,730			1,105,700
Financial Services	35,848			27,598
Consolidated revenues	$	1,432,578		$	1,133,298
Income before income taxes:
Northeast	$	9,590		$	9,527
Southeast (a)	19,770			24,624
Florida	40,302			33,224
Midwest	5,620			1,180
Texas	28,517			22,791
West	33,507			31,079
Other homebuilding (b)	(28,873		)	(31,677		)
	108,433			90,748
Financial Services	9,780			5,057
Consolidated income before income taxes	$	118,213		$	95,805

(a) Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1).

(b) Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments.

	Operating Data by Segment
	($000's omitted)
	March 31, 2016
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	178,697	$	293,122	$	122,359	$	594,178	$	724,862
Southeast (a)	374,347		544,577		203,394		1,122,318		1,274,358
Florida	253,262		630,859		80,526		964,647		1,079,826
Midwest	257,042		413,194		68,931		739,167		801,961
Texas	217,893		353,206		97,754		668,853		757,559
West	517,537		1,139,387		215,118		1,872,042		2,074,250
Other homebuilding (b)	22,544		193,856		24,874		241,274		2,773,441
	1,821,322		3,568,201		812,956		6,202,479		9,486,257
Financial Services	—		—		—		—		357,223
	$	1,821,322	$	3,568,201	$	812,956	$	6,202,479	$	9,843,480
	December 31, 2015
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	163,173	$	292,631	$	121,522	$	577,326	$	688,610
Southeast (a)	196,456		367,577		139,246		703,279		765,933
Florida	227,910		574,092		97,185		899,187		1,013,543
Midwest	197,738		414,386		68,918		681,042		734,834
Texas	191,424		317,702		107,737		616,863		691,342
West	413,208		1,094,112		222,920		1,730,240		1,924,958
Other homebuilding (b)	18,351		198,566		25,204		242,121		2,628,687
	1,408,260		3,259,066		782,732		5,450,058		8,447,907
Financial Services	—		—		—		—		508,989
	$	1,408,260	$	3,259,066	$	782,732	$	5,450,058	$	8,956,896

(a) Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1).

(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.

3. Segment information

Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:

Northeast:	Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia
Southeast:	Georgia, North Carolina, South Carolina, Tennessee
Florida:	Florida
Midwest:	Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio
Texas:	Texas
West:	Arizona, California, Nevada, New Mexico, Washington

We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking and title operations and operate generally in the same markets as the Homebuilding segments.

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Debt

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt

Debt

Senior notes

Our senior notes are summarized as follows ($000’s omitted):

	March 31, 2016			December 31, 2015
6.500% unsecured senior notes due May 2016 (a)	465,245			465,245
7.625% unsecured senior notes due October 2017 (b)	123,000			123,000
4.250% unsecured senior notes due March 2021 (a)	300,000			—
5.500% unsecured senior notes due March 2026 (a)	700,000			—
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 (c)	(19,699		)	(12,163		)
Total senior notes	$	2,568,546		$	1,576,082
Estimated fair value	$	2,663,408		$	1,643,651

(a) Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.

(b) Not redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.

(c) 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. As discussed in Note 1, we adopted ASU 2015-03 in January 2016. We applied the new guidance retrospectively to all prior periods presented in the financial statements to conform to the 2016 presentation. As a result, $10.3 million of debt issuance costs at December 31, 2015, were reclassified from other assets to a reduction in senior notes.

On February 25, 2016, we issued $1.0 billion of senior unsecured notes, consisting of $300 million of 4.25% senior notes due March 1, 2021, and $700 million of 5.50% senior notes due March 1, 2026. Similar to the other senior note series reflected in the above table, these notes are irrevocably and unconditionally guaranteed on a senior basis, jointly and severally, by certain of our wholly-owned subsidiaries. The notes and the guarantees are senior unsecured obligations and rank equally in right of payment with the existing and future senior unsecured indebtedness of the Company and each of the guarantors, respectively. The notes are redeemable at our option at any time up to the date of maturity.

Revolving credit facility

We maintain a senior unsecured revolving credit facility (the “Revolving Credit Facility”) that matures in July 2017.  The Revolving Credit Facility provides for maximum borrowings of $500.0 million and contains an uncommitted accordion feature that could increase the size of the Revolving Credit Facility to $1.0 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 available borrowing capacity under the Revolving Credit Facility and may total no more than the greater of: (i) 50% of the size of the facility or (ii) $300.0 million in the aggregate. The interest rate on borrowings under the Revolving Credit Facility may be based on either the London Interbank Offered Rate ("LIBOR") or a base rate plus an applicable margin, as defined.  We had no borrowings outstanding and $213.4 million and $191.3 million of letters of credit issued under the Revolving Credit Facility at March 31, 2016 and December 31, 2015, respectively.

The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth, a minimum Interest Coverage Ratio, and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of March 31, 2016, we were in compliance with all covenants. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

Term loan

On September 30, 2015, we entered into a senior unsecured $500.0 million term loan agreement (the “Term Loan”) with an initial maturity date of January 3, 2017, which can be extended at our option up to 12 months. The interest rate on the Term Loan may be based on either LIBOR or a base rate plus an applicable margin, as defined. Borrowings are interest only with the principal being due at the maturity date and are guaranteed by certain of our wholly-owned subsidiaries. The Term Loan contains customary affirmative and negative covenants for loans of this type, including the same financial covenants as under the Revolving Credit Facility. As of March 31, 2016, we were in compliance with all covenants.

Limited recourse notes payable

Certain of our local homebuilding operations maintain limited recourse collateralized notes payable with third parties that totaled $36.3 million at March 31, 2016 and $35.3 million at December 31, 2015. These notes have maturities ranging up to six years, are collateralized by the land positions to which they relate, have no recourse to any other assets, and are classified within accrued and other liabilities. The stated interest rates on these notes range up to 5.00%.

Pulte Mortgage

Pulte Mortgage maintains a master repurchase agreement (the “Repurchase Agreement”) with third party lenders that expires in September 2016. The Repurchase Agreement's borrowing capacity was $310.0 million through January 18, 2016, after which it decreased to $175.0 million through July 28, 2016, after which it increases to $200.0 million. The purpose for the changes in capacity during the term of the agreement is to lower associated fees during seasonally lower volume periods of mortgage origination activity. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. Pulte Mortgage had $118.6 million and $267.9 million outstanding under the Repurchase Agreement at March 31, 2016 and December 31, 2015, respectively, and was in compliance with all of its covenants and requirements as of such dates.

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Shareholders' Equity

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ equity

During the three months endedMarch 31, 2016, we declared cash dividends totaling $31.5 million and repurchased 3.1 million shares under our repurchase authorization for a total of $50.0 million. At March 31, 2016, we had remaining authorization to repurchase $554.8 million of common shares. During the three months endedMarch 31, 2015, we declared cash dividends totaling $29.4 million and repurchased 4.6 million shares under our repurchase authorization for a total of $99.6 million.

Under our share-based compensation plans, we accept shares as payment under certain conditions related to stock option exercises and vesting of shares, generally related to the payment of minimum tax obligations. During the three months endedMarch 31, 2016 and 2015, employees surrendered shares valued at $2.7 million and $8.3 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

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Income Taxes

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes

Our effective tax rate for the three months endedMarch 31, 2016 and 2015 was 29.5%, and 42.6%, respectively. Our effective tax rate for the current year differed from the federal statutory tax rate primarily due to the favorable resolution of certain state income tax matters.  For the prior year, our effective tax rate differed from the federal statutory tax rate primarily due to state income taxes and an adjustment to deferred taxes due to changes in state laws and business operations. 

At March 31, 2016 and December 31, 2015, we had deferred tax assets, net of deferred tax liabilities and valuation allowance, of $1.3 billion and $1.4 billion, respectively. The accounting for deferred taxes is based upon estimates of future results.  Differences between estimated and actual results could result in changes in the valuation of deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time. 

Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. At March 31, 2016 and December 31, 2015, we had $22.5 million and $39.0 million, respectively, of gross unrecognized tax benefits and $11.8 million and $17.2 million, respectively, of related accrued interest and penalties. It is reasonably possible within the next twelve months that our gross unrecognized tax benefits may decrease by up to $18.5 million, excluding interest and penalties, primarily due to expirations of certain statutes of limitations and potential settlements.

We are currently under examination by the IRS and various state taxing jurisdictions and anticipate finalizing certain examinations within the next twelve months. The final outcome of these examinations is not yet determinable. The statutes of limitation for our major tax jurisdictions generally remain open for examination for tax years 2005 to 2016.

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Fair Value Disclosures

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair value disclosures

ASC 820, “Fair Value Measurements and Disclosures,” provides a framework for measuring fair value in generally accepted accounting principles and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows:

Level 1	Fair value determined based on quoted prices in active markets for identical assets or liabilities.
Level 2	Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active.
Level 3	Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.

Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted):

Financial Instrument	Fair Value Hierarchy	Fair Value
		March 31, 2016			December 31, 2015
Measured at fair value on a recurring basis:
Residential mortgage loans available-for-sale	Level 2	$	290,578		$	442,715
Interest rate lock commitments	Level 2	8,899			5,574
Forward contracts	Level 2	(3,173		)	338
Whole loan commitments	Level 2	(95		)	13
Measured at fair value on a non-recurring basis:
House and land inventory	Level 3	$	—		$	11,052
Disclosed at fair value:
Cash and equivalents (including restricted cash)	Level 1	$	1,018,115		$	775,435
Financial Services debt	Level 2	118,614			267,877
Term loan	Level 2	500,000			500,000
Senior notes	Level 2	2,663,408			1,643,651

Fair values for agency residential mortgage loans available-for-sale are determined based on quoted market prices for comparable instruments. Fair values for non-agency residential mortgage loans available-for-sale are determined based on purchase commitments from whole loan investors and other relevant market information available to management. Fair values for interest rate lock commitments, including the value of servicing rights, are based on market prices for similar instruments. Forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan investor commitments are based on market prices for similar instruments from the specific whole loan investor.

Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The non-recurring fair values included in the above table represent only those assets whose carrying values were adjusted to fair value as of the respective balance sheet dates.

The carrying amounts of cash and equivalents, Financial Services debt, the Term Loan, and the Revolving Credit Facility approximate their fair values due to their short-term nature and floating interest rate terms. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues. The carrying value of senior notes was $2.6 billion and $1.6 billion at March 31, 2016 and December 31, 2015, respectively.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2016

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. Determining the liabilities for anticipated losses requires a significant level of management judgment. Given the ongoing volatility in the mortgage industry, changes in values of underlying collateral over time, and other uncertainties regarding the ultimate resolution of these claims, actual costs could differ from our current estimates. Changes in these liabilities were as follows ($000's omitted):

	Three Months Ended
	March 31,
	2016			2015
Liabilities, beginning of period	$	46,381		$	58,222
Reserves provided (released), net	866			58
Payments	(154		)	(54		)
Liabilities, end of period	$	47,093		$	58,226

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 $213.4 million and $1.1 billion, respectively, at March 31, 2016, and $191.3 million and $1.0 billion, respectively, at December 31, 2015. In the event any such letter of credit or surety bond is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond. 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 projects that have not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed.

Litigation and regulatory matters

We are involved in various litigation and legal claims in the normal course of our business operations, including actions brought on behalf of various classes of claimants. We are also subject to a variety of local, state, and federal laws and regulations related to land development activities, house construction standards, sales practices, mortgage lending operations, employment practices, and protection of the environment. As a result, we are subject to periodic examination or inquiry by various governmental agencies that administer these laws and regulations.

We establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential loss is reasonably estimable. We accrue for such matters based on the facts and circumstances specific to each matter and revise these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued. In view of the inherent difficulty of predicting the outcome of these legal and regulatory matters, we generally cannot predict the ultimate resolution of the pending matters, the related timing, or the eventual loss. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our results of operations, financial position, or cash flows. However, to the extent the liability arising from the ultimate resolution of any matter exceeds the estimates reflected in the recorded reserves relating to such matter, we could incur additional charges that could be significant.

Allowance for warranties

Home purchasers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home’s construction and operating systems for periods of up to and in limited instances exceeding 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates. Changes to warranty liabilities were as follows ($000’s omitted):

	Three Months Ended
	March 31,
	2016			2015
Warranty liabilities, beginning of period	$	61,360		$	65,389
Reserves provided	12,319			8,841
Payments	(12,743		)	(16,829		)
Warranty liabilities, end of period	$	60,936		$	57,401

Self-insured risks

We maintain, and require our subcontractors to maintain, general liability insurance coverage. We also maintain builders' risk, property, errors and omissions, workers compensation, and other business insurance coverage. These insurance policies protect us against a portion of the risk of loss from claims. However, we retain a significant portion of the overall risk for such claims either through policies issued by our captive insurance subsidiaries or through our own self-insured per occurrence and aggregate retentions, deductibles, and claims in excess of available insurance policy limits.

Our general liability insurance includes coverage for certain construction defects. While construction defect claims can relate to a variety of circumstances, the majority of our claims relate to alleged problems with siding, plumbing, foundations and other concrete work, windows, roofing, and heating, ventilation and air conditioning systems. The availability of general liability insurance for the homebuilding industry and its subcontractors has become increasingly limited, and the insurance policies available require companies to maintain significant per occurrence and aggregate retention levels. In certain instances, we may offer our subcontractors the opportunity to purchase insurance through one of our captive insurance subsidiaries or participate in a project-specific insurance program provided by us. Policies issued by the 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 generally requires a per occurrence deductible up to an overall aggregate retention level. Beginning with the first dollar, amounts paid to satisfy 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 our purchased coverage levels. Our insurance policies, including the captive insurance subsidiaries' reinsurance policies, are maintained with highly-rated underwriters for whom we believe counterparty default risk is not significant.

At any point in time, we are managing over 1,000 individual claims related to general liability, property, errors and omissions, workers compensation, and other business insurance coverage. We reserve for costs associated with such claims (including expected claims management expenses) on an undiscounted basis at the time revenue is recognized for each home closing and 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 $693.0 million and $692.1 million at March 31, 2016 and December 31, 2015, respectively, the vast majority of which relates 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 65% of the total general liability reserves at both March 31, 2016 and December 31, 2015. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses.

Housing market conditions have been volatile across most of our markets over the past ten years, and we believe such conditions can affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are reported and resolved over an extended period often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Additionally, the amount of insurance coverage available for each policy period also impacts our recorded reserves. Because of the inherent uncertainty in estimating future losses related 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.

Costs associated with our insurance programs are classified within selling, general, and administrative expenses. Changes in these liabilities were as follows ($000's omitted):

	Three Months Ended
	March 31,
	2016			2015
Balance, beginning of period	$	692,053		$	710,245
Reserves provided, net	19,751			15,832
Payments	(18,824		)	(5,310		)
Balance, end of period	$	692,980		$	720,767

In certain instances, we have the ability to recover a portion of our costs under various insurance policies or from subcontractors or other third parties. Estimates of such amounts are recorded when recovery is considered probable. Such receivables are recorded in other assets and totaled $135.8 million and $130.2 million at March 31, 2016 and December 31, 2015, respectively. The increase in insurance receivables resulted from the continued progression of insured construction defect claims. Given the complexity inherent with resolving construction defect claims in the homebuilding industry as described above, there generally exists a significant lag between our payment of claims and related reimbursements. Additionally, we are the plaintiff in litigation with certain of our insurance carriers relating to a large portion of the insurance receivables balance. We believe collection of these insurance receivables is probable based on the legal merits of our positions, favorable legal rulings received to date, and our long history of collecting significant amounts of insurance reimbursements related to similar claims. While the outcome of these matters 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.

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Supplemental Guarantor Information

3 Months Ended

Mar. 31, 2016

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information

Supplemental Guarantor information

All of our senior notes are guaranteed jointly and severally on a senior basis by certain of our wholly-owned Homebuilding subsidiaries and certain other wholly-owned subsidiaries (collectively, the “Guarantors”). Such guaranties are full and unconditional. Our subsidiaries, comprising the Financial Services segment along with certain other subsidiaries (collectively, the "Non-Guarantor Subsidiaries"), do not guarantee the senior notes. In accordance with Rule 3-10 of Regulation S-X, supplemental consolidating financial information of the Company, including such information for the Guarantors, is presented below. Investments in subsidiaries are presented using the equity method of accounting.

CONDENSED CONSOLIDATING BALANCE SHEET

MARCH 31, 2016

($000’s omitted)

	Unconsolidated							Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	—	$	937,248		$	58,448	$	—		$	995,696
Restricted cash	—		20,937			1,482		—			22,419
House and land inventory	—		6,160,236			42,243		—			6,202,479
Land held for sale	—		84,507			510		—			85,017
Residential mortgage loans available-        for-sale	—		—			290,578		—			290,578
Investments in unconsolidated entities	97		48,234			4,759		—			53,090
Other assets	23,002		522,693			140,468		—			686,163
Intangible assets	—		163,185			—		—			163,185
Deferred tax assets, net	1,342,225		—			2,628		—			1,344,853
Investments in subsidiaries and        intercompany accounts, net	6,597,500		(754,237		)	6,491,667		(12,334,930		)	—
	$	7,962,824	$	7,182,803		$	7,032,783	$	(12,334,930	)	$	9,843,480
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits,        accrued and other liabilities	$	88,474	$	1,569,237		$	192,805	$	—		$	1,850,516
Income tax liabilities	33,460		—			—		—			33,460
Financial Services debt	—		—			118,614		—			118,614
Term loan	498,817		—			—		—			498,817
Senior notes	2,568,546		—			—		—			2,568,546
Total liabilities	3,189,297		1,569,237			311,419		—			5,069,953
Total shareholders’ equity	4,773,527		5,613,566			6,721,364		(12,334,930		)	4,773,527
	$	7,962,824	$	7,182,803		$	7,032,783	$	(12,334,930	)	$	9,843,480

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2015

($000’s omitted)

	Unconsolidated						Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	—	$	638,602	$	115,559	$	—		$	754,161
Restricted cash	—		20,274		1,000		—			21,274
House and land inventory	—		5,450,058		—		—			5,450,058
Land held for sale	—		80,458		1,034		—			81,492
Residential mortgage loans available-        for-sale	—		—		442,715		—			442,715
Investments in unconsolidated entities	93		36,499		4,675		—			41,267
Other assets	38,991		531,120		90,724		—			660,835
Intangible assets	—		110,215		—		—			110,215
Deferred tax assets, net	1,392,251		11		2,617		—			1,394,879
Investments in subsidiaries and        intercompany accounts, net	5,529,606		465,644		6,293,018		(12,288,268		)	—
	$	6,960,941	$	7,332,881	$	6,951,342	$	(12,288,268	)	$	8,956,896
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits,        accrued and other liabilities	$	70,061	$	1,558,885	$	169,193	$	—		$	1,798,139
Income tax liabilities	57,050		—		—		—			57,050
Financial Services debt	—		—		267,877		—			267,877
Term loan	498,423		—		—		—			498,423
Senior notes	1,576,082		—		—		—			1,576,082
Total liabilities	2,201,616		1,558,885		437,070		—			4,197,571
Total shareholders’ equity	4,759,325		5,773,996		6,514,272		(12,288,268		)	4,759,325
	$	6,960,941	$	7,332,881	$	6,951,342	$	(12,288,268	)	$	8,956,896

