0000822416-23-000042.txt : 20231024 0000822416-23-000042.hdr.sgml : 20231024 20231024161944 ACCESSION NUMBER: 0000822416-23-000042 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231024 DATE AS OF CHANGE: 20231024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PULTEGROUP INC/MI/ CENTRAL INDEX KEY: 0000822416 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 382766606 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09804 FILM NUMBER: 231342908 BUSINESS ADDRESS: STREET 1: 3350 PEACHTREE ROAD NORTHEAST STREET 2: SUITE 1500 CITY: ATLANTA STATE: GA ZIP: 30326 BUSINESS PHONE: (404) 978-6400 MAIL ADDRESS: STREET 1: 3350 PEACHTREE ROAD NORTHEAST STREET 2: SUITE 1500 CITY: ATLANTA STATE: GA ZIP: 30326 FORMER COMPANY: FORMER CONFORMED NAME: PULTE HOMES INC/MI/ DATE OF NAME CHANGE: 20011023 FORMER COMPANY: FORMER CONFORMED NAME: PULTE CORP DATE OF NAME CHANGE: 19931118 FORMER COMPANY: FORMER CONFORMED NAME: PHM CORP DATE OF NAME CHANGE: 19920703 10-Q 1 phm-20230930.htm 10-Q - 3Q 2023 phm-20230930
PULTEGROUP INC/MI/000082241612/312023Q3FALSEtrue00008224162023-01-012023-09-300000822416us-gaap:CommonStockMember2023-01-012023-09-300000822416phm:SeriesAJuniorParticipatingPreferredSharePurchaseRightsMember2023-01-012023-09-3000008224162023-10-17xbrli:shares00008224162023-09-30iso4217:USD00008224162022-12-310000822416phm:HomeBuildingSegmentMemberphm:HomeBuildingSalesMember2023-07-012023-09-300000822416phm:HomeBuildingSegmentMemberphm:HomeBuildingSalesMember2022-07-012022-09-300000822416phm:HomeBuildingSegmentMemberphm:HomeBuildingSalesMember2023-01-012023-09-300000822416phm:HomeBuildingSegmentMemberphm:HomeBuildingSalesMember2022-01-012022-09-300000822416us-gaap:LandMemberphm:HomeBuildingSegmentMember2023-07-012023-09-300000822416us-gaap:LandMemberphm:HomeBuildingSegmentMember2022-07-012022-09-300000822416us-gaap:LandMemberphm:HomeBuildingSegmentMember2023-01-012023-09-300000822416us-gaap:LandMemberphm:HomeBuildingSegmentMember2022-01-012022-09-300000822416phm:HomeBuildingSegmentMember2023-07-012023-09-300000822416phm:HomeBuildingSegmentMember2022-07-012022-09-300000822416phm:HomeBuildingSegmentMember2023-01-012023-09-300000822416phm:HomeBuildingSegmentMember2022-01-012022-09-300000822416phm:FinancialServicesMember2023-07-012023-09-300000822416phm:FinancialServicesMember2022-07-012022-09-300000822416phm:FinancialServicesMember2023-01-012023-09-300000822416phm:FinancialServicesMember2022-01-012022-09-3000008224162023-07-012023-09-3000008224162022-07-012022-09-3000008224162022-01-012022-09-300000822416phm:HomeBuildingSalesMember2023-07-012023-09-300000822416phm:HomeBuildingSalesMember2022-07-012022-09-300000822416phm:HomeBuildingSalesMember2023-01-012023-09-300000822416phm:HomeBuildingSalesMember2022-01-012022-09-300000822416us-gaap:LandMember2023-07-012023-09-300000822416us-gaap:LandMember2022-07-012022-09-300000822416us-gaap:LandMember2023-01-012023-09-300000822416us-gaap:LandMember2022-01-012022-09-30iso4217:USDxbrli:shares0000822416us-gaap:CommonStockMember2023-06-300000822416us-gaap:AdditionalPaidInCapitalMember2023-06-300000822416us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000822416us-gaap:RetainedEarningsMember2023-06-3000008224162023-06-300000822416us-gaap:CommonStockMember2023-07-012023-09-300000822416us-gaap:RetainedEarningsMember2023-07-012023-09-300000822416us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000822416us-gaap:CommonStockMember2023-09-300000822416us-gaap:AdditionalPaidInCapitalMember2023-09-300000822416us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000822416us-gaap:RetainedEarningsMember2023-09-300000822416us-gaap:CommonStockMember2022-12-310000822416us-gaap:AdditionalPaidInCapitalMember2022-12-310000822416us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000822416us-gaap:RetainedEarningsMember2022-12-310000822416us-gaap:CommonStockMember2023-01-012023-09-300000822416us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300000822416us-gaap:RetainedEarningsMember2023-01-012023-09-300000822416us-gaap:CommonStockMember2022-06-300000822416us-gaap:AdditionalPaidInCapitalMember2022-06-300000822416us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000822416us-gaap:RetainedEarningsMember2022-06-3000008224162022-06-300000822416us-gaap:CommonStockMember2022-07-012022-09-300000822416us-gaap:RetainedEarningsMember2022-07-012022-09-300000822416us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300000822416us-gaap:CommonStockMember2022-09-300000822416us-gaap:AdditionalPaidInCapitalMember2022-09-300000822416us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000822416us-gaap:RetainedEarningsMember2022-09-3000008224162022-09-300000822416us-gaap:CommonStockMember2021-12-310000822416us-gaap:AdditionalPaidInCapitalMember2021-12-310000822416us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000822416us-gaap:RetainedEarningsMember2021-12-3100008224162021-12-310000822416us-gaap:CommonStockMember2022-01-012022-09-300000822416us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300000822416us-gaap:RetainedEarningsMember2022-01-012022-09-300000822416us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000822416phm:HomeBuildingSegmentMembersrt:RevisionOfPriorPeriodReclassificationAdjustmentMemberphm:HomeBuildingSalesMember2022-07-012022-09-300000822416phm:HomeBuildingSegmentMembersrt:RevisionOfPriorPeriodReclassificationAdjustmentMemberphm:HomeBuildingSalesMember2022-01-012022-09-300000822416us-gaap:InterestRateLockCommitmentsMember2023-09-300000822416us-gaap:InterestRateLockCommitmentsMember2022-12-310000822416us-gaap:ForwardContractsMember2023-09-300000822416us-gaap:ForwardContractsMember2022-12-310000822416us-gaap:LoanPurchaseCommitmentsMember2023-09-300000822416us-gaap:LoanPurchaseCommitmentsMember2022-12-310000822416us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-09-300000822416us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000822416us-gaap:ConsolidatedEntityExcludingVieMember2023-09-300000822416us-gaap:ConsolidatedEntityExcludingVieMember2022-12-31phm:segment0000822416us-gaap:RealEstateMemberphm:NortheastMember2023-07-012023-09-300000822416us-gaap:RealEstateMemberphm:NortheastMember2022-07-012022-09-300000822416us-gaap:RealEstateMemberphm:NortheastMember2023-01-012023-09-300000822416us-gaap:RealEstateMemberphm:NortheastMember2022-01-012022-09-300000822416phm:SoutheastMemberus-gaap:RealEstateMember2023-07-012023-09-300000822416phm:SoutheastMemberus-gaap:RealEstateMember2022-07-012022-09-300000822416phm:SoutheastMemberus-gaap:RealEstateMember2023-01-012023-09-300000822416phm:SoutheastMemberus-gaap:RealEstateMember2022-01-012022-09-300000822416phm:FloridaMemberus-gaap:RealEstateMember2023-07-012023-09-300000822416phm:FloridaMemberus-gaap:RealEstateMember2022-07-012022-09-300000822416phm:FloridaMemberus-gaap:RealEstateMember2023-01-012023-09-300000822416phm:FloridaMemberus-gaap:RealEstateMember2022-01-012022-09-300000822416phm:MidWestMemberus-gaap:RealEstateMember2023-07-012023-09-300000822416phm:MidWestMemberus-gaap:RealEstateMember2022-07-012022-09-300000822416phm:MidWestMemberus-gaap:RealEstateMember2023-01-012023-09-300000822416phm:MidWestMemberus-gaap:RealEstateMember2022-01-012022-09-300000822416us-gaap:RealEstateMemberphm:TexasMember2023-07-012023-09-300000822416us-gaap:RealEstateMemberphm:TexasMember2022-07-012022-09-300000822416us-gaap:RealEstateMemberphm:TexasMember2023-01-012023-09-300000822416us-gaap:RealEstateMemberphm:TexasMember2022-01-012022-09-300000822416us-gaap:RealEstateMemberphm:WestMember2023-07-012023-09-300000822416us-gaap:RealEstateMemberphm:WestMember2022-07-012022-09-300000822416us-gaap:RealEstateMemberphm:WestMember2023-01-012023-09-300000822416us-gaap:RealEstateMemberphm:WestMember2022-01-012022-09-300000822416phm:OtherHomebuildingMemberus-gaap:RealEstateMember2023-07-012023-09-300000822416phm:OtherHomebuildingMemberus-gaap:RealEstateMember2022-07-012022-09-300000822416phm:OtherHomebuildingMemberus-gaap:RealEstateMember2023-01-012023-09-300000822416phm:OtherHomebuildingMemberus-gaap:RealEstateMember2022-01-012022-09-300000822416phm:OtherHomebuildingMember2023-09-300000822416phm:NortheastMember2023-07-012023-09-300000822416phm:NortheastMember2022-07-012022-09-300000822416phm:NortheastMember2023-01-012023-09-300000822416phm:NortheastMember2022-01-012022-09-300000822416phm:SoutheastMember2023-07-012023-09-300000822416phm:SoutheastMember2022-07-012022-09-300000822416phm:SoutheastMember2023-01-012023-09-300000822416phm:SoutheastMember2022-01-012022-09-300000822416phm:FloridaMember2023-07-012023-09-300000822416phm:FloridaMember2022-07-012022-09-300000822416phm:FloridaMember2023-01-012023-09-300000822416phm:FloridaMember2022-01-012022-09-300000822416phm:MidWestMember2023-07-012023-09-300000822416phm:MidWestMember2022-07-012022-09-300000822416phm:MidWestMember2023-01-012023-09-300000822416phm:MidWestMember2022-01-012022-09-300000822416phm:TexasMember2023-07-012023-09-300000822416phm:TexasMember2022-07-012022-09-300000822416phm:TexasMember2023-01-012023-09-300000822416phm:TexasMember2022-01-012022-09-300000822416phm:WestMember2023-07-012023-09-300000822416phm:WestMember2022-07-012022-09-300000822416phm:WestMember2023-01-012023-09-300000822416phm:WestMember2022-01-012022-09-300000822416phm:OtherHomebuildingMember2023-07-012023-09-300000822416phm:OtherHomebuildingMember2022-07-012022-09-300000822416phm:OtherHomebuildingMember2023-01-012023-09-300000822416phm:OtherHomebuildingMember2022-01-012022-09-300000822416phm:NortheastMemberphm:HomeBuildingSalesMember2023-09-300000822416phm:SoutheastMemberphm:HomeBuildingSalesMember2023-09-300000822416phm:FloridaMemberphm:HomeBuildingSalesMember2023-09-300000822416phm:MidWestMemberphm:HomeBuildingSalesMember2023-09-300000822416phm:TexasMemberphm:HomeBuildingSalesMember2023-09-300000822416phm:WestMemberphm:HomeBuildingSalesMember2023-09-300000822416phm:OtherHomebuildingMemberphm:HomeBuildingSalesMember2023-09-300000822416phm:HomeBuildingSegmentMember2023-09-300000822416phm:FinancialServicesMember2023-09-300000822416phm:NortheastMemberphm:HomeBuildingSalesMember2022-12-310000822416phm:SoutheastMemberphm:HomeBuildingSalesMember2022-12-310000822416phm:FloridaMemberphm:HomeBuildingSalesMember2022-12-310000822416phm:MidWestMemberphm:HomeBuildingSalesMember2022-12-310000822416phm:TexasMemberphm:HomeBuildingSalesMember2022-12-310000822416phm:WestMemberphm:HomeBuildingSalesMember2022-12-310000822416phm:OtherHomebuildingMemberphm:HomeBuildingSalesMember2022-12-310000822416phm:HomeBuildingSegmentMember2022-12-310000822416phm:FinancialServicesMember2022-12-310000822416phm:FloridaMember2023-09-300000822416us-gaap:SeniorNotesMemberphm:A5.500unsecuredseniornotesdueMarch2026Member2023-09-30xbrli:pure0000822416us-gaap:SeniorNotesMemberphm:A5.500unsecuredseniornotesdueMarch2026Member2022-12-310000822416phm:SeniorUnsecuredTermLoanMaturingJanuary32027Memberus-gaap:SeniorNotesMember2023-09-300000822416phm:SeniorUnsecuredTermLoanMaturingJanuary32027Memberus-gaap:SeniorNotesMember2022-12-310000822416phm:UnsecuredSeniorNotes7875DueJune2032Memberus-gaap:SeniorNotesMember2023-09-300000822416phm:UnsecuredSeniorNotes7875DueJune2032Memberus-gaap:SeniorNotesMember2022-12-310000822416phm:UnsecuredSeniorNotes6375DueMay2033Memberus-gaap:SeniorNotesMember2023-09-300000822416phm:UnsecuredSeniorNotes6375DueMay2033Memberus-gaap:SeniorNotesMember2022-12-310000822416us-gaap:SeniorNotesMemberphm:UnsecuredSeniorNotes600DueFebruary2035Member2023-09-300000822416us-gaap:SeniorNotesMemberphm:UnsecuredSeniorNotes600DueFebruary2035Member2022-12-310000822416phm:UnsecureSeniorNotesDue2026Memberus-gaap:SeniorNotesMember2023-09-300000822416phm:UnsecureSeniorNotesDue2027Memberus-gaap:SeniorNotesMember2023-09-300000822416us-gaap:NotesPayableOtherPayablesMember2023-09-300000822416us-gaap:NotesPayableOtherPayablesMember2022-12-310000822416us-gaap:NotesPayableOtherPayablesMember2023-01-012023-09-300000822416srt:MaximumMemberus-gaap:NotesPayableOtherPayablesMember2023-09-300000822416us-gaap:NotesPayableOtherPayablesMember2022-01-012022-09-300000822416us-gaap:RevolvingCreditFacilityMember2022-12-310000822416phm:JointVentureDebtMemberus-gaap:CorporateJointVentureMember2023-09-300000822416phm:JointVentureDebtMemberphm:JointVentureWith50InterestMemberus-gaap:CorporateJointVentureMember2023-09-300000822416phm:JointVentureDebtMemberphm:JointVentureWith50InterestMemberus-gaap:CorporateJointVentureMember2023-09-300000822416phm:FinancialServicesMemberphm:DebtInstrumentEffectivePeriodPeriodOneMemberus-gaap:LineOfCreditMember2023-09-300000822416srt:ScenarioForecastMemberphm:FinancialServicesMemberphm:DebtInstrumentEffectivePeriodPeriodOneMemberus-gaap:LineOfCreditMember2024-01-150000822416srt:MinimumMemberphm:FinancialServicesMemberphm:DebtInstrumentEffectivePeriodPeriodOneMemberus-gaap:LineOfCreditMember2023-09-300000822416srt:MaximumMemberphm:FinancialServicesMemberphm:DebtInstrumentEffectivePeriodPeriodOneMemberus-gaap:LineOfCreditMember2023-09-300000822416us-gaap:LineOfCreditMemberphm:RepurchaseAgreementMember2023-09-300000822416phm:FinancialServicesMemberus-gaap:LineOfCreditMember2023-09-300000822416phm:FinancialServicesMemberus-gaap:LineOfCreditMember2022-12-310000822416phm:SharerepurchaseplanMember2023-01-012023-09-300000822416phm:SharerepurchaseplanMember2022-01-012022-09-3000008224162023-04-240000822416phm:SharerepurchaseplanMember2023-09-300000822416phm:ShareswithheldtopaytaxesMember2023-01-012023-09-300000822416phm:ShareswithheldtopaytaxesMember2022-01-012022-09-300000822416us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageMember2023-09-300000822416us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageMember2022-12-310000822416us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateLockCommitmentsMember2023-09-300000822416us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateLockCommitmentsMember2022-12-310000822416us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2023-09-300000822416us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2022-12-310000822416us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:LoanPurchaseCommitmentsMember2023-09-300000822416us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:LoanPurchaseCommitmentsMember2022-12-310000822416us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LandMember2023-09-300000822416us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LandMember2022-12-310000822416us-gaap:FairValueInputsLevel1Member2023-09-300000822416us-gaap:FairValueInputsLevel1Member2022-12-310000822416us-gaap:FairValueInputsLevel2Member2023-09-300000822416us-gaap:FairValueInputsLevel2Member2022-12-310000822416us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300000822416us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000822416us-gaap:OtherAssetsMember2023-09-300000822416us-gaap:OtherAssetsMember2022-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
 OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934


Commission File Number 1-9804
PulteGroupLogo2022 (2).jpg
PULTEGROUP, INC.
(Exact name of registrant as specified in its charter) 
Michigan38-2766606
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
3350 Peachtree Road NE, Suite 1500
Atlanta,Georgia30326
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:404978-6400
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Shares, par value $0.01 PHM New York Stock Exchange
Series A Junior Participating Preferred Share Purchase Rights
New York Stock Exchange

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 every Interactive Data File required to be submitted 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 such files). Yes  [X]   No  [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer  Accelerated filer  Non-accelerated filer   Smaller reporting companyEmerging growth company
☒☐☐☐☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Yes☐No☒
Number of common shares outstanding as of October 17, 2023: 215,594,980
1

PULTEGROUP, INC.
TABLE OF CONTENTS

Page
No.
PART I 
Item 1
Item 2
 
Item 3
Item 4
PART II
Item 1
Item 1A
Item 2
Item 5
Item 6




2

PART I. FINANCIAL INFORMATION

Item 1.      Financial Statements

PULTEGROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
($000’s omitted)
 
September 30,
2023		December 31,
2022
(Unaudited)
ASSETS
Cash and equivalents$1,848,451 $1,053,104 
Restricted cash51,110 41,449 
Total cash, cash equivalents, and restricted cash1,899,561 1,094,553 
House and land inventory11,585,447 11,326,017 
Land held for sale35,116 42,254 
Residential mortgage loans available-for-sale414,360 677,207 
Investments in unconsolidated entities162,287 146,759 
Other assets1,426,747 1,291,572 
Goodwill68,930 68,930 
Other intangible assets58,960 66,875 
Deferred tax assets65,855 82,348 
$15,717,263 $14,796,515 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable$567,561 $565,975 
Customer deposits769,893 783,556 
Deferred tax liabilities331,366 215,446 
Accrued and other liabilities1,629,171 1,685,202 
Financial Services debt425,456 586,711 
Notes payable1,981,315 2,045,527 
5,704,762 5,882,417 
Shareholders' equity10,012,501 8,914,098 
$15,717,263 $14,796,515 




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 EndedNine Months Ended
September 30,September 30,
2023202220232022
Revenues:
Homebuilding
Home sale revenues$3,886,908 $3,791,695 $11,433,476 $10,587,080 
Land sale and other revenues39,905 30,658 107,575 97,626 
3,926,813 3,822,353 11,541,051 10,684,706 
Financial Services76,720 72,709 226,875 239,627 
Total revenues4,003,533 3,895,062 11,767,926 10,924,333 
Homebuilding Cost of Revenues:
Home sale cost of revenues(2,739,596)(2,636,842)(8,068,287)(7,364,743)
Land sale and other cost of revenues(35,007)(26,314)(92,467)(89,971)
(2,774,603)(2,663,156)(8,160,754)(7,454,714)
Financial Services expenses(46,431)(45,323)(137,244)(132,655)
Selling, general, and administrative expenses(353,167)(350,112)(1,004,323)(1,030,391)
Equity income from unconsolidated entities, net891 446 4,348 2,390 
Gain on debt retirement362 — 362 — 
Other income (expense), net16,729 (25,640)32,134 (33,220)
Income before income taxes847,314 811,277 2,502,449 2,275,743 
Income tax expense(208,539)(183,349)(611,070)(540,657)
Net income$638,775 $627,928 $1,891,379 $1,735,086 
Per share:
Basic earnings$2.92 $2.70 $8.49 $7.26 
Diluted earnings$2.90 $2.69 $8.45 $7.22 
Cash dividends declared$0.16 $0.15 $0.48 $0.45 
Number of shares used in calculation:
Basic218,288 230,967 221,832 237,639 
Effect of dilutive securities1,394 1,333 1,152 1,240 
Diluted219,682 232,300 222,984 238,879 


See accompanying Notes to Condensed Consolidated Financial Statements.

4

PULTEGROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
($000’s omitted)
(Unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Net income$638,775 $627,928 $1,891,379 $1,735,086 
Other comprehensive income, net of tax:
Change in value of derivatives— — — 45 
Other comprehensive income— — — 45 
Comprehensive income$638,775 $627,928 $1,891,379 $1,735,131 


See accompanying Notes to Condensed Consolidated Financial Statements.

5


PULTEGROUP, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(000's omitted)
(Unaudited)
 Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Income
(Loss)		Retained
Earnings		Total
Common Stock
Shares$
Shareholders' equity, June 30, 2023219,892 $2,199 $3,354,318 $— $6,348,508 $9,705,025 
Share issuances1 — — — — — 
Dividends declared— — — — (35,020)(35,020)
Share repurchases(3,758)(38)— — (299,962)(300,000)
Excise tax on share repurchases— — — — (3,000)(3,000)
Cash paid for shares withheld for taxes— — — — (20)(20)
Share-based compensation— — 6,741 — — 6,741 
Net income— — — — 638,775 638,775 
Shareholders' equity, September 30, 2023216,135 $2,161 $3,361,059 $— $6,649,281 $10,012,501 
Shareholders' equity, December 31, 2022225,840 $2,258 $3,330,138 $— $5,581,702 $8,914,098 
Share issuances474 4 4,838 — — 4,842 
Dividends declared— — — — (106,792)(106,792)
Share repurchases(10,179)(101)— — (699,899)(700,000)
Excise tax on share repurchases— — — — (6,701)(6,701)
Cash paid for shares withheld for taxes— — — — (10,408)(10,408)
Share-based compensation— — 26,083 — — 26,083 
Net income— — — — 1,891,379 1,891,379 
Shareholders' equity, September 30, 2023216,135 $2,161 $3,361,059 $— $6,649,281 $10,012,501 



6

Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Income
(Loss)		Retained
Earnings		Total
Common Stock
Shares$
Shareholders' equity, June 30, 2022232,570 $2,326 $3,319,150 $— $4,423,740 $7,745,216 
Share issuances41 — — — — — 
Dividends declared— — — — (34,624)(34,624)
Share repurchases(4,379)(44)— — (180,402)(180,446)
Cash paid for shares withheld for taxes— — — — (711)(711)
Share-based compensation— — 6,640 — — 6,640 
Net income— — — — 627,928 627,928 
Shareholders' equity, September 30, 2022228,232 $2,282 $3,325,790 $— $4,835,931 $8,164,003 
Shareholders' equity, December 31, 2021249,326 $2,493 $3,290,791 $(45)$4,196,276 $7,489,515 
Share issuances675 6 6,024 — — 6,030 
Dividends declared— — — — (106,650)(106,650)
Share repurchases(21,769)(217)— — (974,456)(974,673)
Cash paid for shares withheld for taxes— — — — (14,325)(14,325)
Share-based compensation— — 28,975 — — 28,975 
Net income— — — — 1,735,086 1,735,086 
Other comprehensive income— — — 45 — 45 
Shareholders' equity, September 30, 2022228,232 $2,282 $3,325,790 $— $4,835,931 $8,164,003 

See accompanying Notes to Condensed Consolidated Financial Statements.
7

PULTEGROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
($000’s omitted)
(Unaudited)
Nine Months Ended
September 30,
20232022
Cash flows from operating activities:
Net income$1,891,379 $1,735,086 
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense132,389 43,485 
Land-related charges16,978 32,475 
Gain on debt retirement(362)— 
Depreciation and amortization59,765 51,934 
Equity income from unconsolidated entities(4,348)(2,390)
Distributions of income from unconsolidated entities4,564 1,278 
Share-based compensation expense38,401 39,520 
Other, net(501)952 
Increase (decrease) in cash due to:
Inventories(173,377)(2,706,142)
Residential mortgage loans available-for-sale262,637 507,861 
Other assets(142,131)(127,173)
Accounts payable, accrued and other liabilities(177,050)119,189 
Net cash provided by (used in) operating activities1,908,344 (303,925)
Cash flows from investing activities:
Capital expenditures(67,561)(88,585)
Investments in unconsolidated entities(18,059)(58,154)
Distributions of capital from unconsolidated entities2,316 3,413 
Business acquisition— (10,400)
Other investing activities, net(11,727)(964)
Net cash used in investing activities(95,031)(154,690)
Cash flows from financing activities:
Repayments of notes payable(86,794)(4,856)
Borrowings under revolving credit facility— 1,925,000 
Repayments under revolving credit facility— (1,606,000)
Financial Services repayments, net(161,254)(287,933)
Debt issuance costs(1,500)(11,167)
Proceeds from liabilities related to consolidated inventory not owned108,707 — 
Payments related to consolidated inventory not owned(49,379)— 
Share repurchases(700,000)(974,673)
Cash paid for shares withheld for taxes(10,409)(14,326)
Dividends paid(107,676)(109,597)
Net cash used in financing activities(1,008,305)(1,083,552)
Net increase (decrease) in cash, cash equivalents, and restricted cash805,008 (1,542,167)
Cash, cash equivalents, and restricted cash at beginning of period1,094,553 1,833,565 
Cash, cash equivalents, and restricted cash at end of period$1,899,561 $291,398 
Supplemental Cash Flow Information:
Interest paid (capitalized), net$11,048 $5,642 
Income taxes paid (refunded), net$546,871 $493,559 

See accompanying Notes to Condensed Consolidated Financial Statements.
8

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 shares trade on the New York Stock Exchange under the ticker symbol “PHM”. Unless the context otherwise requires, the terms "PulteGroup", the "Company", "we", "us", and "our" used herein refer to PulteGroup, Inc. and its subsidiaries. While our subsidiaries engage primarily in the homebuilding business, we also engage in mortgage banking operations, conducted through Pulte Mortgage LLC (“Pulte Mortgage”), and title and insurance brokerage operations.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.

Use of estimates

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

Reclassifications

Effective with our first quarter 2023 reporting, we reclassified our closing cost incentives provided to customers, including seller-paid financing costs, from home sale cost of revenues to home sale revenues. All prior period amounts have been reclassified to conform to the current presentation. As a result, all sales incentives provided to customers are classified as a reduction of home sale revenues. This reclassification had the effect of reducing both home sale revenues and home sale cost of revenues by the amount of such closing cost incentives, which totaled $48.8 million and $133.3 million for the three and nine months ended September 30, 2022, respectively.

Subsequent events

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

Other income (expense), net

Other income (expense), net consists of the following ($000’s omitted): 
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Write-offs of deposits and pre-acquisition costs$(2,456)$(24,462)$(9,629)$(32,475)
Amortization of intangible assets(2,623)(2,766)(7,915)(8,353)
Interest income19,303 370 41,701 1,048 
Interest expense(120)(65)(347)(216)
Miscellaneous, net2,625 1,283 8,324 6,776 
Other income (expense), net$16,729 $(25,640)$32,134 $(33,220)


9

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Revenue recognition

Home sale revenues - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer, and our performance obligation to deliver the agreed-upon home is generally satisfied at the home closing date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposits related to sold but undelivered homes, which totaled $769.9 million and $783.6 million at September 30, 2023 and December 31, 2022, respectively. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. See Note 8 for information on warranties and related obligations.

Land sale and other revenues - We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sales are generally outright sales of specified land parcels with cash consideration due on the closing date, which is generally when performance obligations are satisfied. Revenues related to our construction services operations are generally recognized as materials are delivered and installation services are provided.

Financial services revenues - Loan origination fees, commitment fees, and discount points are recognized upon loan origination. Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of interest rate lock commitments ("IRLCs") that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of IRLCs and residential mortgage loans available for sale are reflected in Financial Services revenues as they occur. Interest income is accrued from the date a mortgage loan is originated until the loan is sold. Mortgage servicing fees represent fees earned for servicing loans. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received.

Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Insurance brokerage commissions relate to commissions on homeowner and other insurance policies placed with third-party carriers through various agency channels. Our performance obligations for policy renewal commissions are considered satisfied upon issuance of the initial policy. The related contract assets for estimated future renewal commissions are included in other assets and totaled $70.6 million and $57.3 million at September 30, 2023 and December 31, 2022, respectively.

Residential mortgage loans available-for-sale

Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. At September 30, 2023 and December 31, 2022, residential mortgage loans available-for-sale had an aggregate fair value of $414.4 million and $677.2 million, respectively, and an aggregate outstanding principal balance of $423.2 million and $680.5 million, respectively. Net gains from the sale of mortgages were $33.7 million and $34.4 million for the three months ended September 30, 2023 and 2022, respectively, and $102.8 million and $131.9 million for the nine months ended September 30, 2023 and 2022, respectively, and have been included in Financial Services revenues.

Derivative instruments and hedging activities

We are party to IRLCs with customers resulting from our mortgage origination operations. At September 30, 2023 and December 31, 2022, we had aggregate IRLCs of $674.0 million and $653.2 million, respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements.

We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At September 30, 2023 and December 31, 2022, we had unexpired forward contracts of $944.0 million and $1.0 billion, respectively, and whole loan investor
10

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
commitments of $145.2 million and $285.9 million, respectively. Changes in the fair value of IRLCs and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable.

We evaluate the creditworthiness of these transactions through our normal credit policies. There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs and residential mortgage loans available-for-sale are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 90 days. The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted):

 
 September 30, 2023December 31, 2022
 Other AssetsAccrued and Other LiabilitiesOther AssetsAccrued and Other Liabilities
Interest rate lock commitments$6,629 $14,983 $10,830 $1,572 
Forward contracts12,482 66 4,144 20,853 
Whole loan commitments7 189 806 165 
$19,118 $15,238 $15,780 $22,590 

Earnings per share

Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares outstanding, adjusted for unvested shares (the “Denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of unvested restricted share units and other potentially dilutive instruments.

In accordance with Accounting Standards Codification ("ASC") 260, "Earnings Per Share", the two-class method determines earnings per share for each class of common stock and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. Certain of our outstanding restricted share units and deferred shares are considered participating securities. The following table presents the earnings per common share (000's omitted, except per share data):
11

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Numerator:
Net income$638,775 $627,928 $1,891,379 $1,735,086 
Less: earnings distributed to participating securities(121)(202)(369)(635)
Less: undistributed earnings allocated to participating securities(2,083)(3,534)(6,685)(10,288)
Numerator for basic earnings per share$636,571 $624,192 $1,884,325 $1,724,163 
Add back: undistributed earnings allocated to participating securities2,083 3,534 6,685 10,288 
Less: undistributed earnings reallocated to participating securities(2,066)(3,508)(6,636)(10,218)
Numerator for diluted earnings per share$636,588 $624,218 $1,884,374 $1,724,233 
Denominator:
Basic shares outstanding218,288 230,967 221,832 237,639 
Effect of dilutive securities1,394 1,333 1,152 1,240 
Diluted shares outstanding219,682 232,300 222,984 238,879 
Earnings per share:
Basic$2.92 $2.70 $8.49 $7.26 
Diluted$2.90 $2.69 $8.45 $7.22 

Credit losses

We are exposed to credit losses primarily through our vendors and insurance carriers. We assess and monitor each counterparty’s ability to pay amounts owed by considering contractual terms and conditions, the counterparty’s financial condition, macroeconomic factors, and business strategy.

At September 30, 2023 and December 31, 2022, we reported $207.2 million and $222.9 million, respectively, of assets in-scope under ASC 326, "Financial Instruments - Credit Losses". These assets consist primarily of insurance receivables, contract assets related to insurance brokerage commissions, and vendor rebate receivables. Counterparties associated with these assets are generally highly rated. Allowances on the aforementioned in-scope assets were not material as of September 30, 2023.

New accounting pronouncements

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)", as amended by ASU 2021-01 in January 2021, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the cessation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024. The adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements.
12

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
2. Inventory

Major components of inventory were as follows ($000’s omitted): 
September 30,
2023		December 31,
2022
Homes under construction$5,355,403 $5,440,186 
Land under development5,519,982 5,134,432 
Raw land573,726 679,341 
Consolidated inventory not owned (a)
136,336 72,058 
$11,585,447 $11,326,017 

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

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

Three Months EndedNine Months Ended
 September 30,September 30,
 2023202220232022
Interest in inventory, beginning of period$141,994 $151,554 $137,262 $160,756 
Interest capitalized31,659 33,235 95,388 96,156 
Interest expensed(33,643)(41,120)(92,640)(113,243)
Interest in inventory, end of period$140,010 $143,669 $140,010 $143,669 

Land option agreements

We enter into land option agreements in order to procure land for the construction of homes in the future. Pursuant to these land option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. Such contracts enable us to defer acquiring portions of properties owned by third parties or unconsolidated entities until we have determined whether and when to exercise our option, which reduces our financial risks associated with long-term land holdings. Option deposits and pre-acquisition costs (such as environmental testing, surveys, engineering, and entitlement costs) are capitalized if the costs are directly identifiable with the land under option, the costs would be capitalized if we owned the land, and acquisition of the property is probable. Such costs are reflected in other assets and are reclassified to inventory upon taking title to the land. We write off deposits and pre-acquisition costs when it becomes probable that we will not go forward with the project or recover the capitalized costs. Such decisions take into consideration changes in local market conditions, the timing of required land purchases, the availability and best use of necessary incremental capital, and other factors. We record any such write-offs of deposits and pre-acquisition costs within other income (expense), net (Note 1).

If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity. No VIEs required consolidation at either September 30, 2023 or December 31, 2022 because we determined that we were not any VIE's primary beneficiary. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the land option agreements. The following provides a summary of our interests in land option agreements as of September 30, 2023 and December 31, 2022 ($000’s omitted):
13

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)


 
 September 30, 2023December 31, 2022
 Deposits and
Pre-acquisition
Costs		Remaining Purchase
Price		Deposits and
Pre-acquisition
Costs		Remaining Purchase
Price
Land options with VIEs$244,897 $2,169,510 $213,895 $2,130,398 
Other land options366,561 4,088,141 264,860 3,269,843 
$611,458 $6,257,651 $478,755 $5,400,241 

Land-related charges

Our evaluations for land impairments, net realizable value adjustments, and write-offs of deposits and pre-acquisition costs are based on our best estimates of the future cash flows of our communities. Due to uncertainties in the estimation process, the significant volatility in demand for new housing, the long life cycles of certain of our communities, and potential changes in our strategy related to certain communities, actual results could differ significantly from such estimates.

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, Pennsylvania, Virginia
Southeast:Georgia, North Carolina, South Carolina, Tennessee
Florida:Florida
Midwest:Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio
Texas:Texas
West:Arizona, California, Colorado, Nevada, New Mexico, Washington

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

Operating Data by Segment
($000’s omitted)
 Three Months EndedNine Months Ended
September 30,September 30,
 2023202220232022
Revenues (a):
Northeast$234,475 $250,209 $684,495 $657,703 
Southeast646,927 713,205 2,009,556 1,819,114 
Florida1,220,036 942,467 3,525,623 2,683,248 
Midwest543,772 557,669 1,412,102 1,553,800 
Texas487,521 577,686 1,587,752 1,580,567 
West794,082 781,117 2,321,523 2,390,274 
3,926,813 3,822,353 11,541,051 10,684,706 
Financial Services76,720 72,709 226,875 239,627 
Consolidated revenues$4,003,533 $3,895,062 $11,767,926 $10,924,333 
14

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Operating Data by Segment
($000’s omitted)
 Three Months EndedNine Months Ended
September 30,September 30,
 2023202220232022
Income (loss) before income taxes (a):
Northeast$52,265 $52,682 $150,227 $140,052 
Southeast144,643 181,667 469,653 460,056 
Florida316,113 220,850 904,916 628,979 
Midwest105,267 82,279 242,552 235,345 
Texas99,433 133,404 305,552 351,253 
West107,537 145,890 307,537 463,947 
Other homebuilding (b)
(6,893)(33,009)32,666 (112,070)
818,365 783,763 2,413,103 2,167,562 
Financial Services28,949 27,514 89,346 108,181 
Consolidated income before income taxes$847,314 $811,277 $2,502,449 $2,275,743 

(a)All periods reflect the reclassification of closing cost incentives to homes sale revenues from home sale cost of revenues (Note 1).
(b)Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments. Other homebuilding also includes insurance reserve reversals of $66.2 million in the nine months ended September 30, 2023.

Operating Data by Segment
($000’s omitted)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Land-related charges (a):
Northeast$197 $3,759 $266 $3,961 
Southeast2,616 5,889 5,643 9,724 
Florida338 4,881 2,430 6,493 
Midwest282 1,677 886 2,780 
Texas59 2,794 388 3,328 
West2,889 5,462 6,689 6,189 
Other homebuilding487 — 676 — 
$6,868 $24,462 $16,978 $32,475 

(a)    Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.
15

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 Operating Data by Segment
($000's omitted)
September 30, 2023
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$339,345 $319,912 $38,499 $— $697,756 $803,724 
Southeast767,994 715,736 66,342 25,033 1,575,105 1,838,802 
Florida (a)
1,451,547 1,143,172 93,178 61,855 2,749,752 3,269,761 
Midwest671,733 677,952 22,806 3,472 1,375,963 1,528,933 
Texas593,864 700,732 122,623 45,976 1,463,195 1,666,557 
West1,500,748 1,628,040 220,548 — 3,349,336 3,697,236 
Other homebuilding (b)
30,172 334,438 9,730 — 374,340 2,166,356 
5,355,403 5,519,982 573,726 136,336 11,585,447 14,971,369 
Financial Services— — — — — 745,894 
$5,355,403 $5,519,982 $573,726 $136,336 $11,585,447 $15,717,263 
 December 31, 2022
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$321,687 $241,897 $45,455 $— $609,039 $700,413 
Southeast793,539 544,867 102,336 20,169 1,460,911 1,668,053 
Florida (a)
1,417,657 1,081,836 125,253 51,889 2,676,635 3,195,091 
Midwest523,194 689,541 22,467 — 1,235,202 1,382,227 
Texas690,622 726,342 133,300 — 1,550,264 1,735,683 
West1,662,251 1,528,863 238,758 — 3,429,872 3,771,808 
Other homebuilding (b)
31,236 321,086 11,772 — 364,094 1,470,919 
5,440,186 5,134,432 679,341 72,058 11,326,017 13,924,194 
Financial Services— — — — — 872,321 
$5,440,186 $5,134,432 $679,341 $72,058 $11,326,017 $14,796,515 
 
(a)Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million.
(b)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million.
16

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
4. Debt

Notes payable

Our notes payable are summarized as follows ($000’s omitted):
 September 30,
2023		December 31,
2022
5.500% unsecured senior notes due March 2026 (a)
$478,000 $500,000 
5.000% unsecured senior notes due January 2027 (a)
457,000 500,000 
7.875% unsecured senior notes due June 2032 (a)
300,000 300,000 
6.375% unsecured senior notes due May 2033 (a)
400,000 400,000 
6.000% unsecured senior notes due February 2035 (a)
300,000 300,000 
Net premiums, discounts, and issuance costs (b)
(8,465)(9,701)
Total senior notes$1,926,535 $1,990,299 
Other notes payable54,780 55,228 
Notes payable$1,981,315 $2,045,527 
Estimated fair value$1,998,032 $2,079,218 

(a)Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.
(b)The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.
In the three months ended September 30, 2023, we completed open market repurchases of $22.0 million and $43.0 million of our unsecured senior notes scheduled to mature in 2026 and 2027, respectively.
Other notes payable
Other notes payable include non-recourse and limited recourse notes with third parties that totaled $54.8 million and $55.2 million at September 30, 2023 and December 31, 2022, respectively. These notes have maturities ranging up to four years, are secured by the applicable land positions to which they relate, and generally have no recourse to other assets. The stated interest rates on these notes range up to 6%. We recorded $35.3 million and $19.9 million of inventory financed by sellers in the nine months ended September 30, 2023 and 2022, respectively.