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months endedMarch 31, 2016

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	1,393,259	$	984		$	—		$	1,394,243
Land sale revenues	—			2,010		477			—			2,487
	—			1,395,269		1,461			—			1,396,730
Financial Services	—			—		35,848			—			35,848
	—			1,395,269		37,309			—			1,432,578
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			1,087,165		2,164			—			1,089,329
Land sale cost of revenues	—			1,643		385			—			2,028
	—			1,088,808		2,549			—			1,091,357
Financial Services expenses	—			123		25,996			—			26,119
Selling, general, and administrative        expenses	—			187,581		3,434			—			191,015
Other expense (income), net	170			9,676		(3,972		)	—			5,874
Intercompany interest	510			2,184		(2,694		)	—			—
Income (loss) before income taxes and        equity in income (loss) of        subsidiaries	(680		)	106,897		11,996			—			118,213
Income tax expense (benefit)	(263		)	30,568		4,608			—			34,913
Income (loss) before equity in income        (loss) of subsidiaries	(417		)	76,329		7,388			—			83,300
Equity in income (loss) of subsidiaries	83,717			7,010		111,918			(202,645		)	—
Net income (loss)	83,300			83,339		119,306			(202,645		)	83,300
Other comprehensive income	21			—		—			—			21
Comprehensive income (loss)	$	83,321		$	83,339	$	119,306		$	(202,645	)	$	83,321

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months endedMarch 31, 2015

($000’s omitted)

	Unconsolidated												Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	1,088,158		$	—		$	—		$	1,088,158
Land sale revenues	—			17,542			—			—			17,542
	—			1,105,700			—			—			1,105,700
Financial Services	—			—			27,598			—			27,598
	—			1,105,700			27,598			—			1,133,298
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			841,145			—			—			841,145
Land sale cost of revenues	—			13,378			—			—			13,378
	—			854,523			—			—			854,523
Financial Services expenses	187			(168		)	22,522			—			22,541
Selling, general, and administrative        expenses	—			160,828			484			—			161,312
Other expense (income), net	174			(708		)	(349		)	—			(883		)
Intercompany interest	7,723			(5,422		)	(2,301		)	—			—
Income (loss) before income taxes and        equity in income (loss) of        subsidiaries	(8,084		)	96,647			7,242			—			95,805
Income tax expense (benefit)	(3,072		)	41,097			2,809			—			40,834
Income (loss) before equity in income        (loss) of subsidiaries	(5,012		)	55,550			4,433			—			54,971
Equity in income (loss) of subsidiaries	59,983			4,337			52,063			(116,383		)	—
Net income (loss)	54,971			59,887			56,496			(116,383		)	54,971
Other comprehensive income	21			—			—			—			21
Comprehensive income (loss)	$	54,992		$	59,887		$	56,496		$	(116,383	)	$	54,992

CONSOLIDATING STATEMENT OF CASH FLOWS

For the three months endedMarch 31, 2016

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Net cash provided by (used in)    operating activities	$	41,058		$	(255,994	)	$	150,874		$	—	$	(64,062	)
Cash flows from investing activities:
Capital expenditures	—			(8,918		)	(542		)	—		(9,460		)
Cash used for business acquisitions	—			(430,011		)	—			—		(430,011		)
Other investing activities, net	(3		)	(12,731		)	453			—		(12,281		)
Net cash provided by (used in)    investing activities	(3		)	(451,660		)	(89		)	—		(451,752		)
Cash flows from financing activities:
Proceeds from debt issuance	991,575			—			—			—		991,575
Repayments of debt	—			(702		)	—			—		(702		)
Borrowings under revolving credit facility	220,000			—			—			—		220,000
Repayments under revolving credit facility	(220,000		)	—			—			—		(220,000		)
Financial Services borrowings (repayments)	—			—			(149,263		)	—		(149,263		)
Stock option exercises	52			—			—			—		52
Share repurchases	(52,745		)	—			—			—		(52,745		)
Dividends paid	(31,568		)	—			—			—		(31,568		)
Intercompany activities, net	(948,369		)	1,007,002			(58,633		)	—		—
Net cash provided by (used in)    financing activities	(41,055		)	1,006,300			(207,896		)	—		757,349
Net increase (decrease) in cash and    equivalents	—			298,646			(57,111		)	—		241,535
Cash and equivalents at beginning of    period	—			638,602			115,559			—		754,161
Cash and equivalents at end of period	$	—		$	937,248		$	58,448		$	—	$	995,696

CONSOLIDATING STATEMENT OF CASH FLOWS

For the three months endedMarch 31, 2015

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Net cash provided by (used in)     operating activities	$	87,624		$	(203,566	)	$	90,545		$	—	$	(25,397	)
Cash flows from investing activities:
Capital expenditures	—			(13,489		)	(1,028		)	—		(14,517		)
Other investing activities, net	3,710			5			917			—		4,632
Net cash provided by (used in) investing     activities	3,710			(13,484		)	(111		)	—		(9,885		)
Cash flows from financing activities:
Financial Services borrowings (repayments)	—			—			(72,678		)	—		(72,678		)
Stock option exercises	6,596			—			—			—		6,596
Share repurchases	(107,955		)	—			—			—		(107,955		)
Dividends paid	(29,616		)	—			—			—		(29,616		)
Intercompany activities, net	32,187			56,487			(88,674		)	—		—
Net cash provided by (used in)    financing activities	(98,788		)	56,487			(161,352		)	—		(203,653		)
Net increase (decrease) in cash and     equivalents	(7,454		)	(160,563		)	(70,918		)	—		(238,935		)
Cash and equivalents at beginning of     period	7,454			1,157,307			128,101			—		1,292,862
Cash and equivalents at end of period	$	—		$	996,744		$	57,183		$	—	$	1,053,927

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Basis of Presentation (Policy)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Consolidation Policy

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015.

Business Acquisitions Policy

Business acquisition

We acquired substantially all of the assets of JW Homes ("Wieland") in January 2016, for approximately $430 million in cash and the assumption of certain payables related to such assets. The acquired net assets were located in Atlanta, Charleston, Charlotte, Nashville, and Raleigh, and included approximately 7,000 lots, including 375 homes in inventory, and control of approximately 1,300 lots through land option contracts. We also assumed a sales order backlog of 317 homes. The acquired net assets were recorded at their estimated fair values and provisionally resulted in goodwill of $38.3 million and separately identifiable intangible assets of $18.0 million comprised of the John Wieland Homes and Neighborhoods tradename, which is being amortized over a 20-year life. The acquisition of these assets was not material to our results of operations or financial condition.

Use of Estimates Policy

Use of estimates

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

Reclassification Policy

Reclassifications

Certain prior period amounts have been reclassified to conform to the current year presentation, including the adoption in January 2016 of Accounting Standards Update ("ASU") 2015-03, “Interest - Imputation of Interest,” which changes the presentation of debt issuance costs in the balance sheet from an asset to a direct reduction of the carrying amount of the related debt. The adoption of this guidance resulted in the reclassification of applicable unamortized debt issuance costs from other assets to senior notes and term loan. See Note 4.

Subsequent Events Policy

Subsequent events

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

Earnings Per Share Policy

Earnings per share

Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares outstanding, adjusted for unvested shares (the “Denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of stock options, unvested restricted shares and restricted share units, and other potentially dilutive instruments. Any stock options that have an exercise price greater than the average market price are considered to be anti-dilutive and are excluded from the diluted earnings per share calculation. Our diluted earnings per share calculation excluded 2.3 million and 4.8 million potentially dilutive instruments, including stock options, unvested restricted shares and restricted share units for the three months endedMarch 31, 2016 and 2015, respectively.    

In accordance with ASC 260 "Earnings Per Share", the two-class method determines earnings per share for each class of common stock and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. Our outstanding restricted share awards, restricted share units, and deferred shares are considered participating securities. The following table presents the earnings per common share (000's omitted, except per share data):

Residential Mortgage Loans Available for Sale Policy

Residential mortgage loans available-for-sale

Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. At March 31, 2016 and December 31, 2015, residential mortgage loans available-for-sale had an aggregate fair value of $290.6 million and $442.7 million, respectively, and an aggregate outstanding principal balance of $279.4 million and $429.6 million, respectively. The net gain resulting from changes in fair value of these loans totaled $1.0 million and $0.1 million for the three months endedMarch 31, 2016 and 2015, respectively. These changes in fair value were substantially offset by changes in fair value of the corresponding hedging instruments. Net gains from the sale of mortgages were $21.5 million and $16.2 million for the three months endedMarch 31, 2016 and 2015, respectively.

Derivative Instruments and Hedging Activities Policy

Derivative instruments and hedging activities

We are party to interest rate lock commitments with customers resulting from our mortgage origination operations. At March 31, 2016 and December 31, 2015, we had aggregate interest rate lock commitments of $257.3 million and $208.2 million, respectively, which were originated at interest rates prevailing at the date of commitment.

We are also party to 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. 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 execute an interest rate lock until the time the loan is sold to an investor. We also use whole loan investor commitments, which are obligations of the investor to buy loans at a specified price within a specified time period. At March 31, 2016 and December 31, 2015, we had unexpired forward contracts of $469.7 million and $525.0 million, respectively, and whole loan investor commitments of $38.0 million and $77.6 million, respectively. Changes in the fair value of interest rate lock commitments 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 interest rate lock commitments and residential mortgage loans available-for-sale are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 60 days.

New Accounting Pronouncements Policy

New accounting pronouncements

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date", which delayed the effective date by one year. As a result, the standard is effective for us for annual and interim periods beginning January 1, 2018 and allows for full retrospective or modified retrospective methods of adoption. We are currently evaluating the impact that the standard will have on our financial statements.

In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern and provide related disclosures. ASU 2014-15 is effective for annual and interim reporting periods beginning January 1, 2017 and is not expected to have a material impact on our financial statements.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the impact that the standard will have on our financial statements.

In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2019-09"), which includes multiple amendments intended to simplify aspects of share-based payment accounting. ASU 2016-09 will be effective for annual reporting periods beginning after December 15, 2016, and early adoption is permitted. Amendments to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, and forfeitures will be applied using a modified retrospective transition method through a cumulative-effect adjustment to equity as of the beginning of the period of adoption. Amendments to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement will be applied retrospectively, and amendments requiring the recognition of excess tax benefits and tax deficiencies in the income statement are to be applied prospectively. We are currently evaluating the impact that the standard will have on our financial statements.

Inventory, Interest Capitalization Policy

We capitalize interest cost into inventory during the active development and construction of our communities. 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

ASC 820, “Fair Value Measurements and Disclosures,” provides a framework for measuring fair value in generally accepted accounting principles and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows:

Level 1	Fair value determined based on quoted prices in active markets for identical assets or liabilities.
Level 2	Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active.
Level 3	Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.

Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted):

Financial Instrument	Fair Value Hierarchy	Fair Value
		March 31, 2016			December 31, 2015
Measured at fair value on a recurring basis:
Residential mortgage loans available-for-sale	Level 2	$	290,578		$	442,715
Interest rate lock commitments	Level 2	8,899			5,574
Forward contracts	Level 2	(3,173		)	338
Whole loan commitments	Level 2	(95		)	13
Measured at fair value on a non-recurring basis:
House and land inventory	Level 3	$	—		$	11,052
Disclosed at fair value:
Cash and equivalents (including restricted cash)	Level 1	$	1,018,115		$	775,435
Financial Services debt	Level 2	118,614			267,877
Term loan	Level 2	500,000			500,000
Senior notes	Level 2	2,663,408			1,643,651

Fair values for agency residential mortgage loans available-for-sale are determined based on quoted market prices for comparable instruments. Fair values for non-agency residential mortgage loans available-for-sale are determined based on purchase commitments from whole loan investors and other relevant market information available to management. Fair values for interest rate lock commitments, including the value of servicing rights, are based on market prices for similar instruments. Forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan investor commitments are based on market prices for similar instruments from the specific whole loan investor.

Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The non-recurring fair values included in the above table represent only those assets whose carrying values were adjusted to fair value as of the respective balance sheet dates.

The carrying amounts of cash and equivalents, Financial Services debt, the Term Loan, and the Revolving Credit Facility approximate their fair values due to their short-term nature and floating interest rate terms. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues.

Legal Reserves Policy

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.

Standard Product Warranty, Policy

Allowance for warranties

Home purchasers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home’s construction and operating systems for periods of up to and in limited instances exceeding 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates. Changes to warranty liabilities were as follows ($000’s omitted):

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Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Schedule of other expense (income), net

Other expense (income), net consists of the following ($000’s omitted):

	Three Months Ended
	March 31,
	2016			2015
Write-off of deposits and pre-acquisition costs	$	3,041		$	1,869
Amortization of intangible assets	3,450			3,225
Interest income	(923		)	(1,099		)
Interest expense	174			187
Equity in earnings of unconsolidated entities	(170		)	(1,107		)
Miscellaneous, net	302			(3,958		)
	$	5,874		$	(883	)

Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block]

The following table presents the earnings per common share (000's omitted, except per share data):

	Three Months Ended
	March 31,
	2016			2015
Numerator:
Net income	$	83,300		$	54,971
Less: earnings distributed to participating securities	(285		)	(188		)
Less: undistributed earnings allocated to participating securities	(404		)	(166		)
Numerator for basic earnings per share	$	82,611		$	54,617
Add back: undistributed earnings allocated to participating securities	404			166
Less: undistributed earnings reallocated to participating securities	(401		)	(165		)
Numerator for diluted earnings per share	$	82,614		$	54,618
Denominator:
Basic shares outstanding	347,815			366,748
Effect of dilutive securities	2,662			3,362
Diluted shares outstanding	350,477			370,110
Earnings per share:
Basic	$	0.24		$	0.15
Diluted	$	0.24		$	0.15

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted):

	March 31, 2016				December 31, 2015
	Other Assets		Accrued and Other Liabilities		Other Assets		Accrued and Other Liabilities
Interest rate lock commitments	$	9,032	$	133	$	5,854	$	280
Forward contracts	167		3,340		1,178		840
Whole loan commitments	72		167		358		345
	$	9,271	$	3,640	$	7,390	$	1,465

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Inventory (Tables)

3 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Components of Inventory

Major components of inventory were as follows ($000’s omitted):

	March 31, 2016		December 31, 2015
Homes under construction	$	1,821,322	$	1,408,260
Land under development	3,568,201		3,259,066
Raw land	812,956		782,732
	$	6,202,479	$	5,450,058

Capitalized interest rollforward

Information related to interest capitalized into inventory is as follows ($000’s omitted):

	Three Months Ended
	March 31,
	2016			2015
Interest in inventory, beginning of period	$	149,498		$	167,638
Interest capitalized	35,284			30,803
Interest expensed	(26,129		)	(31,554		)
Interest in inventory, end of period	$	158,653		$	166,887

Schedule Of Company Interests In Land Option Agreements

The following provides a summary of our interests in land option agreements as of March 31, 2016 and December 31, 2015 ($000’s omitted): 

	March 31, 2016				December 31, 2015
	Deposits and Pre-acquisition Costs		Remaining Purchase Price		Deposits and Pre-acquisition Costs		Remaining Purchase Price
Land options with VIEs	$	91,777	$	1,152,369	$	77,641	$	1,064,506
Other land options	91,254		1,134,743		84,478		981,687
	$	183,031	$	2,287,112	$	162,119	$	2,046,193

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Operating Data By Reporting Segment

	Operating Data by Segment ($000’s omitted)
	Three Months Ended
	March 31,
	2016			2015
Revenues:
Northeast	$	118,654		$	111,153
Southeast (a)	294,426			185,788
Florida	269,841			203,062
Midwest	189,892			178,652
Texas	213,292			177,499
West	310,625			249,546
	1,396,730			1,105,700
Financial Services	35,848			27,598
Consolidated revenues	$	1,432,578		$	1,133,298
Income before income taxes:
Northeast	$	9,590		$	9,527
Southeast (a)	19,770			24,624
Florida	40,302			33,224
Midwest	5,620			1,180
Texas	28,517			22,791
West	33,507			31,079
Other homebuilding (b)	(28,873		)	(31,677		)
	108,433			90,748
Financial Services	9,780			5,057
Consolidated income before income taxes	$	118,213		$	95,805

Total Assets And Inventory By Reporting Segment

	Operating Data by Segment
	($000's omitted)
	March 31, 2016
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	178,697	$	293,122	$	122,359	$	594,178	$	724,862
Southeast (a)	374,347		544,577		203,394		1,122,318		1,274,358
Florida	253,262		630,859		80,526		964,647		1,079,826
Midwest	257,042		413,194		68,931		739,167		801,961
Texas	217,893		353,206		97,754		668,853		757,559
West	517,537		1,139,387		215,118		1,872,042		2,074,250
Other homebuilding (b)	22,544		193,856		24,874		241,274		2,773,441
	1,821,322		3,568,201		812,956		6,202,479		9,486,257
Financial Services	—		—		—		—		357,223
	$	1,821,322	$	3,568,201	$	812,956	$	6,202,479	$	9,843,480
	December 31, 2015
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	163,173	$	292,631	$	121,522	$	577,326	$	688,610
Southeast (a)	196,456		367,577		139,246		703,279		765,933
Florida	227,910		574,092		97,185		899,187		1,013,543
Midwest	197,738		414,386		68,918		681,042		734,834
Texas	191,424		317,702		107,737		616,863		691,342
West	413,208		1,094,112		222,920		1,730,240		1,924,958
Other homebuilding (b)	18,351		198,566		25,204		242,121		2,628,687
	1,408,260		3,259,066		782,732		5,450,058		8,447,907
Financial Services	—		—		—		—		508,989
	$	1,408,260	$	3,259,066	$	782,732	$	5,450,058	$	8,956,896

(a) Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1).

(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.

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Debt (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of Senior Notes

Our senior notes are summarized as follows ($000’s omitted):

	March 31, 2016			December 31, 2015
6.500% unsecured senior notes due May 2016 (a)	465,245			465,245
7.625% unsecured senior notes due October 2017 (b)	123,000			123,000
4.250% unsecured senior notes due March 2021 (a)	300,000			—
5.500% unsecured senior notes due March 2026 (a)	700,000			—
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 (c)	(19,699		)	(12,163		)
Total senior notes	$	2,568,546		$	1,576,082
Estimated fair value	$	2,663,408		$	1,643,651

(a) Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.

(b) Not redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.

(c) 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. As discussed in Note 1, we adopted ASU 2015-03 in January 2016. We applied the new guidance retrospectively to all prior periods presented in the financial statements to conform to the 2016 presentation. As a result, $10.3 million of debt issuance costs at December 31, 2015, were reclassified from other assets to a reduction in senior notes.