Revolving credit facility

We maintain a revolving credit facility (the "Revolving Credit Facility") maturing in June 2027 that has a maximum borrowing capacity of $1.3 billion and contains an uncommitted accordion feature that could increase the capacity to $1.8 billion, subject to certain conditions and availability of additional bank commitments. The Revolving Credit Facility also provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, up to the maximum borrowing capacity. The interest rate on borrowings under the Revolving Credit Facility may be based on either the Secured Overnight Financing Rate or a base rate plus an applicable margin, as defined therein. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of September 30, 2023, we were in compliance with all covenants. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

At September 30, 2023, we had no borrowings outstanding, $304.6 million of letters of credit issued, and $945.4 million of remaining capacity under the Revolving Credit Facility. At December 31, 2022, we had no borrowings outstanding, $303.4 million of letters of credit issued, and $946.6 million of remaining capacity under the Revolving Credit Facility.




17

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Joint venture debt

At September 30, 2023, aggregate outstanding debt of unconsolidated joint ventures was $79.5 million, of which $40.3 million was related to one joint venture in which we have a 50% interest. In connection with this loan, we and our joint venture partner provided customary limited recourse guaranties in which our maximum financial loss exposure is limited to our pro rata share of the debt outstanding.

Financial Services debt

Pulte Mortgage entered into a master repurchase agreement (the "Repurchase Agreement") in August 2023 that matures on August 14, 2024. The Repurchase Agreement replaced a substantially similar agreement that previously existed with different lenders. The maximum aggregate commitment under the Repurchase Agreement was $560.0 million at September 30, 2023, and will increase to $850.0 million during the seasonally high borrowing period from December 27, 2023 to January 15, 2024. Thereafter, the maximum aggregate commitment ranges from $600.0 million to $700.0 million. The Repurchase Agreement also contains an accordion feature that could increase the commitment by $50.0 million above its active commitment level. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. At September 30, 2023, Pulte Mortgage had $425.5 million outstanding at a weighted average interest rate of 7.01% and $134.5 million of remaining capacity under the Repurchase Agreement. At December 31, 2022, Pulte Mortgage had $586.7 million outstanding at a weighted average interest rate of 5.39% and $213.3 million of remaining capacity under the prior agreement replaced by the Repurchase Agreement. Pulte Mortgage was in compliance with all of its covenants and requirements as of such dates.

5. Shareholders’ equity

In the nine months ended September 30, 2023, we declared cash dividends totaling $106.8 million and repurchased 10.2 million shares under our repurchase authorization for $700.0 million. In the nine months ended September 30, 2022, we declared cash dividends totaling $106.7 million and repurchased 21.8 million shares under our repurchase authorization for $974.7 million. On April 24, 2023, the Board of Directors increased our share repurchase authorization by $1.0 billion. At September 30, 2023, we had remaining authorization to repurchase $682.9 million of common shares.

Under our share-based compensation plans, we accept shares as payment under certain conditions related to the vesting of shares, generally related to the payment of minimum tax obligations. In the nine months ended September 30, 2023 and 2022, participants surrendered shares valued at $10.4 million and $14.3 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

6. Income taxes

Our effective tax rate was 24.6% and 24.4% for the three and nine months ended September 30, 2023, respectively, compared with 22.6% and 23.8%, respectively, for the same periods in 2022. Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense. The 2023 effective income tax rate for each of these periods was higher than the rate for the same period in 2022 due to the change in qualification standards for federal energy efficient home tax credits. On August 16, 2022, the Inflation Reduction Act of 2022 (the "Inflation Reduction Act") was signed into law. Notably, the Inflation Reduction Act retroactively extended the federal energy efficient home tax credits to January 1, 2022 using the same standards as prior years. For 2023 through 2032, the credit is based on EnergyStar or Zero Energy Ready standards.

At September 30, 2023 and December 31, 2022, we had net deferred tax liabilities of $265.5 million and $133.1 million, respectively. The accounting for deferred taxes is based upon estimates of future results. Differences between estimated and actual results could result in changes in the valuation of deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time.

18

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. We had $58.7 million and $23.6 million of gross unrecognized tax benefits at September 30, 2023 and December 31, 2022, respectively. Additionally, we had accrued interest and penalties of $5.7 million and $4.1 million at September 30, 2023 and December 31, 2022, respectively.

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


Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): 
Financial InstrumentFair Value
Hierarchy		Fair Value
September 30,
2023		December 31,
2022
Measured at fair value on a recurring basis:
Residential mortgage loans available-for-saleLevel 2$414,360 $677,207 
IRLCsLevel 2(8,354)9,258 
Forward contractsLevel 212,416 (16,709)
Whole loan commitmentsLevel 2(182)641 
Measured at fair value on a non-recurring basis:
House and land inventoryLevel 3$11,387 $10,873 
Disclosed at fair value:
Cash, cash equivalents, and restricted cashLevel 1$1,899,561 $1,094,553 
Financial Services debtLevel 2425,456 586,711 
Senior notes payableLevel 21,943,252 2,023,990 
Other notes payableLevel 254,780 55,228 

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

The carrying amounts of cash and equivalents, Financial Services debt and other notes payable approximate their fair values due to their short-term nature and/or floating interest rate terms. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues. The carrying value of senior notes was $1.9 billion at September 30, 2023 and $2.0 billion at December 31, 2022.
19

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
8. Commitments and contingencies

Letters of credit and surety bonds

In the normal course of business, we post letters of credit and surety bonds pursuant to certain performance-related obligations, as security for certain land option agreements, and under various insurance programs. The majority of these letters of credit and surety bonds are in support of our land development and construction obligations to various municipalities, other government agencies, and utility companies related to the construction of roads, sewers, and other infrastructure. We had outstanding letters of credit and surety bonds totaling $304.6 million and $2.3 billion, respectively, at September 30, 2023 and $303.4 million and $2.2 billion, respectively, at December 31, 2022. In the event any such letter of credit or surety bond is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond. Our surety bonds generally do not have stated expiration dates; rather we are released from the surety bonds as the underlying contractual performance is completed. Because significant construction and development work has been performed related to projects that have not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed. We do not believe that a material amount, if any, of the letters of credit or surety bonds will be drawn.

Litigation and regulatory matters

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

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

Warranty liabilities

Home buyers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home's construction and operating systems for periods of up to, and, in limited instances, exceeding, 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the projected cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates. Changes to warranty liabilities were as follows ($000’s omitted):
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Warranty liabilities, beginning of period$106,136 $110,605 $108,348 $107,117 
Reserves provided29,412 22,840 74,598 66,398 
Payments(24,984)(23,137)(75,313)(65,466)
Other adjustments1,747 24 4,678 2,283 
Warranty liabilities, end of period$112,311 $110,332 $112,311 $110,332 

20

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Self-insured risks

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

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

At any point in time, we are managing numerous individual claims related to general liability, property, errors and omissions, workers' compensation, and other business insurance coverage. We reserve for costs associated with such claims (including expected claims management expenses) on an undiscounted basis at the time revenue is recognized for each home closing and periodically evaluate the recorded liabilities based on actuarial analyses of our historical claims. The actuarial analyses calculate estimates of the ultimate net cost of all unpaid losses, including estimates for incurred but not reported losses ("IBNR"). IBNR represents losses related to claims incurred but not yet reported plus development on reported claims.

Our recorded reserves for all such claims totaled $623.0 million and $635.9 million at September 30, 2023 and December 31, 2022, respectively. The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses. Liabilities related to IBNR and related claim expenses represented approximately 74% of the total general liability reserves at both September 30, 2023 and December 31, 2022. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third-party recovery rates and claims management expenses.

Volatility in both national and local housing market conditions may affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are typically reported and resolved over an extended time period often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Because of the inherent uncertainty in estimating future losses and the timing of such losses related to these claims, actual costs could differ significantly from estimated costs.

Adjustments to reserves are recorded in the period in which the change in estimate occurs. We reduced general liability reserves by $66.2 million during the nine months ended September 30, 2023 as a result of changes in estimates resulting from actual claim experience being less than anticipated in previous actuarial projections. The changes in actuarial estimates were driven by changes in actual claims experience that, in turn, impacted actuarial estimates for potential future claims. These changes in actuarial estimates did not involve any changes in actuarial methodology but did impact the development of estimates for future periods, which resulted in adjustments to the IBNR portion of our recorded liabilities. There were no material adjustments to individual claims. Costs associated with our insurance programs are classified within selling, general, and administrative expenses. Changes in these liabilities were as follows ($000's omitted):
21

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Balance, beginning of period$605,192 $652,686 $635,857 $627,067 
Reserves provided20,578 31,134 70,050 74,676 
Adjustments to previously recorded reserves(789)(2,169)(66,209)1,889 
Payments, net (a)
(2,000)(2,358)(16,717)(24,339)
Balance, end of period$622,981 $679,293 $622,981 $679,293 

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

Estimates of anticipated recoveries of our costs under various insurance policies or from subcontractors or other third parties are recorded when recovery is considered probable. Such receivables are recorded in other assets and totaled $39.7 million and $43.7 million at September 30, 2023 and December 31, 2022, respectively. Those receivables relate to costs incurred to perform corrective repairs, settle claims with customers, and other costs related to the continued progression of construction defect claims that we believe are insured. Given the complexity inherent with resolving construction defect claims in the homebuilding industry described above, there generally exists a significant lag between our payment of claims and our reimbursements from applicable insurance carriers or third parties.

Leases

We lease certain office space and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets and leasehold improvements are limited to the expected lease term. Certain of our lease agreements include rental payments based on a pro-rata share of the lessor’s operating costs which are variable in nature. Our lease agreements do not contain any residual value guarantees or material restrictive covenants.
    
ROU assets are classified within other assets on the balance sheet, while lease liabilities are classified within accrued and other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets and lease liabilities were $69.9 million and $84.8 million at September 30, 2023, respectively, and $73.5 million and $90.1 million at December 31, 2022, respectively. In the three and nine months ended September 30, 2023, we recorded an additional $1.3 million and $9.6 million, respectively, of lease liabilities under operating leases, and $3.3 million and $7.5 million in the comparable prior year periods. Payments on lease liabilities in the three and nine months ended September 30, 2023 totaled $6.1 million and $17.4 million, respectively, and $5.0 million and $16.1 million in the comparable prior year periods.

Lease expense includes costs for leases with terms in excess of one year as well as short-term leases with terms of less than one year. In the three and nine months ended September 30, 2023 our total lease expense was $13.5 million and $42.0 million, respectively, and $14.3 million and $40.5 million in the comparable prior year periods. Our total lease expense is inclusive of variable lease costs of $2.7 million and $8.9 million in the three and nine months ended September 30, 2023, respectively, and $3.3 million and $7.7 million in the comparable prior year periods, as well as short-term lease costs of $4.0 million and $12.8 million in the three and nine months ended September 30, 2023, respectively, and $5.2 million and $15.8 million in the comparable prior year periods. Sublease income was de minimis.


22

PULTEGROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The future minimum lease payments required under our leases as of September 30, 2023 were as follows ($000's omitted):
Years Ending December 31,
2023 (a)
$9,235 
202425,010 
202517,320 
202612,885 
202710,240 
Thereafter17,256 
Total lease payments (b)
91,946 
Less: Interest (c)
(7,147)
Present value of lease liabilities (d)
$84,799 

(a)Remaining payments are for the three months ending December 31, 2023.
(b)Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $6.2 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2023.
(c)Our leases do not provide a readily determinable implicit rate. As a result, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.
(d)The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 4.8 years and 3.8%, respectively, at September 30, 2023.
23

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

The following discussion and analysis of our financial condition and results of operations are provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q as well as our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022.

Demand for new homes declined beginning in mid-2022 as the Federal Reserve repeatedly increased benchmark interest rates in response to inflation, which, in turn, drove national mortgage and other interest rates higher and negatively impacted home affordability and consumer sentiment. However, new home sales began to strengthen in early 2023 at higher levels than the third quarter of 2022, evidenced by an increase in our net new orders of 43% for the three months ended September 30, 2023 over the comparable prior year period. The demand for new homes has strengthened as the result of limited supplies of existing home inventories in combination with the market adjusting to the higher interest rate environment. While affordability challenges for housing remain due to the higher interest rates, cost increases, and general inflation in recent years, we have responded by adjusting sales prices where necessary and focusing sales incentives on closing cost incentives, especially mortgage interest rate buydowns, which have supported the increase in our net new orders. Additionally, the rate of customer order cancellation that spiked in late 2022 in response to inflation and interest rate increases has now normalized to historical levels.

Supply chain constraints that began after the onset of the COVID-19 pandemic have improved but continue to limit the availability of certain materials and construction labor, which, combined with delays in municipal approvals and inspections, continue to pressure production cycle times of the homes we are constructing. The time required to construct a home was approximately two weeks shorter in the third quarter of 2023 compared with the third quarter of 2022 as we have experienced sequential improvement throughout 2023. Despite the recent improvements, the noted supply chain and labor issues have led to significant cost pressures in almost all areas of our business, but especially related to construction labor and materials. Lumber, in particular, experienced heightened volatility in 2020 through 2022. Due to the length of our construction cycle times, there is a lag between when such cost changes occur and when they impact our operating results. To date in 2023, the strong demand environment has allowed us to largely offset the majority of such cost increases through the sales prices of our homes.

As the business slowed in the second half of 2022, we adjusted business practices to support a consistent cadence of house starts and an appropriate inventory of quick move-in homes as we focused on turning our assets and delivering high returns on investment. By achieving an effective balance of price and pace, we realized strong revenues and earnings in the three and nine months ended September 30, 2023. Within an evolving macroeconomic environment, consumers across all buyer segments and price points continued to demonstrate a strong desire for homeownership. As a result, we increased our housing starts throughout 2023. As interest rates continued to increase in the later part of the third quarter, buyer demand has slowed slightly, but we remain confident in our ability to navigate this environment and to position the Company to take advantage of opportunities as they arise.

Consolidated Operations

The following is a summary of our operating results by line of business ($000's omitted, except per share data):
Three Months EndedNine Months Ended
 September 30,September 30,
 2023202220232022
Income before income taxes:
Homebuilding$818,365 $783,763 $2,413,103 $2,167,562 
Financial Services28,949 27,514 89,346 108,181 
Income before income taxes847,314 811,277 2,502,449 2,275,743 
Income tax expense(208,539)(183,349)(611,070)(540,657)
Net income$638,775 $627,928 $1,891,379 $1,735,086 
Per share data - assuming dilution:
Net income$2.90 $2.69 $8.45 $7.22 

24


Homebuilding Operations

The following presents selected financial information for our Homebuilding operations ($000’s omitted):
Three Months EndedNine Months Ended
 September 30,September 30,
 20232023 vs. 2022202220232023 vs. 20222022
Home sale revenues (a)
$3,886,908 3 %$3,791,695 $11,433,476 8 %$10,587,080 
Land sale and other revenues39,905 30 %30,658 107,575 10 %97,626 
Total Homebuilding revenues 3,926,813 3 %3,822,353 11,541,051 8 %10,684,706 
Home sale cost of revenues (a) (b)
(2,739,596)4 %(2,636,842)(8,068,287)10 %(7,364,743)
Land sale and other cost of revenues(35,007)33 %(26,314)(92,467)3 %(89,971)
Selling, general, and administrative
expenses ("SG&A") (e)
(353,167)1 %(350,112)(1,004,323)(3)%(1,030,391)
Equity income from unconsolidated entities891 (c)319 3,293 (c)1,112 
Gain on debt retirement362 (c)— 362 (c)— 
Other income (expense), net18,069 (c)(25,641)33,474 (c)(33,151)
Income before income taxes$818,365 4 %$783,763 $2,413,103 11 %$2,167,562 
Supplemental data:
Gross margin from home sales (a)
29.5 %(100) bps30.5 %29.4 %(100) bps30.4 %
SG&A as a percentage of home
  sale revenues (e)
9.1 %(10) bps9.2 %8.8 %(90) bps9.7 %
Closings (units)7,076 — %7,047 20,988 4 %20,263 
Average selling price (a)
$549 2 %$538 $545 4 %$522 
Net new orders:
Units7,065 43 %4,924 22,366 16 %19,313 
Dollars (d)
$3,823,619 36 %$2,807,308 $11,884,620 4 %$11,442,579 
Cancellation rate15 %24 %15 %15 %
Average active communities923 12 %823 902 13 %797 
Backlog at September 30:
Units13,547 (21)%17,053 
Dollars$8,125,182 (23)%$10,581,026 

(a)All periods reflect the reclassification of closing cost incentives from home sale cost of revenues to home sale revenues (see Note 1).
(b)Includes the amortization of capitalized interest.
(c)Percentage not meaningful.
(d)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.
(e)Includes insurance reserve reversals of $66.2 million for the nine months ended September 30, 2023 (see Note 8).

Home sale revenues

Home sale revenues in the three and nine months ended September 30, 2023 were higher than the prior year period by $95.2 million and $846.4 million, respectively. In the three months ended September 30, 2023, the 3% increase resulted from a slight increase in closings combined with a 2% increase in average selling price. In the nine months ended September 30, 2023, the 8% increase resulted from a 4% increase in closings combined with a 4% increase in average selling price. The increases in closings were attributable to continued consumer demand, particularly quick move-in speculative homes to satisfy consumer demand to quickly close on homes due to the volatile interest rate environment and supply chain challenges. The increases in average selling price reflected the impact of continued consumer demand and persistent inflation, partially offset by an increase
25

in the mix of first-time buyer homes, which typically carry a lower sales price, and higher sales incentives in substantially all of our markets. The year-over-year increases in average selling price occurred in the majority of our markets.

Home sale gross margins

Home sale gross margins were 29.5% and 29.4% in the three and nine months ended September 30, 2023, respectively, compared with 30.5% and 30.4% in the three and nine months ended September 30, 2022, respectively. Despite higher sales incentives, we were generally able to maintain net pricing to substantially offset net increases in house and land costs.

Land sale and other revenues

We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sale and other revenues and their related gains or losses vary between periods, depending on the timing of land sales and our strategic operating decisions. Land sales and other revenues contributed income of $4.9 million and $15.1 million for the three and nine months ended September 30, 2023, respectively, compared with $4.3 million and $7.7 million for the three and nine months ended September 30, 2022, respectively.

SG&A

SG&A as a percentage of home sale revenues was 9.1% and 8.8% in the three and nine months ended September 30, 2023, respectively, compared with 9.2% and 9.7% for the three and nine months ended September 30, 2022, respectively. The gross dollar amount of our SG&A increased $3.1 million, or 1%, for the three months ended September 30, 2023 compared with the prior year period, and decreased $26.1 million, or 3%, for the nine months ended September 30, 2023 compared with the prior year period. The decrease in gross dollars for the nine months ended September 30, 2023 resulted primarily from insurance reserve reversals of $66.2 million recorded in the nine months ended September 30, 2023, partially offset by other overhead costs to support growth expectations.

Other income (expense), net
Other income (expense), net includes the following ($000’s omitted):
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Write-offs of deposits and pre-acquisition costs $(2,456)$(24,462)$(9,629)$(32,475)
Amortization of intangible assets(2,623)(2,766)(7,915)(8,353)
Interest income19,303 370 41,701 1,048 
Interest expense(120)(65)(347)(216)
Miscellaneous, net3,965 1,282 9,664 6,845 
Total other income (expense), net$18,069 $(25,641)$33,474 $(33,151)

Write-offs of deposits and pre-acquisition costs were lower in the three and nine months ended September 30, 2023, due to the improved demand environment in 2023 as compared with the sharp decrease in demand that began in mid-2022. Interest income increased significantly in the three and nine months ended September 30, 2023, due to higher returns on invested cash balances as a result of the elevated interest rate environment.

Net new orders

Net new orders in units increased 43% while net new orders in dollars increased 36% in the three months ended September 30, 2023, as compared with the prior year period. Net new orders in units increased 16% while net new orders in dollars increased 4% for the nine months ended September 30, 2023 as compared with the prior year period. The increased net new order volume in 2023 was primarily due to improved demand combined with better availability of quick move-in speculative homes. Net new orders in dollars increased a smaller amount than the increase in units as the result of both an increase in the mix of first-time buyer homes, which typically carry a lower sales price, and higher sales incentives in substantially all of our markets. Cancellation rates (canceled orders for the period divided by gross new orders for the period) were 15% for both the three and nine months ended September 30, 2023 and 24% and 15% for the comparable prior year periods. Cancellation rates began to
26

increase in mid-2022 as the market responded to increased home affordability challenges resulting from a historic increase in mortgage interest rates, increases in the price of homes, and the impact of inflationary pressures in the broader economy. However, cancellation rates have normalized thus far in 2023 back to historical levels. Ending backlog dollars, which represents orders for homes that have not yet closed, decreased 23% at September 30, 2023 compared with September 30, 2022, as a result of the aforementioned decline in net new orders beginning in mid-2022 combined with a large number of deliveries of previously ordered homes in the second half of 2022.

Homes in production

The following is a summary of our homes in production:
September 30,
2023		September 30,
2022
Sold10,657 14,854 
Unsold
Under construction5,752 7,656 
Completed967 500 
6,719 8,156 
Models1,465 1,272 
Total18,841 24,282 

The number of homes in production at September 30, 2023 was 22% lower than at September 30, 2022. This decrease resulted from the lower order backlog caused by the lower number of sold homes and higher cancellations in the second half of 2022 following the significant increase in mortgage interest rates. This decrease was partially offset by an increased number of completed unsold homes, which reflected our strategic decision to increase starts of speculative units in response to buyer demand for quick move-in homes.

Controlled lots

The following is a summary of our lots under control at September 30, 2023 and December 31, 2022:
September 30, 2023December 31, 2022
OwnedOptionedControlledOwnedOptionedControlled
Northeast4,468 8,172 12,640 4,295 7,502 11,797 
Southeast17,944 28,854 46,798 16,692 23,433 40,125 
Florida24,784 35,806 60,590 26,413 29,667 56,080 
Midwest13,054 11,966 25,020 12,923 13,128 26,051 
Texas17,198 20,692 37,890 20,197 14,438 34,635 
West26,306 13,849 40,155 28,328 14,096 42,424 
Total103,754 119,339 223,093 108,848 102,264 211,112 
47 %53 %100 %52 %48 %100 %
Developed (%)46 %15 %30 %43 %16 %30 %

While competition for well-positioned land is robust, we continued to pursue land investments that we believe can achieve appropriate risk-adjusted returns on invested capital. We have also continued to seek to maintain a high percentage of our lots that are controlled via land option agreements as 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. The remaining purchase price under our land option agreements totaled $6.3 billion at September 30, 2023.

27

Homebuilding Segment Operations

As of September 30, 2023, we conducted our operations in 45 markets located throughout 24 states. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:

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

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

Operating Data by Segment ($000's omitted)
Three Months EndedNine Months Ended
 September 30,September 30,
 20232023 vs. 2022202220232023 vs. 20222022
Home sale revenues (a):
Northeast$234,284 (6)%$249,983 $684,085 4 %$657,420 
Southeast646,182 (9)%711,610 2,005,382 10 %1,816,573 
Florida1,196,780 30 %920,059 3,458,194 33 %2,606,682 
Midwest540,678 (3)%557,151 1,407,833 (9)%1,550,847 
Texas481,046 (16)%574,088 1,567,574 — %1,570,981 
West787,938 1 %778,804 2,310,408 (3)%2,384,577 
$3,886,908 3 %$3,791,695 $11,433,476 8 %$10,587,080 
Income (loss) before income taxes (b):
Northeast$52,265 (1)%$52,682 $150,227 7 %$140,052 
Southeast144,643 (20)%181,667 469,653 2 %460,056 
Florida316,113 43 %220,850 904,916 44 %628,979 
Midwest105,267 28 %82,279 242,552 3 %235,345 
Texas99,433 (25)%133,404 305,552 (13)%351,253 
West107,537 (26)%145,890 307,537 (34)%463,947 
Other homebuilding (c)
(6,893)79 %(33,009)32,666 129 %(112,070)
$818,365 4 %$783,763 $2,413,103 11 %$2,167,562 
(a)All periods reflect the reclassification of closing cost incentives to home sale revenues from home sale cost of revenues (see Note 1).
(b)Includes land-related charges as summarized in the table below.
(c)     Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes insurance reserve reversals of $66.2 million in the nine months ended September 30, 2023.



 
28

Operating Data by Segment ($000's omitted)
Three Months EndedNine Months Ended
September 30,September 30,
20232023 vs. 2022202220232023 vs. 20222022
Closings (units):
Northeast344 (9)%378 996 (3)%1,026 
Southeast1,291 — %1,295 3,864 13 %3,406 
Florida1,983 22 %1,628 5,802 20 %4,840 
Midwest1,018 (8)%1,104 2,693 (15)%3,179 
Texas1,211 (15)%1,431 4,030 (2)%4,124 
West1,229 1 %1,211 3,603 (2)%3,688 
7,076 — %7,047 20,988 4 %20,263 
Average selling price (a):
Northeast$681 3 %$661 $687 7 %$641 
Southeast501 (9)%550 519 (3)%533 
Florida604 7 %565 596 11 %539 
Midwest531 5 %505 523 7 %488 
Texas397 (1)%401 389 2 %381 
West641 — %643 641 (1)%647 
$549 2 %$538 $545 4 %$522 
Net new orders - units:
Northeast376 59 %237 1,161 11 %1,046 
Southeast1,374 27 %1,081 4,277 15 %3,716 
Florida1,598 9 %1,471 5,386 10 %4,898 
Midwest1,090 66 %655 3,426 29 %2,660 
Texas1,258 28 %979 4,070 9 %3,718 
West1,369 173 %501 4,046 24 %3,275 
7,065 43 %4,924 22,366 16 %19,313 
Net new orders - dollars:
Northeast$254,346 54 %$165,018 $792,080 8 %$736,434 
Southeast698,219 16 %599,621 2,143,322 1 %2,130,969 
Florida939,975 3 %911,099 3,122,522 (2)%3,188,807 
Midwest602,356 65 %364,849 1,829,729 27 %1,442,207 
Texas493,094 28 %385,634 1,518,821 (2)%1,551,534 
West835,629 119 %381,087 2,478,146 4 %2,392,628 
$3,823,619 36 %$2,807,308 $11,884,620 4 %$11,442,579 
(a)All periods reflect the reclassification of closing cost incentives to home sale revenues from home sale cost of revenues (see Note 1).
29

Operating Data by Segment ($000's omitted)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232023 vs. 20222022
Cancellation rates:
Northeast7 %13 %8 %9 %
Southeast9 %15 %9 %9 %
Florida17 %18 %16 %13 %
Midwest11 %14 %10 %11 %
Texas18 %33 %19 %22 %
West20 %48 %21 %23 %
15 %24 %15 %15 %
Unit backlog:
Northeast639 (21)%808 
Southeast2,319 (17)%2,786 
Florida4,225 (23)%5,488 
Midwest2,083 (4)%2,169 
Texas1,829 (32)%2,693 
West2,452 (21)%3,109 
13,547 (21)%17,053 
Backlog dollars:
Northeast$450,623 (23)%$582,178 
Southeast1,269,758 (24)%1,660,331 
Florida2,795,502 (23)%3,608,719 
Midwest1,208,801 (1)%1,223,984 
Texas805,047 (36)%1,254,262 
West1,595,451 (29)%2,251,552 
$8,125,182 (23)%$10,581,026 


30

Operating Data by Segment
($000’s omitted)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Land-related charges (a):
Northeast$197 $3,759 $266 $3,961 
Southeast2,616 5,889 5,643 9,724 
Florida338 4,881 2,430 6,493 
Midwest282 1,677 886 2,780 
Texas59 2,794 388 3,328 
West2,889 5,462 6,689 6,189 
Other homebuilding487 — 676 — 
$6,868 $24,462 $16,978 $32,475 
(a)    Land-related charges include land inventory impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.
Northeast     

For the third quarter of 2023, Northeast home sale revenues decreased by 6% when compared with the prior year period due to a 9% decrease in closings partially offset by a 3% increase in average selling price. The decrease in closings and increase in average selling price occurred across the majority of markets. Income before income taxes decreased 1%, primarily due to lower revenues and gross margins across the majority of markets. Net new orders increased across all markets.

For the nine months ended September 30, 2023, Northeast home sale revenues increased by 4% when compared with the prior year period due to a 7% increase in average selling price partially offset by a 3% decrease in closings. The increase in average selling price occurred across all markets, while the decrease in closings was attributable to the Northeast Corridor. Income before income taxes increased 7%, primarily due to the higher revenues. Net new orders increased across all markets.

Southeast

For the third quarter of 2023, Southeast home sale revenues decreased 9% when compared with the prior year period due to a 9% decrease in average selling price. The decrease in average selling price occurred across all markets. Income before income taxes decreased 20%, primarily due to lower revenues and gross margins across the majority of markets. Net new orders increased across the majority of markets.

For the nine months ended September 30, 2023, Southeast home sale revenues increased 10% when compared with the prior year period due to a 13% increase in closings partially offset by a 3% decrease in average selling price. The increase in closings occurred across all markets. Income before income taxes increased 2%, primarily due to the increased revenues. Net new orders increased across the majority of markets.

Florida

For the third quarter of 2023, Florida home sale revenues increased 30% when compared with the prior year period due to a 22% increase in closings combined with a 7% increase in average selling price. The increase in closings and average selling price occurred across the majority of markets. Income before income taxes increased 43%, primarily due to the increased revenues. Net new orders increased across the majority of markets.

For the nine months ended September 30, 2023, Florida home sale revenues increased 33% when compared with the prior year period due to a 20% increase in closings combined with an 11% increase in the average selling price. The increase in closings occurred across the majority of markets while the increase in average selling price occurred across all markets. Income before income taxes increased 44%, primarily due to the increased revenues. Net new orders increased across the majority of markets.

31

Midwest

For the third quarter of 2023, Midwest home sale revenues decreased 3% when compared with the prior year period due to an 8% decrease in closings partially offset by a 5% increase in average selling price. The decrease in closings occurred across the majority of markets while the increase in average selling price occurred across all markets. Income before income taxes increased 28%, primarily due to higher gross margins across the majority of markets. Net new orders increased across all markets.

For the nine months ended September 30, 2023, Midwest home sale revenues decreased 9% when compared with the prior year period due to a 15% decrease in closings partially offset by a 7% increase in average selling price. The decrease in closings occurred across the majority of markets while the increase in average selling price occurred across all markets. Income before income taxes increased 3%, primarily due to improved overhead leverage across the majority of markets. Net new orders increased across all markets.

Texas

For the third quarter of 2023, Texas home sale revenues decreased 16% when compared with the prior year period due to a 15% decrease in closings partially offset by a 1% decrease in average selling price. The decrease in closings occurred across all markets while the decrease in average selling price was mixed among markets. Income before income taxes decreased 25%, primarily due to lower revenues and gross margins across the majority of markets. Net new orders increased across the majority of markets.

For the nine months ended September 30, 2023, Texas home sale revenues were flat when compared with the prior year period due to a 2% decrease in closings partially offset by a 2% increase in average selling price. The decrease in closings was mixed among markets while the increase in average selling price occurred across the majority of markets. Income before income taxes decreased 13%, primarily due to lower gross margins across all markets. The increase in net new orders was mixed among markets.

West
    
For the third quarter of 2023, West home sale revenues increased 1% when compared with the prior year period due to a 1% increase in closings. Income before income taxes decreased 26%, primarily due to lower gross margins across the majority of markets as we have had to adjust pricing downward in certain of our western geographies. Net new orders increased across all markets.

For the nine months ended September 30, 2023, West home sale revenues decreased 3% when compared with the prior year period due to a 2% decrease in closings combined with a 1% decrease in average selling price. The decrease in closings and average selling price occurred across the majority of markets. Income before income taxes decreased 34%, primarily due to lower revenues and gross margins across the majority of markets. Net new orders increased across all markets.

Financial Services Operations

We conduct our Financial Services operations, which include mortgage banking, title, and insurance brokerage operations, through Pulte Mortgage LLC ("Pulte Mortgage") and other subsidiaries. In originating mortgage loans, we initially use our own funds, including funds available pursuant to a credit agreement 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 loans and related servicing rights for only a short period of time. Operating as a captive business model primarily targeted to support our Homebuilding operations, the business levels of our Financial Services operations are highly correlated to Homebuilding, as Homebuilding customers continue to account for substantially all of its business. We believe that our mortgage 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):

32

Three Months EndedNine Months Ended
 September 30,September 30,
 20232023 vs. 2022202220232023 vs. 20222022
Mortgage revenues$46,664 (2)%$47,773 $140,044 (17)%$169,009 
Title services revenues21,714 9 %19,893 62,804 13 %55,617 
Insurance brokerage commissions8,342 65 %5,043 24,027 60 %15,001 
Total Financial Services revenues76,720 6 %72,709 226,875 (5)%239,627 
Expenses(46,431)2 %(45,323)(137,244)3 %(132,655)
Equity income from unconsolidated entities— (100)%128 1,055 (17)%1,277 
Other income (expense), net(1,340)(a)— (1,340)(a)(68)
Income before income taxes$28,949 5 %$27,514 $89,346 (17)%$108,181 
Total originations:
Loans4,362 — %4,369 12,770 (2)%12,994 
Principal$1,745,952 2 %$1,715,344 $5,053,379 1 %$5,009,957 

(a)Percentage not meaningful.

 Nine Months Ended
September 30,
 20232022
Supplemental data:
Capture rate80.5 %78.7 %
Average FICO score747 748 
Funded origination breakdown:
Government (FHA, VA, USDA)22 %19 %
Other agency75 %74 %
Total agency97 %93 %
Non-agency3 %7 %
Total funded originations100 %100 %

Revenues

Total Financial Services revenues for the three and nine months ended September 30, 2023 increased 6% and decreased 5%, respectively, compared with the same periods in 2022. The increase during the three months ended September 30, 2023 when compared with the prior year period was primarily due to higher revenues per loan due to a higher average selling price within Homebuilding. The decrease during the nine months ended September 30, 2023 when compared with the prior year period was primarily attributable to relative weakness during the first quarter of 2023 as a result of a lower capture rate and revenue per loan due to competitiveness in the mortgage industry.

Income before income taxes

Income before income taxes in the three and nine months ended September 30, 2023 increased 5% and decreased 17%, respectively, compared with the same periods in 2022. The increase during the three months ended September 30, 2023 when compared with the prior year period was primarily due to higher revenues per loan due to a higher average selling price within Homebuilding. The decrease during the nine months ended September 30, 2023 when compared with the prior year period was primarily attributable to relative weakness during the first quarter of 2023 as a result of a lower capture rate and revenue per loan due to competitiveness in the mortgage industry.

33

Income Taxes

Our effective income tax rate for the three and nine months ended September 30, 2023 was 24.6% and 24.4%, respectively, compared with 22.6% and 23.8%, respectively, for the same periods in 2022. Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense.

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 available financing sources, including revolving bank credit and securities offerings.

At September 30, 2023, we had unrestricted cash and equivalents of $1.8 billion, restricted cash balances of $51.1 million, and $945.4 million available under our Revolving Credit Facility. Our ratio of debt-to-total capitalization, excluding our Financial Services debt, was 16.5% at September 30, 2023, compared with 18.7% at December 31, 2022. We follow a diversified investment approach for our cash and equivalents by maintaining such funds with a portfolio of banks within our group of relationship banks in high quality, highly liquid, short-term deposits and investments, which helps mitigate banking concentration risk. In response to recent volatility in the banking system, we have shifted a larger percentage of our cash and equivalents to money market funds to reduce the balances held in bank accounts.

For the next twelve months, we expect our principal demand for funds will be for the acquisition and development of land inventory, construction of house inventory, and operating expenses, including our general and administrative expenses. The elongation of our production cycle has required a greater investment of cash in our homes under production. Additionally, we plan to continue our dividend payments and repurchases of common stock. In August 2024, we need to repay or refinance Pulte Mortgage's master repurchase agreement with third-party lenders (as amended, the "Repurchase Agreement"). While we intend to refinance the Repurchase Agreement, there can be no assurances that the Repurchase Agreement can be renewed or replaced on commercially reasonable terms upon its expiration. However, we believe we have adequate liquidity to meet Pulte Mortgage's anticipated financing needs. Beyond the next twelve months, we will need to repay or refinance our Revolving Credit Facility, which matures in June 2027, and our unsecured senior notes, the next tranche of which becomes due in 2026. We may from time to time repurchase our unsecured senior notes through open market purchases, privately negotiated transactions, or otherwise. During the three months ended September 30, 2023, we repurchased $22.0 million and $43.0 million of our unsecured senior notes scheduled to mature in 2026 and 2027, respectively.

We believe that our current cash position and other available financing resources, coupled with our ongoing operating activities, will provide sufficient liquidity to fund our business needs over the next twelve months and beyond. To the extent the sources of capital described above are insufficient to meet our needs, we may also conduct additional public offerings of our securities, refinance debt, dispose of certain assets to fund our operating activities, or draw on existing or new debt facilities.

Unsecured senior notes

We had $1.9 billion of unsecured senior notes outstanding at September 30, 2023 and $2.0 billion of unsecured senior notes outstanding at December 31, 2022 with no repayments due until March 2026, when $478.0 million of unsecured senior notes are scheduled to mature.

Other notes payable

Other notes payable include non-recourse and limited recourse secured notes with third parties that totaled $54.8 million and $55.2 million at September 30, 2023 and December 31, 2022, respectively. These notes have maturities ranging up to four years, are secured by the applicable land positions to which they relate, and generally have no recourse to other assets. The stated interest rates on these notes range up to 6%.

Revolving credit facility
    
We maintain a revolving credit facility (the "Revolving Credit Facility") maturing in June 2027 that has a maximum borrowing capacity of $1.3 billion and contains an uncommitted accordion feature that could increase the capacity to $1.8 billion, subject to certain conditions and availability of additional bank commitments. The Revolving Credit Facility also provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, up to the maximum borrowing capacity. The interest rate on borrowings under the Revolving Credit Facility may be based on either the
34

Secured Overnight Financing Rate or a base rate plus an applicable margin, as defined therein. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of September 30, 2023, we were in compliance with all covenants. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

At September 30, 2023, we had no borrowings outstanding, $304.6 million of letters of credit issued, and $945.4 million of remaining capacity under the Revolving Credit Facility. At December 31, 2022, we had no borrowings outstanding, $303.4 million of letters of credit issued, and $946.6 million of remaining capacity under the Revolving Credit Facility.

Joint venture debt

At September 30, 2023, aggregate outstanding debt of unconsolidated joint ventures was $79.5 million of which $40.3 million was related to one joint venture in which we have a 50% interest. In connection with this loan, we and our joint venture partner provided customary limited recourse guaranties in which our maximum financial loss exposure is limited to our pro rata share of the debt outstanding.

Financial Services debt

Pulte Mortgage entered into a master repurchase agreement (the "Repurchase Agreement") in August 2023 that matures on August 14, 2024. The Repurchase Agreement replaced a substantially similar agreement that previously existed with different lenders. The maximum aggregate commitment under the Repurchase Agreement was $560.0 million at September 30, 2023, and will increase to $850.0 million during the seasonally high borrowing period from December 27, 2023 to January 15, 2024. Thereafter, the maximum aggregate commitment ranges from $600.0 million to $700.0 million. The Repurchase Agreement also contains an accordion feature that could increase the commitment by $50.0 million above its active commitment level. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. At September 30, 2023, Pulte Mortgage had $425.5 million outstanding at a weighted average interest rate of 7.01% and $134.5 million of remaining capacity under the Repurchase Agreement. At December 31, 2022, Pulte Mortgage had $586.7 million outstanding at a weighted average interest rate of 5.39% and $213.3 million of remaining capacity under the prior agreement replaced by the Repurchase Agreement. Pulte Mortgage was in compliance with all of its covenants and requirements as of such dates.