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Fair Value Disclosures Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted):

Financial Instrument	Fair Value Hierarchy	Fair Value
		March 31, 2016			December 31, 2015
Measured at fair value on a recurring basis:
Residential mortgage loans available-for-sale	Level 2	$	290,578		$	442,715
Interest rate lock commitments	Level 2	8,899			5,574
Forward contracts	Level 2	(3,173		)	338
Whole loan commitments	Level 2	(95		)	13
Measured at fair value on a non-recurring basis:
House and land inventory	Level 3	$	—		$	11,052
Disclosed at fair value:
Cash and equivalents (including restricted cash)	Level 1	$	1,018,115		$	775,435
Financial Services debt	Level 2	118,614			267,877
Term loan	Level 2	500,000			500,000
Senior notes	Level 2	2,663,408			1,643,651

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Summary of changes in loan origination liability

Changes in these liabilities were as follows ($000's omitted):

	Three Months Ended
	March 31,
	2016			2015
Liabilities, beginning of period	$	46,381		$	58,222
Reserves provided (released), net	866			58
Payments	(154		)	(54		)
Liabilities, end of period	$	47,093		$	58,226

Summary of changes in warranty liability

Changes to warranty liabilities were as follows ($000’s omitted):

	Three Months Ended
	March 31,
	2016			2015
Warranty liabilities, beginning of period	$	61,360		$	65,389
Reserves provided	12,319			8,841
Payments	(12,743		)	(16,829		)
Warranty liabilities, end of period	$	60,936		$	57,401

Summary of changes in self-insurance liability

Changes in these liabilities were as follows ($000's omitted):

	Three Months Ended
	March 31,
	2016			2015
Balance, beginning of period	$	692,053		$	710,245
Reserves provided, net	19,751			15,832
Payments	(18,824		)	(5,310		)
Balance, end of period	$	692,980		$	720,767

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Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2016

Supplemental Guarantor Information [Abstract]

Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

MARCH 31, 2016

($000’s omitted)

	Unconsolidated							Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	—	$	937,248		$	58,448	$	—		$	995,696
Restricted cash	—		20,937			1,482		—			22,419
House and land inventory	—		6,160,236			42,243		—			6,202,479
Land held for sale	—		84,507			510		—			85,017
Residential mortgage loans available-        for-sale	—		—			290,578		—			290,578
Investments in unconsolidated entities	97		48,234			4,759		—			53,090
Other assets	23,002		522,693			140,468		—			686,163
Intangible assets	—		163,185			—		—			163,185
Deferred tax assets, net	1,342,225		—			2,628		—			1,344,853
Investments in subsidiaries and        intercompany accounts, net	6,597,500		(754,237		)	6,491,667		(12,334,930		)	—
	$	7,962,824	$	7,182,803		$	7,032,783	$	(12,334,930	)	$	9,843,480
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits,        accrued and other liabilities	$	88,474	$	1,569,237		$	192,805	$	—		$	1,850,516
Income tax liabilities	33,460		—			—		—			33,460
Financial Services debt	—		—			118,614		—			118,614
Term loan	498,817		—			—		—			498,817
Senior notes	2,568,546		—			—		—			2,568,546
Total liabilities	3,189,297		1,569,237			311,419		—			5,069,953
Total shareholders’ equity	4,773,527		5,613,566			6,721,364		(12,334,930		)	4,773,527
	$	7,962,824	$	7,182,803		$	7,032,783	$	(12,334,930	)	$	9,843,480

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2015

($000’s omitted)

	Unconsolidated						Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	—	$	638,602	$	115,559	$	—		$	754,161
Restricted cash	—		20,274		1,000		—			21,274
House and land inventory	—		5,450,058		—		—			5,450,058
Land held for sale	—		80,458		1,034		—			81,492
Residential mortgage loans available-        for-sale	—		—		442,715		—			442,715
Investments in unconsolidated entities	93		36,499		4,675		—			41,267
Other assets	38,991		531,120		90,724		—			660,835
Intangible assets	—		110,215		—		—			110,215
Deferred tax assets, net	1,392,251		11		2,617		—			1,394,879
Investments in subsidiaries and        intercompany accounts, net	5,529,606		465,644		6,293,018		(12,288,268		)	—
	$	6,960,941	$	7,332,881	$	6,951,342	$	(12,288,268	)	$	8,956,896
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits,        accrued and other liabilities	$	70,061	$	1,558,885	$	169,193	$	—		$	1,798,139
Income tax liabilities	57,050		—		—		—			57,050
Financial Services debt	—		—		267,877		—			267,877
Term loan	498,423		—		—		—			498,423
Senior notes	1,576,082		—		—		—			1,576,082
Total liabilities	2,201,616		1,558,885		437,070		—			4,197,571
Total shareholders’ equity	4,759,325		5,773,996		6,514,272		(12,288,268		)	4,759,325
	$	6,960,941	$	7,332,881	$	6,951,342	$	(12,288,268	)	$	8,956,896

Consolidating Statement of Operations and Comprehensive Income (Loss)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months endedMarch 31, 2016

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	1,393,259	$	984		$	—		$	1,394,243
Land sale revenues	—			2,010		477			—			2,487
	—			1,395,269		1,461			—			1,396,730
Financial Services	—			—		35,848			—			35,848
	—			1,395,269		37,309			—			1,432,578
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			1,087,165		2,164			—			1,089,329
Land sale cost of revenues	—			1,643		385			—			2,028
	—			1,088,808		2,549			—			1,091,357
Financial Services expenses	—			123		25,996			—			26,119
Selling, general, and administrative        expenses	—			187,581		3,434			—			191,015
Other expense (income), net	170			9,676		(3,972		)	—			5,874
Intercompany interest	510			2,184		(2,694		)	—			—
Income (loss) before income taxes and        equity in income (loss) of        subsidiaries	(680		)	106,897		11,996			—			118,213
Income tax expense (benefit)	(263		)	30,568		4,608			—			34,913
Income (loss) before equity in income        (loss) of subsidiaries	(417		)	76,329		7,388			—			83,300
Equity in income (loss) of subsidiaries	83,717			7,010		111,918			(202,645		)	—
Net income (loss)	83,300			83,339		119,306			(202,645		)	83,300
Other comprehensive income	21			—		—			—			21
Comprehensive income (loss)	$	83,321		$	83,339	$	119,306		$	(202,645	)	$	83,321

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months endedMarch 31, 2015

($000’s omitted)

	Unconsolidated												Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	1,088,158		$	—		$	—		$	1,088,158
Land sale revenues	—			17,542			—			—			17,542
	—			1,105,700			—			—			1,105,700
Financial Services	—			—			27,598			—			27,598
	—			1,105,700			27,598			—			1,133,298
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			841,145			—			—			841,145
Land sale cost of revenues	—			13,378			—			—			13,378
	—			854,523			—			—			854,523
Financial Services expenses	187			(168		)	22,522			—			22,541
Selling, general, and administrative        expenses	—			160,828			484			—			161,312
Other expense (income), net	174			(708		)	(349		)	—			(883		)
Intercompany interest	7,723			(5,422		)	(2,301		)	—			—
Income (loss) before income taxes and        equity in income (loss) of        subsidiaries	(8,084		)	96,647			7,242			—			95,805
Income tax expense (benefit)	(3,072		)	41,097			2,809			—			40,834
Income (loss) before equity in income        (loss) of subsidiaries	(5,012		)	55,550			4,433			—			54,971
Equity in income (loss) of subsidiaries	59,983			4,337			52,063			(116,383		)	—
Net income (loss)	54,971			59,887			56,496			(116,383		)	54,971
Other comprehensive income	21			—			—			—			21
Comprehensive income (loss)	$	54,992		$	59,887		$	56,496		$	(116,383	)	$	54,992

Consolidating Statement Of Cash Flows

CONSOLIDATING STATEMENT OF CASH FLOWS

For the three months endedMarch 31, 2016

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Net cash provided by (used in)    operating activities	$	41,058		$	(255,994	)	$	150,874		$	—	$	(64,062	)
Cash flows from investing activities:
Capital expenditures	—			(8,918		)	(542		)	—		(9,460		)
Cash used for business acquisitions	—			(430,011		)	—			—		(430,011		)
Other investing activities, net	(3		)	(12,731		)	453			—		(12,281		)
Net cash provided by (used in)    investing activities	(3		)	(451,660		)	(89		)	—		(451,752		)
Cash flows from financing activities:
Proceeds from debt issuance	991,575			—			—			—		991,575
Repayments of debt	—			(702		)	—			—		(702		)
Borrowings under revolving credit facility	220,000			—			—			—		220,000
Repayments under revolving credit facility	(220,000		)	—			—			—		(220,000		)
Financial Services borrowings (repayments)	—			—			(149,263		)	—		(149,263		)
Stock option exercises	52			—			—			—		52
Share repurchases	(52,745		)	—			—			—		(52,745		)
Dividends paid	(31,568		)	—			—			—		(31,568		)
Intercompany activities, net	(948,369		)	1,007,002			(58,633		)	—		—
Net cash provided by (used in)    financing activities	(41,055		)	1,006,300			(207,896		)	—		757,349
Net increase (decrease) in cash and    equivalents	—			298,646			(57,111		)	—		241,535
Cash and equivalents at beginning of    period	—			638,602			115,559			—		754,161
Cash and equivalents at end of period	$	—		$	937,248		$	58,448		$	—	$	995,696