Dividends and share repurchase program

In the nine months ended September 30, 2023, we declared cash dividends totaling $106.8 million and repurchased 10.2 million shares under our repurchase authorization for $700.0 million. In the nine months ended September 30, 2022, we declared cash dividends totaling $106.7 million and repurchased 21.8 million shares under our repurchase authorization for $974.7 million. On April 24, 2023, the Board of Directors increased our share repurchase authorization by $1.0 billion. At September 30, 2023, we had remaining authorization to repurchase $682.9 million of common shares.

Contractual Obligations

We are a party to many contractual obligations involving commitments to make payments to third parties. These obligations impact our short-term and long-term liquidity and capital resource needs. Certain contractual obligations are reflected on the Consolidated Balance Sheet as of September 30, 2023, while others are considered future commitments. Our contractual obligations primarily consist of long-term debt and related interest payments, purchase obligations related to expected acquisitions and development of land, house construction costs, operating leases, and obligations under our various compensation and benefit plans.

35

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 and insurance programs. 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 September 30, 2023, we had outstanding letters of credit totaling $304.6 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 $2.3 billion at September 30, 2023, 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 September 30, 2023, these agreements had an aggregate remaining purchase price of $6.3 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. At September 30, 2023, outstanding deposits totaled $611.5 million, of which $26.5 million is refundable.

For further information regarding our primary obligations, refer to Note 4 and Note 8 to the Consolidated Financial Statements included elsewhere in this Quarterly Report on 10-Q for amounts outstanding as of September 30, 2023 related to debt and commitments and contingencies, respectively.

Cash flows

Operating activities

Net cash provided by operating activities in the nine months ended September 30, 2023 was $1.9 billion. Generally, the primary drivers of our cash flow from operations are profitability and changes in the levels of inventory and residential mortgage loans available-for-sale, each of which experiences seasonal fluctuations. The cash inflows from operations for the nine months ended September 30, 2023 were primarily due to net income of $1.9 billion along with a seasonal $262.6 million decrease in residential mortgage loans available for sale, partially offset by a net increase in inventories of $173.4 million.

Net cash used in operating activities in the nine months ended September 30, 2022 was $303.9 million. The cash outflows from operations in nine months ended September 30, 2022 were primarily due to our net income of $1.7 billion along with a seasonal $507.9 million decrease in residential mortgage loans available for sale, offset by a net increase in inventories of $2.7 billion, which was primarily attributable to higher house inventory in production resulting from a large order backlog, more unsold units, and extended production cycle times combined with investment in land inventory.

Investing activities

Net cash used in investing activities in the nine months ended September 30, 2023 was $95.0 million. These cash outflows primarily resulted from capital expenditures of $67.6 million related to our ongoing investments in new communities, facilities, and information technology applications along with $18.1 million of investments in unconsolidated entities.

Net cash used in investing activities in the nine months ended September 30, 2022 was $154.7 million. These cash outflows in 2022 primarily resulted from a $10.4 million deferred payment related to the 2020 acquisition of Innovative Construction Group ("ICG"), $58.2 million of investments in unconsolidated entities as well as capital expenditures of $88.6 million related to our ongoing investments in new communities and information technology applications.

Financing activities

Net cash used in financing activities in the nine months ended September 30, 2023 totaled $1.0 billion. These cash outflows resulted primarily from the repurchase of 10.2 million common shares for $700.0 million under our share repurchase authorization, payments of $107.7 million in cash dividends, $86.8 million of repayments of notes payable, and net repayments of $161.3 million under the Repurchase Agreement related to a seasonal decrease in residential mortgage loans available-for-sale.

Net cash used in financing activities in the nine months ended September 30, 2022 totaled $1.1 billion. These cash outflows resulted primarily from the repurchase of 21.8 million common shares for $974.7 million under our share repurchase authorization, payments of $109.6 million in cash dividends, and net repayments of of $287.9 million under the Repurchase
36

Agreement related to a seasonal reduction in residential mortgage loans available-for-sale.These cash outflows were partially offset by net borrowings of $319.0 million under the Revolving Credit Facility.

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 in 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. Additionally, given the disruption in economic activity caused by the COVID-19 pandemic, supply chain challenges, changes in mortgage interest rates, and other macroeconomic factors, our quarterly results for 2023 and 2022 are not necessarily indicative of results that may be achieved in the future.

Supplemental Guarantor Financial Information

As of September 30, 2023, PulteGroup, Inc. had outstanding $1.9 billion principal amount of unsecured senior notes due at dates from March 2026 through February 2035 and no amounts outstanding on its Revolving Credit Facility.

All of our unsecured senior notes and the Revolving Credit Facility are fully and unconditionally guaranteed, on a joint and several basis, by certain subsidiaries of PulteGroup, Inc. ("Guarantors" or "Guarantor Subsidiaries"). Each of the Guarantor Subsidiaries is 100% owned, directly or indirectly, by PulteGroup, Inc. Our subsidiaries associated with our financial services operations and certain other subsidiaries do not guarantee the unsecured senior notes or the Revolving Credit Facility (collectively, "Non-Guarantor Subsidiaries"). The guarantees are senior unsecured obligations of each Guarantor and rank equal with all existing and future senior debt of such Guarantor and senior to all subordinated debt of such Guarantor. The guarantees are effectively subordinated to any secured debt of such Guarantor to the extent of the value of the assets securing such debt.

A court could void or subordinate any Guarantor’s guarantee under the fraudulent conveyance laws if existing or future creditors of any such Guarantor were successful in establishing that such Guarantor:

(a) incurred the guarantee with the intent of hindering, delaying or defrauding creditors; or

(b) received less than reasonably equivalent value or fair consideration in return for incurring the guarantee and, in the case of any one of the following being true at the time thereof:

•such Guarantor was insolvent or rendered insolvent by reason of the issuance of the incurrence of the guarantee;
•the incurrence of the guarantee left such Guarantor with an unreasonably small amount of capital or assets to carry on its business;
•such Guarantor intended to, or believed that it would, incur debts beyond its ability to pay as they mature;
•such Guarantor was a defendant in an action for money damages, or had a judgment for money damages docketed against it, if the judgment is unsatisfied after final judgment.

The measures of insolvency for purposes of determining whether a fraudulent conveyance occurred would vary depending upon the laws of the relevant jurisdiction and upon the valuation assumptions and methodology applied by the court. However, in general, a court would deem a company insolvent if:

•the sum of its debts, including contingent and unliquidated liabilities, was greater than the fair saleable value of all of its assets;
•the present fair saleable value of its assets was less than the amount that would be required to pay its probable liability on its existing debts, including contingent liabilities, as they become absolute and mature; or
•it could not pay its debts as they became due.

The guarantees of the senior notes contain a provision to limit each Guarantor’s liability to the maximum amount that it could incur without causing the incurrence of obligations under its guarantee to be a fraudulent transfer. However, under recent case law, this provision may not be effective to protect such guarantee from being voided under fraudulent transfer law or otherwise determined to be unenforceable. If a court were to find that the incurrence of a guarantee was a fraudulent transfer or conveyance, the court could void the payment obligations under that guarantee, could subordinate that guarantee to presently
37

existing and future indebtedness of the Guarantor or could require the holders of the senior notes to repay any amounts received with respect to that guarantee. In the event of a finding that a fraudulent transfer or conveyance occurred, holders may not receive any repayment on the senior notes.

Finally, as a court of equity, a bankruptcy court may subordinate the claims in respect of the guarantees to other claims against us under the principle of equitable subordination if the court determines that (1) the holder of senior notes engaged in some type of inequitable conduct, (2) the inequitable conduct resulted in injury to our other creditors or conferred an unfair advantage upon the holders of senior notes and (3) equitable subordination is not inconsistent with the provisions of the bankruptcy code.

On the basis of historical financial information, operating history and other factors, we believe that each of the Guarantors, after giving effect to the issuance of the guarantees when such guarantees were issued, was not insolvent, did not have unreasonably small capital for the business in which it engaged and did not and has not incurred debts beyond its ability to pay such debts as they mature. We cannot assure you, however, as to what standard a court would apply in making these determinations or that a court would agree with our conclusions in this regard.

The following tables present summarized financial information for PulteGroup, Inc. and the Guarantor Subsidiaries on a combined basis after intercompany transactions and balances have been eliminated among PulteGroup, Inc. and the Guarantor Subsidiaries, as well as their investment in and equity in earnings from the Non-Guarantor Subsidiaries ($000’s omitted):

PulteGroup, Inc. and Guarantor Subsidiaries
Summarized Balance Sheet Data
ASSETSSeptember 30, 2023December 31, 2022
Cash, cash equivalents, and restricted cash$1,668,197$786,073
House and land inventory11,255,575 10,925,830 
Amount due from Non-Guarantor Subsidiaries560,237 674,898 
Total assets14,339,400 13,074,398 
LIABILITIES
Accounts payable, customer deposits,
  accrued and other liabilities		$2,781,021$2,785,286
Notes payable1,981,315 2,045,527 
Total liabilities5,096,522 5,049,079 

Nine Months Ended
September 30,
Summarized Statement of Operations Data20232022
Revenues$11,317,362$10,470,677
Cost of revenues7,961,586 7,283,050 
Selling, general, and administrative expenses979,196 971,786 
Income before income taxes2,366,792 2,143,273 

Critical Accounting Estimates

There have been no significant changes to our critical accounting estimates in the nine months ended September 30, 2023 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, 2022.

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
38

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 table sets forth the principal cash flows by scheduled maturity, weighted-average interest rates, and estimated fair value of our debt obligations as of September 30, 2023 ($000’s omitted):

 As of September 30, 2023 for the
Years ending December 31,
 20232024202520262027ThereafterTotalFair
Value
Rate-sensitive liabilities:
Fixed rate debt$1,643 $47,642 $1,900 $481,595 $457,000 $1,000,000 $1,989,780 $1,998,032 
Average interest rate2.00 %2.99 %4.00 %5.49 %5.00 %6.71 %5.93 %
Variable rate debt (a)$425,456 $— $— $— $— $— $425,456 $425,456 
Average interest rate7.01 %— %— %— %— %— %7.01 %

(a) Includes the Repurchase Agreement and amounts outstanding under our Revolving Credit Facility, under which there was no amount outstanding at September 30, 2023.

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, 2022.

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,” “plan,” “project,” “may,” “can,” “could,” “might,” “should,” “will” and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, 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.

Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry changes or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend; 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; labor supply shortages and the cost of labor; the availability and cost of land and other raw materials used by us in our homebuilding operations; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; competition within the industries in which we operate; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities, slow growth initiatives and/or local building moratoria; the availability and cost of insurance covering risks associated with our businesses, including warranty and other legal or regulatory proceedings or claims; damage from improper acts of persons over whom we do not have control or attempts to impose liabilities or obligations of third parties on us; weather related slowdowns; the impact of climate change and related governmental regulation; adverse capital and credit market conditions, which may affect our access to and cost of capital; the insufficiency of our income tax provisions and tax reserves, including as a result of changing laws or interpretations; the potential that we do not realize our deferred tax assets; our inability to sell mortgages into the secondary market; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans, and related claims against us; risks related to information technology failures or data security issues; failure to retain key personnel; the disruptions associated with the COVID-19 pandemic (or another epidemic or pandemic or
39

similar public threat or fear of such an event), and the measures taken to address it; the effect of cybersecurity incidents and threats; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See Item 1A – Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 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.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Management, including our President 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 September 30, 2023. Based upon, and as of the date of that evaluation, our President and Chief Executive Officer and Executive Vice President and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of September 30, 2023.

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 September 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
40

PART II. OTHER INFORMATION
Item 1. Legal Proceedings

There have been no material developments with respect to the information previously reported under Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2022.

Item 1A. Risk Factors

There have been no material changes in our risk factors from those disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Issuer Purchases of Equity Securities

Total number
of shares
purchased (1)
Average
price paid
per share
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) (2)
July 1, 2023 to July 31, 20231,112,942 $79.54 1,112,942 $894,372 
August 1, 2023 to August 31, 20231,381,118 $81.90 1,381,118 $781,257 
September 1, 2023 to September 30, 20231,263,654 $77.84 1,263,654 $682,897 
Total3,757,714 $79.84 3,757,714 
 

(1)     During 2023, participants surrendered shares 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 and are excluded from the table above.

(2)     The Board of Directors approved a share repurchase authorization increase of $1.0 billion on April 24, 2023. There is no expiration date for this program, under which $682.9 million remained as of September 30, 2023.

Item 5. Other Information

During the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
41

Item 6. Exhibits

Exhibit Number and Description
3(a)
(b)
(c)
(d)
(e)
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)
(c)
(d)
(e)

(f)
(g)
10(a)
22(a)
31(a)
(b)
32
101.INSInline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
42

101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104
The cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL
43

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:October 24, 2023


44
 EX-31.A 2 exhibit31aceocertification.htm EX-31.A - CEO CERTIFICATION Document

EXHIBIT 31(a)
CHIEF EXECUTIVE OFFICER'S CERTIFICATION
I, Ryan R. Marshall, 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:October 24, 2023/s/ Ryan R. Marshall
Ryan R. Marshall
President and Chief Executive Officer


 EX-31.B 3 exhibit31bcfocertification.htm EX-31.B - CFO CERTIFICATION Document

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:October 24, 2023/s/ Robert T. O'Shaughnessy
Robert T. O'Shaughnessy
Executive Vice President and
Chief Financial Officer


 EX-32 4 exhibit32-certification093.htm EX-32 - CERTIFICATION Document

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 September 30, 2023, 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 results of operations of the Company.
Date:October 24, 2023


/s/ Ryan R. Marshall
Ryan R. Marshall
President and Chief Executive Officer
/s/ Robert T. O'Shaughnessy
Robert T. O'Shaughnessy
Executive Vice President and
Chief Financial Officer


 EX-101.SCH 5 phm-20230930.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 0000002 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 0000003 - Statement - Consolidated Statements Of Operations link:presentationLink link:calculationLink link:definitionLink 0000004 - Statement - Consolidated Statements of Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 0000005 - Statement - Consolidated Statements Of Shareholders' Equity link:presentationLink link:calculationLink link:definitionLink 0000006 - Statement - Consolidated Statements Of Cash Flows link:presentationLink link:calculationLink link:definitionLink 0000007 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 0000008 - Disclosure - Inventory link:presentationLink link:calculationLink link:definitionLink 0000009 - Disclosure - Segment Information link:presentationLink link:calculationLink link:definitionLink 0000010 - Disclosure - Debt link:presentationLink link:calculationLink link:definitionLink 0000011 - Disclosure - Shareholders' Equity link:presentationLink link:calculationLink link:definitionLink 0000012 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 0000013 - Disclosure - Fair Value Disclosures link:presentationLink link:calculationLink link:definitionLink 0000014 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 9954471 - Disclosure - Basis of Presentation (Policy) link:presentationLink link:calculationLink link:definitionLink 9954472 - Disclosure - Fair Value Measures and Disclosures (Policies) link:presentationLink link:calculationLink link:definitionLink 9954473 - Disclosure - Basis of Presentation (Tables) link:presentationLink link:calculationLink link:definitionLink 9954474 - Disclosure - Inventory (Tables) link:presentationLink link:calculationLink link:definitionLink 9954475 - Disclosure - Segment Information (Tables) link:presentationLink link:calculationLink link:definitionLink 9954476 - Disclosure - Debt (Tables) link:presentationLink link:calculationLink link:definitionLink 9954477 - Disclosure - Fair Value Disclosures Fair Value Disclosures (Tables) link:presentationLink link:calculationLink link:definitionLink 9954478 - Disclosure - Commitments and Contingencies (Tables) link:presentationLink link:calculationLink link:definitionLink 9954479 - Disclosure - Basis of Presentation (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 9954480 - Disclosure - Basis of Presentation (Other Expense (Income), Net) (Details) link:presentationLink link:calculationLink link:definitionLink 9954481 - Disclosure - Basis of Presentation (Earnings per share) (Details) link:presentationLink link:calculationLink link:definitionLink 9954482 - Disclosure - Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) link:presentationLink link:calculationLink link:definitionLink 9954483 - Disclosure - Inventory (Major Components Of Inventory) (Details) link:presentationLink link:calculationLink link:definitionLink 9954484 - Disclosure - Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) link:presentationLink link:calculationLink link:definitionLink 9954485 - Disclosure - Inventory (Summary of Interests in Land Option Agreements) (Details) link:presentationLink link:calculationLink link:definitionLink 9954486 - Disclosure - Inventory (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 9954487 - Disclosure - Segment Information (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 9954488 - Disclosure - Segment Information (Operating Data By Segment) (Details) link:presentationLink link:calculationLink link:definitionLink 9954489 - Disclosure - Segment Information (Land-Related Charges by Segment) (Details) link:presentationLink link:calculationLink link:definitionLink 9954490 - Disclosure - Segment Information (Total Assets And Inventory By Reportable Segment) (Details) link:presentationLink link:calculationLink link:definitionLink 9954491 - Disclosure - Debt (Summary of Senior Notes) (Details) link:presentationLink link:calculationLink link:definitionLink 9954492 - Disclosure - Debt (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 9954493 - Disclosure - Shareholders' Equity (Details) link:presentationLink link:calculationLink link:definitionLink 9954494 - Disclosure - Income Taxes (Details) link:presentationLink link:calculationLink link:definitionLink 9954495 - Disclosure - Fair Value Disclosures (Details) link:presentationLink link:calculationLink link:definitionLink 9954496 - Disclosure - Fair Value Disclosures - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9954497 - Disclosure - Commitments and Contingencies (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 9954498 - Disclosure - Commitments and Contingencies (Changes To Warranty Liability) (Details) link:presentationLink link:calculationLink link:definitionLink 9954499 - Disclosure - Commitments and Contingencies (Changes in Self-insurance Liability) (Details) link:presentationLink link:calculationLink link:definitionLink 9954500 - Disclosure - Commitments and Contingencies (Future Minimum Lease Payments Required Under Leases) (Details) link:presentationLink link:calculationLink link:definitionLink 9954500 - Disclosure - Commitments and Contingencies (Future Minimum Lease Payments Required Under Leases) (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 6 phm-20230930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 7 phm-20230930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 8 phm-20230930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Consolidated Entities [Axis] Consolidated Entities [Axis] Stock Appreciation Rights (SARs) Stock Appreciation Rights (SARs) [Member] Pay vs Performance Disclosure [Line Items] Legally binding minimum lease payments for leases signed but not yet commenced Lessee, Operating Lease, Lease Not Yet Commenced, Liability Lessee, Operating Lease, Lease Not Yet Commenced, Liability Statistical Measurement [Domain] Statistical Measurement [Domain] Changes in Self-insurance Liability [Roll Forward] Changes in Self-insurance Liability [Roll Forward] Changes in Self-insurance Liability [Roll Forward] Maximum borrowing capacity Line of Credit Facility, Maximum Borrowing Capacity 6.375% unsecured senior notes due May 2033 Unsecured Senior Notes 6.375% due May 2033 [Member] Unsecured Senior Notes 6.375% due May 2033 Increase (decrease) in cash due to: Increase (Decrease) in Operating Capital [Abstract] Underlying Security Market Price Change Underlying Security Market Price Change, Percent Interest income Interest Income, Other All Award Types Award Type [Domain] Fair Value as of Grant Date Award Grant Date Fair Value Debt Debt Disclosure [Text Block] Statement of Stockholders' Equity [Abstract] Statement of Stockholders' Equity [Abstract] Revolving Credit Facility Revolving Credit Facility [Member] MNPI Disclosure Timed for Compensation Value MNPI Disclosure Timed for Compensation Value [Flag] Segment Reporting [Abstract] Segment Reporting [Abstract] Restatement Determination Date: Restatement Determination Date [Axis] Other income (expense), net Other income (expense), net Nonoperating Income (Expense) Insider Trading Policies and Procedures [Line Items] Rule 10b5-1 Arrangement Terminated Rule 10b5-1 Arrangement Terminated [Flag] Repurchase Agreement Repurchase Agreement [Member] Repurchase Agreement Restatement does not require Recovery Restatement Does Not Require Recovery [Text Block] Shareholders’ equity Equity [Text Block] Income taxes Income Tax Disclosure [Text Block] Ownership [Axis] Ownership [Axis] Variable Interest Entity [Line Items] Variable Interest Entity [Line Items] Interest paid (capitalized), net Interest paid (capitalized), net Interest paid (capitalized), net Revenue recognition Revenue [Policy Text Block] Whole loan commitments Loan Purchase Commitments [Member] Goodwill impairment charge Goodwill, Impaired, Accumulated Impairment Loss Fair Value, Recurring and Nonrecurring [Table] Fair Value, Recurring and Nonrecurring [Table] Diluted earnings (usd per share) Earnings Per Share, Diluted PEO Total Compensation Amount PEO Total Compensation Amount Thereafter Lessee, Operating Lease, Liability, to be Paid, after Year Four Lessee, Operating Lease, Liability, to be Paid, after Year Four Change in value of derivatives Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent Trading Arrangements, by Individual Trading Arrangements, by Individual [Table] Level 3 Fair Value, Inputs, Level 3 [Member] Line of Credit Line of Credit [Member] Trading Symbol Trading Symbol Letters of credit outstanding Letters of Credit Outstanding, Amount Investments in unconsolidated entities Payments to Acquire Equity Method Investments Non-PEO NEO Average Compensation Actually Paid Amount Non-PEO NEO Average Compensation Actually Paid Amount Net income Net income Net Income (Loss) Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Changed Peer Group, Footnote Changed Peer Group, Footnote [Text Block] Company Selected Measure Name Company Selected Measure Name Homebuilding Cost of Revenues: Cost of Revenue [Abstract] LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities and Equity [Abstract] Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets [Line Items] Closing cost incentives Closing Cost Incentives Closing Cost Incentives Share repurchases Stock Repurchased During Period, Value Customer deposits Contract with Customer, Liability Income before income taxes Income before income taxes Income (Loss) from Continuing Operations before Income Taxes, Domestic Cost of revenues Cost of Goods and Services Sold Effective Period [Domain] Effective Period [Domain] [Domain] for Effective Period [Axis] Schedule Of Company Interests In Land Option Agreements Schedule Of Company Interests In Land Option Agreements [Table Text Block] Schedule Of Company Interests In Land Option Agreements [Table Text Block] Executive Category: Executive Category [Axis] Excise tax on share repurchases Excise Tax On Share Repurchase Excise Tax On Share Repurchase Level 1 Fair Value, Inputs, Level 1 [Member] Name Measure Name Current borrowing capacity Line of Credit Facility, Current Borrowing Capacity Name Forgone Recovery, Individual Name Carrying value Reported Value Measurement [Member] Goodwill Goodwill Equity Components [Axis] Equity Components [Axis] Types of Financial Instruments [Domain] Financial Instruments [Domain] Financial Instruments [Domain] Additional 402(v) Disclosure Additional 402(v) Disclosure [Text Block] Measurement Basis [Axis] Measurement Basis [Axis] Underlying Securities Award Underlying Securities Amount Entity Small Business Entity Small Business Variability in future cash flows of derivative instruments in days Maximum Length of Time Hedged in Cash Flow Hedge Local Phone Number Local Phone Number Fair Value Measurement [Domain] Fair Value Measurement [Domain] Recovery of Erroneously Awarded Compensation Disclosure [Line Items] Forecast Forecast [Member] Litigation and regulatory matters Legal Costs, Policy [Policy Text Block] Other adjustments Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties Derivative, notional amount Derivative, Notional Amount Cash dividends declared (usd per share) Common Stock, Dividends, Per Share, Declared Measurement Frequency [Axis] Measurement Frequency [Axis] Forgone Recovery due to Violation of Home Country Law, Amount Forgone Recovery due to Violation of Home Country Law, Amount Debt instrument term Debt Instrument, Term Homebuilding Home Building Segment [Member] Home Building Segment Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Debt issuance costs Payments of Debt Issuance Costs Portion at Fair Value Measurement Portion at Fair Value Measurement [Member] Schedule of Senior Notes Schedule of Long-Term Debt Instruments [Table Text Block] Texas Texas [Member] Texas Geographic Segment [Member] Cash paid for shares withheld for taxes Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation Revision of Prior Period, Reclassification, Adjustment Revision of Prior Period, Reclassification, Adjustment [Member] Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] Schedule of Future Minimum Lease Payments Required Under Leases Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] House and land inventory Total Inventory Inventory, Operative Builders Components of Inventory Components of inventory [Table Text Block] Components of homebuilder inventory Total revenues Revenues Product and Service [Domain] Product and Service [Domain] Other Performance Measure, Amount Other Performance Measure, Amount Aggregate Available Trading Arrangement, Securities Aggregate Available Amount Inventories Increase (Decrease) in Inventories Cash flows from investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Insider Trading Policies and Procedures Not Adopted Insider Trading Policies and Procedures Not Adopted [Text Block] Estimated fair value Notes Payable, Fair Value Disclosure Award Type Award Type [Axis] Document Quarterly Report Document Quarterly Report No Trading Symbol Flag No Trading Symbol Flag Payments, net Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid Fair Value Hierarchy and NAV [Domain] Fair Value Hierarchy and NAV [Domain] Gain on debt retirement Gain on debt retirement Gain (Loss) on Extinguishment of Debt Notes Payables Notes Payable, Other Payables [Member] Additional ROU assets under operating leases Right-of-Use Asset Obtained in Exchange for Operating Lease Liability Stockholders' Equity Note [Abstract] Stockholders' Equity Note [Abstract] Trading Arrangement: Trading Arrangement [Axis] Less: Interest Lessee, Operating Lease, Liability, Undiscounted Excess Amount Use of estimates Use of Estimates, Policy [Policy Text Block] PEO Actually Paid Compensation Amount PEO Actually Paid Compensation Amount Long-term Debt, Type [Domain] Long-Term Debt, Type [Domain] Financial Services debt Financial Services Debt Financial Services Debt Entity File Number Entity File Number Loss Contingencies [Table] Loss Contingencies [Table] Measured at fair value on a recurring basis: Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] Other land options Consolidated Entity, Excluding VIE [Member] Homebuilding Real Estate [Abstract] Accounts payable Accounts Payable Credit losses Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block] Amortization of intangible assets Amortization of Intangible Assets Entity Shell Company Entity Shell Company 2026 Lessee, Operating Lease, Liability, to be Paid, Year Three Letters of credit and surety bonds Letters of credit and surety bonds [Policy Text Block] [Table Text Block] for Letters of credit and surety bonds [Table] New accounting pronouncements New Accounting Pronouncements, Policy [Policy Text Block] Restatement Determination Date Restatement Determination Date Income (loss) before income taxes (a): Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] Counterparty Name [Domain] Counterparty Name [Domain] Rule 10b5-1 Arrangement Adopted Rule 10b5-1 Arrangement Adopted [Flag] Schedule of Restructuring and Related Costs [Table] Schedule of Restructuring and Related Costs [Table] Total cash, cash equivalents, and restricted cash Cash, cash equivalents, and restricted cash at beginning of period Cash, cash equivalents, and restricted cash at end of period Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents Asset Class [Axis] Asset Class [Axis] Real Estate Inventory, Capitalized Interest Costs [Roll Forward] Real Estate Inventory, Capitalized Interest Costs [Roll Forward] 2025 Lessee, Operating Lease, Liability, to be Paid, Year Two Senior notes payable Debt Instrument, Fair Value Disclosure Less: undistributed earnings reallocated to participating securities Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted Subsequent events Subsequent Events, Policy [Policy Text Block] Stock Price or TSR Estimation Method Stock Price or TSR Estimation Method [Text Block] Variable lease costs Variable Lease, Cost Security Exchange Name Security Exchange Name Assets, fair value Assets, Fair Value Disclosure Joint venture debt outstanding Long-Term Debt Selling, general, and administrative expenses Selling, General and Administrative Expense Employee Stock Option Employee Stock Option [Member] Maximum Maximum [Member] Comprehensive income Comprehensive Income (Loss), Net of Tax, Attributable to Parent Document Type Document Type Tabular List, Table Tabular List [Table Text Block] Short-term lease costs Short-Term Lease, Cost Other notes payable Other Notes Payable Land-related charges Production Related Impairments or Charges Entity Address, Address Line One Entity Address, Address Line One Ownership interest Subsidiary, Ownership Percentage, Parent Net increase (decrease) in cash, cash equivalents, and restricted cash Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Other, net Other Noncash Income (Expense) Write-offs of deposits and pre-acquisition costs Write-offs of deposits and pre-acquisition costs Write Off Of Deposits And Pre Acquisition Costs Write Off Of Deposits And Pre Acquisition Costs Land under development Land Available for Development Accrued interest and penalties on unrecognized tax benefits Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued Self insured risks Self Insurance Reserve [Policy Text Block] Accounts payable, accrued and other liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities Income Statement [Abstract] Income Statement [Abstract] Joint Venture Debt Joint Venture Debt [Member] Joint Venture Debt Stock option exercises (shares) Stock Issued During Period, Shares, New Issues Title of each class Title of 12(b) Security Series A Junior Participating Preferred Share Purchase Rights Series A Junior Participating Preferred Share Purchase Rights [Member] Series A Junior Participating Preferred Share Purchase Rights [Member] Restructuring Cost and Reserve [Line Items] Restructuring Cost and Reserve [Line Items] Insider Trading Policies and Procedures Adopted Insider Trading Policies and Procedures Adopted [Flag] Cash, cash equivalents, and restricted cash Cash and Cash Equivalents, Fair Value Disclosure Related Party [Domain] Related Party, Type [Domain] Other intangible assets Indefinite-Lived Intangible Assets (Excluding Goodwill) Aggregate Erroneous Compensation Not Yet Determined Aggregate Erroneous Compensation Not Yet Determined [Text Block] Share issuances Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture Florida Florida Florida [Member] Florida geographic segment [Member] Class of Stock [Line Items] Class of Stock [Line Items] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Forgone Recovery due to Expense of Enforcement, Amount Forgone Recovery due to Expense of Enforcement, Amount Entity Tax Identification Number Entity Tax Identification Number Investments in unconsolidated entities Equity Method Investments Capitalized Interest Rollforward Homebuilder capitalized interest rollforward [Table Text Block] Homebuilder capitalized interest rollforward [Table Text Block] Total lease expense Lease, Cost Statistical Measurement [Axis] Statistical Measurement [Axis] Land sale and other revenues Land [Member] Balance Sheet Location [Domain] Balance Sheet Location [Domain] Financial Instrument [Axis] Financial Instrument [Axis] Entity Interactive Data Current Entity Interactive Data Current Total Shareholder Return Amount Total Shareholder Return Amount Share repurchases Payments for repurchase of common stock Payments for Repurchase of Common Stock Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Adjustment To PEO Compensation, Footnote Adjustment To PEO Compensation, Footnote [Text Block] Inventory Disclosure [Abstract] Inventory Disclosure [Abstract] Other Assets Other Assets [Member] Segments [Domain] Segments [Domain] Land options with VIEs Variable Interest Entity, Not Primary Beneficiary [Member] Fair Value Hierarchy and NAV [Axis] Fair Value Hierarchy and NAV [Axis] Deposits and Pre-acquisition Costs Purchase Options, Land Schedule of Other Expense (Income), Net Schedule of Other Nonoperating Income (Expense) [Table Text Block] Measure: Measure [Axis] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Name Outstanding Recovery, Individual Name Northeast Northeast [Member] Northeast geographic segment [Member] Face amount Debt Instrument, Face Amount Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity Address, State or Province Entity Address, State or Province Compensation Actually Paid vs. Total Shareholder Return Compensation Actually Paid vs. Total Shareholder Return [Text Block] Counterparty Name [Axis] Counterparty Name [Axis] Derivative instruments and hedging activities Derivatives, Policy [Policy Text Block] Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Payments on lease liabilities Operating Lease, Payments Beginning shareholders' equity (shares) Ending shareholders' equity (shares) Common Stock, Shares, Outstanding Dividends declared Dividends Dividends Numerator: Earnings Per Share, Basic [Abstract] PEO PEO [Member] Notes payable Notes payable Notes Payable Asset Class [Domain] Asset Class [Domain] Schedule of Variable Interest Entities [Table] Schedule of Variable Interest Entities [Table] Residential mortgage loans available-for-sale aggregate outstanding principal balance Inventory, Real Estate, Mortgage Loans Held in Inventory Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Class of Stock [Domain] Class of Stock [Domain] Schedule of Fair Value, Off-balance Sheet Risks [Table] Schedule of Fair Value, off-Balance-Sheet Risks [Table] Numerator for basic earnings per share Net Income (Loss) Available to Common Stockholders, Basic Assets In-Scope Under Accounting Standards Codification 326 Assets In-Scope Under Accounting Standards Codification 326 Assets In-Scope Under Accounting Standards Codification 326 Debt Instrument [Axis] Debt Instrument [Axis] Outstanding Aggregate Erroneous Compensation Amount Outstanding Aggregate Erroneous Compensation Amount Effective income tax Effective Income Tax Rate Reconciliation, Percent Operating lease liabilities Present value of lease liabilities Operating Lease, Liability Total liabilities Liabilities Inventory interest capitalization Inventory, Interest Capitalization Policy [Policy Text Block] Total Shareholder Return Vs Peer Group Total Shareholder Return Vs Peer Group [Text Block] Accumulated Other Comprehensive Income (Loss) AOCI Attributable to Parent [Member] Aggregate Erroneous Compensation Amount Aggregate Erroneous Compensation Amount Measurement Frequency [Domain] Measurement Frequency [Domain] All Executive Categories All Executive Categories [Member] Accordion feature Line of Credit Facility, Accordion Feature, Increase Limit Line of credit facility, accordion feature, increase limit, subject to certain conditions by obtaining additional commitments from existing and/or new lenders. Amendment Effective September 24, 2018 through and including December 25, 2018 Debt Instrument, Effective Period, Period One [Member] Debt Instrument, Effective Period, Period One [Member] Non-Rule 10b5-1 Arrangement Adopted Non-Rule 10b5-1 Arrangement Adopted [Flag] Southeast Southeast [Member] Southeast geographic segment [Member] Debt Disclosure [Abstract] Debt Disclosure [Abstract] Related Party Transaction [Domain] Related Party Transaction [Domain] Number of reportable segments Number of Reportable Segments Per share: Earnings Per Share [Abstract] Earnings Per Share [Abstract] Deferred tax liabilities Accrued Income Taxes Residential mortgage loans available-for-sale Marketable Securities, Policy [Policy Text Block] Short-Term Debt, Weighted Average Interest Rate, at Point in Time Short-Term Debt, Weighted Average Interest Rate, at Point in Time Awards Close in Time to MNPI Disclosures, Table Awards Close in Time to MNPI Disclosures [Table Text Block] Senior Notes Senior Notes [Member] All Individuals All Individuals [Member] Supplemental Cash Flow Information: Supplemental Cash Flow Information [Abstract] Miscellaneous, net Other Nonoperating Income (Expense) Entity Filer Category Entity Filer Category Non-PEO NEO Average Total Compensation Amount Non-PEO NEO Average Total Compensation Amount Short-term Debt, Type [Domain] Short-Term Debt, Type [Domain] Raw land Inventory, Real Estate, Land and Land Development Costs Statement [Table] Statement [Table] Reserves provided Additions to self insurance reserves Additions to self insurance reserves during the period Current Fiscal Year End Date Current Fiscal Year End Date Earnings per share Earnings Per Share, Policy [Policy Text Block] Increase in share repurchase authorization Stock Repurchase Program, Authorized Amount Share repurchases (shares) Share repurchases (shares) Stock Repurchased During Period, Shares Gross unrecognized tax benefits Unrecognized Tax Benefits PEO Name PEO Name Commitment ranges Line Of Credit, Commitment Ranges Line Of Credit, Commitment Ranges Contract asset insurance renewals contract asset insurance renewals contract asset insurance renewals Disclosed at fair value: Fair Value Disclosure [Abstract] Fair Value Disclosure [Abstract] Schedule of Earnings Per Share Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] 7.875% unsecured senior notes due June 2032 Unsecured Senior Notes 7.875% due June 2032 [Member] Unsecured Senior Notes 7.875% due June 2032 Net cash provided by (used in) operating activities Net Cash Provided by (Used in) Operating Activities Forward contracts Forward Contracts [Member] Class of Stock [Axis] Class of Stock [Axis] Entities [Table] Entities [Table] Interest expense Interest Expense, Other Erroneously Awarded Compensation Recovery Erroneously Awarded Compensation Recovery [Table] Fair Value, Measurements, Nonrecurring Fair Value, Nonrecurring [Member] Payments related to consolidated inventory not owned Payments Land Under Purchase Options, Recorded Payments Land Under Purchase Options, Recorded Notes payable issued to acquire land inventory Notes Payable Issued to Acquire Land Notes Payable Issued to Acquire Land Stated interest rate Debt Instrument, Interest Rate, Stated Percentage Debt Instrument, Interest Rate, Stated Percentage Award Timing, How MNPI Considered Award Timing, How MNPI Considered [Text Block] Statement of Financial Position [Abstract] Statement of Financial Position [Abstract] Entity Information [Line Items] Entity Information [Line Items] Surety bonds outstanding Surety Bonds Outstanding Surety Bonds Outstanding Shareholders' equity Beginning shareholders' equity Ending shareholders' equity Equity, Attributable to Parent Schedule of Finite-Lived Intangible Assets [Table] Schedule of Finite-Lived Intangible Assets [Table] Restricted cash Restricted Cash and Cash Equivalents Schedule of Stock by Class [Table] Schedule of Stock by Class [Table] Revision of Prior Period [Domain] Revision of Prior Period [Domain] Depreciation and amortization Depreciation, Depletion and Amortization, Nonproduction Level 2 Fair Value, Inputs, Level 2 [Member] Entity Emerging Growth Company Entity Emerging Growth Company Net premiums, discounts, and issuance costs (b) Debt Issuance Costs, Net Summary of Changes in Warranty Liability Schedule of Product Warranty Liability [Table Text Block] Allowance for warranties Standard Product Warranty, Policy [Policy Text Block] Increase (Decrease) in Stockholders' Equity [Roll Forward] Increase (Decrease) in Stockholders' Equity [Roll Forward] Named Executive Officers, Footnote Named Executive Officers, Footnote [Text Block] Shares withheld to pay taxes Shares withheld to pay taxes [Member] Shares withheld to pay taxes for restricted shares that vested during the period [Member] Residential mortgage loans available-for-sale Residential mortgage loans available-for-sale fair value Loan, Held-for-Sale, Fair Value Disclosure Consolidated inventory not owned Consolidated Inventory Not Owned Inventory, Real Estate, Not Owned Inventory, Real Estate, Not Owned Document Fiscal Period Focus Document Fiscal Period Focus Payments Standard Product Warranty Accrual, Decrease for Payments 2024 Lessee, Operating Lease, Liability, to be Paid, Year One Line of credit facility, remaining borrowing capacity Line of Credit Facility, Remaining Borrowing Capacity Pay vs Performance Disclosure, Table Pay vs Performance [Table Text Block] 2027000 Lessee, Operating Lease, Liability, to be Paid, Year Four Title Trading Arrangement, Individual Title Share-based compensation expense Share-Based Payment Arrangement, Noncash Expense Open market repurchases Debt Instrument, Repurchase Amount Financial Services expenses Other Cost of Operating Revenue Common Stock Common Stock [Member] Interest rate lock commitments Interest Rate Lock Commitments [Member] Individual: Individual [Axis] City Area Code City Area Code Entity Address, Postal Zip Code Entity Address, Postal Zip Code Net gains from the sale of mortgages Gain (Loss) on Sale of Mortgage Loans Product and Service [Axis] Product and Service [Axis] Joint Venture Corporate Joint Venture [Member] Number of shares used in calculation: Earnings Per Unit [Abstract] Document Fiscal Year Focus Document Fiscal Year Focus Midwest MidWest [Member] MidWest Geographic Segment [Member] Minimum Minimum [Member] Denominator: Weighted Average Number of Shares Outstanding, Diluted [Abstract] Share Repurchase Program [Domain] Share Repurchase Program [Domain] Distributions of income from unconsolidated entities Proceeds from Equity Method Investment, Distribution Exercise Price Award Exercise Price Other comprehensive income Other comprehensive income Other Comprehensive Income (Loss), Net of Tax Less: earnings distributed to participating securities Participating Securities, Distributed and Undistributed Earnings (Loss), Basic Land held for sale Inventory, Real Estate, Held-for-Sale Statement of Cash Flows [Abstract] Statement of Cash Flows [Abstract] ASSETS Assets [Abstract] Award Timing MNPI Disclosure Award Timing MNPI Disclosure [Text Block] Liabilities, fair value Liabilities, Fair Value Disclosure Schedule of Derivative Instruments in Statement of Financial Position, Fair Value Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] Share repurchase plan Share repurchase plan [Member] Authorized stock repurchase programs [Member] Cash paid for shares withheld for taxes Payment, Tax Withholding, Share-Based Payment Arrangement Liabilities: Liabilities [Abstract] Income taxes paid (refunded), net Income Taxes Paid, Net Net cash used in financing activities Net Cash Provided by (Used in) Financing Activities Deferred tax assets Deferred Income Tax Assets, Net Warranty liabilities, beginning of period Warranty liabilities, end of period Standard Product Warranty Accrual Homes under construction Inventory, Homes under Construction Commitments and contingencies Commitments and Contingencies Disclosure [Text Block] Residential mortgage loans available-for-sale Increase (Decrease) in Loan, Mortgage, Held-for-Sale Other investing activities, net Payments for (Proceeds from) Other Investing Activities Less: undistributed earnings allocated to participating securities Add back: undistributed earnings allocated to participating securities Undistributed Earnings (Loss) Allocated to Participating Securities, Basic Retained Earnings Retained Earnings [Member] Reserves provided Standard Product Warranty Accrual, Increase for Warranties Issued 6.000% unsecured senior notes due February 2035 Unsecured Senior Notes 6.00% due February 2035 [Member] Unsecured Senior Notes 6.00% due February 2035 Adjustment to Non-PEO NEO Compensation Footnote Adjustment to Non-PEO NEO Compensation Footnote [Text Block] Operating Data By Reporting Segment Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] Total liabilities and shareholders' equity Liabilities and Equity Peer Group Total Shareholder Return Amount Peer Group Total Shareholder Return Amount Ownership [Domain] Ownership [Domain] ROU assets Operating Lease, Right-of-Use Asset Basic earnings (usd per share) Earnings Per Share, Basic Schedule of Long-term Debt Instruments [Table] Schedule of Long-Term Debt Instruments [Table] Accounting Policies [Abstract] Accounting Policies [Abstract] Equity Valuation Assumption Difference, Footnote Equity Valuation Assumption Difference, Footnote [Text Block] Erroneous Compensation Analysis Erroneous Compensation Analysis [Text Block] 2023 Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year Numerator for diluted earnings per share Net Income (Loss) Available to Common Stockholders, Diluted Arrangement Duration Trading Arrangement Duration Entity Address, City or Town Entity Address, City or Town Award Timing MNPI Considered Award Timing MNPI Considered [Flag] Components of Reportable Segments Schedule of Segment Reporting Information, by Segment [Table Text Block] Consolidation policy Consolidation, Policy [Policy Text Block] Incurred but not reported percentage of liability reserves Incurred but not reported percentage of liability reserves Incurred but not reported percentage of liability reserves Comprehensive warranty against building defects Comprehensive Limited Warranty Against Building Defects Comprehensive Limited Warranty Against Building Defects Document Transition Report Document Transition Report Award Timing Predetermined Award Timing Predetermined [Flag] Fair value of financial instruments Fair Value of Financial Instruments, Policy [Policy Text Block] Remaining value of stock repurchase programs authorization Stock Repurchase Program, Remaining Authorized Repurchase Amount Termination Date Trading Arrangement Termination Date Other Assets Derivative Instruments in Hedges, Assets, at Fair Value 5.500% unsecured senior notes due March 2026 5.500% unsecured senior notes due March 2026 [Member] 5.500% unsecured senior notes due March 2026 [Member] Repayments under revolving credit facility Repayments of Lines of Credit Maximum product warranty in years Maximum product warranty in years Maximum product warranty in years Other homebuilding Other Homebuilding [Member] Other Homebuilding [Member] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Residential mortgage loans available-for-sale Residential Mortgage [Member] Debt Instrument, Effective Period [Axis] Debt Instrument, Effective Period [Axis] Debt Instrument, Effective Period [Axis] Remaining Purchase Price Remaining Purchase Price Of All Land Option Agreements Remaining Purchase Price Of All Land Option Agreements Adjustments to reconcile net income to net cash from operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] All Trading Arrangements All Trading Arrangements [Member] All Adjustments to Compensation All Adjustments to Compensation [Member] Award Timing Disclosures [Line Items] Compensation Amount Outstanding Recovery Compensation Amount Total Assets And Inventory By Reporting Segment Reconciliation of Assets from Segment to Consolidated [Table Text Block] Deferred income tax expense Deferred Income Tax Expense (Benefit) Short-term Debt, Type [Axis] Short-Term Debt, Type [Axis] Financial Services repayments, net Proceeds from (Repayments of) Other Debt Summary of Changes in Self-Insurance Liability Self-insurance liability rollforward [Table Text Block] Self-insurance liability rollforward Insider Trading Arrangements [Line Items] Fair Value, Assets Measured on Recurring and Nonrecurring Basis Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] Distributions of capital from unconsolidated entities Proceeds from Equity Method Investment, Distribution, Return of Capital Related Party [Axis] Related Party, Type [Axis] Schedule of Segment Reporting Information, by Segment [Table] Schedule of Segment Reporting Information, by Segment [Table] Other assets Other Assets Share issuances (shares) Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture Movement in Standard Product Warranty Accrual [Roll Forward] Movement in Standard Product Warranty Accrual [Roll Forward] Entity Registrant Name Entity Registrant Name Material Terms of Trading Arrangement Material Terms of Trading Arrangement [Text Block] Award Timing Method Award Timing Method [Text Block] Other assets Increase (Decrease) in Other Operating Assets Effect of dilutive securities (shares) Effect of dilutive securities (shares) Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements Adjustment to Compensation, Amount Adjustment to Compensation Amount Joint Venture with 50% Interest Joint Venture with 50% Interest [Member] Joint Venture with 50% Interest West West [Member] Southwest Geographic Segment [Member] Document Period End Date Document Period End Date Borrowings under revolving credit facility Proceeds from Lines of Credit Compensation Actually Paid vs. Net Income Compensation Actually Paid vs. Net Income [Text Block] Adoption Date Trading Arrangement Adoption Date Peer Group Issuers, Footnote Peer Group Issuers, Footnote [Text Block] Repayments of notes payable Repayments of Long-Term Debt Entity Central Index Key Entity Central Index Key Segment Reporting Information Segment Reporting Information [Line Items] Basis of presentation Basis of Presentation and Significant Accounting Policies [Text Block] Non-Rule 10b5-1 Arrangement Terminated Non-Rule 10b5-1 Arrangement Terminated [Flag] Income tax expense Income Tax Expense (Benefit) Fair value disclosures Fair Value Disclosures [Text Block] Adjustments to previously recorded reserves Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve Name Trading Arrangement, Individual Name Interest capitalized Real Estate Inventory, Capitalized Interest Costs Incurred Inventory Inventory Disclosure [Text Block] Weighted average remaining lease term Operating Lease, Weighted Average Remaining Lease Term Revenues Revenue from Contract with Customer, Excluding Assessed Tax Financial Services Financial Services [Member] Financial Services Insurance reserve reversal Insurance Reserve Reversal Insurance Reserve Reversal Compensation Actually Paid vs. Company Selected Measure Compensation Actually Paid vs. Company Selected Measure [Text Block] Unsecure Senior Notes, Due 2027 Unsecure Senior Notes, Due 2027 [Member] Unsecure Senior Notes, Due 2027 Long-term Debt, Type [Axis] Long-Term Debt, Type [Axis] Amendment Flag Amendment Flag Cash and equivalents Cash and Cash Equivalents, at Carrying Value Business acquisition Payments to Acquire Businesses, Net of Cash Acquired Weighted average discount rate Operating Lease, Weighted Average Discount Rate, Percent Total senior notes Carrying value of senior notes Senior Notes Recorded insurance receivables Loss Contingency, Receivable Interest expensed Real Estate Inventory, Capitalized Interest Costs, Cost of Sales Proceeds from liabilities related to consolidated inventory not owned Proceeds Land Under Purchase Options, Recorded Proceeds Land Under Purchase Options, Recorded Compensation Actually Paid vs. Other Measure Compensation Actually Paid vs. Other Measure [Text Block] Deferred tax liabilities Deferred Tax Liabilities, Net Diluted shares outstanding (shares) Weighted Average Number of Shares Outstanding, Diluted Forgone Recovery, Explanation of Impracticability Forgone Recovery, Explanation of Impracticability [Text Block] Accrued and other liabilities Accrued Liabilities 5.000% unsecured senior notes due January 2027 Senior Unsecured Term Loan Maturing January 3, 2027 [Member] Senior Unsecured Term Loan Maturing January 3, 2027 Capital expenditures Payments to Acquire Property, Plant, and Equipment Company Selected Measure Amount Company Selected Measure Amount Additional Paid-in Capital Additional Paid-in Capital [Member] Balance Sheet Location [Axis] Balance Sheet Location [Axis] Total assets Total Assets Assets Name Awards Close in Time to MNPI Disclosures, Individual Name Equity income from unconsolidated entities Equity income from unconsolidated entities Income (Loss) from Equity Method Investments Share Repurchases [Axis] Share Repurchase Program [Axis] Loss Contingencies [Line Items] Loss Contingencies [Line Items] Revision of Prior Period [Axis] Revision of Prior Period [Axis] Cover [Abstract] Unsecure Senior Notes, Due 2026 Unsecure Senior Notes, Due 2026 [Member] Unsecure Senior Notes, Due 2026 Interest in inventory, beginning of period Interest in inventory, end of period Real Estate Inventory, Capitalized Interest Costs Share-based compensation APIC, Share-Based Payment Arrangement, Increase for Cost Recognition Fair Value, Measurements, Recurring Fair Value, Recurring [Member] Home sale revenues Home Building Sales [Member] Home Building Sales Dividends paid Payments of Dividends Non-NEOs Non-NEOs [Member] Total lease payments Lessee, Operating Lease, Liability, to be Paid Segment information Segment Reporting Disclosure [Text Block] Cash flows from financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Non-PEO NEO Non-PEO NEO [Member] Accrued and Other Liabilities Derivative Instruments in Hedges, Liabilities, at Fair Value Equity Component [Domain] Equity Component [Domain] Adjustment to Compensation: Adjustment to Compensation [Axis] Non-GAAP Measure Description Non-GAAP Measure Description [Text Block] Scenario [Axis] Scenario [Axis] Debt Instrument [Line Items] Debt Instrument [Line Items] Basic shares outstanding (shares) Weighted Average Number of Shares Outstanding, Basic Entity Current Reporting Status Entity Current Reporting Status Reclassifications Reclassification, Comparability Adjustment [Policy Text Block] Homebuilding Real Estate [Member] Revenues: Revenues [Abstract] Consolidated Entities [Domain] Consolidated Entities [Domain] Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] Related Party Transaction [Axis] Related Party Transaction [Axis] Pay vs Performance Disclosure Pay vs Performance Disclosure [Table] Statement [Line Items] Statement [Line Items] Segments [Axis] Segments [Axis] Other comprehensive income, net of tax: Other Comprehensive Income (Loss), Net of Tax [Abstract] Scenario [Domain] Scenario [Domain] Forgone Recovery due to Disqualification of Tax Benefits, Amount Forgone Recovery due to Disqualification of Tax Benefits, Amount Awards Close in Time to MNPI Disclosures Awards Close in Time to MNPI Disclosures [Table] Revolving credit facility Long-Term Line of Credit Self-insurance liabilities Balance, beginning of period Balance, end of period Self Insurance Reserve EX-101.PRE 9 phm-20230930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 10 phm-20230930_g1.jpg begin 644 phm-20230930_g1.jpg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ɟ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end XML 11 R1.htm IDEA: XBRL DOCUMENT v3.23.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2023
Oct. 17, 2023
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
Document Transition Report false  
Entity File Number 1-9804  
Entity Registrant Name PULTEGROUP INC/MI/  
Entity Incorporation, State or Country Code MI  
Entity Tax Identification Number 38-2766606  
Entity Address, Address Line One 3350 Peachtree Road NE, Suite 1500  
Entity Address, City or Town Atlanta,  
Entity Address, State or Province GA  
Entity Address, Postal Zip Code 30326  
City Area Code 404  
Local Phone Number 978-6400  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   215,594,980
Entity Central Index Key 0000822416  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Common Stock    
Entity Information [Line Items]    
Title of each class Common Shares, par value $0.01  
Trading Symbol PHM  
Security Exchange Name NYSE  
Series A Junior Participating Preferred Share Purchase Rights    
Entity Information [Line Items]    
Title of each class Series A Junior Participating Preferred Share Purchase Rights  
Security Exchange Name NYSE  
No Trading Symbol Flag true  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Cash and equivalents $ 1,848,451 $ 1,053,104
Restricted cash 51,110 41,449
Total cash, cash equivalents, and restricted cash 1,899,561 1,094,553
House and land inventory 11,585,447 11,326,017
Land held for sale 35,116 42,254
Residential mortgage loans available-for-sale 414,360 677,207
Investments in unconsolidated entities 162,287 146,759
Other assets 1,426,747 1,291,572
Goodwill 68,930 68,930
Other intangible assets 58,960 66,875
Deferred tax assets 65,855 82,348
Total assets 15,717,263 14,796,515
Liabilities:    
Accounts payable 567,561 565,975
Customer deposits 769,893 783,556
Deferred tax liabilities 331,366 215,446
Accrued and other liabilities 1,629,171 1,685,202
Financial Services debt 425,456 586,711
Notes payable 1,981,315 2,045,527
Total liabilities 5,704,762 5,882,417
Shareholders' equity 10,012,501 8,914,098
Total liabilities and shareholders' equity $ 15,717,263 $ 14,796,515
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements Of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Total revenues $ 4,003,533 $ 3,895,062 $ 11,767,926 $ 10,924,333
Homebuilding Cost of Revenues:        
Cost of revenues (2,774,603) (2,663,156) (8,160,754) (7,454,714)
Financial Services expenses (46,431) (45,323) (137,244) (132,655)
Selling, general, and administrative expenses (353,167) (350,112) (1,004,323) (1,030,391)
Equity income from unconsolidated entities 891 446 4,348 2,390
Gain on debt retirement 362 0 362 0
Other income (expense), net 16,729 (25,640) 32,134 (33,220)
Income before income taxes 847,314 811,277 2,502,449 2,275,743
Income tax expense (208,539) (183,349) (611,070) (540,657)
Net income $ 638,775 $ 627,928 $ 1,891,379 $ 1,735,086
Per share:        
Basic earnings (usd per share) $ 2.92 $ 2.70 $ 8.49 $ 7.26
Diluted earnings (usd per share) 2.90 2.69 8.45 7.22
Cash dividends declared (usd per share) $ 0.16 $ 0.15 $ 0.48 $ 0.45
Number of shares used in calculation:        
Basic shares outstanding (shares) 218,288 230,967 221,832 237,639
Effect of dilutive securities (shares) 1,394 1,333 1,152 1,240
Diluted shares outstanding (shares) 219,682 232,300 222,984 238,879
Home sale revenues        
Homebuilding Cost of Revenues:        
Cost of revenues $ (2,739,596) $ (2,636,842) $ (8,068,287) $ (7,364,743)
Land sale and other revenues        
Homebuilding Cost of Revenues:        
Cost of revenues (35,007) (26,314) (92,467) (89,971)
Homebuilding        
Revenues:        
Revenues 3,926,813 3,822,353 11,541,051 10,684,706
Homebuilding Cost of Revenues:        
Income before income taxes 818,365 783,763 2,413,103 2,167,562
Homebuilding | Home sale revenues        
Revenues:        
Revenues 3,886,908 3,791,695 11,433,476 10,587,080
Homebuilding | Land sale and other revenues        
Revenues:        
Revenues 39,905 30,658 107,575 97,626
Financial Services        
Revenues:        
Revenues 76,720 72,709 226,875 239,627
Homebuilding Cost of Revenues:        
Income before income taxes $ 28,949 $ 27,514 $ 89,346 $ 108,181
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]        
Net income $ 638,775 $ 627,928 $ 1,891,379 $ 1,735,086
Other comprehensive income, net of tax:        
Change in value of derivatives 0 0 0 45
Other comprehensive income 0 0 0 45
Comprehensive income $ 638,775 $ 627,928 $ 1,891,379 $ 1,735,131
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements Of Shareholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Beginning shareholders' equity (shares) at Dec. 31, 2021   249,326      
Beginning shareholders' equity at Dec. 31, 2021 $ 7,489,515 $ 2,493 $ 3,290,791 $ (45) $ 4,196,276
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share issuances (shares)   675      
Share issuances 6,030 $ 6 6,024    
Dividends declared (106,650)       (106,650)
Share repurchases (shares)   (21,769)      
Share repurchases (974,673) $ (217)     (974,456)
Cash paid for shares withheld for taxes (14,325)       (14,325)
Share-based compensation 28,975   28,975    
Net income 1,735,086       1,735,086
Other comprehensive income 45     45  
Ending shareholders' equity (shares) at Sep. 30, 2022   228,232      
Ending shareholders' equity at Sep. 30, 2022 8,164,003 $ 2,282 3,325,790 0 4,835,931
Beginning shareholders' equity (shares) at Jun. 30, 2022   232,570      
Beginning shareholders' equity at Jun. 30, 2022 7,745,216 $ 2,326 3,319,150 0 4,423,740
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock option exercises (shares)   41      
Dividends declared (34,624)       (34,624)
Share repurchases (shares)   (4,379)      
Share repurchases (180,446) $ (44)     (180,402)
Cash paid for shares withheld for taxes (711)       (711)
Share-based compensation 6,640   6,640    
Net income 627,928       627,928
Other comprehensive income 0        
Ending shareholders' equity (shares) at Sep. 30, 2022   228,232      
Ending shareholders' equity at Sep. 30, 2022 8,164,003 $ 2,282 3,325,790 0 4,835,931
Beginning shareholders' equity (shares) at Dec. 31, 2022   225,840      
Beginning shareholders' equity at Dec. 31, 2022 8,914,098 $ 2,258 3,330,138 0 5,581,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share issuances (shares)   474      
Share issuances 4,842 $ 4 4,838    
Dividends declared (106,792)       (106,792)
Share repurchases (shares)   (10,179)      
Share repurchases (700,000) $ (101)     (699,899)
Excise tax on share repurchases (6,701)       (6,701)
Cash paid for shares withheld for taxes (10,408)       (10,408)
Share-based compensation 26,083   26,083    
Net income 1,891,379       1,891,379
Other comprehensive income 0        
Ending shareholders' equity (shares) at Sep. 30, 2023   216,135      
Ending shareholders' equity at Sep. 30, 2023 10,012,501 $ 2,161 3,361,059 0 6,649,281
Beginning shareholders' equity (shares) at Jun. 30, 2023   219,892      
Beginning shareholders' equity at Jun. 30, 2023 9,705,025 $ 2,199 3,354,318 0 6,348,508
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share issuances (shares)   1      
Dividends declared (35,020)       (35,020)
Share repurchases (shares)   (3,758)      
Share repurchases (300,000) $ (38)     (299,962)
Excise tax on share repurchases 3,000       3,000
Cash paid for shares withheld for taxes (20)       (20)
Share-based compensation 6,741   6,741    
Net income 638,775       638,775
Other comprehensive income 0        
Ending shareholders' equity (shares) at Sep. 30, 2023   216,135      
Ending shareholders' equity at Sep. 30, 2023 $ 10,012,501 $ 2,161 $ 3,361,059 $ 0 $ 6,649,281
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 1,891,379 $ 1,735,086
Adjustments to reconcile net income to net cash from operating activities:    
Deferred income tax expense 132,389 43,485
Land-related charges 16,978 32,475
Gain on debt retirement (362) 0
Depreciation and amortization 59,765 51,934
Equity income from unconsolidated entities (4,348) (2,390)
Distributions of income from unconsolidated entities 4,564 1,278
Share-based compensation expense 38,401 39,520
Other, net (501) 952
Increase (decrease) in cash due to:    
Inventories (173,377) (2,706,142)
Residential mortgage loans available-for-sale 262,637 507,861
Other assets (142,131) (127,173)
Accounts payable, accrued and other liabilities (177,050) 119,189
Net cash provided by (used in) operating activities 1,908,344 (303,925)
Cash flows from investing activities:    
Capital expenditures (67,561) (88,585)
Investments in unconsolidated entities (18,059) (58,154)
Distributions of capital from unconsolidated entities 2,316 3,413
Business acquisition 0 (10,400)
Other investing activities, net (11,727) (964)
Net cash used in investing activities (95,031) (154,690)
Cash flows from financing activities:    
Repayments of notes payable (86,794) (4,856)
Borrowings under revolving credit facility 0 1,925,000
Repayments under revolving credit facility 0 (1,606,000)
Financial Services repayments, net (161,254) (287,933)
Debt issuance costs (1,500) (11,167)
Proceeds from liabilities related to consolidated inventory not owned 108,707 0
Payments related to consolidated inventory not owned (49,379) 0
Share repurchases (700,000) (974,673)
Cash paid for shares withheld for taxes (10,409) (14,326)
Dividends paid (107,676) (109,597)
Net cash used in financing activities (1,008,305) (1,083,552)
Net increase (decrease) in cash, cash equivalents, and restricted cash 805,008 (1,542,167)
Cash, cash equivalents, and restricted cash at beginning of period 1,094,553 1,833,565
Cash, cash equivalents, and restricted cash at end of period 1,899,561 291,398
Supplemental Cash Flow Information:    
Interest paid (capitalized), net 11,048 5,642
Income taxes paid (refunded), net $ 546,871 $ 493,559
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Basis of presentation Basis of presentation
PulteGroup, Inc. is one of the largest homebuilders in the United States ("U.S."), and our common shares trade on the New York Stock Exchange under the ticker symbol “PHM”. Unless the context otherwise requires, the terms "PulteGroup", the "Company", "we", "us", and "our" used herein refer to PulteGroup, Inc. and its subsidiaries. While our subsidiaries engage primarily in the homebuilding business, we also engage in mortgage banking operations, conducted through Pulte Mortgage LLC (“Pulte Mortgage”), and title and insurance brokerage operations.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.

Use of estimates

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

Reclassifications

Effective with our first quarter 2023 reporting, we reclassified our closing cost incentives provided to customers, including seller-paid financing costs, from home sale cost of revenues to home sale revenues. All prior period amounts have been reclassified to conform to the current presentation. As a result, all sales incentives provided to customers are classified as a reduction of home sale revenues. This reclassification had the effect of reducing both home sale revenues and home sale cost of revenues by the amount of such closing cost incentives, which totaled $48.8 million and $133.3 million for the three and nine months ended September 30, 2022, respectively.

Subsequent events

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

Other income (expense), net

Other income (expense), net consists of the following ($000’s omitted): 
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Write-offs of deposits and pre-acquisition costs$(2,456)$(24,462)$(9,629)$(32,475)
Amortization of intangible assets(2,623)(2,766)(7,915)(8,353)
Interest income19,303 370 41,701 1,048 
Interest expense(120)(65)(347)(216)
Miscellaneous, net2,625 1,283 8,324 6,776 
Other income (expense), net$16,729 $(25,640)$32,134 $(33,220)
Revenue recognition

Home sale revenues - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer, and our performance obligation to deliver the agreed-upon home is generally satisfied at the home closing date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposits related to sold but undelivered homes, which totaled $769.9 million and $783.6 million at September 30, 2023 and December 31, 2022, respectively. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. See Note 8 for information on warranties and related obligations.

Land sale and other revenues - We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sales are generally outright sales of specified land parcels with cash consideration due on the closing date, which is generally when performance obligations are satisfied. Revenues related to our construction services operations are generally recognized as materials are delivered and installation services are provided.

Financial services revenues - Loan origination fees, commitment fees, and discount points are recognized upon loan origination. Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of interest rate lock commitments ("IRLCs") that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of IRLCs and residential mortgage loans available for sale are reflected in Financial Services revenues as they occur. Interest income is accrued from the date a mortgage loan is originated until the loan is sold. Mortgage servicing fees represent fees earned for servicing loans. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received.

Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Insurance brokerage commissions relate to commissions on homeowner and other insurance policies placed with third-party carriers through various agency channels. Our performance obligations for policy renewal commissions are considered satisfied upon issuance of the initial policy. The related contract assets for estimated future renewal commissions are included in other assets and totaled $70.6 million and $57.3 million at September 30, 2023 and December 31, 2022, respectively.

Residential mortgage loans available-for-sale

Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. At September 30, 2023 and December 31, 2022, residential mortgage loans available-for-sale had an aggregate fair value of $414.4 million and $677.2 million, respectively, and an aggregate outstanding principal balance of $423.2 million and $680.5 million, respectively. Net gains from the sale of mortgages were $33.7 million and $34.4 million for the three months ended September 30, 2023 and 2022, respectively, and $102.8 million and $131.9 million for the nine months ended September 30, 2023 and 2022, respectively, and have been included in Financial Services revenues.

Derivative instruments and hedging activities

We are party to IRLCs with customers resulting from our mortgage origination operations. At September 30, 2023 and December 31, 2022, we had aggregate IRLCs of $674.0 million and $653.2 million, respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements.

We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At September 30, 2023 and December 31, 2022, we had unexpired forward contracts of $944.0 million and $1.0 billion, respectively, and whole loan investor
commitments of $145.2 million and $285.9 million, respectively. Changes in the fair value of IRLCs and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable.

We evaluate the creditworthiness of these transactions through our normal credit policies. There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs and residential mortgage loans available-for-sale are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 90 days. The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted):

 
 September 30, 2023December 31, 2022
 Other AssetsAccrued and Other LiabilitiesOther AssetsAccrued and Other Liabilities
Interest rate lock commitments$6,629 $14,983 $10,830 $1,572 
Forward contracts12,482 66 4,144 20,853 
Whole loan commitments7 189 806 165 
$19,118 $15,238 $15,780 $22,590 

Earnings per share

Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares outstanding, adjusted for unvested shares (the “Denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of unvested restricted share units and other potentially dilutive instruments.

In accordance with Accounting Standards Codification ("ASC") 260, "Earnings Per Share", the two-class method determines earnings per share for each class of common stock and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. Certain of our outstanding restricted share units and deferred shares are considered participating securities. The following table presents the earnings per common share (000's omitted, except per share data):
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Numerator:
Net income$638,775 $627,928 $1,891,379 $1,735,086 
Less: earnings distributed to participating securities(121)(202)(369)(635)
Less: undistributed earnings allocated to participating securities(2,083)(3,534)(6,685)(10,288)
Numerator for basic earnings per share$636,571 $624,192 $1,884,325 $1,724,163 
Add back: undistributed earnings allocated to participating securities2,083 3,534 6,685 10,288 
Less: undistributed earnings reallocated to participating securities(2,066)(3,508)(6,636)(10,218)
Numerator for diluted earnings per share$636,588 $624,218 $1,884,374 $1,724,233 
Denominator:
Basic shares outstanding218,288 230,967 221,832 237,639 
Effect of dilutive securities1,394 1,333 1,152 1,240 
Diluted shares outstanding219,682 232,300 222,984 238,879 
Earnings per share:
Basic$2.92 $2.70 $8.49 $7.26 
Diluted$2.90 $2.69 $8.45 $7.22 

Credit losses

We are exposed to credit losses primarily through our vendors and insurance carriers. We assess and monitor each counterparty’s ability to pay amounts owed by considering contractual terms and conditions, the counterparty’s financial condition, macroeconomic factors, and business strategy.

At September 30, 2023 and December 31, 2022, we reported $207.2 million and $222.9 million, respectively, of assets in-scope under ASC 326, "Financial Instruments - Credit Losses". These assets consist primarily of insurance receivables, contract assets related to insurance brokerage commissions, and vendor rebate receivables. Counterparties associated with these assets are generally highly rated. Allowances on the aforementioned in-scope assets were not material as of September 30, 2023.

New accounting pronouncements

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)", as amended by ASU 2021-01 in January 2021, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the cessation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024. The adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements.
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Inventory
 9 Months Ended
Sep. 30, 2023
Inventory Disclosure [Abstract]  
Inventory Inventory
Major components of inventory were as follows ($000’s omitted): 
September 30,
2023		December 31,
2022
Homes under construction$5,355,403 $5,440,186 
Land under development5,519,982 5,134,432 
Raw land573,726 679,341 
Consolidated inventory not owned (a)
136,336 72,058 
$11,585,447 $11,326,017 

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

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

Three Months EndedNine Months Ended
 September 30,September 30,
 2023202220232022
Interest in inventory, beginning of period$141,994 $151,554 $137,262 $160,756 
Interest capitalized31,659 33,235 95,388 96,156 
Interest expensed(33,643)(41,120)(92,640)(113,243)
Interest in inventory, end of period$140,010 $143,669 $140,010 $143,669 

Land option agreements

We enter into land option agreements in order to procure land for the construction of homes in the future. Pursuant to these land option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. Such contracts enable us to defer acquiring portions of properties owned by third parties or unconsolidated entities until we have determined whether and when to exercise our option, which reduces our financial risks associated with long-term land holdings. Option deposits and pre-acquisition costs (such as environmental testing, surveys, engineering, and entitlement costs) are capitalized if the costs are directly identifiable with the land under option, the costs would be capitalized if we owned the land, and acquisition of the property is probable. Such costs are reflected in other assets and are reclassified to inventory upon taking title to the land. We write off deposits and pre-acquisition costs when it becomes probable that we will not go forward with the project or recover the capitalized costs. Such decisions take into consideration changes in local market conditions, the timing of required land purchases, the availability and best use of necessary incremental capital, and other factors. We record any such write-offs of deposits and pre-acquisition costs within other income (expense), net (Note 1).

If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity. No VIEs required consolidation at either September 30, 2023 or December 31, 2022 because we determined that we were not any VIE's primary beneficiary. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the land option agreements. The following provides a summary of our interests in land option agreements as of September 30, 2023 and December 31, 2022 ($000’s omitted):
 
 September 30, 2023December 31, 2022
 Deposits and
Pre-acquisition
Costs		Remaining Purchase
Price		Deposits and
Pre-acquisition
Costs		Remaining Purchase
Price
Land options with VIEs$244,897 $2,169,510 $213,895 $2,130,398 
Other land options366,561 4,088,141 264,860 3,269,843 
$611,458 $6,257,651 $478,755 $5,400,241 

Land-related charges

Our evaluations for land impairments, net realizable value adjustments, and write-offs of deposits and pre-acquisition costs are based on our best estimates of the future cash flows of our communities. Due to uncertainties in the estimation process, the significant volatility in demand for new housing, the long life cycles of certain of our communities, and potential changes in our strategy related to certain communities, actual results could differ significantly from such estimates.
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment information Segment information
Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:

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

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

Operating Data by Segment
($000’s omitted)
 Three Months EndedNine Months Ended
September 30,September 30,
 2023202220232022
Revenues (a):
Northeast$234,475 $250,209 $684,495 $657,703 
Southeast646,927 713,205 2,009,556 1,819,114 
Florida1,220,036 942,467 3,525,623 2,683,248 
Midwest543,772 557,669 1,412,102 1,553,800 
Texas487,521 577,686 1,587,752 1,580,567 
West794,082 781,117 2,321,523 2,390,274 
3,926,813 3,822,353 11,541,051 10,684,706 
Financial Services76,720 72,709 226,875 239,627 
Consolidated revenues$4,003,533 $3,895,062 $11,767,926 $10,924,333 
Operating Data by Segment
($000’s omitted)
 Three Months EndedNine Months Ended
September 30,September 30,
 2023202220232022
Income (loss) before income taxes (a):
Northeast$52,265 $52,682 $150,227 $140,052 
Southeast144,643 181,667 469,653 460,056 
Florida316,113 220,850 904,916 628,979 
Midwest105,267 82,279 242,552 235,345 
Texas99,433 133,404 305,552 351,253 
West107,537 145,890 307,537 463,947 
Other homebuilding (b)
(6,893)(33,009)32,666 (112,070)
818,365 783,763 2,413,103 2,167,562 
Financial Services28,949 27,514 89,346 108,181 
Consolidated income before income taxes$847,314 $811,277 $2,502,449 $2,275,743 

(a)All periods reflect the reclassification of closing cost incentives to homes sale revenues from home sale cost of revenues (Note 1).
(b)Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments. Other homebuilding also includes insurance reserve reversals of $66.2 million in the nine months ended September 30, 2023.

Operating Data by Segment
($000’s omitted)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Land-related charges (a):
Northeast$197 $3,759 $266 $3,961 
Southeast2,616 5,889 5,643 9,724 
Florida338 4,881 2,430 6,493 
Midwest282 1,677 886 2,780 
Texas59 2,794 388 3,328 
West2,889 5,462 6,689 6,189 
Other homebuilding487 — 676 — 
$6,868 $24,462 $16,978 $32,475 

(a)    Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.
 Operating Data by Segment
($000's omitted)
September 30, 2023
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$339,345 $319,912 $38,499 $— $697,756 $803,724 
Southeast767,994 715,736 66,342 25,033 1,575,105 1,838,802 
Florida (a)
1,451,547 1,143,172 93,178 61,855 2,749,752 3,269,761 
Midwest671,733 677,952 22,806 3,472 1,375,963 1,528,933 
Texas593,864 700,732 122,623 45,976 1,463,195 1,666,557 
West1,500,748 1,628,040 220,548 — 3,349,336 3,697,236 
Other homebuilding (b)
30,172 334,438 9,730 — 374,340 2,166,356 
5,355,403 5,519,982 573,726 136,336 11,585,447 14,971,369 
Financial Services— — — — — 745,894 
$5,355,403 $5,519,982 $573,726 $136,336 $11,585,447 $15,717,263 
 December 31, 2022
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$321,687 $241,897 $45,455 $— $609,039 $700,413 
Southeast793,539 544,867 102,336 20,169 1,460,911 1,668,053 
Florida (a)
1,417,657 1,081,836 125,253 51,889 2,676,635 3,195,091 
Midwest523,194 689,541 22,467 — 1,235,202 1,382,227 
Texas690,622 726,342 133,300 — 1,550,264 1,735,683 
West1,662,251 1,528,863 238,758 — 3,429,872 3,771,808 
Other homebuilding (b)
31,236 321,086 11,772 — 364,094 1,470,919 
5,440,186 5,134,432 679,341 72,058 11,326,017 13,924,194 
Financial Services— — — — — 872,321 
$5,440,186 $5,134,432 $679,341 $72,058 $11,326,017 $14,796,515 
 
(a)Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million.
(b)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.23.3
Debt
 3 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
Notes payable

Our notes payable are summarized as follows ($000’s omitted):
 September 30,
2023		December 31,
2022
5.500% unsecured senior notes due March 2026 (a)
$478,000 $500,000 
5.000% unsecured senior notes due January 2027 (a)
457,000 500,000 
7.875% unsecured senior notes due June 2032 (a)
300,000 300,000 
6.375% unsecured senior notes due May 2033 (a)
400,000 400,000 
6.000% unsecured senior notes due February 2035 (a)
300,000 300,000 
Net premiums, discounts, and issuance costs (b)
(8,465)(9,701)
Total senior notes$1,926,535 $1,990,299 
Other notes payable54,780 55,228 
Notes payable$1,981,315 $2,045,527 
Estimated fair value$1,998,032 $2,079,218 

(a)Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.
(b)The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.
In the three months ended September 30, 2023, we completed open market repurchases of $22.0 million and $43.0 million of our unsecured senior notes scheduled to mature in 2026 and 2027, respectively.
Other notes payable
Other notes payable include non-recourse and limited recourse notes with third parties that totaled $54.8 million and $55.2 million at September 30, 2023 and December 31, 2022, respectively. These notes have maturities ranging up to four years, are secured by the applicable land positions to which they relate, and generally have no recourse to other assets. The stated interest rates on these notes range up to 6%. We recorded $35.3 million and $19.9 million of inventory financed by sellers in the nine months ended September 30, 2023 and 2022, respectively.

Revolving credit facility

We maintain a revolving credit facility (the "Revolving Credit Facility") maturing in June 2027 that has a maximum borrowing capacity of $1.3 billion and contains an uncommitted accordion feature that could increase the capacity to $1.8 billion, subject to certain conditions and availability of additional bank commitments. The Revolving Credit Facility also provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, up to the maximum borrowing capacity. The interest rate on borrowings under the Revolving Credit Facility may be based on either the Secured Overnight Financing Rate or a base rate plus an applicable margin, as defined therein. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of September 30, 2023, we were in compliance with all covenants. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

At September 30, 2023, we had no borrowings outstanding, $304.6 million of letters of credit issued, and $945.4 million of remaining capacity under the Revolving Credit Facility. At December 31, 2022, we had no borrowings outstanding, $303.4 million of letters of credit issued, and $946.6 million of remaining capacity under the Revolving Credit Facility.
Joint venture debt

At September 30, 2023, aggregate outstanding debt of unconsolidated joint ventures was $79.5 million, of which $40.3 million was related to one joint venture in which we have a 50% interest. In connection with this loan, we and our joint venture partner provided customary limited recourse guaranties in which our maximum financial loss exposure is limited to our pro rata share of the debt outstanding.

Financial Services debt

Pulte Mortgage entered into a master repurchase agreement (the "Repurchase Agreement") in August 2023 that matures on August 14, 2024. The Repurchase Agreement replaced a substantially similar agreement that previously existed with different lenders. The maximum aggregate commitment under the Repurchase Agreement was $560.0 million at September 30, 2023, and will increase to $850.0 million during the seasonally high borrowing period from December 27, 2023 to January 15, 2024. Thereafter, the maximum aggregate commitment ranges from $600.0 million to $700.0 million. The Repurchase Agreement also contains an accordion feature that could increase the commitment by $50.0 million above its active commitment level. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. At September 30, 2023, Pulte Mortgage had $425.5 million outstanding at a weighted average interest rate of 7.01% and $134.5 million of remaining capacity under the Repurchase Agreement. At December 31, 2022, Pulte Mortgage had $586.7 million outstanding at a weighted average interest rate of 5.39% and $213.3 million of remaining capacity under the prior agreement replaced by the Repurchase Agreement. Pulte Mortgage was in compliance with all of its covenants and requirements as of such dates.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.23.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
Shareholders’ equity Shareholders’ equity
In the nine months ended September 30, 2023, we declared cash dividends totaling $106.8 million and repurchased 10.2 million shares under our repurchase authorization for $700.0 million. In the nine months ended September 30, 2022, we declared cash dividends totaling $106.7 million and repurchased 21.8 million shares under our repurchase authorization for $974.7 million. On April 24, 2023, the Board of Directors increased our share repurchase authorization by $1.0 billion. At September 30, 2023, we had remaining authorization to repurchase $682.9 million of common shares.

Under our share-based compensation plans, we accept shares as payment under certain conditions related to the vesting of shares, generally related to the payment of minimum tax obligations. In the nine months ended September 30, 2023 and 2022, participants surrendered shares valued at $10.4 million and $14.3 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.23.3
Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
Our effective tax rate was 24.6% and 24.4% for the three and nine months ended September 30, 2023, respectively, compared with 22.6% and 23.8%, respectively, for the same periods in 2022. Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense. The 2023 effective income tax rate for each of these periods was higher than the rate for the same period in 2022 due to the change in qualification standards for federal energy efficient home tax credits. On August 16, 2022, the Inflation Reduction Act of 2022 (the "Inflation Reduction Act") was signed into law. Notably, the Inflation Reduction Act retroactively extended the federal energy efficient home tax credits to January 1, 2022 using the same standards as prior years. For 2023 through 2032, the credit is based on EnergyStar or Zero Energy Ready standards.