CONSOLIDATING STATEMENT OF CASH FLOWS

For the three months endedMarch 31, 2015

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Net cash provided by (used in)     operating activities	$	87,624		$	(203,566	)	$	90,545		$	—	$	(25,397	)
Cash flows from investing activities:
Capital expenditures	—			(13,489		)	(1,028		)	—		(14,517		)
Other investing activities, net	3,710			5			917			—		4,632
Net cash provided by (used in) investing     activities	3,710			(13,484		)	(111		)	—		(9,885		)
Cash flows from financing activities:
Financial Services borrowings (repayments)	—			—			(72,678		)	—		(72,678		)
Stock option exercises	6,596			—			—			—		6,596
Share repurchases	(107,955		)	—			—			—		(107,955		)
Dividends paid	(29,616		)	—			—			—		(29,616		)
Intercompany activities, net	32,187			56,487			(88,674		)	—		—
Net cash provided by (used in)    financing activities	(98,788		)	56,487			(161,352		)	—		(203,653		)
Net increase (decrease) in cash and     equivalents	(7,454		)	(160,563		)	(70,918		)	—		(238,935		)
Cash and equivalents at beginning of     period	7,454			1,157,307			128,101			—		1,292,862
Cash and equivalents at end of period	$	—		$	996,744		$	57,183		$	—	$	1,053,927

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Basis of Presentation (Narrative) (Details) $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2016 USD ($) home lot	Mar. 31, 2016 USD ($) shares	Mar. 31, 2015 USD ($) shares	Dec. 31, 2015 USD ($)
Payments to Acquire Businesses, Gross		$ 430,011	$ 0
Antidilutive securities excluded from computation of earnings per share (shares) | shares		2.3	4.8
Residential mortgage loans available-for-sale fair value		$ 290,578		$ 442,715
Residential mortgage loans available-for-sale aggregate outstanding principal balance		279,400		429,600
Net gain (loss) from change in fair value		1,000	$ 100
Net gains from the sale of mortgages		$ 21,500	$ 16,200
Variability in future cash flows of derivative instruments in days		60 days
Interest rate lock commitments
Derivative, notional amount		$ 257,300		208,200
Forward contracts
Derivative, notional amount		469,700		525,000
Whole loan commitments
Derivative, notional amount		$ 38,000		$ 77,600
JW Homes (Wieland) [Member]
Payments to Acquire Businesses, Gross	$ 430,000
Number of Units in Real Estate Property | lot	7,000
Goodwill	$ 38,300
In Inventory [Member] | JW Homes (Wieland) [Member]
Number of Units in Real Estate Property | home	375
Land Option Contracts [Member] | JW Homes (Wieland) [Member]
Number of Units in Real Estate Property | lot	1,300
Sales Order Backlog [Member] | JW Homes (Wieland) [Member]
Number of Units in Real Estate Property | home	317
Trade Names [Member] | JW Homes (Wieland) [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 18,000
Finite-Lived Intangible Assets, Remaining Amortization Period	20 years

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Basis of Presentation (Other Expense (Income), Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Write-off of deposits and pre-acquisition costs	$ 3,041	$ 1,869
Amortization of intangible assets	3,450	3,225
Interest income	(923)	(1,099)
Interest expense	174	187
Equity in earnings of unconsolidated entities	(170)	(1,107)
Miscellaneous, net	302	(3,958)
Other Nonoperating Income (Expense)	$ (5,874)	$ 883

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Basis of Presentation Basis of Presentation (Earnings per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income	$ 83,300	$ 54,971
Less: earnings distributed to participating securities	(285)	(188)
Less: undistributed earnings allocated to participating securities	(404)	(166)
Numerator for basic earnings per share	82,611	54,617
Add back: undistributed earnings allocated to participating securities	404	166
Less: undistributed earnings reallocated to participating securities	(401)	(165)
Numerator for diluted earnings per share	$ 82,614	$ 54,618
Denominator:
Basic shares outstanding (shares)	347,815	366,748
Effect of dilutive securities (shares)	2,662	3,362
Diluted shares outstanding (shares)	350,477	370,110
Earnings Per Share [Abstract]
Earnings Per Share, Basic (usd per share)	$ 0.24	$ 0.15
Earnings Per Share, Diluted (usd per share)	$ 0.24	$ 0.15

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Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	$ 9,271	$ 7,390
Accrued and Other Liabilities	3,640	1,465
Interest rate lock commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	9,032	5,854
Accrued and Other Liabilities	133	280
Forward contracts
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	167	1,178
Accrued and Other Liabilities	3,340	840
Whole loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	72	358
Accrued and Other Liabilities	$ 167	$ 345

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Inventory (Major Components Of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Homes under construction	$ 1,821,322	$ 1,408,260
Land under development	3,568,201	3,259,066
Raw land	812,956	782,732
House and land inventory	$ 6,202,479	$ 5,450,058

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Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest in inventory, beginning of period	$ 149,498	$ 167,638
Interest capitalized	35,284	30,803
Interest expensed	(26,129)	(31,554)
Interest in inventory, end of period	$ 158,653	$ 166,887

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Inventory (Summary of Interests in Land Option Agreements) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	$ 183,031	$ 162,119
Remaining Purchase Price	2,287,112	2,046,193
Land options with VIEs
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	91,777	77,641
Remaining Purchase Price	1,152,369	1,064,506
Other Land Option Agreements Member
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	91,254	84,478
Remaining Purchase Price	$ 1,134,743	$ 981,687

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Segment Information (Operating Data By Segment) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016		Mar. 31, 2015
Revenues:
Homebuilding		$ 1,396,730		$ 1,105,700
Financial Services		35,848		27,598
Consolidated revenues		1,432,578		1,133,298
Income before Income Taxes:
Income before income taxes		118,213		95,805
Northeast
Revenues:
Homebuilding		118,654		111,153
Income before Income Taxes:
Income before income taxes		9,590		9,527
Southeast (a)
Revenues:
Homebuilding		294,426		185,788
Income before Income Taxes:
Income before income taxes		19,770	[1]	24,624
Florida
Revenues:
Homebuilding		269,841		203,062
Income before Income Taxes:
Income before income taxes		40,302		33,224
Texas
Revenues:
Homebuilding		213,292		177,499
Income before Income Taxes:
Income before income taxes		28,517		22,791
North
Revenues:
Homebuilding		189,892		178,652
Income before Income Taxes:
Income before income taxes		5,620		1,180
West
Revenues:
Homebuilding		310,625		249,546
Income before Income Taxes:
Income before income taxes		33,507		31,079
Other homebuilding
Income before Income Taxes:
Income before income taxes	[2]	(28,873)		(31,677)
Homebuilding
Income before Income Taxes:
Income before income taxes		108,433		90,748
Financial Services
Income before Income Taxes:
Income before income taxes		$ 9,780		$ 5,057

[1] Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1).

[2] Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments.

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Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Segment Reporting Information
Homes under construction		$ 1,821,322	$ 1,408,260
Land under development		3,568,201	3,259,066
Raw land		812,956	782,732
House and land inventory		6,202,479	5,450,058
Total assets		9,843,480	8,956,896
Northeast
Segment Reporting Information
Homes under construction		178,697	163,173
Land under development		293,122	292,631
Raw land		122,359	121,522
House and land inventory		594,178	577,326
Total assets		724,862	688,610
Southeast (a)
Segment Reporting Information
Homes under construction	[1]	374,347	196,456
Land under development	[1]	544,577	367,577
Raw land	[1]	203,394	139,246
House and land inventory	[1]	1,122,318	703,279
Total assets	[1]	1,274,358	765,933
Florida
Segment Reporting Information
Homes under construction		253,262	227,910
Land under development		630,859	574,092
Raw land		80,526	97,185
House and land inventory		964,647	899,187
Total assets		1,079,826	1,013,543
Texas
Segment Reporting Information
Homes under construction		217,893	197,738
Land under development		353,206	414,386
Raw land		97,754	68,918
House and land inventory		668,853	681,042
Total assets		757,559	734,834
North
Segment Reporting Information
Homes under construction		257,042	191,424
Land under development		413,194	317,702
Raw land		68,931	107,737
House and land inventory		739,167	616,863
Total assets		801,961	691,342
West
Segment Reporting Information
Homes under construction		517,537	413,208
Land under development		1,139,387	1,094,112
Raw land		215,118	222,920
House and land inventory		1,872,042	1,730,240
Total assets		2,074,250	1,924,958
Other homebuilding
Segment Reporting Information
Homes under construction	[2]	22,544	18,351
Land under development	[2]	193,856	198,566
Raw land	[2]	24,874	25,204
House and land inventory	[2]	241,274	242,121
Total assets	[2]	2,773,441	2,628,687
Homebuilding
Segment Reporting Information
Homes under construction		1,821,322	1,408,260
Land under development		3,568,201	3,259,066
Raw land		812,956	782,732
House and land inventory		6,202,479	5,450,058
Total assets		9,486,257	8,447,907
Financial Services
Segment Reporting Information
Total assets		$ 357,223	$ 508,989

[1] Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland

[2] 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.