At September 30, 2023 and December 31, 2022, we had net deferred tax liabilities of $265.5 million and $133.1 million, respectively. The accounting for deferred taxes is based upon estimates of future results. Differences between estimated and actual results could result in changes in the valuation of deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time.
Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. We had $58.7 million and $23.6 million of gross unrecognized tax benefits at September 30, 2023 and December 31, 2022, respectively. Additionally, we had accrued interest and penalties of $5.7 million and $4.1 million at September 30, 2023 and December 31, 2022, respectively.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value Disclosures
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair value disclosures Fair value disclosures
ASC 820, “Fair Value Measurements and Disclosures”, provides a framework for measuring fair value in generally accepted accounting principles and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows: 
Level 1Fair value determined based on quoted prices in active markets for identical assets or liabilities.
Level 2Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active.
Level 3Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.


Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): 
Financial InstrumentFair Value
Hierarchy		Fair Value
September 30,
2023		December 31,
2022
Measured at fair value on a recurring basis:
Residential mortgage loans available-for-saleLevel 2$414,360 $677,207 
IRLCsLevel 2(8,354)9,258 
Forward contractsLevel 212,416 (16,709)
Whole loan commitmentsLevel 2(182)641 
Measured at fair value on a non-recurring basis:
House and land inventoryLevel 3$11,387 $10,873 
Disclosed at fair value:
Cash, cash equivalents, and restricted cashLevel 1$1,899,561 $1,094,553 
Financial Services debtLevel 2425,456 586,711 
Senior notes payableLevel 21,943,252 2,023,990 
Other notes payableLevel 254,780 55,228 

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

The carrying amounts of cash and equivalents, Financial Services debt and other notes payable approximate their fair values due to their short-term nature and/or floating interest rate terms. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues. The carrying value of senior notes was $1.9 billion at September 30, 2023 and $2.0 billion at December 31, 2022.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.23.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
Letters of credit and surety bonds

In the normal course of business, we post letters of credit and surety bonds pursuant to certain performance-related obligations, as security for certain land option agreements, and under various insurance programs. The majority of these letters of credit and surety bonds are in support of our land development and construction obligations to various municipalities, other government agencies, and utility companies related to the construction of roads, sewers, and other infrastructure. We had outstanding letters of credit and surety bonds totaling $304.6 million and $2.3 billion, respectively, at September 30, 2023 and $303.4 million and $2.2 billion, respectively, at December 31, 2022. In the event any such letter of credit or surety bond is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond. Our surety bonds generally do not have stated expiration dates; rather we are released from the surety bonds as the underlying contractual performance is completed. Because significant construction and development work has been performed related to projects that have not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed. We do not believe that a material amount, if any, of the letters of credit or surety bonds will be drawn.

Litigation and regulatory matters

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

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

Warranty liabilities

Home buyers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home's construction and operating systems for periods of up to, and, in limited instances, exceeding, 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the projected cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates. Changes to warranty liabilities were as follows ($000’s omitted):
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Warranty liabilities, beginning of period$106,136 $110,605 $108,348 $107,117 
Reserves provided29,412 22,840 74,598 66,398 
Payments(24,984)(23,137)(75,313)(65,466)
Other adjustments1,747 24 4,678 2,283 
Warranty liabilities, end of period$112,311 $110,332 $112,311 $110,332 
Self-insured risks

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

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

At any point in time, we are managing numerous individual claims related to general liability, property, errors and omissions, workers' compensation, and other business insurance coverage. We reserve for costs associated with such claims (including expected claims management expenses) on an undiscounted basis at the time revenue is recognized for each home closing and periodically evaluate the recorded liabilities based on actuarial analyses of our historical claims. The actuarial analyses calculate estimates of the ultimate net cost of all unpaid losses, including estimates for incurred but not reported losses ("IBNR"). IBNR represents losses related to claims incurred but not yet reported plus development on reported claims.

Our recorded reserves for all such claims totaled $623.0 million and $635.9 million at September 30, 2023 and December 31, 2022, respectively. The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses. Liabilities related to IBNR and related claim expenses represented approximately 74% of the total general liability reserves at both September 30, 2023 and December 31, 2022. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third-party recovery rates and claims management expenses.

Volatility in both national and local housing market conditions may affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are typically reported and resolved over an extended time period often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Because of the inherent uncertainty in estimating future losses and the timing of such losses related to these claims, actual costs could differ significantly from estimated costs.

Adjustments to reserves are recorded in the period in which the change in estimate occurs. We reduced general liability reserves by $66.2 million during the nine months ended September 30, 2023 as a result of changes in estimates resulting from actual claim experience being less than anticipated in previous actuarial projections. The changes in actuarial estimates were driven by changes in actual claims experience that, in turn, impacted actuarial estimates for potential future claims. These changes in actuarial estimates did not involve any changes in actuarial methodology but did impact the development of estimates for future periods, which resulted in adjustments to the IBNR portion of our recorded liabilities. There were no material adjustments to individual claims. Costs associated with our insurance programs are classified within selling, general, and administrative expenses. Changes in these liabilities were as follows ($000's omitted):
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Balance, beginning of period$605,192 $652,686 $635,857 $627,067 
Reserves provided20,578 31,134 70,050 74,676 
Adjustments to previously recorded reserves(789)(2,169)(66,209)1,889 
Payments, net (a)
(2,000)(2,358)(16,717)(24,339)
Balance, end of period$622,981 $679,293 $622,981 $679,293 

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

Estimates of anticipated recoveries of our costs under various insurance policies or from subcontractors or other third parties are recorded when recovery is considered probable. Such receivables are recorded in other assets and totaled $39.7 million and $43.7 million at September 30, 2023 and December 31, 2022, respectively. Those receivables relate to costs incurred to perform corrective repairs, settle claims with customers, and other costs related to the continued progression of construction defect claims that we believe are insured. Given the complexity inherent with resolving construction defect claims in the homebuilding industry described above, there generally exists a significant lag between our payment of claims and our reimbursements from applicable insurance carriers or third parties.

Leases

We lease certain office space and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets and leasehold improvements are limited to the expected lease term. Certain of our lease agreements include rental payments based on a pro-rata share of the lessor’s operating costs which are variable in nature. Our lease agreements do not contain any residual value guarantees or material restrictive covenants.
    
ROU assets are classified within other assets on the balance sheet, while lease liabilities are classified within accrued and other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets and lease liabilities were $69.9 million and $84.8 million at September 30, 2023, respectively, and $73.5 million and $90.1 million at December 31, 2022, respectively. In the three and nine months ended September 30, 2023, we recorded an additional $1.3 million and $9.6 million, respectively, of lease liabilities under operating leases, and $3.3 million and $7.5 million in the comparable prior year periods. Payments on lease liabilities in the three and nine months ended September 30, 2023 totaled $6.1 million and $17.4 million, respectively, and $5.0 million and $16.1 million in the comparable prior year periods.

Lease expense includes costs for leases with terms in excess of one year as well as short-term leases with terms of less than one year. In the three and nine months ended September 30, 2023 our total lease expense was $13.5 million and $42.0 million, respectively, and $14.3 million and $40.5 million in the comparable prior year periods. Our total lease expense is inclusive of variable lease costs of $2.7 million and $8.9 million in the three and nine months ended September 30, 2023, respectively, and $3.3 million and $7.7 million in the comparable prior year periods, as well as short-term lease costs of $4.0 million and $12.8 million in the three and nine months ended September 30, 2023, respectively, and $5.2 million and $15.8 million in the comparable prior year periods. Sublease income was de minimis.
The future minimum lease payments required under our leases as of September 30, 2023 were as follows ($000's omitted):
Years Ending December 31,
2023 (a)
$9,235 
202425,010 
202517,320 
202612,885 
202710,240 
Thereafter17,256 
Total lease payments (b)
91,946 
Less: Interest (c)
(7,147)
Present value of lease liabilities (d)
$84,799 

(a)Remaining payments are for the three months ending December 31, 2023.
(b)Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $6.2 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2023.
(c)Our leases do not provide a readily determinable implicit rate. As a result, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.
(d)The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 4.8 years and 3.8%, respectively, at September 30, 2023.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure        
Net income $ 638,775 $ 627,928 $ 1,891,379 $ 1,735,086
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.23.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.23.3
Basis of Presentation (Policy)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Consolidation policy The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.
Use of estimates
Use of estimates

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

Effective with our first quarter 2023 reporting, we reclassified our closing cost incentives provided to customers, including seller-paid financing costs, from home sale cost of revenues to home sale revenues. All prior period amounts have been reclassified to conform to the current presentation. As a result, all sales incentives provided to customers are classified as a reduction of home sale revenues. This reclassification had the effect of reducing both home sale revenues and home sale cost of revenues by the amount of such closing cost incentives, which totaled $48.8 million and $133.3 million for the three and nine months ended September 30, 2022, respectively.
Subsequent events
Subsequent events

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

Home sale revenues - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer, and our performance obligation to deliver the agreed-upon home is generally satisfied at the home closing date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposits related to sold but undelivered homes, which totaled $769.9 million and $783.6 million at September 30, 2023 and December 31, 2022, respectively. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. See Note 8 for information on warranties and related obligations.

Land sale and other revenues - We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sales are generally outright sales of specified land parcels with cash consideration due on the closing date, which is generally when performance obligations are satisfied. Revenues related to our construction services operations are generally recognized as materials are delivered and installation services are provided.

Financial services revenues - Loan origination fees, commitment fees, and discount points are recognized upon loan origination. Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of interest rate lock commitments ("IRLCs") that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of IRLCs and residential mortgage loans available for sale are reflected in Financial Services revenues as they occur. Interest income is accrued from the date a mortgage loan is originated until the loan is sold. Mortgage servicing fees represent fees earned for servicing loans. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received.

Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Insurance brokerage commissions relate to commissions on homeowner and other insurance policies placed with third-party carriers through various agency channels. Our performance obligations for policy renewal commissions are considered satisfied upon issuance of the initial policy. The related contract assets for estimated future renewal commissions are included in other assets and totaled $70.6 million and $57.3 million at September 30, 2023 and December 31, 2022, respectively.
Earnings per share
Earnings per share

Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares outstanding, adjusted for unvested shares (the “Denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of unvested restricted share units and other potentially dilutive instruments.
In accordance with Accounting Standards Codification ("ASC") 260, "Earnings Per Share", the two-class method determines earnings per share for each class of common stock and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. Certain of our outstanding restricted share units and deferred shares are considered participating securities.
Residential mortgage loans available-for-sale
Residential mortgage loans available-for-sale

Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. At September 30, 2023 and December 31, 2022, residential mortgage loans available-for-sale had an aggregate fair value of $414.4 million and $677.2 million, respectively, and an aggregate outstanding principal balance of $423.2 million and $680.5 million, respectively. Net gains from the sale of mortgages were $33.7 million and $34.4 million for the three months ended September 30, 2023 and 2022, respectively, and $102.8 million and $131.9 million for the nine months ended September 30, 2023 and 2022, respectively, and have been included in Financial Services revenues.
Derivative instruments and hedging activities
Derivative instruments and hedging activities

We are party to IRLCs with customers resulting from our mortgage origination operations. At September 30, 2023 and December 31, 2022, we had aggregate IRLCs of $674.0 million and $653.2 million, respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements.

We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At September 30, 2023 and December 31, 2022, we had unexpired forward contracts of $944.0 million and $1.0 billion, respectively, and whole loan investor
commitments of $145.2 million and $285.9 million, respectively. Changes in the fair value of IRLCs and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable.We evaluate the creditworthiness of these transactions through our normal credit policies. There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs and residential mortgage loans available-for-sale are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 90 days.
Credit losses Credit lossesWe are exposed to credit losses primarily through our vendors and insurance carriers. We assess and monitor each counterparty’s ability to pay amounts owed by considering contractual terms and conditions, the counterparty’s financial condition, macroeconomic factors, and business strategy.
New accounting pronouncements
New accounting pronouncements

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)", as amended by ASU 2021-01 in January 2021, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the cessation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024. The adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements.
Inventory interest capitalization We capitalize interest cost into inventory during the active development and construction of our communities. In all periods presented, we capitalized substantially all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels.
Fair value of financial instruments
Fair values for agency residential mortgage loans available-for-sale are determined based on quoted market prices for comparable instruments. Fair values for non-agency residential mortgage loans available-for-sale are determined based on purchase commitments from whole loan investors and other relevant market information available to management. Fair values for IRLCs, including the value of servicing rights, and forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan commitments are based on market prices for similar instruments from the specific whole loan investor.

The carrying amounts of cash and equivalents, Financial Services debt and other notes payable approximate their fair values due to their short-term nature and/or floating interest rate terms. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues. The carrying value of senior notes was $1.9 billion at September 30, 2023 and $2.0 billion at December 31, 2022.
Letters of credit and surety bonds Letters of credit and surety bondsIn the normal course of business, we post letters of credit and surety bonds pursuant to certain performance-related obligations, as security for certain land option agreements, and under various insurance programs. The majority of these letters of credit and surety bonds are in support of our land development and construction obligations to various municipalities, other government agencies, and utility companies related to the construction of roads, sewers, and other infrastructure. We had outstanding letters of credit and surety bonds totaling $304.6 million and $2.3 billion, respectively, at September 30, 2023 and $303.4 million and $2.2 billion, respectively, at December 31, 2022. In the event any such letter of credit or surety bond is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond. Our surety bonds generally do not have stated expiration dates; rather we are released from the surety bonds as the underlying contractual performance is completed. Because significant construction and development work has been performed related to projects that have not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed.
Litigation and regulatory matters
Litigation and regulatory matters

We are involved in various litigation and legal claims in the normal course of our business operations, including actions brought on behalf of various classes of claimants. We are also subject to a variety of local, state, and federal laws and regulations related to land development activities, house construction standards, sales practices, mortgage lending operations, employment practices, and protection of the environment. As a result, we are subject to periodic examination or inquiry by various governmental agencies that administer these laws and regulations.
We establish liabilities for litigation, legal claims, and regulatory matters when such matters are both probable of occurring and any potential loss is reasonably estimable. We accrue for such matters based on the facts and circumstances specific to each matter and revise these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued. In view of the inherent difficulty of predicting the outcome of these legal and regulatory matters, we generally cannot predict the ultimate resolution of the pending matters, the related timing, or the eventual loss. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our results of operations, financial position, or cash flows. However, to the extent the liability arising from the ultimate resolution of any matter exceeds the estimates reflected in the recorded reserves relating to such matter, we could incur additional charges that could be significant.
Allowance for warranties Home buyers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home's construction and operating systems for periods of up to, and, in limited instances, exceeding, 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the projected cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates.
Self insured risks
Self-insured risks

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

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

At any point in time, we are managing numerous individual claims related to general liability, property, errors and omissions, workers' compensation, and other business insurance coverage. We reserve for costs associated with such claims (including expected claims management expenses) on an undiscounted basis at the time revenue is recognized for each home closing and periodically evaluate the recorded liabilities based on actuarial analyses of our historical claims. The actuarial analyses calculate estimates of the ultimate net cost of all unpaid losses, including estimates for incurred but not reported losses ("IBNR"). IBNR represents losses related to claims incurred but not yet reported plus development on reported claims.
Our recorded reserves for all such claims totaled $623.0 million and $635.9 million at September 30, 2023 and December 31, 2022, respectively. The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses. Liabilities related to IBNR and related claim expenses represented approximately 74% of the total general liability reserves at both September 30, 2023 and December 31, 2022. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third-party recovery rates and claims management expenses.
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value Measures and Disclosures (Policies)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair value of financial instruments
Fair values for agency residential mortgage loans available-for-sale are determined based on quoted market prices for comparable instruments. Fair values for non-agency residential mortgage loans available-for-sale are determined based on purchase commitments from whole loan investors and other relevant market information available to management. Fair values for IRLCs, including the value of servicing rights, and forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan commitments are based on market prices for similar instruments from the specific whole loan investor.

The carrying amounts of cash and equivalents, Financial Services debt and other notes payable approximate their fair values due to their short-term nature and/or floating interest rate terms. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues. The carrying value of senior notes was $1.9 billion at September 30, 2023 and $2.0 billion at December 31, 2022.
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.23.3
Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Schedule of Other Expense (Income), Net
Other income (expense), net consists of the following ($000’s omitted): 
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Write-offs of deposits and pre-acquisition costs$(2,456)$(24,462)$(9,629)$(32,475)
Amortization of intangible assets(2,623)(2,766)(7,915)(8,353)
Interest income19,303 370 41,701 1,048 
Interest expense(120)(65)(347)(216)
Miscellaneous, net2,625 1,283 8,324 6,776 
Other income (expense), net$16,729 $(25,640)$32,134 $(33,220)
Schedule of Earnings Per Share The following table presents the earnings per common share (000's omitted, except per share data):
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Numerator:
Net income$638,775 $627,928 $1,891,379 $1,735,086 
Less: earnings distributed to participating securities(121)(202)(369)(635)
Less: undistributed earnings allocated to participating securities(2,083)(3,534)(6,685)(10,288)
Numerator for basic earnings per share$636,571 $624,192 $1,884,325 $1,724,163 
Add back: undistributed earnings allocated to participating securities2,083 3,534 6,685 10,288 
Less: undistributed earnings reallocated to participating securities(2,066)(3,508)(6,636)(10,218)
Numerator for diluted earnings per share$636,588 $624,218 $1,884,374 $1,724,233 
Denominator:
Basic shares outstanding218,288 230,967 221,832 237,639 
Effect of dilutive securities1,394 1,333 1,152 1,240 
Diluted shares outstanding219,682 232,300 222,984 238,879 
Earnings per share:
Basic$2.92 $2.70 $8.49 $7.26 
Diluted$2.90 $2.69 $8.45 $7.22 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted): 
 September 30, 2023December 31, 2022
 Other AssetsAccrued and Other LiabilitiesOther AssetsAccrued and Other Liabilities
Interest rate lock commitments$6,629 $14,983 $10,830 $1,572 
Forward contracts12,482 66 4,144 20,853 
Whole loan commitments7 189 806 165 
$19,118 $15,238 $15,780 $22,590 
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.23.3
Inventory (Tables)
 9 Months Ended
Sep. 30, 2023
Inventory Disclosure [Abstract]  
Components of Inventory
Major components of inventory were as follows ($000’s omitted): 
September 30,
2023		December 31,
2022
Homes under construction$5,355,403 $5,440,186 
Land under development5,519,982 5,134,432 
Raw land573,726 679,341 
Consolidated inventory not owned (a)
136,336 72,058 
$11,585,447 $11,326,017 

(a)    Consolidated inventory not owned includes land sold to third parties for which the Company retains a repurchase option.
Capitalized Interest Rollforward Information related to interest capitalized into inventory is as follows ($000’s omitted):
Three Months EndedNine Months Ended
 September 30,September 30,
 2023202220232022
Interest in inventory, beginning of period$141,994 $151,554 $137,262 $160,756 
Interest capitalized31,659 33,235 95,388 96,156 
Interest expensed(33,643)(41,120)(92,640)(113,243)
Interest in inventory, end of period$140,010 $143,669 $140,010 $143,669 
Schedule Of Company Interests In Land Option Agreements The following provides a summary of our interests in land option agreements as of September 30, 2023 and December 31, 2022 ($000’s omitted): 
 September 30, 2023December 31, 2022
 Deposits and
Pre-acquisition
Costs		Remaining Purchase
Price		Deposits and
Pre-acquisition
Costs		Remaining Purchase
Price
Land options with VIEs$244,897 $2,169,510 $213,895 $2,130,398 
Other land options366,561 4,088,141 264,860 3,269,843 
$611,458 $6,257,651 $478,755 $5,400,241 
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Components of Reportable Segments For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:
Northeast:Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia
Southeast:Georgia, North Carolina, South Carolina, Tennessee
Florida:Florida
Midwest:Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio
Texas:Texas
West:Arizona, California, Colorado, Nevada, New Mexico, Washington
Operating Data By Reporting Segment
Operating Data by Segment
($000’s omitted)
 Three Months EndedNine Months Ended
September 30,September 30,
 2023202220232022
Revenues (a):
Northeast$234,475 $250,209 $684,495 $657,703 
Southeast646,927 713,205 2,009,556 1,819,114 
Florida1,220,036 942,467 3,525,623 2,683,248 
Midwest543,772 557,669 1,412,102 1,553,800 
Texas487,521 577,686 1,587,752 1,580,567 
West794,082 781,117 2,321,523 2,390,274 
3,926,813 3,822,353 11,541,051 10,684,706 
Financial Services76,720 72,709 226,875 239,627 
Consolidated revenues$4,003,533 $3,895,062 $11,767,926 $10,924,333 
Operating Data by Segment
($000’s omitted)
 Three Months EndedNine Months Ended
September 30,September 30,
 2023202220232022
Income (loss) before income taxes (a):
Northeast$52,265 $52,682 $150,227 $140,052 
Southeast144,643 181,667 469,653 460,056 
Florida316,113 220,850 904,916 628,979 
Midwest105,267 82,279 242,552 235,345 
Texas99,433 133,404 305,552 351,253 
West107,537 145,890 307,537 463,947 
Other homebuilding (b)
(6,893)(33,009)32,666 (112,070)
818,365 783,763 2,413,103 2,167,562 
Financial Services28,949 27,514 89,346 108,181 
Consolidated income before income taxes$847,314 $811,277 $2,502,449 $2,275,743 

(a)All periods reflect the reclassification of closing cost incentives to homes sale revenues from home sale cost of revenues (Note 1).
(b)Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments. Other homebuilding also includes insurance reserve reversals of $66.2 million in the nine months ended September 30, 2023.

Operating Data by Segment
($000’s omitted)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Land-related charges (a):
Northeast$197 $3,759 $266 $3,961 
Southeast2,616 5,889 5,643 9,724 
Florida338 4,881 2,430 6,493 
Midwest282 1,677 886 2,780 
Texas59 2,794 388 3,328 
West2,889 5,462 6,689 6,189 
Other homebuilding487 — 676 — 
$6,868 $24,462 $16,978 $32,475 

(a)    Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.
Total Assets And Inventory By Reporting Segment
 Operating Data by Segment
($000's omitted)
September 30, 2023
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$339,345 $319,912 $38,499 $— $697,756 $803,724 
Southeast767,994 715,736 66,342 25,033 1,575,105 1,838,802 
Florida (a)
1,451,547 1,143,172 93,178 61,855 2,749,752 3,269,761 
Midwest671,733 677,952 22,806 3,472 1,375,963 1,528,933 
Texas593,864 700,732 122,623 45,976 1,463,195 1,666,557 
West1,500,748 1,628,040 220,548 — 3,349,336 3,697,236 
Other homebuilding (b)
30,172 334,438 9,730 — 374,340 2,166,356 
5,355,403 5,519,982 573,726 136,336 11,585,447 14,971,369 
Financial Services— — — — — 745,894 
$5,355,403 $5,519,982 $573,726 $136,336 $11,585,447 $15,717,263 
 December 31, 2022
 Homes Under
Construction		Land Under
Development		Raw LandConsolidated Inventory Not OwnedTotal
Inventory		Total
Assets
Northeast$321,687 $241,897 $45,455 $— $609,039 $700,413 
Southeast793,539 544,867 102,336 20,169 1,460,911 1,668,053 
Florida (a)
1,417,657 1,081,836 125,253 51,889 2,676,635 3,195,091 
Midwest523,194 689,541 22,467 — 1,235,202 1,382,227 
Texas690,622 726,342 133,300 — 1,550,264 1,735,683 
West1,662,251 1,528,863 238,758 — 3,429,872 3,771,808 
Other homebuilding (b)
31,236 321,086 11,772 — 364,094 1,470,919 
5,440,186 5,134,432 679,341 72,058 11,326,017 13,924,194 
Financial Services— — — — — 872,321 
$5,440,186 $5,134,432 $679,341 $72,058 $11,326,017 $14,796,515 
 
(a)Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million.
(b)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million.
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.23.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Senior Notes
Our notes payable are summarized as follows ($000’s omitted):
 September 30,
2023		December 31,
2022
5.500% unsecured senior notes due March 2026 (a)
$478,000 $500,000 
5.000% unsecured senior notes due January 2027 (a)
457,000 500,000 
7.875% unsecured senior notes due June 2032 (a)
300,000 300,000 
6.375% unsecured senior notes due May 2033 (a)
400,000 400,000 
6.000% unsecured senior notes due February 2035 (a)
300,000 300,000 
Net premiums, discounts, and issuance costs (b)
(8,465)(9,701)
Total senior notes$1,926,535 $1,990,299 
Other notes payable54,780 55,228 
Notes payable$1,981,315 $2,045,527 
Estimated fair value$1,998,032 $2,079,218 

(a)Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.
(b)The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value Disclosures Fair Value Disclosures (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): 
Financial InstrumentFair Value
Hierarchy		Fair Value
September 30,
2023		December 31,
2022
Measured at fair value on a recurring basis:
Residential mortgage loans available-for-saleLevel 2$414,360 $677,207 
IRLCsLevel 2(8,354)9,258 
Forward contractsLevel 212,416 (16,709)
Whole loan commitmentsLevel 2(182)641 
Measured at fair value on a non-recurring basis:
House and land inventoryLevel 3$11,387 $10,873 
Disclosed at fair value:
Cash, cash equivalents, and restricted cashLevel 1$1,899,561 $1,094,553 
Financial Services debtLevel 2425,456 586,711 
Senior notes payableLevel 21,943,252 2,023,990 
Other notes payableLevel 254,780 55,228 
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.23.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Summary of Changes in Warranty Liability Changes to warranty liabilities were as follows ($000’s omitted):
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Warranty liabilities, beginning of period$106,136 $110,605 $108,348 $107,117 
Reserves provided29,412 22,840 74,598 66,398 
Payments(24,984)(23,137)(75,313)(65,466)
Other adjustments1,747 24 4,678 2,283 
Warranty liabilities, end of period$112,311 $110,332 $112,311 $110,332 
Summary of Changes in Self-Insurance Liability Changes in these liabilities were as follows ($000's omitted):
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Balance, beginning of period$605,192 $652,686 $635,857 $627,067 
Reserves provided20,578 31,134 70,050 74,676 
Adjustments to previously recorded reserves(789)(2,169)(66,209)1,889 
Payments, net (a)
(2,000)(2,358)(16,717)(24,339)
Balance, end of period$622,981 $679,293 $622,981 $679,293 

(a)    Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below).
Schedule of Future Minimum Lease Payments Required Under Leases
The future minimum lease payments required under our leases as of September 30, 2023 were as follows ($000's omitted):
Years Ending December 31,
2023 (a)
$9,235 
202425,010 
202517,320 
202612,885 
202710,240 
Thereafter17,256 
Total lease payments (b)
91,946 
Less: Interest (c)
(7,147)
Present value of lease liabilities (d)
$84,799 