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Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Jul. 29, 2016	Jan. 19, 2016	Dec. 31, 2015	Dec. 01, 2015
Debt Instrument [Line Items]
Letters of credit outstanding	$ 213,400,000				$ 191,300,000
Notes payable	$ 36,300,000				35,300,000
Debt Instrument, term	6 years
Amount outstanding	$ 118,614,000				267,877,000
Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	$ 500,000,000
Maximum percent of current credit facility that may be issued in addition	50.00%
Maximum additional issuance	$ 300,000,000
Fair value of amount outstanding	0
Revolving Credit Facility Accordion Feature
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
Repurchase Agreement | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 175,000,000.0		$ 310,000,000
Line of Credit Facility, Initiation Date	Jun. 01, 2015	Sep. 04, 2015
Line of Credit Facility, Expiration Date	Sep. 02, 2016
Amount outstanding	$ 118,600,000				$ 267,900,000
Maximum
Debt Instrument [Line Items]
Stated interest rate	5.00%
Senior Unsecured Term Loan Maturing January 3, 2017 [Member] | Senior Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000,000.0
Scenario, Forecast [Member] | Repurchase Agreement | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 200,000,000.0

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Debt (Summary of Senior Notes) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Senior note carrying value		$ 2,568,546		$ 1,576,082
Debt Issuance Costs, Net	[1]	(19,699)		(12,163)
Estimated fair value		$ 2,663,408		$ 1,643,651
Unsecured Senior Notes 5.25% due June 2015
Debt Instrument [Line Items]
Stated interest rate		5.25%		5.25%
Debt Instrument, Maturity Date, Description		June 2015		June 2015
Unsecured Senior Notes 6.50% due May 2016
Debt Instrument [Line Items]
Stated interest rate		6.50%		6.50%
Senior note carrying value	[2]	$ 465,245		$ 465,245
Debt Instrument, Maturity Date, Description		May 2016		May 2016
Unsecured Senior Notes 7.625% due October 2017
Debt Instrument [Line Items]
Stated interest rate		7.625%		7.625%
Senior note carrying value	[3]	$ 123,000		$ 123,000
Debt Instrument, Maturity Date, Description		October 2017		October 2017
4.250% unsecured senior notes due March 2021 [Domain]
Debt Instrument [Line Items]
Stated interest rate		4.25%
Senior note carrying value	[2]	$ 300,000
Debt Instrument, Maturity Date, Description		March 2021
5.500% unsecured senior notes due March 2026 [Domain]
Debt Instrument [Line Items]
Stated interest rate		5.50%
Senior note carrying value	[2]	$ 700,000
Debt Instrument, Maturity Date, Description		March 2026
Unsecured Senior Notes 7.875% due June 2032
Debt Instrument [Line Items]
Stated interest rate		7.875%		7.875%
Senior note carrying value	[2]	$ 300,000		$ 300,000
Debt Instrument, Maturity Date, Description		June 2032		June 2032
Unsecured Senior Notes 6.375% due May 2033
Debt Instrument [Line Items]
Stated interest rate		6.375%		6.375%
Senior note carrying value	[2]	$ 400,000		$ 400,000
Debt Instrument, Maturity Date, Description		May 2033		May 2033
Unsecured Senior Notes 6.00% due February 2035
Debt Instrument [Line Items]
Stated interest rate		6.00%		6.00%
Senior note carrying value	[2]	$ 300,000		$ 300,000
Debt Instrument, Maturity Date, Description		February 2035		February 2035
Financial Services | Repurchase Agreement
Debt Instrument [Line Items]
Line of Credit Facility, Description			February 2, 2015
Accounting Standards Update 2015-03 [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net				$ (10,300)

[1] 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. As discussed in Note 1, we adopted ASU 2015-03 in January 2016. We applied the new guidance retrospectively to all prior periods presented in the financial statements to conform to the 2016 presentation. As a result, $10.3 million of debt issuance costs at December 31, 2015, were reclassified from other assets to a reduction in senior notes.

[2] Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.

[3] Not redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.

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Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Class of Stock [Line Items]
Cash dividends declared (usd per share)	$ 0.09	$ 0.08
Dividends	$ 31,459	$ 29,449
Payments for repurchase of common stock	$ 52,745	$ 107,955
Share repurchase plan
Class of Stock [Line Items]
Share repurchases (shares)	3.1	4.6
Payments for repurchase of common stock	$ 50,000	$ 99,600
Remaining value of stock repurchase programs authorization	554,800
Shares withheld to pay taxes
Class of Stock [Line Items]
Payments for repurchase of common stock	$ 2,700	$ 8,300

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Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Tax Contingency [Line Items]
Effective income tax (percent)	29.50%	42.60%
Deferred Tax Assets, Net	$ 1,344,853		$ 1,394,879
Gross unrecognized tax benefits	22,500		39,000
Accrued interest and penalties on unrecognized tax benefits	11,800		$ 17,200
Possible decrease in unrecognized tax benefits	$ 18,500
Minimum
Income Tax Contingency [Line Items]
Income tax years under examination	2005
Maximum
Income Tax Contingency [Line Items]
Income tax years under examination	2016

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Fair Value Disclosures Fair Value Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Disclosed at fair value:
Senior notes	$ 2,663,408	$ 1,643,651
Level 2
Disclosed at fair value:
Financial Services debt	118,614	267,877
Loans Payable, Fair Value Disclosure	500,000	500,000
Level 1
Disclosed at fair value:
Cash and equivalents (including restricted cash)	1,018,115	775,435
Fair Value, Measurements, Nonrecurring | Level 3
Measured at fair value on a non-recurring basis:
Assets, Fair Value Disclosure, Nonrecurring	0	11,052
Interest rate lock commitments | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, Fair Value Disclosure, Recurring	8,899	5,574
Forward contracts | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, Fair Value Disclosure, Recurring		338
Liabilities, Fair Value Disclosure, Recurring	(3,173)
Whole loan commitments | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, Fair Value Disclosure, Recurring		13
Liabilities, Fair Value Disclosure, Recurring	(95)
Residential Mortgage | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, Fair Value Disclosure, Recurring	$ 290,578	$ 442,715

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Fair Value Disclosures Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Senior notes	$ 2,568,546	$ 1,576,082

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Commitments and Contingencies (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) claim	Dec. 31, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 213,400	$ 191,300
Surety bonds outstanding	$ 1,100,000	1,000,000
Maximum product warranty in years	10 years
Pending claims | claim	1,000
Self-insurance liabilities	$ 692,980	692,053	$ 720,767	$ 710,245
Incurred but not reported percentage of liability reserves	65.00%
Other Assets [Member]
Loss Contingencies [Line Items]
Estimate of probable recoveries	$ 135,800	$ 130,200

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Commitments and Contingencies (Changes To Anticipated Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Loss Contingency Accrual [Roll Forward]
Liabilities, beginning of period	$ 46,381	$ 58,222
Reserves provided (released), net	866	58
Payments	(154)	(54)
Liabilities, end of period	$ 47,093	$ 58,226

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Commitments and Contingencies (Changes To Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, beginning of period	$ 61,360	$ 65,389
Reserves provided	12,319	8,841
Payments	(12,743)	(16,829)
Warranty liabilities, end of period	$ 60,936	$ 57,401

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Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in Self-insurance Liability [Roll Forward]
Balance, beginning of period	$ 692,053	$ 710,245
Reserves provided, net	19,751	15,832
Payments	(18,824)	(5,310)
Balance, end of period	$ 692,980	$ 720,767

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Supplemental Guarantor Information (Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and equivalents	$ 995,696	$ 754,161	$ 1,053,927	$ 1,292,862
Restricted cash	22,419	21,274
House and land inventory	6,202,479	5,450,058
Land held for sale	85,017	81,492
Residential mortgage loans available-for-sale	290,578	442,715
Investments in unconsolidated entities	53,090	41,267
Other assets	686,163	660,835
Intangible assets	163,185	110,215
Deferred tax assets, net	1,344,853	1,394,879
Investments in subsidiaries and intercompany accounts, net	0	0
Total assets	9,843,480	8,956,896
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	1,850,516	1,798,139
Income tax liabilities	33,460	57,050
Financial Services debt	118,614	267,877
Term loan	498,817	498,423
Senior notes	2,568,546	1,576,082
Total liabilities	5,069,953	4,197,571
Total shareholders' equity	4,773,527	4,759,325	4,741,994	4,804,954
Total liabilities and shareholders' equity	9,843,480	8,956,896
PulteGroup, Inc.
ASSETS
Cash and equivalents	0	0	0	7,454
Restricted cash	0	0
House and land inventory	0	0
Land held for sale	0	0
Residential mortgage loans available-for-sale	0	0
Investments in unconsolidated entities	97	93
Other assets	23,002	38,991
Intangible assets	0	0
Deferred tax assets, net	1,342,225	1,392,251
Investments in subsidiaries and intercompany accounts, net	6,597,500	5,529,606
Total assets	7,962,824	6,960,941
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	88,474	70,061
Income tax liabilities	33,460	57,050
Financial Services debt	0	0
Term loan	498,817	498,423
Senior notes	2,568,546	1,576,082
Total liabilities	3,189,297	2,201,616
Total shareholders' equity	4,773,527	4,759,325
Total liabilities and shareholders' equity	7,962,824	6,960,941
Guarantor Subsidiaries
ASSETS
Cash and equivalents	937,248	638,602	996,744	1,157,307
Restricted cash	20,937	20,274
House and land inventory	6,160,236	5,450,058
Land held for sale	84,507	80,458
Residential mortgage loans available-for-sale	0	0
Investments in unconsolidated entities	48,234	36,499
Other assets	522,693	531,120
Intangible assets	163,185	110,215
Deferred tax assets, net	0	11
Investments in subsidiaries and intercompany accounts, net	(754,237)	465,644
Total assets	7,182,803	7,332,881
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	1,569,237	1,558,885
Income tax liabilities	0	0
Financial Services debt	0	0
Term loan	0	0
Senior notes	0	0
Total liabilities	1,569,237	1,558,885
Total shareholders' equity	5,613,566	5,773,996
Total liabilities and shareholders' equity	7,182,803	7,332,881
Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	58,448	115,559	57,183	128,101
Restricted cash	1,482	1,000
House and land inventory	42,243	0
Land held for sale	510	1,034
Residential mortgage loans available-for-sale	290,578	442,715
Investments in unconsolidated entities	4,759	4,675
Other assets	140,468	90,724
Intangible assets	0	0
Deferred tax assets, net	2,628	2,617
Investments in subsidiaries and intercompany accounts, net	6,491,667	6,293,018
Total assets	7,032,783	6,951,342
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	192,805	169,193
Income tax liabilities	0	0
Financial Services debt	118,614	267,877
Term loan	0	0
Senior notes	0	0
Total liabilities	311,419	437,070
Total shareholders' equity	6,721,364	6,514,272
Total liabilities and shareholders' equity	7,032,783	6,951,342
Eliminating Entries
ASSETS
Cash and equivalents	0	0	$ 0	$ 0
Restricted cash	0	0
House and land inventory	0	0
Land held for sale	0	0
Residential mortgage loans available-for-sale	0	0
Investments in unconsolidated entities	0	0
Other assets	0	0
Intangible assets	0	0
Deferred tax assets, net	0	0
Investments in subsidiaries and intercompany accounts, net	(12,334,930)	(12,288,268)
Total assets	(12,334,930)	(12,288,268)
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	0	0
Income tax liabilities	0	0
Financial Services debt	0	0
Term loan	0	0
Senior notes	0	0
Total liabilities	0	0
Total shareholders' equity	(12,334,930)	(12,288,268)
Total liabilities and shareholders' equity	$ (12,334,930)	$ (12,288,268)