(a)Remaining payments are for the three months ending December 31, 2023.
(b)Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $6.2 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2023.
(c)Our leases do not provide a readily determinable implicit rate. As a result, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.
(d)The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 4.8 years and 3.8%, respectively, at September 30, 2023.
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.23.3
Basis of Presentation (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]          
Customer deposits $ 769,893   $ 769,893   $ 783,556
Contract asset insurance renewals 70,600   70,600   57,300
Residential mortgage loans available-for-sale fair value 414,360   414,360   677,207
Residential mortgage loans available-for-sale aggregate outstanding principal balance 423,200   423,200   680,500
Net gains from the sale of mortgages 33,700 $ 34,400 $ 102,800 $ 131,900  
Variability in future cash flows of derivative instruments in days     90 days    
Assets In-Scope Under Accounting Standards Codification 326 207,200   $ 207,200   222,900
Home sale revenues | Homebuilding | Revision of Prior Period, Reclassification, Adjustment          
Finite-Lived Intangible Assets [Line Items]          
Closing cost incentives   $ 48,800   $ 133,300  
Interest rate lock commitments          
Finite-Lived Intangible Assets [Line Items]          
Derivative, notional amount 674,000   674,000   653,200
Forward contracts          
Finite-Lived Intangible Assets [Line Items]          
Derivative, notional amount 944,000   944,000   1,000,000
Whole loan commitments          
Finite-Lived Intangible Assets [Line Items]          
Derivative, notional amount $ 145,200   $ 145,200   $ 285,900
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.23.3
Basis of Presentation (Other Expense (Income), Net) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Accounting Policies [Abstract]        
Write-offs of deposits and pre-acquisition costs $ (2,456) $ (24,462) $ (9,629) $ (32,475)
Amortization of intangible assets (2,623) (2,766) (7,915) (8,353)
Interest income 19,303 370 41,701 1,048
Interest expense (120) (65) (347) (216)
Miscellaneous, net 2,625 1,283 8,324 6,776
Other income (expense), net $ 16,729 $ (25,640) $ 32,134 $ (33,220)
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.23.3
Basis of Presentation (Earnings per share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Numerator:        
Net income $ 638,775 $ 627,928 $ 1,891,379 $ 1,735,086
Less: earnings distributed to participating securities (121) (202) (369) (635)
Less: undistributed earnings allocated to participating securities (2,083) (3,534) (6,685) (10,288)
Numerator for basic earnings per share 636,571 624,192 1,884,325 1,724,163
Add back: undistributed earnings allocated to participating securities 2,083 3,534 6,685 10,288
Less: undistributed earnings reallocated to participating securities (2,066) (3,508) (6,636) (10,218)
Numerator for diluted earnings per share $ 636,588 $ 624,218 $ 1,884,374 $ 1,724,233
Denominator:        
Basic shares outstanding (shares) 218,288 230,967 221,832 237,639
Effect of dilutive securities (shares) 1,394 1,333 1,152 1,240
Diluted shares outstanding (shares) 219,682 232,300 222,984 238,879
Earnings Per Share [Abstract]        
Basic earnings (usd per share) $ 2.92 $ 2.70 $ 8.49 $ 7.26
Diluted earnings (usd per share) $ 2.90 $ 2.69 $ 8.45 $ 7.22
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.23.3
Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]    
Other Assets $ 19,118 $ 15,780
Accrued and Other Liabilities 15,238 22,590
Interest rate lock commitments    
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]    
Other Assets 6,629 10,830
Accrued and Other Liabilities 14,983 1,572
Forward contracts    
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]    
Other Assets 12,482 4,144
Accrued and Other Liabilities 66 20,853
Whole loan commitments    
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]    
Other Assets 7 806
Accrued and Other Liabilities $ 189 $ 165
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.23.3
Inventory (Major Components Of Inventory) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Homes under construction $ 5,355,403 $ 5,440,186
Land under development 5,519,982 5,134,432
Raw land 573,726 679,341
Consolidated inventory not owned 136,336 72,058
Total Inventory $ 11,585,447 $ 11,326,017
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.23.3
Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]        
Interest in inventory, beginning of period $ 141,994 $ 151,554 $ 137,262 $ 160,756
Interest capitalized 31,659 33,235 95,388 96,156
Interest expensed (33,643) (41,120) (92,640) (113,243)
Interest in inventory, end of period $ 140,010 $ 143,669 $ 140,010 $ 143,669
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.23.3
Inventory (Summary of Interests in Land Option Agreements) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
Deposits and Pre-acquisition Costs $ 611,458 $ 478,755
Remaining Purchase Price 6,257,651 5,400,241
Land options with VIEs    
Variable Interest Entity [Line Items]    
Deposits and Pre-acquisition Costs 244,897 213,895
Remaining Purchase Price 2,169,510 2,130,398
Other land options    
Variable Interest Entity [Line Items]    
Deposits and Pre-acquisition Costs 366,561 264,860
Remaining Purchase Price $ 4,088,141 $ 3,269,843
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.23.3
Inventory (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Inventory Disclosure [Abstract]        
Write-offs of deposits and pre-acquisition costs $ 2,456 $ 24,462 $ 9,629 $ 32,475
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Information (Narrative) (Details)
 9 Months Ended
Sep. 30, 2023
segment
Segment Reporting [Abstract]  
Number of reportable segments 6
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Information (Operating Data By Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Total revenues $ 4,003,533 $ 3,895,062 $ 11,767,926 $ 10,924,333
Income (loss) before income taxes (a):        
Income before income taxes 847,314 811,277 2,502,449 2,275,743
Homebuilding        
Revenues:        
Revenues 3,926,813 3,822,353 11,541,051 10,684,706
Income (loss) before income taxes (a):        
Income before income taxes 818,365 783,763 2,413,103 2,167,562
Other homebuilding        
Income (loss) before income taxes (a):        
Insurance reserve reversal (66,200)   (66,200)  
Financial Services        
Revenues:        
Revenues 76,720 72,709 226,875 239,627
Income (loss) before income taxes (a):        
Income before income taxes 28,949 27,514 89,346 108,181
Homebuilding | Northeast        
Revenues:        
Revenues 234,475 250,209 684,495 657,703
Income (loss) before income taxes (a):        
Income before income taxes 52,265 52,682 150,227 140,052
Homebuilding | Southeast        
Revenues:        
Revenues 646,927 713,205 2,009,556 1,819,114
Income (loss) before income taxes (a):        
Income before income taxes 144,643 181,667 469,653 460,056
Homebuilding | Florida        
Revenues:        
Revenues 1,220,036 942,467 3,525,623 2,683,248
Income (loss) before income taxes (a):        
Income before income taxes 316,113 220,850 904,916 628,979
Homebuilding | Midwest        
Revenues:        
Revenues 543,772 557,669 1,412,102 1,553,800
Income (loss) before income taxes (a):        
Income before income taxes 105,267 82,279 242,552 235,345
Homebuilding | Texas        
Revenues:        
Revenues 487,521 577,686 1,587,752 1,580,567
Income (loss) before income taxes (a):        
Income before income taxes 99,433 133,404 305,552 351,253
Homebuilding | West        
Revenues:        
Revenues 794,082 781,117 2,321,523 2,390,274
Income (loss) before income taxes (a):        
Income before income taxes 107,537 145,890 307,537 463,947
Homebuilding | Other homebuilding        
Income (loss) before income taxes (a):        
Income before income taxes $ (6,893) $ (33,009) $ 32,666 $ (112,070)
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Information (Land-Related Charges by Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]        
Land-related charges $ 6,868 $ 24,462 $ 16,978 $ 32,475
Northeast        
Restructuring Cost and Reserve [Line Items]        
Land-related charges 197 3,759 266 3,961
Southeast        
Restructuring Cost and Reserve [Line Items]        
Land-related charges 2,616 5,889 5,643 9,724
Florida        
Restructuring Cost and Reserve [Line Items]        
Land-related charges 338 4,881 2,430 6,493
Midwest        
Restructuring Cost and Reserve [Line Items]        
Land-related charges 282 1,677 886 2,780
Texas        
Restructuring Cost and Reserve [Line Items]        
Land-related charges 59 2,794 388 3,328
West        
Restructuring Cost and Reserve [Line Items]        
Land-related charges 2,889 5,462 6,689 6,189
Other homebuilding        
Restructuring Cost and Reserve [Line Items]        
Land-related charges $ 487 $ 0 $ 676 $ 0
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Segment Reporting Information    
Homes under construction $ 5,355,403 $ 5,440,186
Land under development 5,519,982 5,134,432
Raw land 573,726 679,341
Consolidated Inventory Not Owned 136,336 72,058
Total Inventory 11,585,447 11,326,017
Total Assets 15,717,263 14,796,515
Goodwill 68,930 68,930
Florida    
Segment Reporting Information    
Goodwill 28,600  
Goodwill impairment charge (20,200)  
Other homebuilding    
Segment Reporting Information    
Goodwill impairment charge 40,400  
Homebuilding    
Segment Reporting Information    
Homes under construction 5,355,403 5,440,186
Land under development 5,519,982 5,134,432
Raw land 573,726 679,341
Consolidated Inventory Not Owned 136,336 72,058
Total Inventory 11,585,447 11,326,017
Total Assets 14,971,369 13,924,194
Financial Services    
Segment Reporting Information    
Homes under construction 0 0
Land under development 0 0
Raw land 0 0
Consolidated Inventory Not Owned 0 0
Total Inventory 0 0
Total Assets 745,894 872,321
Home sale revenues | Northeast    
Segment Reporting Information    
Homes under construction 339,345 321,687
Land under development 319,912 241,897
Raw land 38,499 45,455
Consolidated Inventory Not Owned 0 0
Total Inventory 697,756 609,039
Total Assets 803,724 700,413
Home sale revenues | Southeast    
Segment Reporting Information    
Homes under construction 767,994 793,539
Land under development 715,736 544,867
Raw land 66,342 102,336
Consolidated Inventory Not Owned 25,033 20,169
Total Inventory 1,575,105 1,460,911
Total Assets 1,838,802 1,668,053
Home sale revenues | Florida    
Segment Reporting Information    
Homes under construction 1,451,547 1,417,657
Land under development 1,143,172 1,081,836
Raw land 93,178 125,253
Consolidated Inventory Not Owned 61,855 51,889
Total Inventory 2,749,752 2,676,635
Total Assets 3,269,761 3,195,091
Home sale revenues | Midwest    
Segment Reporting Information    
Homes under construction 671,733 523,194
Land under development 677,952 689,541
Raw land 22,806 22,467
Consolidated Inventory Not Owned 3,472 0
Total Inventory 1,375,963 1,235,202
Total Assets 1,528,933 1,382,227
Home sale revenues | Texas    
Segment Reporting Information    
Homes under construction 593,864 690,622
Land under development 700,732 726,342
Raw land 122,623 133,300
Consolidated Inventory Not Owned 45,976 0
Total Inventory 1,463,195 1,550,264
Total Assets 1,666,557 1,735,683
Home sale revenues | West    
Segment Reporting Information    
Homes under construction 1,500,748 1,662,251
Land under development 1,628,040 1,528,863
Raw land 220,548 238,758
Consolidated Inventory Not Owned 0 0
Total Inventory 3,349,336 3,429,872
Total Assets 3,697,236 3,771,808
Home sale revenues | Other homebuilding    
Segment Reporting Information    
Homes under construction 30,172 31,236
Land under development 334,438 321,086
Raw land 9,730 11,772
Consolidated Inventory Not Owned 0 0
Total Inventory 374,340 364,094
Total Assets $ 2,166,356 $ 1,470,919
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.23.3
Debt (Summary of Senior Notes) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Net premiums, discounts, and issuance costs (b) $ (8,465) $ (9,701)
Total senior notes 1,926,535 1,990,299
Other notes payable 54,780 55,228
Notes payable 1,981,315 2,045,527
Estimated fair value $ 1,998,032 2,079,218
Senior Notes | 5.500% unsecured senior notes due March 2026    
Debt Instrument [Line Items]    
Stated interest rate 5.50%  
Face amount $ 478,000 500,000
Senior Notes | 5.000% unsecured senior notes due January 2027    
Debt Instrument [Line Items]    
Stated interest rate 5.00%  
Face amount $ 457,000 500,000
Senior Notes | 7.875% unsecured senior notes due June 2032    
Debt Instrument [Line Items]    
Stated interest rate 7.875%  
Face amount $ 300,000 300,000
Senior Notes | 6.375% unsecured senior notes due May 2033    
Debt Instrument [Line Items]    
Stated interest rate 6.375%  
Face amount $ 400,000 400,000
Senior Notes | 6.000% unsecured senior notes due February 2035    
Debt Instrument [Line Items]    
Stated interest rate 6.00%  
Face amount $ 300,000 $ 300,000
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.23.3
Debt (Narrative) (Details) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Jan. 15, 2024
Dec. 31, 2022
Debt Instrument [Line Items]        
Other notes payable $ 54,780,000     $ 55,228,000
Current borrowing capacity 1,300,000,000      
Maximum borrowing capacity 1,800,000,000      
Revolving credit facility 0      
Letters of credit outstanding 304,600,000     303,400,000
Line of credit facility, remaining borrowing capacity 945,400,000     946,600,000
Financial Services debt 425,456,000     586,711,000
Joint Venture Debt | Joint Venture        
Debt Instrument [Line Items]        
Joint venture debt outstanding $ 79,500,000      
Joint Venture Debt | Joint Venture | Joint Venture with 50% Interest        
Debt Instrument [Line Items]        
Ownership interest 50.00%      
Joint Venture Debt | Joint Venture | Joint Venture with 50% Interest        
Debt Instrument [Line Items]        
Joint venture debt outstanding $ 40,300,000      
Notes Payables        
Debt Instrument [Line Items]        
Other notes payable $ 54,800,000     55,200,000
Debt instrument term 4 years      
Notes payable issued to acquire land inventory $ 35,300,000 $ 19,900,000    
Senior Notes | Unsecure Senior Notes, Due 2026        
Debt Instrument [Line Items]        
Open market repurchases 22,000,000      
Senior Notes | Unsecure Senior Notes, Due 2027        
Debt Instrument [Line Items]        
Open market repurchases 43,000,000      
Line of Credit | Repurchase Agreement        
Debt Instrument [Line Items]        
Accordion feature 50,000,000      
Financial Services        
Debt Instrument [Line Items]        
Line of credit facility, remaining borrowing capacity $ 134,500,000     $ 213,300,000
Short-Term Debt, Weighted Average Interest Rate, at Point in Time 7.01%     5.39%
Revolving Credit Facility        
Debt Instrument [Line Items]        
Revolving credit facility       $ 0
Line of Credit | Financial Services        
Debt Instrument [Line Items]        
Financial Services debt $ 425,500,000     $ 586,700,000
Line of Credit | Amendment Effective September 24, 2018 through and including December 25, 2018 | Financial Services        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 560,000,000      
Line of Credit | Amendment Effective September 24, 2018 through and including December 25, 2018 | Financial Services | Forecast        
Debt Instrument [Line Items]        
Maximum borrowing capacity     $ 850,000,000  
Maximum | Notes Payables        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 6.00%      
Maximum | Line of Credit | Amendment Effective September 24, 2018 through and including December 25, 2018 | Financial Services        
Debt Instrument [Line Items]        
Commitment ranges $ 700,000,000      
Minimum | Line of Credit | Amendment Effective September 24, 2018 through and including December 25, 2018 | Financial Services        
Debt Instrument [Line Items]        
Commitment ranges $ 600,000,000      
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.23.3
Shareholders' Equity (Details) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Apr. 24, 2023
Class of Stock [Line Items]          
Dividends $ 35,020 $ 34,624 $ 106,792 $ 106,650  
Payments for repurchase of common stock     $ 700,000 $ 974,673  
Increase in share repurchase authorization         $ 1,000,000
Share repurchase plan          
Class of Stock [Line Items]          
Share repurchases (shares)     10.2 21.8  
Payments for repurchase of common stock     $ 700,000 $ 974,700  
Remaining value of stock repurchase programs authorization $ 682,900   682,900    
Shares withheld to pay taxes          
Class of Stock [Line Items]          
Payments for repurchase of common stock     $ 10,400 $ 14,300  
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.23.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Income Tax Disclosure [Abstract]          
Effective income tax 24.60% 22.60% 24.40% 23.80%  
Deferred tax liabilities $ (265.5)   $ (265.5)   $ (133.1)
Gross unrecognized tax benefits 58.7   58.7   23.6
Accrued interest and penalties on unrecognized tax benefits $ 5.7   $ 5.7   $ 4.1
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value Disclosures (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Disclosed at fair value:    
Financial Services debt $ 425,456 $ 586,711
Other notes payable 54,780 55,228
Level 2    
Disclosed at fair value:    
Financial Services debt 425,456 586,711
Senior notes payable 1,943,252 2,023,990
Level 1    
Disclosed at fair value:    
Cash, cash equivalents, and restricted cash 1,899,561 1,094,553
Fair Value, Measurements, Recurring | Residential mortgage loans available-for-sale | Level 2    
Measured at fair value on a recurring basis:    
Assets, fair value 414,360 677,207
Fair Value, Measurements, Recurring | Interest rate lock commitments | Level 2    
Measured at fair value on a recurring basis:    
Liabilities, fair value (8,354) 9,258
Fair Value, Measurements, Recurring | Forward contracts | Level 2    
Measured at fair value on a recurring basis:    
Liabilities, fair value 12,416 (16,709)
Fair Value, Measurements, Recurring | Whole loan commitments | Level 2    
Measured at fair value on a recurring basis:    
Liabilities, fair value (182) 641
Fair Value, Measurements, Nonrecurring | Level 3 | Land sale and other revenues    
Measured at fair value on a recurring basis:    
Assets, fair value $ 11,387 $ 10,873
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value Disclosures - Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value of senior notes $ 1,926,535 $ 1,990,299
Carrying value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value of senior notes $ 1,900,000 $ 2,000,000
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.23.3
Commitments and Contingencies (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Loss Contingencies [Line Items]                
Letters of credit outstanding $ 304,600   $ 304,600     $ 303,400    
Surety bonds outstanding $ 2,300,000   $ 2,300,000     2,200,000    
Comprehensive warranty against building defects 1 year   1 year          
Maximum product warranty in years     10 years          
Self-insurance liabilities $ 622,981 $ 679,293 $ 622,981 $ 679,293 $ 605,192 $ 635,857 $ 652,686 $ 627,067
Incurred but not reported percentage of liability reserves           74.00%    
ROU assets 69,900   69,900     $ 73,500    
Operating lease liabilities 84,799   84,799     90,100    
Additional ROU assets under operating leases 1,300 3,300 9,600 7,500        
Payments on lease liabilities 6,100 5,000 17,400 16,100        
Total lease expense 13,500 14,300 42,000 40,500        
Variable lease costs 2,700 3,300 8,900 7,700        
Short-term lease costs 4,000 $ 5,200 12,800 $ 15,800        
Other Assets                
Loss Contingencies [Line Items]                
Recorded insurance receivables $ 39,700   $ 39,700     $ 43,700    
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.23.3
Commitments and Contingencies (Changes To Warranty Liability) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]        
Warranty liabilities, beginning of period $ 106,136 $ 110,605 $ 108,348 $ 107,117
Reserves provided 29,412 22,840 74,598 66,398
Payments (24,984) (23,137) (75,313) (65,466)
Other adjustments 1,747 24 4,678 2,283
Warranty liabilities, end of period $ 112,311 $ 110,332 $ 112,311 $ 110,332
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.23.3
Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Changes in Self-insurance Liability [Roll Forward]        
Balance, beginning of period $ 605,192 $ 652,686 $ 635,857 $ 627,067
Reserves provided 20,578 31,134 70,050 74,676
Adjustments to previously recorded reserves (789) (2,169) (66,209) 1,889
Payments, net (2,000) (2,358) (16,717) (24,339)
Balance, end of period $ 622,981 $ 679,293 $ 622,981 $ 679,293
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.23.3
Commitments and Contingencies (Future Minimum Lease Payments Required Under Leases) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]    
2023 $ 9,235  
2024 25,010  
2025 17,320  
2026 12,885  
2027000 10,240  
Thereafter 17,256  
Total lease payments 91,946  
Less: Interest (7,147)  
Present value of lease liabilities 84,799 $ 90,100
Legally binding minimum lease payments for leases signed but not yet commenced $ 6,200  
Weighted average remaining lease term 4 years 9 months 18 days  
Weighted average discount rate 3.80%  
XML 57 phm-20230930_htm.xml IDEA: XBRL DOCUMENT 0000822416 2023-01-01 2023-09-30 0000822416 us-gaap:CommonStockMember 2023-01-01 2023-09-30 0000822416 phm:SeriesAJuniorParticipatingPreferredSharePurchaseRightsMember 2023-01-01 2023-09-30 0000822416 2023-10-17 0000822416 2023-09-30 0000822416 2022-12-31 0000822416 phm:HomeBuildingSalesMember phm:HomeBuildingSegmentMember 2023-07-01 2023-09-30 0000822416 phm:HomeBuildingSalesMember phm:HomeBuildingSegmentMember 2022-07-01 2022-09-30 0000822416 phm:HomeBuildingSalesMember phm:HomeBuildingSegmentMember 2023-01-01 2023-09-30 0000822416 phm:HomeBuildingSalesMember phm:HomeBuildingSegmentMember 2022-01-01 2022-09-30 0000822416 us-gaap:LandMember phm:HomeBuildingSegmentMember 2023-07-01 2023-09-30 0000822416 us-gaap:LandMember phm:HomeBuildingSegmentMember 2022-07-01 2022-09-30 0000822416 us-gaap:LandMember phm:HomeBuildingSegmentMember 2023-01-01 2023-09-30 0000822416 us-gaap:LandMember phm:HomeBuildingSegmentMember 2022-01-01 2022-09-30 0000822416 phm:HomeBuildingSegmentMember 2023-07-01 2023-09-30 0000822416 phm:HomeBuildingSegmentMember 2022-07-01 2022-09-30 0000822416 phm:HomeBuildingSegmentMember 2023-01-01 2023-09-30 0000822416 phm:HomeBuildingSegmentMember 2022-01-01 2022-09-30 0000822416 phm:FinancialServicesMember 2023-07-01 2023-09-30 0000822416 phm:FinancialServicesMember 2022-07-01 2022-09-30 0000822416 phm:FinancialServicesMember 2023-01-01 2023-09-30 0000822416 phm:FinancialServicesMember 2022-01-01 2022-09-30 0000822416 2023-07-01 2023-09-30 0000822416 2022-07-01 2022-09-30 0000822416 2022-01-01 2022-09-30 0000822416 phm:HomeBuildingSalesMember 2023-07-01 2023-09-30 0000822416 phm:HomeBuildingSalesMember 2022-07-01 2022-09-30 0000822416 phm:HomeBuildingSalesMember 2023-01-01 2023-09-30 0000822416 phm:HomeBuildingSalesMember 2022-01-01 2022-09-30 0000822416 us-gaap:LandMember 2023-07-01 2023-09-30 0000822416 us-gaap:LandMember 2022-07-01 2022-09-30 0000822416 us-gaap:LandMember 2023-01-01 2023-09-30 0000822416 us-gaap:LandMember 2022-01-01 2022-09-30 0000822416 us-gaap:CommonStockMember 2023-06-30 0000822416 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0000822416 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-06-30 0000822416 us-gaap:RetainedEarningsMember 2023-06-30 0000822416 2023-06-30 0000822416 us-gaap:CommonStockMember 2023-07-01 2023-09-30 0000822416 us-gaap:RetainedEarningsMember 2023-07-01 2023-09-30 0000822416 us-gaap:AdditionalPaidInCapitalMember 2023-07-01 2023-09-30 0000822416 us-gaap:CommonStockMember 2023-09-30 0000822416 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0000822416 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-09-30 0000822416 us-gaap:RetainedEarningsMember 2023-09-30 0000822416 us-gaap:CommonStockMember 2022-12-31 0000822416 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0000822416 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000822416 us-gaap:RetainedEarningsMember 2022-12-31 0000822416 us-gaap:CommonStockMember 2023-01-01 2023-09-30 0000822416 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-09-30 0000822416 us-gaap:RetainedEarningsMember 2023-01-01 2023-09-30 0000822416 us-gaap:CommonStockMember 2022-06-30 0000822416 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0000822416 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0000822416 us-gaap:RetainedEarningsMember 2022-06-30 0000822416 2022-06-30 0000822416 us-gaap:CommonStockMember 2022-07-01 2022-09-30 0000822416 us-gaap:RetainedEarningsMember 2022-07-01 2022-09-30 0000822416 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0000822416 us-gaap:CommonStockMember 2022-09-30 0000822416 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0000822416 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-09-30 0000822416 us-gaap:RetainedEarningsMember 2022-09-30 0000822416 2022-09-30 0000822416 us-gaap:CommonStockMember 2021-12-31 0000822416 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0000822416 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000822416 us-gaap:RetainedEarningsMember 2021-12-31 0000822416 2021-12-31 0000822416 us-gaap:CommonStockMember 2022-01-01 2022-09-30 0000822416 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-09-30 0000822416 us-gaap:RetainedEarningsMember 2022-01-01 2022-09-30 0000822416 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-09-30 0000822416 phm:HomeBuildingSalesMember srt:RevisionOfPriorPeriodReclassificationAdjustmentMember phm:HomeBuildingSegmentMember 2022-07-01 2022-09-30 0000822416 phm:HomeBuildingSalesMember srt:RevisionOfPriorPeriodReclassificationAdjustmentMember phm:HomeBuildingSegmentMember 2022-01-01 2022-09-30 0000822416 us-gaap:InterestRateLockCommitmentsMember 2023-09-30 0000822416 us-gaap:InterestRateLockCommitmentsMember 2022-12-31 0000822416 us-gaap:ForwardContractsMember 2023-09-30 0000822416 us-gaap:ForwardContractsMember 2022-12-31 0000822416 us-gaap:LoanPurchaseCommitmentsMember 2023-09-30 0000822416 us-gaap:LoanPurchaseCommitmentsMember 2022-12-31 0000822416 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2023-09-30 0000822416 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2022-12-31 0000822416 us-gaap:ConsolidatedEntityExcludingVieMember 2023-09-30 0000822416 us-gaap:ConsolidatedEntityExcludingVieMember 2022-12-31 0000822416 us-gaap:RealEstateMember phm:NortheastMember 2023-07-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:NortheastMember 2022-07-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:NortheastMember 2023-01-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:NortheastMember 2022-01-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:SoutheastMember 2023-07-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:SoutheastMember 2022-07-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:SoutheastMember 2023-01-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:SoutheastMember 2022-01-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:FloridaMember 2023-07-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:FloridaMember 2022-07-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:FloridaMember 2023-01-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:FloridaMember 2022-01-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:MidWestMember 2023-07-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:MidWestMember 2022-07-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:MidWestMember 2023-01-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:MidWestMember 2022-01-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:TexasMember 2023-07-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:TexasMember 2022-07-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:TexasMember 2023-01-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:TexasMember 2022-01-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:WestMember 2023-07-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:WestMember 2022-07-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:WestMember 2023-01-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:WestMember 2022-01-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:OtherHomebuildingMember 2023-07-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:OtherHomebuildingMember 2022-07-01 2022-09-30 0000822416 us-gaap:RealEstateMember phm:OtherHomebuildingMember 2023-01-01 2023-09-30 0000822416 us-gaap:RealEstateMember phm:OtherHomebuildingMember 2022-01-01 2022-09-30 0000822416 phm:OtherHomebuildingMember 2023-09-30 0000822416 phm:NortheastMember 2023-07-01 2023-09-30 0000822416 phm:NortheastMember 2022-07-01 2022-09-30 0000822416 phm:NortheastMember 2023-01-01 2023-09-30 0000822416 phm:NortheastMember 2022-01-01 2022-09-30 0000822416 phm:SoutheastMember 2023-07-01 2023-09-30 0000822416 phm:SoutheastMember 2022-07-01 2022-09-30 0000822416 phm:SoutheastMember 2023-01-01 2023-09-30 0000822416 phm:SoutheastMember 2022-01-01 2022-09-30 0000822416 phm:FloridaMember 2023-07-01 2023-09-30 0000822416 phm:FloridaMember 2022-07-01 2022-09-30 0000822416 phm:FloridaMember 2023-01-01 2023-09-30 0000822416 phm:FloridaMember 2022-01-01 2022-09-30 0000822416 phm:MidWestMember 2023-07-01 2023-09-30 0000822416 phm:MidWestMember 2022-07-01 2022-09-30 0000822416 phm:MidWestMember 2023-01-01 2023-09-30 0000822416 phm:MidWestMember 2022-01-01 2022-09-30 0000822416 phm:TexasMember 2023-07-01 2023-09-30 0000822416 phm:TexasMember 2022-07-01 2022-09-30 0000822416 phm:TexasMember 2023-01-01 2023-09-30 0000822416 phm:TexasMember 2022-01-01 2022-09-30 0000822416 phm:WestMember 2023-07-01 2023-09-30 0000822416 phm:WestMember 2022-07-01 2022-09-30 0000822416 phm:WestMember 2023-01-01 2023-09-30 0000822416 phm:WestMember 2022-01-01 2022-09-30 0000822416 phm:OtherHomebuildingMember 2023-07-01 2023-09-30 0000822416 phm:OtherHomebuildingMember 2022-07-01 2022-09-30 0000822416 phm:OtherHomebuildingMember 2023-01-01 2023-09-30 0000822416 phm:OtherHomebuildingMember 2022-01-01 2022-09-30 0000822416 phm:HomeBuildingSalesMember phm:NortheastMember 2023-09-30 0000822416 phm:HomeBuildingSalesMember phm:SoutheastMember 2023-09-30 0000822416 phm:HomeBuildingSalesMember phm:FloridaMember 2023-09-30 0000822416 phm:HomeBuildingSalesMember phm:MidWestMember 2023-09-30 0000822416 phm:HomeBuildingSalesMember phm:TexasMember 2023-09-30 0000822416 phm:HomeBuildingSalesMember phm:WestMember 2023-09-30 0000822416 phm:HomeBuildingSalesMember phm:OtherHomebuildingMember 2023-09-30 0000822416 phm:HomeBuildingSegmentMember 2023-09-30 0000822416 phm:FinancialServicesMember 2023-09-30 0000822416 phm:HomeBuildingSalesMember phm:NortheastMember 2022-12-31 0000822416 phm:HomeBuildingSalesMember phm:SoutheastMember 2022-12-31 0000822416 phm:HomeBuildingSalesMember phm:FloridaMember 2022-12-31 0000822416 phm:HomeBuildingSalesMember phm:MidWestMember 2022-12-31 0000822416 phm:HomeBuildingSalesMember phm:TexasMember 2022-12-31 0000822416 phm:HomeBuildingSalesMember phm:WestMember 2022-12-31 0000822416 phm:HomeBuildingSalesMember phm:OtherHomebuildingMember 2022-12-31 0000822416 phm:HomeBuildingSegmentMember 2022-12-31 0000822416 phm:FinancialServicesMember 2022-12-31 0000822416 phm:FloridaMember 2023-09-30 0000822416 phm:A5.500unsecuredseniornotesdueMarch2026Member us-gaap:SeniorNotesMember 2023-09-30 0000822416 phm:A5.500unsecuredseniornotesdueMarch2026Member us-gaap:SeniorNotesMember 2022-12-31 0000822416 phm:SeniorUnsecuredTermLoanMaturingJanuary32027Member us-gaap:SeniorNotesMember 2023-09-30 0000822416 phm:SeniorUnsecuredTermLoanMaturingJanuary32027Member us-gaap:SeniorNotesMember 2022-12-31 0000822416 phm:UnsecuredSeniorNotes7875DueJune2032Member us-gaap:SeniorNotesMember 2023-09-30 0000822416 phm:UnsecuredSeniorNotes7875DueJune2032Member us-gaap:SeniorNotesMember 2022-12-31 0000822416 phm:UnsecuredSeniorNotes6375DueMay2033Member us-gaap:SeniorNotesMember 2023-09-30 0000822416 phm:UnsecuredSeniorNotes6375DueMay2033Member us-gaap:SeniorNotesMember 2022-12-31 0000822416 phm:UnsecuredSeniorNotes600DueFebruary2035Member us-gaap:SeniorNotesMember 2023-09-30 0000822416 phm:UnsecuredSeniorNotes600DueFebruary2035Member us-gaap:SeniorNotesMember 2022-12-31 0000822416 phm:UnsecureSeniorNotesDue2026Member us-gaap:SeniorNotesMember 2023-09-30 0000822416 phm:UnsecureSeniorNotesDue2027Member us-gaap:SeniorNotesMember 2023-09-30 0000822416 us-gaap:NotesPayableOtherPayablesMember 2023-09-30 0000822416 us-gaap:NotesPayableOtherPayablesMember 2022-12-31 0000822416 us-gaap:NotesPayableOtherPayablesMember 2023-01-01 2023-09-30 0000822416 srt:MaximumMember us-gaap:NotesPayableOtherPayablesMember 2023-09-30 0000822416 us-gaap:NotesPayableOtherPayablesMember 2022-01-01 2022-09-30 0000822416 us-gaap:RevolvingCreditFacilityMember 2022-12-31 0000822416 phm:JointVentureDebtMember us-gaap:CorporateJointVentureMember 2023-09-30 0000822416 phm:JointVentureWith50InterestMember phm:JointVentureDebtMember us-gaap:CorporateJointVentureMember 2023-09-30 0000822416 phm:JointVentureWith50InterestMember phm:JointVentureDebtMember us-gaap:CorporateJointVentureMember 2023-09-30 0000822416 us-gaap:LineOfCreditMember phm:FinancialServicesMember phm:DebtInstrumentEffectivePeriodPeriodOneMember 2023-09-30 0000822416 srt:ScenarioForecastMember us-gaap:LineOfCreditMember phm:FinancialServicesMember phm:DebtInstrumentEffectivePeriodPeriodOneMember 2024-01-15 0000822416 srt:MinimumMember us-gaap:LineOfCreditMember phm:FinancialServicesMember phm:DebtInstrumentEffectivePeriodPeriodOneMember 2023-09-30 0000822416 srt:MaximumMember us-gaap:LineOfCreditMember phm:FinancialServicesMember phm:DebtInstrumentEffectivePeriodPeriodOneMember 2023-09-30 0000822416 phm:RepurchaseAgreementMember us-gaap:LineOfCreditMember 2023-09-30 0000822416 us-gaap:LineOfCreditMember phm:FinancialServicesMember 2023-09-30 0000822416 us-gaap:LineOfCreditMember phm:FinancialServicesMember 2022-12-31 0000822416 phm:SharerepurchaseplanMember 2023-01-01 2023-09-30 0000822416 phm:SharerepurchaseplanMember 2022-01-01 2022-09-30 0000822416 2023-04-24 0000822416 phm:SharerepurchaseplanMember 2023-09-30 0000822416 phm:ShareswithheldtopaytaxesMember 2023-01-01 2023-09-30 0000822416 phm:ShareswithheldtopaytaxesMember 2022-01-01 2022-09-30 0000822416 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageMember 2023-09-30 0000822416 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ResidentialMortgageMember 2022-12-31 0000822416 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestRateLockCommitmentsMember 2023-09-30 0000822416 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestRateLockCommitmentsMember 2022-12-31 0000822416 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForwardContractsMember 2023-09-30 0000822416 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForwardContractsMember 2022-12-31 0000822416 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:LoanPurchaseCommitmentsMember 2023-09-30 0000822416 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:LoanPurchaseCommitmentsMember 2022-12-31 0000822416 us-gaap:LandMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2023-09-30 0000822416 us-gaap:LandMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2022-12-31 0000822416 us-gaap:FairValueInputsLevel1Member 2023-09-30 0000822416 us-gaap:FairValueInputsLevel1Member 2022-12-31 0000822416 us-gaap:FairValueInputsLevel2Member 2023-09-30 0000822416 us-gaap:FairValueInputsLevel2Member 2022-12-31 0000822416 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-09-30 0000822416 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0000822416 us-gaap:OtherAssetsMember 2023-09-30 0000822416 us-gaap:OtherAssetsMember 2022-12-31 shares iso4217:USD iso4217:USD shares phm:segment pure PULTEGROUP INC/MI/ 0000822416 --12-31 2023 Q3 false true 10-Q true 2023-09-30 false 1-9804 MI 38-2766606 3350 Peachtree Road NE, Suite 1500 Atlanta, GA 30326 404 978-6400 Common Shares, par value $0.01 PHM NYSE Series A Junior Participating Preferred Share Purchase Rights NYSE Yes Yes Large Accelerated Filer false false false 215594980 1848451000 1053104000 51110000 41449000 1899561000 1094553000 11585447000 11326017000 35116000 42254000 414360000 677207000 162287000 146759000 1426747000 1291572000 68930000 68930000 58960000 66875000 65855000 82348000 15717263000 14796515000 567561000 565975000 769893000 783556000 331366000 215446000 1629171000 1685202000 425456000 586711000 1981315000 2045527000 5704762000 5882417000 10012501000 8914098000 15717263000 14796515000 3886908000 3791695000 11433476000 10587080000 39905000 30658000 107575000 97626000 3926813000 3822353000 11541051000 10684706000 76720000 72709000 226875000 239627000 4003533000 3895062000 11767926000 10924333000 2739596000 2636842000 8068287000 7364743000 35007000 26314000 92467000 89971000 2774603000 2663156000 8160754000 7454714000 46431000 45323000 137244000 132655000 353167000 350112000 1004323000 1030391000 891000 446000 4348000 2390000 362000 0 362000 0 16729000 -25640000 32134000 -33220000 847314000 811277000 2502449000 2275743000 208539000 183349000 611070000 540657000 638775000 627928000 1891379000 1735086000 2.92 2.70 8.49 7.26 2.90 2.69 8.45 7.22 0.16 0.15 0.48 0.45 218288000 230967000 221832000 237639000 1394000 1333000 1152000 1240000 219682000 232300000 222984000 238879000 638775000 627928000 1891379000 1735086000 0 0 0 45000 0 0 0 45000 638775000 627928000 1891379000 1735131000 219892000 2199000 3354318000 0 6348508000 9705025000 1000 35020000 35020000 3758000 38000 299962000 300000000 -3000000 -3000000 20000 20000 6741000 6741000 638775000 638775000 216135000 2161000 3361059000 0 6649281000 10012501000 225840000 2258000 3330138000 0 5581702000 8914098000 474000 4000 4838000 4842000 106792000 106792000 10179000 101000 699899000 700000000 6701000 6701000 10408000 10408000 26083000 26083000 1891379000 1891379000 216135000 2161000 3361059000 0 6649281000 10012501000 232570000 2326000 3319150000 0 4423740000 7745216000 41000 34624000 34624000 4379000 44000 180402000 180446000 711000 711000 6640000 6640000 627928000 627928000 228232000 2282000 3325790000 0 4835931000 8164003000 249326000 2493000 3290791000 -45000 4196276000 7489515000 675000 6000 6024000 6030000 106650000 106650000 21769000 217000 974456000 974673000 14325000 14325000 28975000 28975000 1735086000 1735086000 45000 45000 228232000 2282000 3325790000 0 4835931000 8164003000 1891379000 1735086000 132389000 43485000 16978000 32475000 362000 0 59765000 51934000 4348000 2390000 4564000 1278000 38401000 39520000 501000 -952000 173377000 2706142000 -262637000 -507861000 142131000 127173000 -177050000 119189000 1908344000 -303925000 67561000 88585000 18059000 58154000 2316000 3413000 0 10400000 11727000 964000 -95031000 -154690000 86794000 4856000 0 1925000000 0 1606000000 -161254000 -287933000 1500000 11167000 108707000 0 49379000 0 700000000 974673000 10409000 14326000 107676000 109597000 -1008305000 -1083552000 805008000 -1542167000 1094553000 1833565000 1899561000 291398000 11048000 5642000 546871000 493559000 Basis of presentation<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">PulteGroup, Inc. is one of the largest homebuilders in the United States ("U.S."), and our common shares trade on the New York Stock Exchange under the ticker symbol “PHM”. Unless the context otherwise requires, the terms "PulteGroup", the "Company", "we", "us", and "our" used herein refer to PulteGroup, Inc. and its subsidiaries. While our subsidiaries engage primarily in the homebuilding business, we also engage in mortgage banking operations, conducted through Pulte Mortgage LLC (“Pulte Mortgage”), and title and insurance brokerage operations. </span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.</span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of estimates</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective with our first quarter 2023 reporting, we reclassified our closing cost incentives provided to customers, including seller-paid financing costs, from home sale cost of revenues to home sale revenues. All prior period amounts have been reclassified to conform to the current presentation. As a result, all sales incentives provided to customers are classified as a reduction of home sale revenues. This reclassification had the effect of reducing both home sale revenues and home sale cost of revenues by the amount of such closing cost incentives, which totaled $48.8 million and $133.3 million for the three and nine months ended September 30, 2022, respectively.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Subsequent events</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission (the "SEC").</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Other income (expense), net</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other income (expense), net consists of the following ($000’s omitted):</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:5pt;text-align:center;text-indent:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.058%"><tr><td style="width:1.0%"></td><td style="width:49.549%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.075%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.425%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.425%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.593%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td></tr><tr style="height:14pt"><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td></tr><tr style="height:17pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Write-offs of deposits and pre-acquisition costs</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,456)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(24,462)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9,629)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(32,475)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amortization of intangible assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,623)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,766)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,915)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,353)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest income</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,303 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">370 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41,701 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,048 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest expense</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(120)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(65)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(347)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(216)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Miscellaneous, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,625 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,283 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,324 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,776 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other income (expense), net</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,729 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(25,640)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32,134 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(33,220)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue recognition</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Home sale revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer, and our performance obligation to deliver the agreed-upon home is generally satisfied at the home closing date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposits related to sold but undelivered homes, which totaled $769.9 million and $783.6 million at September 30, 2023 and December 31, 2022, respectively. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. See </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i6cf3ff3d3b7940c798009a1bb3e784cd_58" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 8</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for information on warranties and related obligations.</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Land sale and other revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sales are generally outright sales of specified land parcels with cash consideration due on the closing date, which is generally when performance obligations are satisfied. Revenues related to our construction services operations are generally recognized as materials are delivered and installation services are provided.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Financial services revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - Loan origination fees, commitment fees, and discount points are recognized upon loan origination. Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of interest rate lock commitments ("IRLCs") that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of IRLCs and residential mortgage loans available for sale are reflected in Financial Services revenues as they occur. Interest income is accrued from the date a mortgage loan is originated until the loan is sold. Mortgage servicing fees represent fees earned for servicing loans. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received.</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Insurance brokerage commissions relate to commissions on homeowner and other insurance policies placed with third-party carriers through various agency channels. Our performance obligations for policy renewal commissions are considered satisfied upon issuance of the initial policy. The related contract assets for estimated future renewal commissions are included in other assets and totaled $70.6 million and $57.3 million at September 30, 2023 and December 31, 2022, respectively.</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Residential mortgage loans available-for-sale</span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. At September 30, 2023 and December 31, 2022, residential mortgage loans available-for-sale had an aggregate fair value of $414.4 million and $677.2 million, respectively, and an aggregate outstanding principal balance of $423.2 million and $680.5 million, respectively. Net gains from the sale of mortgages were $33.7 million and $34.4 million for the three months ended September 30, 2023 and 2022, respectively, and $102.8 million and $131.9 million for the nine months ended September 30, 2023 and 2022, respectively, and have been included in Financial Services revenues.</span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Derivative instruments and hedging activities</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are party to IRLCs with customers resulting from our mortgage origination operations. At September 30, 2023 and December 31, 2022, we had aggregate IRLCs of $674.0 million and $653.2 million, respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. </span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At September 30, 2023 and December 31, 2022, we had unexpired forward contracts of $944.0 million and $1.0 billion, respectively, and whole loan investor </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">commitments of $145.2 million and $285.9 million, respectively. Changes in the fair value of IRLCs and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable.</span></div><div style="text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We evaluate the creditworthiness of these transactions through our normal credit policies. There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs and residential mortgage loans available-for-sale are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 90 days. The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted):</span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.982%"><tr><td style="width:1.0%"></td><td style="width:29.245%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.723%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.586%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.723%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.586%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.723%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.586%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.728%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other Assets</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Accrued and Other Liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other Assets</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Accrued and Other Liabilities</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate lock commitments</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,629 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,983 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,830 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,572 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Forward contracts</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,482 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,144 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,853 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Whole loan commitments</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">189 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">806 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">165 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,118 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,238 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,780 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,590 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Earnings per share</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares outstanding, adjusted for unvested shares (the “Denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of unvested restricted share units and other potentially dilutive instruments.</span></div><div style="text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with Accounting Standards Codification ("ASC") 260, "Earnings Per Share", the two-class method determines earnings per share for each class of common stock and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. Certain of our outstanding restricted share units and deferred shares are considered participating securities. The following table presents the earnings per common share (000's omitted, except per share data):</span></div><div style="margin-top:5pt;text-align:center;text-indent:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:54.128%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.945%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.356%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.356%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.507%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td></tr><tr style="height:14pt"><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td></tr><tr style="height:17pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Numerator:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net income</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">638,775 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">627,928 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,891,379 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,735,086 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less: earnings distributed to participating securities</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(121)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(202)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(369)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(635)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less: undistributed earnings allocated to participating securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,083)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,534)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,685)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,288)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Numerator for basic earnings per share</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">636,571 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">624,192 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,884,325 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,724,163 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Add back: undistributed earnings allocated to participating securities</span></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,083 </span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,534 </span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,685 </span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,288 </span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less: undistributed earnings reallocated to participating securities</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,066)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,508)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,636)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,218)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Numerator for diluted earnings per share</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">636,588 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">624,218 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,884,374 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,724,233 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Denominator:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Basic shares outstanding</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">218,288 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">230,967 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">221,832 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">237,639 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Effect of dilutive securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,394 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,333 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,152 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,240 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Diluted shares outstanding</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">219,682 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">232,300 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">222,984 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">238,879 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Earnings per share:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Basic</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.92 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.70 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.49 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.26 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Diluted</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.90 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.69 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.45 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.22 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Credit losses</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are exposed to credit losses primarily through our vendors and insurance carriers. We assess and monitor each counterparty’s ability to pay amounts owed by considering contractual terms and conditions, the counterparty’s financial condition, macroeconomic factors, and business strategy. </span></div><div style="text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At September 30, 2023 and December 31, 2022, we reported $207.2 million</span><span style="color:#ff0000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and $222.9 million, respectively, of assets in-scope under ASC 326, "Financial Instruments - Credit Losses". These assets consist primarily of insurance receivables, contract assets related to insurance brokerage commissions, and vendor rebate receivables. Counterparties associated with these assets are generally highly rated. Allowances on the aforementioned in-scope assets were not material as of September 30, 2023.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">New accounting pronouncements</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)", as amended by ASU 2021-01 in January 2021, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the cessation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024. The adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements.</span></div> The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of estimates</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div> <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective with our first quarter 2023 reporting, we reclassified our closing cost incentives provided to customers, including seller-paid financing costs, from home sale cost of revenues to home sale revenues. All prior period amounts have been reclassified to conform to the current presentation. As a result, all sales incentives provided to customers are classified as a reduction of home sale revenues. This reclassification had the effect of reducing both home sale revenues and home sale cost of revenues by the amount of such closing cost incentives, which totaled $48.8 million and $133.3 million for the three and nine months ended September 30, 2022, respectively.</span></div> -48800000 -133300000 <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Subsequent events</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission (the "SEC").</span></div> <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other income (expense), net consists of the following ($000’s omitted):</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:5pt;text-align:center;text-indent:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.058%"><tr><td style="width:1.0%"></td><td style="width:49.549%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.075%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.425%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.425%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.593%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td></tr><tr style="height:14pt"><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td></tr><tr style="height:17pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Write-offs of deposits and pre-acquisition costs</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,456)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(24,462)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9,629)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(32,475)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amortization of intangible assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,623)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,766)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,915)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,353)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest income</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,303 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">370 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41,701 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,048 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest expense</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(120)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(65)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(347)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(216)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Miscellaneous, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,625 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,283 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,324 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,776 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other income (expense), net</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,729 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(25,640)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32,134 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(33,220)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 2456000 24462000 9629000 32475000 2623000 2766000 7915000 8353000 19303000 370000 41701000 1048000 120000 65000 347000 216000 2625000 1283000 8324000 6776000 16729000 -25640000 32134000 -33220000 <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue recognition</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Home sale revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer, and our performance obligation to deliver the agreed-upon home is generally satisfied at the home closing date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposits related to sold but undelivered homes, which totaled $769.9 million and $783.6 million at September 30, 2023 and December 31, 2022, respectively. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. See </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i6cf3ff3d3b7940c798009a1bb3e784cd_58" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 8</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for information on warranties and related obligations.</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Land sale and other revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sales are generally outright sales of specified land parcels with cash consideration due on the closing date, which is generally when performance obligations are satisfied. Revenues related to our construction services operations are generally recognized as materials are delivered and installation services are provided.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Financial services revenues</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - Loan origination fees, commitment fees, and discount points are recognized upon loan origination. Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of interest rate lock commitments ("IRLCs") that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of IRLCs and residential mortgage loans available for sale are reflected in Financial Services revenues as they occur. Interest income is accrued from the date a mortgage loan is originated until the loan is sold. Mortgage servicing fees represent fees earned for servicing loans. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received.</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Insurance brokerage commissions relate to commissions on homeowner and other insurance policies placed with third-party carriers through various agency channels. Our performance obligations for policy renewal commissions are considered satisfied upon issuance of the initial policy. The related contract assets for estimated future renewal commissions are included in other assets and totaled $70.6 million and $57.3 million at September 30, 2023 and December 31, 2022, respectively.</span></div> 769900000 783600000 70600000 57300000 <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Residential mortgage loans available-for-sale</span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. At September 30, 2023 and December 31, 2022, residential mortgage loans available-for-sale had an aggregate fair value of $414.4 million and $677.2 million, respectively, and an aggregate outstanding principal balance of $423.2 million and $680.5 million, respectively. Net gains from the sale of mortgages were $33.7 million and $34.4 million for the three months ended September 30, 2023 and 2022, respectively, and $102.8 million and $131.9 million for the nine months ended September 30, 2023 and 2022, respectively, and have been included in Financial Services revenues.</span></div> 414400000 677200000 423200000 680500000 33700000 34400000 102800000 131900000 <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Derivative instruments and hedging activities</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are party to IRLCs with customers resulting from our mortgage origination operations. At September 30, 2023 and December 31, 2022, we had aggregate IRLCs of $674.0 million and $653.2 million, respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. </span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At September 30, 2023 and December 31, 2022, we had unexpired forward contracts of $944.0 million and $1.0 billion, respectively, and whole loan investor </span></div>commitments of $145.2 million and $285.9 million, respectively. Changes in the fair value of IRLCs and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable.We evaluate the creditworthiness of these transactions through our normal credit policies. There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs and residential mortgage loans available-for-sale are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 90 days. 674000000 653200000 944000000 1000000000 145200000 285900000 P90D The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted):<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.982%"><tr><td style="width:1.0%"></td><td style="width:29.245%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.723%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.586%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.723%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.586%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.723%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.586%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.728%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other Assets</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Accrued and Other Liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other Assets</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Accrued and Other Liabilities</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest rate lock commitments</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,629 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,983 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,830 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,572 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Forward contracts</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,482 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,144 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,853 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Whole loan commitments</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">189 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">806 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">165 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,118 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,238 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,780 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,590 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table> 6629000 14983000 10830000 1572000 12482000 66000 4144000 20853000 7000 189000 806000 165000 19118000 15238000 15780000 22590000 <div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Earnings per share</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares outstanding, adjusted for unvested shares (the “Denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of unvested restricted share units and other potentially dilutive instruments.</span></div>In accordance with Accounting Standards Codification ("ASC") 260, "Earnings Per Share", the two-class method determines earnings per share for each class of common stock and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. Certain of our outstanding restricted share units and deferred shares are considered participating securities. The following table presents the earnings per common share (000's omitted, except per share data):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:54.128%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.945%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.356%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.356%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.507%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td></tr><tr style="height:14pt"><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td></tr><tr style="height:17pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Numerator:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net income</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">638,775 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">627,928 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,891,379 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,735,086 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less: earnings distributed to participating securities</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(121)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(202)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(369)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(635)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less: undistributed earnings allocated to participating securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,083)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,534)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,685)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,288)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Numerator for basic earnings per share</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">636,571 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">624,192 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,884,325 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,724,163 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Add back: undistributed earnings allocated to participating securities</span></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,083 </span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,534 </span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,685 </span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,288 </span></td><td style="background-color:#ffffff;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less: undistributed earnings reallocated to participating securities</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,066)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,508)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,636)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,218)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Numerator for diluted earnings per share</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">636,588 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">624,218 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,884,374 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,724,233 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Denominator:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Basic shares outstanding</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">218,288 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">230,967 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">221,832 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">237,639 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Effect of dilutive securities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,394 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,333 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,152 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,240 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Diluted shares outstanding</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">219,682 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">232,300 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">222,984 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">238,879 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Earnings per share:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Basic</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.92 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.70 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.49 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.26 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Diluted</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.90 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.69 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.45 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.22 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table> 638775000 627928000 1891379000 1735086000 121000 202000 369000 635000 2083000 3534000 6685000 10288000 636571000 624192000 1884325000 1724163000 2083000 3534000 6685000 10288000 2066000 3508000 6636000 10218000 636588000 624218000 1884374000 1724233000 218288000 230967000 221832000 237639000 1394000 1333000 1152000 1240000 219682000 232300000 222984000 238879000 2.92 2.70 8.49 7.26 2.90 2.69 8.45 7.22 Credit lossesWe are exposed to credit losses primarily through our vendors and insurance carriers. We assess and monitor each counterparty’s ability to pay amounts owed by considering contractual terms and conditions, the counterparty’s financial condition, macroeconomic factors, and business strategy. 207200000 222900000 <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">New accounting pronouncements</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)", as amended by ASU 2021-01 in January 2021, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the cessation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024. The adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements.</span></div> Inventory<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Major components of inventory were as follows ($000’s omitted):</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:5pt;padding-left:9pt;padding-right:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:60.526%"><tr><td style="width:1.0%"></td><td style="width:52.764%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.363%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.007%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.366%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,<br/>2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br/>2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Homes under construction</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,355,403 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,440,186 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Land under development</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,519,982 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,134,432 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Raw land</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">573,726 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679,341 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated inventory not owned </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">136,336 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72,058 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,585,447 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,326,017 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;padding-left:9pt;padding-right:9pt;text-align:center"><span><br/></span></div><div style="margin-bottom:3pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)    Consolidated inventory not owned includes land sold to third parties for which the Company retains a repurchase option.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We capitalize interest cost into inventory during the active development and construction of our communities. In all periods presented, we capitalized substantially all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels. Information related to interest capitalized into inventory is as follows ($000’s omitted):</span></div><div><span><br/></span></div><div style="margin-top:5pt;padding-left:9pt;padding-right:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:80.116%"><tr><td style="width:1.0%"></td><td style="width:43.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.038%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.038%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.038%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.225%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest in inventory, beginning of period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">141,994 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">151,554 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">137,262 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">160,756 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest capitalized</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31,659 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">33,235 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">95,388 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">96,156 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest expensed</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(33,643)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(41,120)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(92,640)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(113,243)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest in inventory, end of period</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">140,010 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">143,669 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">140,010 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">143,669 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Land option agreements</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We enter into land option agreements in order to procure land for the construction of homes in the future. Pursuant to these land option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. Such contracts enable us to defer acquiring portions of properties owned by third parties or unconsolidated entities until we have determined whether and when to exercise our option, which reduces our financial risks associated with long-term land holdings. Option deposits and pre-acquisition costs (such as environmental testing, surveys, engineering, and entitlement costs) are capitalized if the costs are directly identifiable with the land under option, the costs would be capitalized if we owned the land, and acquisition of the property is probable. Such costs are reflected in other assets and are reclassified to inventory upon taking title to the land. We write off deposits and pre-acquisition costs when it becomes probable that we will not go forward with the project or recover the capitalized costs. Such decisions take into consideration changes in local market conditions, the timing of required land purchases, the availability and best use of necessary incremental capital, and other factors. We record any such write-offs of deposits and pre-acquisition costs within other income (expense), net (</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i6cf3ff3d3b7940c798009a1bb3e784cd_34" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 1</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity. No VIEs required consolidation at either September 30, 2023 or December 31, 2022 because we determined that we were not any VIE's primary beneficiary. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the land option agreements. The following provides a summary of our interests in land option agreements as of September 30, 2023 and December 31, 2022 ($000’s omitted):</span></div><div style="text-align:center;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:77.631%"><tr><td style="width:1.0%"></td><td style="width:26.018%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.414%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.741%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.414%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.741%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:16.414%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.741%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.417%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits and<br/>Pre-acquisition<br/>Costs</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Remaining Purchase<br/>Price</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits and<br/>Pre-acquisition<br/>Costs</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Remaining Purchase<br/>Price</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Land options with VIEs</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">244,897 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,169,510 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">213,895 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,130,398 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other land options</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">366,561 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,088,141 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">264,860 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,269,843 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">611,458 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,257,651 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">478,755 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,400,241 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Land-related charges</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our evaluations for land impairments, net realizable value adjustments, and write-offs of deposits and pre-acquisition costs are based on our best estimates of the future cash flows of our communities. Due to uncertainties in the estimation process, the significant volatility in demand for new housing, the long life cycles of certain of our communities, and potential changes in our strategy related to certain communities, actual results could differ significantly from such estimates.</span></div> <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Major components of inventory were as follows ($000’s omitted):</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:5pt;padding-left:9pt;padding-right:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:60.526%"><tr><td style="width:1.0%"></td><td style="width:52.764%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.363%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.007%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.366%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,<br/>2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br/>2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Homes under construction</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,355,403 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,440,186 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Land under development</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,519,982 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,134,432 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Raw land</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">573,726 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679,341 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated inventory not owned </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">136,336 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72,058 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,585,447 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,326,017 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;padding-left:9pt;padding-right:9pt;text-align:center"><span><br/></span></div><div style="margin-bottom:3pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)    Consolidated inventory not owned includes land sold to third parties for which the Company retains a repurchase option.</span></div> 5355403000 5440186000 5519982000 5134432000 573726000 679341000 136336000 72058000 11585447000 11326017000 We capitalize interest cost into inventory during the active development and construction of our communities. In all periods presented, we capitalized substantially all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels. Information related to interest capitalized into inventory is as follows ($000’s omitted):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:80.116%"><tr><td style="width:1.0%"></td><td style="width:43.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.038%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.038%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.038%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.225%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest in inventory, beginning of period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">141,994 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">151,554 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">137,262 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">160,756 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest capitalized</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31,659 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">33,235 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">95,388 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">96,156 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest expensed</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(33,643)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(41,120)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(92,640)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(113,243)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest in inventory, end of period</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">140,010 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">143,669 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">140,010 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">143,669 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table> 141994000 151554000 137262000 160756000 31659000 33235000 95388000 96156000 33643000 41120000 92640000 113243000 140010000 143669000 140010000 143669000 The following provides a summary of our interests in land option agreements as of September 30, 2023 and December 31, 2022 ($000’s omitted):<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:77.631%"><tr><td style="width:1.0%"></td><td style="width:26.018%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.414%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.741%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.414%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.741%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:16.414%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.741%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.417%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits and<br/>Pre-acquisition<br/>Costs</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Remaining Purchase<br/>Price</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deposits and<br/>Pre-acquisition<br/>Costs</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Remaining Purchase<br/>Price</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Land options with VIEs</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">244,897 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,169,510 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">213,895 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,130,398 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other land options</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">366,561 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,088,141 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">264,860 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,269,843 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">611,458 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,257,651 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">478,755 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,400,241 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table> 244897000 2169510000 213895000 2130398000 366561000 4088141000 264860000 3269843000 611458000 6257651000 478755000 5400241000 Segment information<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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: </span></div><div><span><br/></span></div><div style="margin-top:5pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.005%"><tr><td style="width:1.0%"></td><td style="width:11.963%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.888%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:84.749%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Georgia, North Carolina, South Carolina, Tennessee</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Florida</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Texas</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Arizona, California, Colorado, Nevada, New Mexico, Washington</span></td></tr></table></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance brokerage operations that operate generally in the same markets as the Homebuilding segments.</span></div><div><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.497%"><tr><td style="width:1.0%"></td><td style="width:46.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.662%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.667%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating Data by Segment <br/>($000’s omitted)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Revenues </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">:</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">234,475 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">250,209 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">684,495 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">657,703 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">646,927 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">713,205 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,009,556 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,819,114 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,220,036 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">942,467 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,525,623 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,683,248 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">543,772 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">557,669 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,412,102 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,553,800 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">487,521 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">577,686 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,587,752 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,580,567 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">794,082 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">781,117 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,321,523 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,390,274 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,926,813 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,822,353 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,541,051 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,684,706 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">76,720 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72,709 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">226,875 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">239,627 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated revenues</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,003,533 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,895,062 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,767,926 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,924,333 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.497%"><tr><td style="width:1.0%"></td><td style="width:46.