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Supplemental Guarantor Information (Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Homebuilding
Home sale revenues	$ 1,394,243	$ 1,088,158
Land sale revenues	2,487	17,542
Total homebuilding revenues	1,396,730	1,105,700
Financial Services	35,848	27,598
Total revenues	1,432,578	1,133,298
Homebuilding Cost of Revenues:
Home sale cost of revenues	1,089,329	841,145
Land sale cost of revenues	2,028	13,378
Total cost of revenues	1,091,357	854,523
Financial Services expenses	26,119	22,541
Selling, general, and administrative expenses	191,015	161,312
Other expense (income), net	5,874	(883)
Equity in earnings of unconsolidated entities	(170)	(1,107)
Intercompany interest	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	118,213	95,805
Income tax expense (benefit)	34,913	40,834
Income (loss) before equity in income (loss) of subsidiaries	83,300	54,971
Equity in income (loss) of subsidiaries	0	0
Net income	83,300	54,971
Other comprehensive income	21	21
Comprehensive income (loss)	83,321	54,992
PulteGroup, Inc.
Homebuilding
Home sale revenues	0	0
Land sale revenues	0	0
Total homebuilding revenues	0	0
Financial Services	0	0
Total revenues	0	0
Homebuilding Cost of Revenues:
Home sale cost of revenues	0	0
Land sale cost of revenues	0	0
Total cost of revenues	0	0
Financial Services expenses	0	187
Selling, general, and administrative expenses	0	0
Other expense (income), net	170	174
Intercompany interest	510	7,723
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(680)	(8,084)
Income tax expense (benefit)	(263)	(3,072)
Income (loss) before equity in income (loss) of subsidiaries	(417)	(5,012)
Equity in income (loss) of subsidiaries	83,717	59,983
Net income	83,300	54,971
Other comprehensive income	21	21
Comprehensive income (loss)	83,321	54,992
Guarantor Subsidiaries
Homebuilding
Home sale revenues	1,393,259	1,088,158
Land sale revenues	2,010	17,542
Total homebuilding revenues	1,395,269	1,105,700
Financial Services	0	0
Total revenues	1,395,269	1,105,700
Homebuilding Cost of Revenues:
Home sale cost of revenues	1,087,165	841,145
Land sale cost of revenues	1,643	13,378
Total cost of revenues	1,088,808	854,523
Financial Services expenses	123	(168)
Selling, general, and administrative expenses	187,581	160,828
Other expense (income), net	9,676	(708)
Intercompany interest	2,184	(5,422)
Income (loss) before income taxes and equity in income (loss) of subsidiaries	106,897	96,647
Income tax expense (benefit)	30,568	41,097
Income (loss) before equity in income (loss) of subsidiaries	76,329	55,550
Equity in income (loss) of subsidiaries	7,010	4,337
Net income	83,339	59,887
Other comprehensive income	0	0
Comprehensive income (loss)	83,339	59,887
Non-Guarantor Subsidiaries
Homebuilding
Home sale revenues	984	0
Land sale revenues	477	0
Total homebuilding revenues	1,461	0
Financial Services	35,848	27,598
Total revenues	37,309	27,598
Homebuilding Cost of Revenues:
Home sale cost of revenues	2,164	0
Land sale cost of revenues	385	0
Total cost of revenues	2,549	0
Financial Services expenses	25,996	22,522
Selling, general, and administrative expenses	3,434	484
Other expense (income), net	(3,972)	(349)
Intercompany interest	(2,694)	(2,301)
Income (loss) before income taxes and equity in income (loss) of subsidiaries	11,996	7,242
Income tax expense (benefit)	4,608	2,809
Income (loss) before equity in income (loss) of subsidiaries	7,388	4,433
Equity in income (loss) of subsidiaries	111,918	52,063
Net income	119,306	56,496
Other comprehensive income	0	0
Comprehensive income (loss)	119,306	56,496
Eliminating Entries
Homebuilding
Home sale revenues	0	0
Land sale revenues	0	0
Total homebuilding revenues	0	0
Financial Services	0	0
Total revenues	0	0
Homebuilding Cost of Revenues:
Home sale cost of revenues	0	0
Land sale cost of revenues	0	0
Total cost of revenues	0	0
Financial Services expenses	0	0
Selling, general, and administrative expenses	0	0
Other expense (income), net	0	0
Intercompany interest	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	0	0
Income tax expense (benefit)	0	0
Income (loss) before equity in income (loss) of subsidiaries	0	0
Equity in income (loss) of subsidiaries	(202,645)	(116,383)
Net income	(202,645)	(116,383)
Other comprehensive income	0	0
Comprehensive income (loss)	$ (202,645)	$ (116,383)

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Supplemental Guarantor Information (Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net cash provided by (used in) operating activities	$ (64,062)	$ (25,397)
Cash flows from investing activities:
Capital expenditures	(9,460)	(14,517)
Cash used for business acquisition	(430,011)	0
Other investing activities, net	(12,281)	4,632
Net cash used in investing activities	(451,752)	(9,885)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(149,263)	(72,678)
Proceeds from debt issuance	991,575	0
Repayments of debt	(702)	0
Borrowings under revolving credit facility	220,000	0
Repayments under revolving credit facility	(220,000)	0
Stock option exercises	52	6,596
Share repurchases	(52,745)	(107,955)
Dividends paid	(31,568)	(29,616)
Intercompany activities, net	0	0
Net cash provided by (used in) financing activities	757,349	(203,653)
Net increase (decrease) in cash and equivalents	241,535	(238,935)
Cash and equivalents at beginning of period	754,161	1,292,862
Cash and equivalents at end of period	995,696	1,053,927
PulteGroup, Inc.
Net cash provided by (used in) operating activities	41,058	87,624
Cash flows from investing activities:
Capital expenditures	0	0
Cash used for business acquisition	0
Other investing activities, net	(3)	3,710
Net cash used in investing activities	(3)	3,710
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Proceeds from debt issuance	991,575
Repayments of debt	0
Borrowings under revolving credit facility	220,000
Repayments under revolving credit facility	(220,000)
Stock option exercises	52	6,596
Share repurchases	(52,745)	(107,955)
Dividends paid	(31,568)	(29,616)
Intercompany activities, net	(948,369)	32,187
Net cash provided by (used in) financing activities	(41,055)	(98,788)
Net increase (decrease) in cash and equivalents	0	(7,454)
Cash and equivalents at beginning of period	0	7,454
Cash and equivalents at end of period	0	0
Guarantor Subsidiaries
Net cash provided by (used in) operating activities	(255,994)	(203,566)
Cash flows from investing activities:
Capital expenditures	(8,918)	(13,489)
Cash used for business acquisition	(430,011)
Other investing activities, net	(12,731)	5
Net cash used in investing activities	(451,660)	(13,484)
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Proceeds from debt issuance	0
Repayments of debt	(702)
Borrowings under revolving credit facility	0
Repayments under revolving credit facility	0
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	0
Intercompany activities, net	1,007,002	56,487
Net cash provided by (used in) financing activities	1,006,300	56,487
Net increase (decrease) in cash and equivalents	298,646	(160,563)
Cash and equivalents at beginning of period	638,602	1,157,307
Cash and equivalents at end of period	937,248	996,744
Non-Guarantor Subsidiaries
Net cash provided by (used in) operating activities	150,874	90,545
Cash flows from investing activities:
Capital expenditures	(542)	(1,028)
Cash used for business acquisition	0
Other investing activities, net	453	917
Net cash used in investing activities	(89)	(111)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(149,263)	(72,678)
Proceeds from debt issuance	0
Repayments of debt	0
Borrowings under revolving credit facility	0
Repayments under revolving credit facility	0
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	0
Intercompany activities, net	(58,633)	(88,674)
Net cash provided by (used in) financing activities	(207,896)	(161,352)
Net increase (decrease) in cash and equivalents	(57,111)	(70,918)
Cash and equivalents at beginning of period	115,559	128,101
Cash and equivalents at end of period	58,448	57,183
Eliminating Entries
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities:
Capital expenditures	0	0
Cash used for business acquisition	0
Other investing activities, net	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Proceeds from debt issuance	0
Repayments of debt	0
Borrowings under revolving credit facility	0
Repayments under revolving credit facility	0
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	0
Intercompany activities, net	0	0
Net cash provided by (used in) financing activities	0	0
Net increase (decrease) in cash and equivalents	0	0
Cash and equivalents at beginning of period	0	0
Cash and equivalents at end of period	$ 0	$ 0