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.662%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.667%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating Data by Segment <br/>($000’s omitted)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Income (loss) before income taxes </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">:</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">52,265 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">52,682 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">150,227 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">140,052 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">144,643 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">181,667 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">469,653 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">460,056 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">316,113 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">220,850 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">904,916 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">628,979 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">105,267 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">82,279 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">242,552 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">235,345 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">99,433 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">133,404 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">305,552 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">351,253 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">107,537 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">145,890 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">307,537 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">463,947 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other homebuilding </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(b)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,893)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(33,009)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32,666 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(112,070)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">818,365 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">783,763 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,413,103 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,167,562 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial Services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28,949 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,514 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">89,346 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">108,181 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated income before income taxes</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">847,314 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">811,277 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,502,449 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,275,743 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt"><span><br/></span></div><div style="margin-bottom:3pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">All periods reflect the reclassification of closing cost incentives to homes sale revenues from home sale cost of revenues (</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i6cf3ff3d3b7940c798009a1bb3e784cd_34" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Note 1</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">).</span></div><div style="margin-bottom:3pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(b)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments. Other homebuilding also includes insurance reserve reversals of $66.2 million in the nine months ended September 30, 2023.</span></div><div style="margin-bottom:3pt;padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:368.25pt"><tr><td style="width:1.0pt"></td><td style="width:118.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:57.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:57.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:57.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:57.25pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:32pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating Data by Segment <br/>($000’s omitted)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Land-related charges </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">:</span></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">197 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,759 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">266 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,961 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,616 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,889 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,643 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,724 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">338 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,881 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,430 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,493 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">282 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,677 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">886 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,780 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">59 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,794 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">388 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,328 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,889 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,462 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,689 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,189 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other homebuilding</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">487 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">676 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,868 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,462 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,978 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32,475 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="margin-bottom:3pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)    Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.</span></div><div style="margin-bottom:6pt;margin-top:5pt;padding-left:22.5pt;padding-right:22.5pt;text-align:center;text-indent:-18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.637%"><tr><td style="width:1.0%"></td><td style="width:20.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.213%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.061%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.641%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.608%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.397%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.067%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="33" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating Data by Segment</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($000's omitted)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Homes Under<br/>Construction</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Land Under<br/>Development</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Raw Land</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Inventory Not Owned</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total<br/>Inventory</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total<br/>Assets</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">339,345 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">319,912 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38,499 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">697,756 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">803,724 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">767,994 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">715,736 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66,342 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,033 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,575,105 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,838,802 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,451,547 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,143,172 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">93,178 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">61,855 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,749,752 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,269,761 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">671,733 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">677,952 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,806 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,472 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,375,963 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,528,933 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">593,864 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">700,732 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">122,623 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">45,976 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,463,195 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,666,557 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,500,748 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,628,040 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">220,548 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,349,336 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,697,236 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other homebuilding </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(b)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30,172 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">334,438 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,730 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">374,340 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,166,356 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,355,403 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,519,982 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">573,726 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">136,336 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,585,447 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,971,369 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">745,894 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,355,403 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,519,982 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">573,726 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">136,336 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,585,447 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,717,263 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="33" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Homes Under<br/>Construction</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Land Under<br/>Development</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Raw Land</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Inventory Not Owned</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total<br/>Inventory</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total<br/>Assets</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">321,687 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">241,897 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">45,455 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">609,039 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">700,413 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">793,539 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">544,867 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">102,336 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,169 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,460,911 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,668,053 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,417,657 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,081,836 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">125,253 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">51,889 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,676,635 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,195,091 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">523,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">689,541 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,467 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,235,202 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,382,227 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">690,622 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">726,342 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">133,300 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,550,264 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,735,683 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,662,251 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,528,863 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">238,758 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,429,872 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,771,808 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other homebuilding </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(b)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31,236 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">321,086 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,772 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">364,094 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,470,919 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,440,186 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,134,432 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679,341 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72,058 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,326,017 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,924,194 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">872,321 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,440,186 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,134,432 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679,341 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72,058 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,326,017 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,796,515 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million.</span></div><div style="margin-bottom:6pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(b)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million.</span></div> For reporting purposes, our Homebuilding operations are aggregated into six reportable segments: <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.005%"><tr><td style="width:1.0%"></td><td style="width:11.963%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.888%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:84.749%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Georgia, North Carolina, South Carolina, Tennessee</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Florida</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Texas</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Arizona, California, Colorado, Nevada, New Mexico, Washington</span></td></tr></table> 6 <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.497%"><tr><td style="width:1.0%"></td><td style="width:46.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.662%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.667%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating Data by Segment <br/>($000’s omitted)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Revenues </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">:</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">234,475 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">250,209 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">684,495 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">657,703 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">646,927 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">713,205 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,009,556 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,819,114 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,220,036 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">942,467 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,525,623 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,683,248 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">543,772 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">557,669 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,412,102 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,553,800 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">487,521 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">577,686 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,587,752 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,580,567 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">794,082 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">781,117 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,321,523 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,390,274 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,926,813 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,822,353 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,541,051 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,684,706 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">76,720 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72,709 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">226,875 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">239,627 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated revenues</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,003,533 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,895,062 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,767,926 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,924,333 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:90.497%"><tr><td style="width:1.0%"></td><td style="width:46.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.339%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.662%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.667%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating Data by Segment <br/>($000’s omitted)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Income (loss) before income taxes </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">:</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">52,265 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">52,682 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">150,227 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">140,052 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">144,643 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">181,667 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">469,653 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">460,056 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">316,113 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">220,850 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">904,916 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">628,979 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">105,267 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">82,279 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">242,552 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">235,345 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">99,433 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">133,404 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">305,552 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">351,253 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">107,537 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">145,890 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">307,537 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">463,947 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other homebuilding </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(b)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,893)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(33,009)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32,666 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(112,070)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">818,365 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">783,763 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,413,103 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,167,562 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial Services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28,949 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,514 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">89,346 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">108,181 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consolidated income before income taxes</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">847,314 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">811,277 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,502,449 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,275,743 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt"><span><br/></span></div><div style="margin-bottom:3pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">All periods reflect the reclassification of closing cost incentives to homes sale revenues from home sale cost of revenues (</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i6cf3ff3d3b7940c798009a1bb3e784cd_34" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Note 1</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">).</span></div><div style="margin-bottom:3pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(b)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments. Other homebuilding also includes insurance reserve reversals of $66.2 million in the nine months ended September 30, 2023.</span></div><div style="margin-bottom:3pt;padding-left:9pt;text-indent:-9pt"><span><br/></span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:368.25pt"><tr><td style="width:1.0pt"></td><td style="width:118.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:57.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:57.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:57.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:57.25pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:32pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating Data by Segment <br/>($000’s omitted)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Land-related charges </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">:</span></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">197 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,759 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">266 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,961 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,616 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,889 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,643 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,724 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">338 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,881 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,430 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,493 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">282 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,677 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">886 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,780 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">59 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,794 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">388 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,328 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,889 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,462 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,689 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,189 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other homebuilding</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">487 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">676 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,868 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,462 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,978 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32,475 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="margin-bottom:3pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)    Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.</span></div> 234475000 250209000 684495000 657703000 646927000 713205000 2009556000 1819114000 1220036000 942467000 3525623000 2683248000 543772000 557669000 1412102000 1553800000 487521000 577686000 1587752000 1580567000 794082000 781117000 2321523000 2390274000 3926813000 3822353000 11541051000 10684706000 76720000 72709000 226875000 239627000 4003533000 3895062000 11767926000 10924333000 52265000 52682000 150227000 140052000 144643000 181667000 469653000 460056000 316113000 220850000 904916000 628979000 105267000 82279000 242552000 235345000 99433000 133404000 305552000 351253000 107537000 145890000 307537000 463947000 -6893000 -33009000 32666000 -112070000 818365000 783763000 2413103000 2167562000 28949000 27514000 89346000 108181000 847314000 811277000 2502449000 2275743000 -66200000 197000 3759000 266000 3961000 2616000 5889000 5643000 9724000 338000 4881000 2430000 6493000 282000 1677000 886000 2780000 59000 2794000 388000 3328000 2889000 5462000 6689000 6189000 487000 0 676000 0 6868000 24462000 16978000 32475000 <div style="margin-bottom:6pt;margin-top:5pt;padding-left:22.5pt;padding-right:22.5pt;text-align:center;text-indent:-18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.637%"><tr><td style="width:1.0%"></td><td style="width:20.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.213%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.061%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.641%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.608%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.397%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.556%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.067%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="33" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating Data by Segment</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">($000's omitted)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30, 2023</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Homes Under<br/>Construction</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Land Under<br/>Development</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Raw Land</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Inventory Not Owned</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total<br/>Inventory</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total<br/>Assets</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">339,345 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">319,912 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38,499 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">697,756 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">803,724 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">767,994 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">715,736 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66,342 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,033 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,575,105 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,838,802 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,451,547 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,143,172 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">93,178 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">61,855 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,749,752 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,269,761 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">671,733 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">677,952 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,806 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,472 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,375,963 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,528,933 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">593,864 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">700,732 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">122,623 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">45,976 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,463,195 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,666,557 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,500,748 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,628,040 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">220,548 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,349,336 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,697,236 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other homebuilding </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(b)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30,172 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">334,438 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,730 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">374,340 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,166,356 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,355,403 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,519,982 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">573,726 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">136,336 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,585,447 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,971,369 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">745,894 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,355,403 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,519,982 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">573,726 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">136,336 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,585,447 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,717,263 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="33" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Homes Under<br/>Construction</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Land Under<br/>Development</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Raw Land</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Inventory Not Owned</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total<br/>Inventory</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total<br/>Assets</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Northeast</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">321,687 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">241,897 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">45,455 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">609,039 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">700,413 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Southeast</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">793,539 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">544,867 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">102,336 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,169 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,460,911 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,668,053 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Florida </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,417,657 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,081,836 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">125,253 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">51,889 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,676,635 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,195,091 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Midwest</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">523,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">689,541 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,467 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,235,202 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,382,227 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Texas</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">690,622 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">726,342 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">133,300 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,550,264 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,735,683 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">West</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,662,251 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,528,863 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">238,758 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,429,872 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,771,808 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other homebuilding </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(b)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31,236 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">321,086 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,772 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">364,094 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,470,919 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,440,186 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,134,432 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679,341 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72,058 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,326,017 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13,924,194 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">872,321 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,440,186 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,134,432 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679,341 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72,058 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,326,017 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,796,515 </span></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million.</span></div><div style="margin-bottom:6pt;padding-left:45pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(b)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million.</span></div> 339345000 319912000 38499000 0 697756000 803724000 767994000 715736000 66342000 25033000 1575105000 1838802000 1451547000 1143172000 93178000 61855000 2749752000 3269761000 671733000 677952000 22806000 3472000 1375963000 1528933000 593864000 700732000 122623000 45976000 1463195000 1666557000 1500748000 1628040000 220548000 0 3349336000 3697236000 30172000 334438000 9730000 0 374340000 2166356000 5355403000 5519982000 573726000 136336000 11585447000 14971369000 0 0 0 0 0 745894000 5355403000 5519982000 573726000 136336000 11585447000 15717263000 321687000 241897000 45455000 0 609039000 700413000 793539000 544867000 102336000 20169000 1460911000 1668053000 1417657000 1081836000 125253000 51889000 2676635000 3195091000 523194000 689541000 22467000 0 1235202000 1382227000 690622000 726342000 133300000 0 1550264000 1735683000 1662251000 1528863000 238758000 0 3429872000 3771808000 31236000 321086000 11772000 0 364094000 1470919000 5440186000 5134432000 679341000 72058000 11326017000 13924194000 0 0 0 0 0 872321000 5440186000 5134432000 679341000 72058000 11326017000 14796515000 28600000 -20200000 40400000 Debt<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Notes payable</span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our notes payable are summarized as follows ($000’s omitted):</span></div><div style="margin-top:5pt;padding-left:27pt;padding-right:27pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.438%"><tr><td style="width:1.0%"></td><td style="width:63.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.148%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.768%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.150%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,<br/>2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br/>2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.500% unsecured senior notes due March 2026 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">478,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">500,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.000% unsecured senior notes due January 2027 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">457,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">500,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.875% unsecured senior notes due June 2032 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">300,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">300,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.375% unsecured senior notes due May 2033 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">400,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">400,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.000% unsecured senior notes due February 2035 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">300,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">300,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net premiums, discounts, and issuance costs </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(b)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,465)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9,701)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total senior notes</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,926,535 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,990,299 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other notes payable</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,780 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,228 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,981,315 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,045,527 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Estimated fair value</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,998,032 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,079,218 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;padding-left:54pt;text-indent:-9pt"><span><br/></span></div><div style="margin-bottom:6pt;padding-left:45pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:6.34pt">Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.</span></div><div style="margin-bottom:6pt;padding-left:45pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(b)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:6.34pt">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.</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the three months ended September 30, 2023, we completed open market repurchases of $22.0 million and $43.0 million of our unsecured senior notes scheduled to mature in 2026 and 2027, respectively. </span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Other notes payable</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other notes payable include non-recourse and limited recourse notes with third parties that totaled $54.8 million and $55.2 million at September 30, 2023 and December 31, 2022, respectively. These notes have maturities ranging up to four years, are secured by the applicable land positions to which they relate, and generally have no recourse to other assets. The stated interest rates on these notes range up to 6%. We recorded $35.3 million and $19.9 million of inventory financed by sellers in the nine months ended September 30, 2023 and 2022, respectively.</span></div><div><span><br/></span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revolving credit facility</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We maintain a revolving credit facility (the "Revolving Credit Facility") maturing in June 2027 that has a maximum borrowing capacity of $1.3 billion and contains an uncommitted accordion feature that could increase the capacity to $1.8 billion, subject to certain conditions and availability of additional bank commitments. The Revolving Credit Facility also provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, up to the maximum borrowing capacity. The interest rate on borrowings under the Revolving Credit Facility may be based on either the Secured Overnight Financing Rate or a base rate plus an applicable margin, as defined therein. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of September 30, 2023, we were in compliance with all covenants. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At September 30, 2023, we had no borrowings outstanding, $304.6 million of letters of credit issued, and $945.4 million of remaining capacity under the Revolving Credit Facility. At December 31, 2022, we had no borrowings outstanding, $303.4 million of letters of credit issued, and $946.6 million of remaining capacity under the Revolving Credit Facility.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Joint venture debt</span></div><div style="padding-left:18pt;text-indent:-18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At September 30, 2023, aggregate outstanding debt of unconsolidated joint ventures was $79.5 million, of which $40.3 million was related to one joint venture in which we have a 50% interest. In connection with this loan, we and our joint venture partner provided customary limited recourse guaranties in which our maximum financial loss exposure is limited to our pro rata share of the debt outstanding.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Services debt</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pulte Mortgage entered into a master repurchase agreement (the "Repurchase Agreement") in August 2023 that matures on August 14, 2024. The Repurchase Agreement replaced a substantially similar agreement that previously existed with different lenders. The maximum aggregate commitment under the Repurchase Agreement was $560.0 million at September 30, 2023, and will increase to $850.0 million during the seasonally high borrowing period from December 27, 2023 to January 15, 2024. Thereafter, the maximum aggregate commitment ranges from $600.0 million to $700.0 million. The Repurchase Agreement also contains an accordion feature that could increase the commitment by $50.0 million above its active commitment level. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. At September 30, 2023, Pulte Mortgage had $425.5 million outstanding at a weighted average interest rate of 7.01% and $134.5 million of remaining capacity under the Repurchase Agreement. At December 31, 2022, Pulte Mortgage had $586.7 million outstanding at a weighted average interest rate of 5.39% and $213.3 million of remaining capacity under the prior agreement replaced by the Repurchase Agreement. Pulte Mortgage was in compliance with all of its covenants and requirements as of such dates.</span></div> <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our notes payable are summarized as follows ($000’s omitted):</span></div><div style="margin-top:5pt;padding-left:27pt;padding-right:27pt;text-align:center;text-indent:-9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.438%"><tr><td style="width:1.0%"></td><td style="width:63.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.148%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.768%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.150%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,<br/>2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br/>2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.500% unsecured senior notes due March 2026 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">478,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">500,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.000% unsecured senior notes due January 2027 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">457,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">500,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.875% unsecured senior notes due June 2032 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">300,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">300,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.375% unsecured senior notes due May 2033 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">400,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">400,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.000% unsecured senior notes due February 2035 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">300,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">300,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net premiums, discounts, and issuance costs </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(b)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,465)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9,701)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total senior notes</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,926,535 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,990,299 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other notes payable</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,780 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,228 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Notes payable</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,981,315 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,045,527 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Estimated fair value</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,998,032 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,079,218 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;padding-left:54pt;text-indent:-9pt"><span><br/></span></div><div style="margin-bottom:6pt;padding-left:45pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:6.34pt">Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.</span></div><div style="margin-bottom:6pt;padding-left:45pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(b)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:6.34pt">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.</span></div> 0.05500 478000000 500000000 0.05000 457000000 500000000 0.07875 300000000 300000000 0.06375 400000000 400000000 0.06000 300000000 300000000 8465000 9701000 1926535000 1990299000 54780000 55228000 55228000 1981315000 2045527000 1998032000 2079218000 22000000 43000000 54800000 55200000 P4Y 0.06 35300000 19900000 1300000000 1800000000 0 304600000 945400000 0 303400000 946600000 79500000 40300000 0.50 560000000 850000000 600000000 700000000 50000000 425500000 0.0701 134500000 586700000 0.0539 213300000 Shareholders’ equity<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the nine months ended September 30, 2023, we declared cash dividends totaling $106.8 million and repurchased 10.2 million shares under our repurchase authorization for $700.0 million. In the nine months ended September 30, 2022, we declared cash dividends totaling $106.7 million and repurchased 21.8 million shares under our repurchase authorization for $974.7 million. On April 24, 2023, the Board of Directors increased our share repurchase authorization by $1.0 billion. At September 30, 2023, we had remaining authorization to repurchase $682.9 million of common shares. </span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under our share-based compensation plans, we accept shares as payment under certain conditions related to the vesting of shares, generally related to the payment of minimum tax obligations. In the nine months ended September 30, 2023 and 2022, participants surrendered shares valued at $10.4 million and $14.3 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.</span></div> 106800000 10200000 700000000 106700000 21800000 974700000 1000000000 682900000 10400000 14300000 Income taxes<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our effective tax rate was 24.6% and 24.4% for the three and nine months ended September 30, 2023, respectively, compared with 22.6% and 23.8%, respectively, for the same periods in 2022. Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense. The 2023 effective income tax rate for each of these periods was higher than the rate for the same period in 2022 due to the change in qualification standards for federal energy efficient home tax credits. On August 16, 2022, the Inflation Reduction Act of 2022 (the "Inflation Reduction Act") was signed into law. Notably, the Inflation Reduction Act retroactively extended the federal energy efficient home tax credits to January 1, 2022 using the same standards as prior years. For 2023 through 2032, the credit is based on EnergyStar or Zero Energy Ready standards.</span></div><div style="text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At September 30, 2023 and December 31, 2022, we had net deferred tax liabilities of $265.5 million and $133.1 million, respectively. The accounting for deferred taxes is based upon estimates of future results. Differences between estimated and actual results could result in changes in the valuation of deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time. </span></div>Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. We had $58.7 million and $23.6 million of gross unrecognized tax benefits at September 30, 2023 and December 31, 2022, respectively. Additionally, we had accrued interest and penalties of $5.7 million and $4.1 million at September 30, 2023 and December 31, 2022, respectively. 0.246 0.244 0.226 0.238 265500000 133100000 58700000 23600000 5700000 4100000 Fair value disclosures<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:5pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:6.570%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.523%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:90.507%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 1</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fair value determined based on quoted prices in active markets for identical assets or liabilities.</span></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">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.</span></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 3</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.</span></td></tr></table></div><div style="text-indent:27pt"><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted):</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:5pt;padding-left:9pt;padding-right:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.666%"><tr><td style="width:1.0%"></td><td style="width:52.010%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.597%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.456%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.597%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.370%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.597%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.373%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Financial Instrument</span></td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value<br/>Hierarchy</span></td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value</span></td></tr><tr style="height:24pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,<br/>2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br/>2022</span></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Measured at fair value on a recurring basis:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Residential mortgage loans available-for-sale</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">414,360 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">677,207 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IRLCs</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,354)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,258 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Forward contracts</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,416 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16,709)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Whole loan commitments</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(182)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">641 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Measured at fair value on a non-recurring basis:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">House and land inventory</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 3</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,387 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,873 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Disclosed at fair value:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash, cash equivalents, and restricted cash</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 1</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,899,561 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,094,553 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial Services debt</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">425,456 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">586,711 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Senior notes payable</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,943,252 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,023,990 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other notes payable</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,780 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,228 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fair values for agency residential mortgage loans available-for-sale are determined based on quoted market prices for comparable instruments. Fair values for non-agency residential mortgage loans available-for-sale are determined based on purchase commitments from whole loan investors and other relevant market information available to management. Fair values for IRLCs, including the value of servicing rights, and forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan commitments are based on market prices for similar instruments from the specific whole loan investor.</span></div><div style="text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The carrying amounts of cash and equivalents, Financial Services debt and other notes payable approximate their fair values due to their short-term nature and/or floating interest rate terms. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues. The carrying value of senior notes was $1.9 billion at September 30, 2023 and $2.0 billion at December 31, 2022.</span></div> <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted):</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:5pt;padding-left:9pt;padding-right:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.666%"><tr><td style="width:1.0%"></td><td style="width:52.010%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.597%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.456%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.597%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.370%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.597%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.373%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Financial Instrument</span></td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value<br/>Hierarchy</span></td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value</span></td></tr><tr style="height:24pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,<br/>2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br/>2022</span></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Measured at fair value on a recurring basis:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Residential mortgage loans available-for-sale</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">414,360 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">677,207 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IRLCs</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,354)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,258 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Forward contracts</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,416 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16,709)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Whole loan commitments</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(182)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">641 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Measured at fair value on a non-recurring basis:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">House and land inventory</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 3</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,387 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,873 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Disclosed at fair value:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash, cash equivalents, and restricted cash</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 1</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,899,561 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,094,553 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial Services debt</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">425,456 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">586,711 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Senior notes payable</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,943,252 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,023,990 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other notes payable</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,780 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55,228 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 414360000 677207000 8354000 -9258000 -12416000 16709000 182000 -641000 11387000 10873000 1899561000 1094553000 425456000 586711000 1943252000 2023990000 54780000 55228000 55228000 <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fair values for agency residential mortgage loans available-for-sale are determined based on quoted market prices for comparable instruments. Fair values for non-agency residential mortgage loans available-for-sale are determined based on purchase commitments from whole loan investors and other relevant market information available to management. Fair values for IRLCs, including the value of servicing rights, and forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan commitments are based on market prices for similar instruments from the specific whole loan investor.</span></div><div style="text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The carrying amounts of cash and equivalents, Financial Services debt and other notes payable approximate their fair values due to their short-term nature and/or floating interest rate terms. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues. The carrying value of senior notes was $1.9 billion at September 30, 2023 and $2.0 billion at December 31, 2022.</span></div> 1900000000 2000000000 Commitments and contingencies<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Letters of credit and surety bonds</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the normal course of business, we post letters of credit and surety bonds pursuant to certain performance-related obligations, as security for certain land option agreements, and under various insurance programs. The majority of these letters of credit and surety bonds are in support of our land development and construction obligations to various municipalities, other government agencies, and utility companies related to the construction of roads, sewers, and other infrastructure. We had outstanding letters of credit and surety bonds totaling $304.6 million and $2.3 billion, respectively, at September 30, 2023 and $303.4 million and $2.2 billion, respectively, at December 31, 2022. In the event any such letter of credit or surety bond is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond. Our surety bonds generally do not have stated expiration dates; rather we are released from the surety bonds as the underlying contractual performance is completed. Because significant construction and development work has been performed related to projects that have not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed. We do not believe that a material amount, if any, of the letters of credit or surety bonds will be drawn.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Litigation and regulatory matters</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We establish liabilities for litigation, legal claims, and regulatory matters when such matters are both probable of occurring and any potential loss is reasonably estimable. We accrue for such matters based on the facts and circumstances specific to each matter and revise these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued. In view of the inherent difficulty of predicting the outcome of these legal and regulatory matters, we generally cannot predict the ultimate resolution of the pending matters, the related timing, or the eventual loss. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our results of operations, financial position, or cash flows. However, to the extent the liability arising from the ultimate resolution of any matter exceeds the estimates reflected in the recorded reserves relating to such matter, we could incur additional charges that could be significant. </span></div><div style="text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Warranty liabilities</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Home buyers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home's construction and operating systems for periods of up to, and, in limited instances, exceeding, 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the projected cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates. Changes to warranty liabilities were as follows ($000’s omitted):</span></div><div style="margin-top:5pt;text-align:center;text-indent:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:80.701%"><tr><td style="width:1.0%"></td><td style="width:44.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.762%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.762%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.762%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.766%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Warranty liabilities, beginning of period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">106,136 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">110,605 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">108,348 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">107,117 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reserves provided</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29,412 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,840 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74,598 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66,398 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payments</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(24,984)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23,137)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(75,313)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(65,466)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other adjustments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,747 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,678 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,283 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Warranty liabilities, end of period</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">112,311 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">110,332 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">112,311 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">110,332 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Self-insured risks</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our general liability insurance includes coverage for certain construction defects. While construction defect claims can relate to a variety of circumstances, the majority of our claims relate to alleged problems with siding, plumbing, foundations and other concrete work, windows, roofing, and heating, ventilation, and air conditioning systems. The availability of general liability insurance for the homebuilding industry and its subcontractors has become increasingly limited, and the insurance policies available require us to maintain significant per occurrence and aggregate retention levels. In certain instances, we may offer our subcontractors the opportunity to purchase insurance through one of our captive insurance subsidiaries or participate in a project-specific insurance program provided by us. Policies issued by our captive insurance subsidiaries represent self-insurance of these risks by us. A portion of this self-insured exposure is limited by reinsurance policies that we purchase. General liability coverage for the homebuilding industry is complex, and our coverage varies from policy year to policy year. Our insurance coverage requires a per occurrence retention up to an overall aggregate retention level. Beginning with the first dollar, amounts paid to satisfy insured claims generally apply to our per occurrence and aggregate retention obligations. Any amounts incurred in excess of the occurrence or aggregate retention levels are covered by insurance up to our purchased coverage levels. Our insurance policies, including the captive insurance subsidiaries' reinsurance policies, are maintained with highly-rated underwriters for whom we believe counterparty default risk is not significant.</span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At any point in time, we are managing numerous individual claims related to general liability, property, errors and omissions, workers' compensation, and other business insurance coverage. We reserve for costs associated with such claims (including expected claims management expenses) on an undiscounted basis at the time revenue is recognized for each home closing and periodically evaluate the recorded liabilities based on actuarial analyses of our historical claims. The actuarial analyses calculate estimates of the ultimate net cost of all unpaid losses, including estimates for incurred but not reported losses ("IBNR"). IBNR represents losses related to claims incurred but not yet reported plus development on reported claims.</span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our recorded reserves for all such claims totaled $623.0 million and $635.9 million at September 30, 2023 and December 31, 2022, respectively. The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses. Liabilities related to IBNR and related claim expenses represented approximately 74% of the total general liability reserves at both September 30, 2023 and December 31, 2022. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third-party recovery rates and claims management expenses. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Volatility in both national and local housing market conditions may affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are typically reported and resolved over an extended time period often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Because of the inherent uncertainty in estimating future losses and the timing of such losses related to these claims, actual costs could differ significantly from estimated costs. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments to reserves are recorded in the period in which the change in estimate occurs. We reduced general liability reserves by $66.2 million during the nine months ended September 30, 2023 as a result of changes in estimates resulting from actual claim experience being less than anticipated in previous actuarial projections. The changes in actuarial estimates were driven by changes in actual claims experience that, in turn, impacted actuarial estimates for potential future claims. These changes in actuarial estimates did not involve any changes in actuarial methodology but did impact the development of estimates for future periods, which resulted in adjustments to the IBNR portion of our recorded liabilities. There were no material adjustments to individual claims. Costs associated with our insurance programs are classified within selling, general, and administrative expenses. Changes in these liabilities were as follows ($000's omitted):</span></div><div style="margin-top:5pt;text-align:center;text-indent:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.233%"><tr><td style="width:1.0%"></td><td style="width:45.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.421%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.657%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.421%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.657%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.764%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.657%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.768%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Balance, beginning of period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">605,192 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">652,686 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">635,857 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">627,067 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reserves provided</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,578 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31,134 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">70,050 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74,676 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Adjustments to previously recorded reserves</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(789)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,169)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(66,209)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,889 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payments, net </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,000)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,358)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16,717)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(24,339)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Balance, end of period</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">622,981 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679,293 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">622,981 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679,293 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="padding-left:72pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)    Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Estimates of anticipated recoveries of our costs under various insurance policies or from subcontractors or other third parties are recorded when recovery is considered probable. Such receivables are recorded in other assets and totaled $39.7 million and $43.7 million at September 30, 2023 and December 31, 2022, respectively. Those receivables relate to costs incurred to perform corrective repairs, settle claims with customers, and other costs related to the continued progression of construction defect claims that we believe are insured. Given the complexity inherent with resolving construction defect claims in the homebuilding industry described above, there generally exists a significant lag between our payment of claims and our reimbursements from applicable insurance carriers or third parties. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We lease certain office space and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets and leasehold improvements are limited to the expected lease term. Certain of our lease agreements include rental payments based on a pro-rata share of the lessor’s operating costs which are variable in nature. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ROU assets are classified within other assets on the balance sheet, while lease liabilities are classified within accrued and other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets and lease liabilities were $69.9 million and $84.8 million at September 30, 2023, respectively, and $73.5 million and $90.1 million at December 31, 2022, respectively. In the three and nine months ended September 30, 2023, we recorded an additional $1.3 million and $9.6 million, respectively, of lease liabilities under operating leases, and $3.3 million and $7.5 million in the comparable prior year periods. Payments on lease liabilities in the three and nine months ended September 30, 2023 totaled $6.1 million and $17.4 million, respectively, and $5.0 million and $16.1 million in the comparable prior year periods.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease expense includes costs for leases with terms in excess of one year as well as short-term leases with terms of less than one year. In the three and nine months ended September 30, 2023 our total lease expense was $13.5 million and $42.0 million, respectively, and $14.3 million and $40.5 million in the comparable prior year periods. Our total lease expense is inclusive of variable lease costs of $2.7 million and $8.9 million in the three and nine months ended September 30, 2023, respectively, and $3.3 million and $7.7 million in the comparable prior year periods, as well as short-term lease costs of $4.0 million and $12.8 million in the three and nine months ended September 30, 2023, respectively, and $5.2 million and $15.8 million in the comparable prior year periods. Sublease income was de minimis.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The future minimum lease payments required under our leases as of September 30, 2023 were as follows ($000's omitted):</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:41.520%"><tr><td style="width:1.0%"></td><td style="width:73.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Years Ending December 31,</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2023 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,235 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,010 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,320 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,885 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,240 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,256 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total lease payments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%"> (b)</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">91,946 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less: Interest </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(c)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,147)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Present value of lease liabilities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(d)</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">84,799 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="padding-left:81pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">Remaining payments are for the three months ending December 31, 2023.</span></div><div style="padding-left:81pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(b)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $6.2 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2023. </span></div><div style="padding-left:81pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(c)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.91pt">Our leases do not provide a readily determinable implicit rate. As a result, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.</span></div><div style="padding-left:81pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(d)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 4.8 years and 3.8%, respectively, at September 30, 2023.</span></div> Letters of credit and surety bondsIn the normal course of business, we post letters of credit and surety bonds pursuant to certain performance-related obligations, as security for certain land option agreements, and under various insurance programs. The majority of these letters of credit and surety bonds are in support of our land development and construction obligations to various municipalities, other government agencies, and utility companies related to the construction of roads, sewers, and other infrastructure. We had outstanding letters of credit and surety bonds totaling $304.6 million and $2.3 billion, respectively, at September 30, 2023 and $303.4 million and $2.2 billion, respectively, at December 31, 2022. In the event any such letter of credit or surety bond is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond. Our surety bonds generally do not have stated expiration dates; rather we are released from the surety bonds as the underlying contractual performance is completed. Because significant construction and development work has been performed related to projects that have not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed. 304600000 2300000000 303400000 2200000000 <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Litigation and regulatory matters</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>We establish liabilities for litigation, legal claims, and regulatory matters when such matters are both probable of occurring and any potential loss is reasonably estimable. We accrue for such matters based on the facts and circumstances specific to each matter and revise these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued. In view of the inherent difficulty of predicting the outcome of these legal and regulatory matters, we generally cannot predict the ultimate resolution of the pending matters, the related timing, or the eventual loss. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our results of operations, financial position, or cash flows. However, to the extent the liability arising from the ultimate resolution of any matter exceeds the estimates reflected in the recorded reserves relating to such matter, we could incur additional charges that could be significant. Home buyers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home's construction and operating systems for periods of up to, and, in limited instances, exceeding, 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the projected cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates. P1Y P10Y Changes to warranty liabilities were as follows ($000’s omitted):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:80.701%"><tr><td style="width:1.0%"></td><td style="width:44.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.762%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.762%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.762%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.766%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Warranty liabilities, beginning of period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">106,136 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">110,605 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">108,348 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">107,117 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reserves provided</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29,412 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,840 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74,598 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66,398 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payments</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(24,984)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23,137)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(75,313)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(65,466)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other adjustments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,747 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,678 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,283 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Warranty liabilities, end of period</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">112,311 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">110,332 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">112,311 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">110,332 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table> 106136000 110605000 108348000 107117000 29412000 22840000 74598000 66398000 24984000 23137000 75313000 65466000 1747000 24000 4678000 2283000 112311000 110332000 112311000 110332000 <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Self-insured risks</span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our general liability insurance includes coverage for certain construction defects. While construction defect claims can relate to a variety of circumstances, the majority of our claims relate to alleged problems with siding, plumbing, foundations and other concrete work, windows, roofing, and heating, ventilation, and air conditioning systems. The availability of general liability insurance for the homebuilding industry and its subcontractors has become increasingly limited, and the insurance policies available require us to maintain significant per occurrence and aggregate retention levels. In certain instances, we may offer our subcontractors the opportunity to purchase insurance through one of our captive insurance subsidiaries or participate in a project-specific insurance program provided by us. Policies issued by our captive insurance subsidiaries represent self-insurance of these risks by us. A portion of this self-insured exposure is limited by reinsurance policies that we purchase. General liability coverage for the homebuilding industry is complex, and our coverage varies from policy year to policy year. Our insurance coverage requires a per occurrence retention up to an overall aggregate retention level. Beginning with the first dollar, amounts paid to satisfy insured claims generally apply to our per occurrence and aggregate retention obligations. Any amounts incurred in excess of the occurrence or aggregate retention levels are covered by insurance up to our purchased coverage levels. Our insurance policies, including the captive insurance subsidiaries' reinsurance policies, are maintained with highly-rated underwriters for whom we believe counterparty default risk is not significant.</span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At any point in time, we are managing numerous individual claims related to general liability, property, errors and omissions, workers' compensation, and other business insurance coverage. We reserve for costs associated with such claims (including expected claims management expenses) on an undiscounted basis at the time revenue is recognized for each home closing and periodically evaluate the recorded liabilities based on actuarial analyses of our historical claims. The actuarial analyses calculate estimates of the ultimate net cost of all unpaid losses, including estimates for incurred but not reported losses ("IBNR"). IBNR represents losses related to claims incurred but not yet reported plus development on reported claims.</span></div>Our recorded reserves for all such claims totaled $623.0 million and $635.9 million at September 30, 2023 and December 31, 2022, respectively. The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses. Liabilities related to IBNR and related claim expenses represented approximately 74% of the total general liability reserves at both September 30, 2023 and December 31, 2022. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third-party recovery rates and claims management expenses. 623000000 635900000 0.74 -66200000 Changes in these liabilities were as follows ($000's omitted):<div style="margin-top:5pt;text-align:center;text-indent:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.233%"><tr><td style="width:1.0%"></td><td style="width:45.555%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.421%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.657%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.421%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.657%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.764%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.657%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.768%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">September 30,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Balance, beginning of period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">605,192 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">652,686 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">635,857 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">627,067 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reserves provided</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,578 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31,134 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">70,050 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74,676 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Adjustments to previously recorded reserves</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(789)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,169)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(66,209)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,889 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payments, net </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,000)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,358)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16,717)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(24,339)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Balance, end of period</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">622,981 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679,293 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">622,981 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">679,293 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="padding-left:72pt;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)    Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below).</span></div> 605192000 652686000 635857000 627067000 20578000 31134000 70050000 74676000 -789000 -2169000 -66209000 1889000 2000000 2358000 16717000 24339000 622981000 679293000 622981000 679293000 39700000 43700000 69900000 84800000 73500000 90100000 1300000 9600000 3300000 7500000 6100000 17400000 5000000 16100000 13500000 42000000 14300000 40500000 2700000 8900000 3300000 7700000 4000000 12800000 5200000 15800000 <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The future minimum lease payments required under our leases as of September 30, 2023 were as follows ($000's omitted):</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:41.520%"><tr><td style="width:1.0%"></td><td style="width:73.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Years Ending December 31,</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2023 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(a)</span></div></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,235 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,010 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,320 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,885 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2027</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,240 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,256 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total lease payments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%"> (b)</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">91,946 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Less: Interest </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(c)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,147)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Present value of lease liabilities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">(d)</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">84,799 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="padding-left:81pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">Remaining payments are for the three months ending December 31, 2023.</span></div><div style="padding-left:81pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(b)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $6.2 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2023. </span></div><div style="padding-left:81pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(c)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.91pt">Our leases do not provide a readily determinable implicit rate. As a result, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.</span></div><div style="padding-left:81pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(d)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:15.34pt">The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 4.8 years and 3.8%, respectively, at September 30, 2023.</span></div> 9235000 25010000 17320000 12885000 10240000 17256000 91946000 7147000 84799000 6200000 P4Y9M18D 0.038 false false false false EXCEL 58 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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

7:RN>(^M-=\S1,;1.P0.3DZ[H\&-3FG M"T3R-"-YC2!IF@FA6+ P#!9Y4,R,T]F[8K?C%/@J3VJK4]-3%XC9)HE,&$I M%D04U-,7XT:?=L4ZGUW@$M:XA!OADH)>@"/(JBLNGDWN=NA<4;%B:.+[#(1 M)B@DC8L)7= 2UK2$&]'2(J91A,ZS%+Y.C?UVAT[M',8>U]:?IB/UTP#];,@QLQ M#QB+@>07DOO? 7SR)4-TFTG@@B2 ]C4ZWA/$E/50J US-;5X_3C&WG!X,H"I M[JGS:#*I>0C MNV @K!D(VXGEO<=RX:_>I5WNB]EC%_R#-?]@.ZU,P&!0F(RH.K3:A? M0S3P$#NHO,ZGQC<)>Z*3\E5"%ZQ#-.L0;^]O4O9$+Z7_+EB(:!8B=G2Y#V7$ M$%\BM;*#_(B:26^'RDN7R9^]!V@#&>V11AE#/[N'KC$)VP7;VG[U_LR.-/>" M!OF<[#E^X)'1L5U@_OG::*L+(B*:B(B=B!;,ST3.MD_^FB8PWZA;QMXA=/-M M<6'TU\7B#]$P1.P$LX#G",#=!/V6):%:W*(PM?;##R_;$0J7_+LB*:+(B=AAJFLOL*OON M8U/[[[6M%IO-:WELAU#=JW-[V(_Z MN)0\S@_7C 9,J!O@^R7G\N5$_4"U@6O\'U!+ P04 M" !T@EA767_310H% !.$P & 'AL+W=O9R.C7EBJ^9>:4V MO(9_[I5>,PNW^F%J-IJSJG%:RRF)HG2Z9J*>S&?-;Q_T?*:V5HJ:?]#(;-=K MII]NN%3[JPF>?/OAHWA86??#=#[;L >^Y/;SYH.&NVD;I1)K7ANA:J3Y_=7D M&E\N2.(<&HM_!-^;DVOD4KE3ZHN[>5==32)'Q"4OK0O!X&O'%UQ*%PDXOAZ# M3MHQG>/I];?H;YKD(9D[9OA"R7]%95=7DWR"*G[/MM)^5/NW_)@0=?%*)4WS MB?8'VS2>H')KK%H?G8%@+>K#-WL\3L2) TY&',C1@7RO0WQTB)M$#V1-6K?, MLOE,JSW2SAJBN8MF;AIOR$;4;AF75L._ OSL?*'J"A:%5PBNC)*B8A9N;IAD M=Y+LV&E?QJ KO'<+WCD_G//^$T^MV7U \*=I9BW*88AZ+/%\RL$"P6XE^W M8L**RPJ!5"$#,^W#S :CQU 2:8]Q:)400D?J M-6\!\^?J54#GM +J8JVT?0#10U*QVB"V8T*R.\E? OO+,?;<5Z=QVB_GH5F: M920:F=ZBI2^"].]@\8U=N_)U#7U;EZ?=WZ5E!?>VB6*XX"DA>;\N/&9)FM&1 M;8BC3JZB(/C?=L4U8L9P?Q<[NI\/3-)L4+@^0U)@FI$1Q!-%Q4'$/Y2J]D)* M+QX>+F=>Q/U%?];L'*U3.QQ4FN/LB=JR^D% @88FD@R[;5X,RM-CEJ9Y1D=( M.]'"8=6ZY?=<:ZA%RQY#E/%P>.A3M$\Y-,M)G.0CE)UFX;!H'60A@#<4(Z@P MG)$T[A-Z+).L2"D>F\I.NC -GG'>"W8G9+.A+[V00>G[OT>='Q7M/-E.XW!8 MY*[+4FU=5]NP)]>"O0D/18M";QKHL->.%J/%W6D;#HO;HCG7PTZL^$89,5([ M0]G*T@*Z0)_28Y?'E*8CE)W X;#"G6U!V161%W8H4W&,X[0OQ1X[@N%8,0;; MZ1D."QJLN]X"JSLVJ*;+/4?L%;("9X,J\!GF%!Y _,RDTS(2UK(WHH:'+'> M6,(^$"4W4!!WUOLT,E2K!(XPM#^_'CN:IQG&(ZR=J)&PJ/VE+ ]N*C*4+%SD M.,;]7NPQ)!&<;LG(D8:W0C9]9=^+1M2Q*LI3T.7T"F)-D[&1+.FTC M86U;KICF*R4KKLTOS9.$]1["R5"U'&ZL MVC3O/^Z4A:[;7*XX W1G /_?*ZCMXXU[I=*^0IO_!U!+ P04 " !T@EA7 M0DT.,N(( U.0 & 'AL+W=ONSB6I^[>J_JU9*]6BKYNB;!YFZ[;=WLWGS7*M-FES6VU5 MJ7]95?4F;?77^F7>;&N59OV@33&G&(?S39J7L\?[_MCG^O&^VK5%7JK/-6IV MFTU:__%1%=7;PXS,C@>^Y"_KMCLP?[S?IB_J2;6_;#_7^MO\Q)+E&U4V>56B M6JT>9M^2NX3S;D"/^#57;\W99]29\EQ5OW5??L@>9KB[(E6H9=M1I/K/JUJH MHNB8]'7\?B"=G<[9#3S_?&3_KC=>&_.<-FI1%?_-LW;],),SE*E5NBO:+]7; M]^I@4-#Q+:NBZ?]';P\=%Z=M^GA?5V^H[M":K?O0>[\?K?V5 MEUVB/+6U_C77X]K'154V59%G::LR]-3J/SH+V@9]6J%/6U6G730;] ']\A2C M=]^\1\TZK56#\A+]O*YV35IFS0WZ9O3]?M[J"^OHY\O#17S<7P2=N B&?JS* M=MV@I,Q4!HR/W>,CQ_BY=LC)*_3HE8_42?BDMK>(X1M$,67 ]2PN'TXA<_[> MV9._?/:1,]@I15C/QR;XOJA75>Y4ICI,M:H^E7- M'O_Y#Q+B?T%>]4D6^R1+/)&-_,]/_N?JS8M=%'>1P$*PGY\V(_OG@RO MCQQC%C"=/*_G_K5Q3$8!#ND8%]LX0D0H(AJ.@0D Q!'E[.S,(Y.#D\F!,^6^ MKS;J>9<765Z^H$75M*A:(6<>!C[ST"=9[),L\40V"DIX"DKHS,-C'%R9N&<( MSA+B Q6"A]A,10@8AHP$1HK% %!J@T3 C5P$@(('7! .YZ(XF2V<9G^7EVFY MS/4M^*0=FB_UTT]]U3JM@3T@[,O@(6?$L!^"!8P:;HH!&&&"=-VZN!5.;TA[>O2=8F$PG ' MB,.$F)4)P!&,N>6X! 0RS"(">R0Z>21R>B3Y?9>W?VB]L]0E"JWJ:H-V^O.9 MB-+R*6]SV!V1=54R,C/#QG!NWA0 AG%IN, &419AV'R"![V(G0[XMVX^D%;X MF7IN=2EH\[I7C*#HP]85,/-9LP! V+#V$I[$R3.V]4P;$Z>MG]JUJH^Q?G?( M\_.JW_86_W ML]+MJ#IZH4V_PJE](!OE-A>,<--Z *?O6 ;/B#@")9,RT*(: (2%88--T !AP' 9BPO1! M(@R;;NB]D4HC M!C 42TCI6DPH"-U863"BC4 %/I!(<,)@P?! M2=R*\[.^T?O>%E27Q*N\],H6>V5+?+&-PS!(3.+6F!_3)E\BE=:EEAT->K=K M,K0]AN8]&)H]H3B__6\CZRD#H:R28X/DK5UO;)2XI5,).*A,XI:9<5[L>OEP MC>U[2CFVW30= H56S;%1VG8>G?\S'6$/T8Z@$XX8)"=Q:\Y%VJQ1EK_FF2JS M1NN,9:'MSR[RA[1"@V]):#H$1 6F0R"4I;%@U(3J)H/())&S&OVTVSQK2W6S M=9AOVS7: UIX+=-BN2OZ63FX4#G5Z]6%RB=;[)4M\<4VGA\<9#!UR^!]H3I$ MI]JU3:L[HVZVXMW^&)B?U-:HE$@JC:Q:0#B&([-KBB&<)F2F-@;Y1'BF4,9> M& 0R=0OD9+52RWY2(.O*5]<--FJYJ_L&R.T*0"NSR!2+(,J;NM+XX[GT&+!1$-)3$7'2%@))2%I@=%0#4'14G M.#!6JQ((J34%%WAB1HP-G16CGI](S-FJ79V-/MEBKVR)+[9Q:,YV!%VT,G+A MTA"SERDDD2PTEPL G)#=/(69G3:.U'*]LL5>VQ!?;. I#J\?< MK9[SD67OUF%2AA$VIT(AH(A(&)GS]0"0$,X8%^:F-0B) RFPG)@,9$,3Q=R+ M.$99N+;9=;-?G9I>.RJO;(DOMG&V5+?+&-HS"T M>,S=XCD+A+U[B441MB0# ,-A8&XP & $B\#66+O;(EOMC&X1B:*4[^^NW/G8W8U5'PR19[94M\L8VC,/1WW+UR MYKK]N;U,)4)!C56O!02C IN;&P 8U?VQ=?M#.!:%=&([%1_Z)>Y^A>+Z5I9[ M72CSRA9[94M\L8U#<_9RA;N3NZZ5Y?8&-"HCGK'[]O^S3;C^$=RMR# \9C< M)?LW^ ;Z_0N%/Z;U2UXVJ% K?2I\*_0]5._?T=M_::MM_Q+:<]6VU:;_N%9I MINH.H']?555[_-*=X/2FY./_ 5!+ P04 " !T@EA7SV;9>4\# !@# M& 'AL+W=O> CTDF>$]XU$B$77-/DT@1SS:[H (M_,*,NQD(]L;O(% QR7I#PS'TGDBU((9]A9X#F,0 M3XM[)I_,1B5.Y3#"'(9W M#O!-686F%,YK*6Z<@X)C6%PCU[I"CN6XFOT,3Z<[NG3^+_KHGZ-O%,-M?.&6 M>NY>7VB:?_F99( $1?>820.A'X,)%TP> M S]USJABM_2QU='8Y0L\A;XA]\"!+<$(W[ZQV]8'75O.*1:=4VQT)K&-!K:: M!K8.J8>J1VG9-ET#*FZ[Y*I/R3)LNX'O>SUSN5Y:#I7B%16%?BEJZN#=TXCGE,L M.J?8Z$QB&]UI-]UI'S3B,,%DKAJ"EC@K0'4C!I8NL9H0M-^-2L];LXFUYE?S3+HXCH*&*TB]B79=!D&1SNYXGY!:<= M,1J8[HC9A>F/& U.'C&V:V\E;:Z-3#FP>3FK+U005H_E2$?P!02P,$% @ =()85]B*/[JI"@ %\ M !@ !X;"]W;W)K2J)*4[?[[!2E9$"X"2>?;Y"&6;.!\ MX'<($.< Q/5367VI5T(TP?-FO:UO)JNFV;V?3NO%2FSR^EVY$UOYE_NRVN2- M_%H]3.M=)?)E5VFSGN(PC*>;O-A.;J^[WWVL;J_+?;,NMN)C%=3[S2:O_OP@ MUN73S01-7G[QJ7A8->TOIK?7N_Q!W(GF]]W'2GZ;GE"6Q49LZZ+7;R\F,]Y+6;E^M_%LEG=3-))L!3W^7[=?"J??A3' M"XI:O$6YKKO_@Z=CV7 2+/9U4VZ.E64+-L7V\#-_/B;BK (B%RK@8P4\M (Y M5B!&!9QYR?TA6E^EYWN2WUU7Y%%1M M:8G6?NCHZFK+!!?;]LZZ:RKYUT+6:VYGY;8NU\4R;\0RN&OD#WG;-'7PZWUP MM\HKL2K72U'5?PO8'_NB^3.X"GZ_FP=OOGL;U.V?ZZ#8!K^MRGV=;Y?U]\%W MVO?K:2.;V ::+H[-^7!H#K[0G-_*)E\[JLW\U6;E9B-OT[NF7'QQU)[[:_^P M7!;M;9ZO@X]YL;R2ES#+=X6[):P':['8;_;K+IV_-BM1!;)MLL^OVL[X*(*? MMHMR(X(W/Y=U_=8!S_WPGT0C1PN)S?)J6VP?C!1/)?NG6P"?;@'<8=(+F!_$ M0[%MP0Z4GA@7!\;?'(A^&^1-,!>+=P%!WPU?_X+B\.\NS@]@40?6CI"/MYAF!,?7T\=SM%&LMM M9 US<6+<\7/(@ P2C .!:93%)\KB,92YF(KMY(8D- :PV!I/S&>,"P938^CR M-G9L7H' M+PFI[PFWKS.B\=B*>0$3L[1%VN9XZ4KM8F5DRL4QG%D9M<;:^S8 M!0G&(,%X?SHT+M(3%^F >[P2NWVU6,E'DG]@\F*-'9A2^XHP2N+,Z!N0,1DD M& <"TWC+3KQEXWAST979&&J]7^6@52_.RF%\U9O.VE!MNA+,W,^-/-'',W* MH* ,-"B'0M-)4:(?^57_/T4CQ4UK1CAIL+4W2D@4IK%)!*1@GH.B,5 T/B E M.A5*J2._5#_X1 O-)_)00ZQVF )YY@\XFA5(-#:@_1PJHDZ(\@&05VC>LNUR MD!UV)W;O A)V#@IV<@5J AS1M&$*IYA@8R( &I6!HG$H-)U9I?&17^3[F!U$ MJ"W64Q33,#1G;,>"L<&5R90-1^0#-\E"\]%C%PS-/F,7H2F),H(NC$]*92._ MS!YA$/]CO^U)(*1(GB%;E^,V?Z&99\BH#!2-0Z'IY"JIC_Q:O]\G[N?4EKY) M0B.,K,E"8G<*V\]WP!&",F0:"\Q1T.H4=A%*,4GH!56.E"Q'Z3D=^R'92[;I%);1U]A=*04G.V<"RH M+P53DPW8U7_8Y?\+5QKB"]U$.0;8[QA\A>^);?E]E2!DYA[40 !%8Z!HO"\? M.D/*0L!^"V&,YXEM71_'U%Q&\P<<35-T#\WL"X#;1.3HDMD],,T3 S)Q7'@K%!E[F%UH8CA(2(& 69HZ#9 M*1Q%HBA%R25M0I2$)^@;&J,$5.*#HLU!T1@H&H="TV\"Y020(4[ L,VT?JC1 M%-NBFR:F:P :DH&B<2@TG;FSUP;\UL* /;7$L8*?4FR.:8Y=^B8-+B![- /5 M^U!H>GJ5+T#\OL PQYG8ZKS=3"K%EYED4%, %(V!HO$!*=$I4;X &;+Q?ZCG M[ <;/5K9&EM>%;),9]"H#!2-0Z'I]"DW@0QY":#'=":VB7"5A.T_LT/9[P*T MA)AT@%H$H&C<=:EQEJ59=J&C*/5/>M3_<[N\V5K+0;D]S(I[\^[8%1\G9CYG M_L"CAS%0F0^*QGL3HG.C]#OQZ_>O6!$@CGW^**2A)5) =Q6 HC%0--Z?$9TE M91B0 2\%#%P5( X)'X>IZ:?X(XYF95!0!AJ40Z'I+WTJH4_]0M^_+D!MH8RD MB+?6A6?^**/?T01=_0=%XP-2HE.AO /J7_X?MS) [05[\W'NCS>:%%#!#XK& MH=!TYI3@IW[!_YJ5 >(D%=0-H(XS!%",B/E^+6A4!HK&H=!T9I4A0/V&P(B5 M 3>AMLA'88AP9,T"J>,@ 4F6296-1TB,PL@8D)FCH.F".HK$,F$^1L^. M$O#K_%?NF79G$%)(SZ@MI#&2\L!<@@&-RD#1.!2:3JYR#*C?,1BW9]K-J2W\ MLR2,0NO]0^IXD0!EIC_@@",DH@299IJCH-4I'.O^A*;1I>DO55*=QM]P:8"" MODH BC8'16.@:!P*3;\)E(M _2["F*4!/]1HBFWM;3U<0*T#4#0.A:;SIAP& MZG<8ACG7U"&=B1S6K(DYJ)D BL9 T7A_1G1"E)E 1YXPX.]*H/L+J..5?I)8 M*]:@01DH&H="TP\;4JY#Y'<=!MG6D6N?O5 MXBS+X@O+.Y'R%"*_I_ *USJRC07BR#FHMP"*QD#1>%\^=&:49Q#Y/8.O\*PC MQ]9ZZQGC#S^:(%"+ !2-]Z1#YT]61+>UCDB;6Z2G^(*-I #4*0-%X?T9T(LX."_1; ..< MZJA7=<_\\49S GM@(.R)@?^/_0*1,B$B_WX!,*?:'V?LC#IR'&7@)O,.JPW'KAR]-N>N.!_]<-DVYZ3ZN1"Z3UQ:0?[\O MR^;E2WOB^.G0^]O_ 5!+ P04 " !T@EA7<7PB($,( #\(P & 'AL M+W=ODD,U%$ 'QU;A1A(Z 9/M^?1>D3$K$2Z*KOU@BO0!W%]A]=B%>/LGV M-[7F7*/G3=VHJ]E:Z^W%8J'*-=\P]5%N>0/_6&-$K)!+5]=S3[ABYLX-@,ZB7\+_J2.OB-CRH.4 MOYF+V^IJ%AF->,U+;:9@\+'G-[RNS4R@Q^^'26?#,\W X^^OLW_IC =C'ICB M-[+^CZCT^FJ6SU#%5VQ7ZZ_RZ1_\8%!BYBMEK;J_Z*F7S9(9*G=*R\UA,&BP M$4W_R9X/CC@:@'T#R&$ F0Z(/0/H80#M#.TUZ\SZS#1;7K;R";5&&F8S7SK? M=*/!&M&89;S7+?Q7P#B]O)&-DK6HF.85NM?P 6ND%?IEA6Z86J,OL,X*S=&O M]Y_1NQ_>HQ^0:-"_UG*G6%.IRX4&'<3SO +])!N]5NC'IN+5 MZ?@%Z#X80%X-N";!">_Y]B.BT0=$(D(=^MQ\_W 24(<._J3=?-3G3^.T5>>T M52LW".*M95HTC_V&%5IP=>%R6S]M[)[6!/.%VK*27\T@6A5O]WRV_.M?T91RPUUF]F/3;JQ),?LES@M,L^)RL3^VP"&7 MT23*TT'N1+ED4"X)+L^GZK\04_T6UQ+R4"F;4M0<-8/6YKZY*KN5/&L-D[=< MPS>:[,1-Z>"F-+B&G_F*MRUDA%>7L&?$GP$=RKFH_63)\6)10O/IFMIB,8WS MQ+VBV:!J%E3UGY"'YBVONP16KEG[R)UI*;-U3(LLGZAH2U$29QX5\T'%/*CB MWX&F")!5\0<-6TZ+MDNR+BUSZ_ESFI*)DK90Y%:P&!0LOK' M6F%+87*TZ4^-(*,1)&C$/809GYOJ"4).;DQ>Z/=.($<S$9N1&4BDM7(9,=':')0+1E$,=LS4;.'FL^AK9HK M5KL#P,8?24E*+1MLN23*\A1[+!A!B<.D[$( ,:6X=GO9AM\<'(>I%0W2NA=ZUXP8L-VGF9).@T?EUR>)[Y"F(Q8)F$LWW;+TS.\RB95O NN23'B:>F(R.>21C/5EE4'IQ^;EU$;$83BM.I';84C;$G?9$1 MY23<^E[O%-Q10(02:E0E?.7S81IW!7_0T!:9XRB./(40&5%+PJCM*>"*9&]U M1%SXQ1F9DLLE5Z2^O3&2EX3).^330PIU*N_4VR;IO$@BBV9^6(+(;J?D >*?M#H+G M:59,N>>2B_/$UGOS:I!?0X 0"M6F@KD MQ:F]36,KMEUD)TGD"VXZ IN&6^,C3_\)U:G=\TY5=XC,89^D?MU'S-(P9K_T ML0$Y_QYVH"AAD[2#.=[<1!TPQ2DFR72WN 1)GA74D_7IB%T:QNYG4NKZF+L4ED>=@EAG&:>=0\.I@.(_:NE27GU2$3'571Z/7T3$MTPEEQ MZ,I>3,PB^=1,#^P/AMDPQ5&>15,\..1\FV8D+@T3]^YUN_^_-CAP&Q?VL;1# MSF?#2&0:)G)WFF+V^JXMU]#^NW>/@ZU9%$7V_G%!.(M37W-&1P[3,(<[F&V9 MJ!"TN4@9K15Z$GJ]YG5_3[-GC_8NPD(U8[G7)1=3XLGI= 0Q#?>^GX7IQ)I* M=08X570UM5&69M/:T2U8)(4O0D=.TC GK4+'52XX=7?UO!'TBM'T2-8MF=/$ M=XY%1VS2;[>]PG^6]:$WC4-AO&=UG]--4P^;""K_LCN]!P&G>38OH3,1Q3((U M]_UNNZV['UB@E!A^PT:W3?_. [1DSHH[#D+^W(K[K68[]<'(^CC,^MM&<[-Z M?;I^=VBFQ1^\>N^MI&('QB%'3X/,(9:DON/5^.A'XS#(;XQX>UC]WJ)0MV99/]&PG!W>(7E4_?B MQN3^-;ZXZ5]$&:?IWXOYB;60&A2J^0JFC#Z:%TG:_E63_D++;?>VQH/46FZZ MKVO.H)8W O#_E83^Z7!A'C"\\+/\'U!+ P04 " !T@EA7' R/8=(4 & M.0 & 'AL+W=O AN3T3^\6& M@*JLK#Q>'E5\M2O*3]7:F%I]WF1Y]7JPKNOMR^OK*EF;C:["8FMR?%D5Y4;7 M^+-\N*ZVI=$I3]IDU]%P.+W>:)L/WKSB=Q_*-Z^*ILYL;CZ4JFHV&UWNWYJL MV+T>C ;^Q9U]6-?TXOK-JZU^,/>F_FW[H<1?URV5U&Y,7MDB5Z59O1[V-S^5]_=G+H39@/GY@0N0D1\RT+,9??ZEJ_>546.U72 M:%"C!]XJSP9S-B>EW-FO1P_C58:OF*/%]OHV<)WIMMJ.)AH*)A%#]#+V[W M&3.]^ EZ-TE2-'EM\P?UH5EM=6)> M#[8DN?+1#-[\]2^CZ?";9[@=M]R.GZ/>:67[!:W\"V34!QBL^:$LFFV@WN5) MJ&A,;FAI*II2)<5F@Q6JM<:""K)-05:F_@P'_1\X*"87R2?UW>=DK?,'HQH83,DC M:IM\PF.UWRSA!G_]RSR*AM]\^/$G?AI]$V+US%05CTU@;>9SK0K\4>YL90 0 MOS<6JP9"RY2;2@VZK0[D_>"VV&QUOL>?@YVA?YMJ(/P/L(&!:BKL#S2-9 LF5E4ZM+F%.H/JYM9E@._??*Y ^ -^C O9LMO?"; 5,1KEL M*BBO OL[HW16%7X:!F^*LN;GI\L[QJ2ITG6+ LH!*BTBT9JE_!O(8_L22)GR;7 M36I@J.EFEZO; YZ5F>J(M,!J$-X:_V(%8S)R3RWL!A:F0F7*:^^ ML_5:D8FI!Y-C^0RRPV>S)9*Z82 MQC@>8*>\ ND"6Z[+A@-%11HGQ%>CX=7?>=A-"=N$<$9#"U=?H/!!(1^@7IQ58L-PS-B9LLP.I) M4Y;TLC?XDI5HX9]@*S<)S!-QFWG2:J5M>8@KG3[=QM-0_2)F [H8">.K>+9( M0I2# ;9(*T^*-%L:%I]?45PFM8FF .XEZ>G5:UUCQWNLK,SGK6%7\(NL&FQ_ M;W3)1EN=%R'@JFBRE A06D-&B'W_H\DE;V ;$7#[DD4?:I2@R<"6O#2(,-&Y MR?,&\^[,%GY(\.B-[3];OHEE !-^A92V"R!0_&(@V$$'*Q8"@!I( JM1 XI M/B2:P,>S_,G.R )MO>^Y%YN:!]">^9 G;/0GTUN*MJ@KI'!;YRLD?KU:0>[, MN=Z05Y(YT^YDTZR)I^1U "0L./*HFB3D59RP>E*[(CA>E<4&%(NJQU4(8289 MV+(KMA)B[#OFB0RF5>#*EHAKOS<:C)6<6#@VL33C;ME2,2Z>945%?"5%Q>X, MKD&1C+5XM*0="$B2- 3)P&F:)B#MS$QYM=6V-15'!L-X"X3^JM*9$>)066D> M3=X8QI_NJW\+J<"6 74P$?&95M:=XQUL@'@3;=,C1TWX.*FU[[:@"T4X60M> MT+K5%[?+?MI;3@N95%"4-G1N$[^N;=5C,_'0D3*#1@R)A0%"'!@1XL]08MMY M1H9 T9Q^L4HCL.X?>7]%"'7 M2,S,$;T1J#D'%L>]IS@EGBMI;$0P6VW%*K-]J.Z1)<#I2"/$-C3Y$2)XU%G# M$%.=?&ZVBD)>YM*EC7G:M7; 'GRAW;1![IY WM;62:]-P9 3;6S%9=8%)TGW MW]T.+@'>A& D)A+S!8$K(CNRA1RUXG/?7(BI/%2OB@RU'\G]XL5P.*2T8S3[ M!I\!0]CHY4M8!'IE'>C M :YT KS#&]HV.Z9ZH2ZB8#R97O+3.!A/(WY8N0, ME'H,]*NZ']&1?_S9N( MC.Z+ZHUN!#$0BC&+PP F5 WQ))-??I]FD(99@EC"64_>7YWO^/L6L;JK_%8< ?57F.];;D MW[>?-X^YVD"K*N(92R-I-+4TIJI-!I7-[5A0!QT^?[G]V-G$E1_YR@^#$X,: ML [3T02(3CU=T@2SJ:#I-E RA,ON@*%&^_.=,]1W]L5Q0X/;+,,EOLFWQ9?M M[G!"-L21"#R&(?.I!U'DQ9!$PH-^1#CU8NJCF!G%1:][6!JMU :"RD+#6.8$ M/,V@Y1)(IHY..FA,H#_4Z[JKT.*D_7ECB#[W3H*%W@NM) (^;EC^E+,]7IM+ M YS/>MQ!-C'CU.JP74L/XK"-L?WZL.;E7+10<5759;BS>8N[:#E^4N-% M[RXS#F$\7[W?[/+=\X=\S8M&$>EY%44BPF&20LRJO14?P8RF 61Q@ID71@EB M6FL(/>TOC25J$T%E8RO%U5^X2 O!869P@,O$5& &B?;@'W%\8((B[ZP'NOSA M.+[[VIME0(\XTX[@L6ET/X"*IX5[XQI<67" W\?U!5&Q/ZY]O=,ZS^H-NO3JI/WRM M@VR([[*-YGB61ZN*;![$B&00A9C*^#[RH8^2T(_#),&)T9G8GGZ61@CUUOON MN/6N3+4\_]8'K>9RPN6 3;U\\#I-00^KRW(03I&8(N6@T\NORS X=74PH>#, MY1?6@/O*\?I]N9/AQ">\8=<;IGY[QY_X>ONH%AW>;LM=N?)3$60!CR4_D$!5 M[T:0X 1#QN* ,]4/' 5!Y,$$A."/D7%>$T^O\UY2&,P*FMT:<62N6 8YJ7C56 M946LDB D61Q$D'C(DVPE*,P80S"6[)5@+/R8":.XYD7S2V.C@W5-DHYI!/,2 M.\W Q1J1J>,5;3#,0Y2S/KN*3%XV/F] )P^7W[C:_% MQTVY+[ T]"LO>?'$RU7(:$8%]J!//081\P@D)/$A$3C*?,HC1+6.>^ATMK3! MW-H%'HOM4\YT%02UVJ[1FGB@'TQ5Z8JE-!;DK;6@:,QUB)V^4)E+#&=2 M+M/!$K!]H;9R=O<ZZF?:]YAORKS=%ZJ MX(>\I'C]GQP7[V7D59UZ\5(9!\G8B"AR15Z60>P+!JF0\[F0>3(^TF+8H4Z6 MQJR-G: V%"A+P7LUQ9"VZN_2]$(ZOE7C JB)2=4*(Z-MFS$0K/9N>AN=;0-G MS*WN+L[HM6X$2.IS=,>C"W$JQW829S!).(8H2^2D2,0>Q$F0^)Z,JB)DM-@[ MTM_2AO]!%.*QU26Y3#;C-;QZ\R:'H$U,!:]_5*-C1[7 MQZ0V^FZS75J1;7SEC_*]NL &^NK<-YTE4;O M,>@NWS@'=_)U'6DQ.)H,&INOP-%J9[O1EC Y6PK2ZW7F-2(C*$X7C\QN=\)5 M[%TU9:V+6U346*Y(%B.$P@QZ'D80"4(@"0-?/@4B&J+2M46SP9Z0^@,PW?G^OP M5U+] C+#]TIQW!_[$I.-W>;=0GXSO^^89ON,AWY8JF<98R#T&/^R%$@1=! MG"$,O13+:2V)>8*-@L^>?I;&+'\KMF4)]AUC*TDXTIAK1B]]V.IQB@/$)B:2 MKH5*%PZ\&8/)F#I&0'#$%WV]S$H2(ZZ^9H:QR\VSEU6>I'S:NLG*S>5+&\%5 MBBW654_J^CT\+"U=GG@(CGIKE"_\RC^K]."VC=FR@5\9W4W^??U/=@7$;YK* ML&\/Q7R_JBIKY8KYL8]XFL!$1N0R$*<9)"P-H4<\0A#A/DE]DUKA?1TM;8@= M[0-5O3F#7>%!/(<'H$N4)AZ5RDQPTQ;[O@(=P+ZZ!,RL?+<+X.:LU&T%H'&M M[#%41LIB]]X^:P7L,2=>%[L>O=Z<*=]N-]6I:5R6?'=(=BAD6/(#K\L51B'F M2,@)! N%*A%$H/PK#Z8ABD(>R5E%JEW)>KBKY;%E;2VHS'V1!U(;K$\&(QB/ M\Z<[Y"9F4#H;:/H8=YFSZ >?% M/_!ZS\^4"/2(8,+S,IAD!#5I!VF<09&E0KX2,B@E6B='1OI9&H\V%G*F=%N% MM!L\*<,UQ6O&0!WG3D=034R59"[W;Q=2Y(^)A>E MW(L3QE(HJ#I^E_$49BCD,,))2&,6B\0S*C5G:L_4EMWW']OZ+\%GOKO?LDE4 MA1U![FISS]**>7?\+H/J9!OPPN;, ] _-J6J'\%91U U29/HW9[_QW[# R\, M&MU/BICO449@E'(&$?83F":40B(2WPNI%R.AQ:1&O2Z--Y-_DU;^"]BW]H.R MEOO=5'*_3,83RGZ@'-"/P/2?P7CT.@FRD^\OMFB^$$]NL'X!ZKA8ZP7HZD>[ MDZ \4^QK@+:;,-@8K(&@6+^MV4)D8_>Z ;/YS9;%F/E.*6#>-DMF-TUW>5/51&A54)EO(QP ),4Q9+G10Q)D/DP36,418C["?97.R6QHQO>=F'^HX7Y8#RX'H?9O/"S,6*N"D'K=SQO86AC0$X*19NW8$=J M'[:%JN_1+LZV O4HBSV14 X#$F40<(3*]S$SFO*?[V9ID6EC M)6@W PRIJ =+/=JY'*&I5TL;< X63E"98Q@$1ZS1T\FL##'LZ&LV&+GZ0M6: M:AY\(ZKTV>N?>;E*,:,>X3)F"1,,41!%$/,PAI12YL6^#&'\V$K YG5/2QO_ M]>K05H Z[?LO9:.MGLT)JII+=2ZPFI@)S&"R5[KI@\"UZ,U)/[]&_Z;/W5XI MG-X;+ 6T9311JS A'%."A0<)C82VVJJ=WD&5+UOL#5&VOG&Z?>/% MRME+W?;6>OUS)V&V%Q@MI^GUNS1B.*:,78&NY5>@:[OAHIOF(]!TYH."KU6?2I94 MOA;E=IVSZL]Y*RZN4E; ]L?&1"=7^\$,$Y9SG&9#\J MHOU8EGO)D]MK^C_[O*BJ'JQX'(7,SQ+(@C2#*/)3B'TF( HP9RA!$=:7-!_I M:VDA9YV8]5C;"_+*8$7HN#:Y*J1R)'1]PAF#?)R]'0(Y,6G7&#:F@H\'#!MK M*Y9QAYP^0SM$<"9BO@A)(SK6Q&: A<=:F(U\-5WI$I+&/>08]/_(DWZ8>Q%'&972->8!\[&5< MK)YX0;:Z4W_]SDW>_ZX)T[W^M862;IL%[$);_-P">N%%*!1Q!&FLM!8Q0A#S MB$-?0L^1G/7$OE'1\&F G^4TJ+0<'$U79V*:!_"U*GK5/):C Y,]$[U%F&F0 MGO@CZ0YDXW49<[P<+ ;WQW MR!UR$W/+*&C@+Z>'&/7!L=HN&FEZMHTC/1>[6TB:=UR8D'DC/N0;O*$Y7M]N MRZH\ST%- 41CF,/PRA@OIS*AR',*/%@[ L4LXSX&;8K+CC0Z=(XY%AE;RO MP6K0FFVLX&#T /1"&->P3DPP#A"U3_/4@,AUQN=0E[\F^5,#A-X\4)U[+5-" MGS]NQ+9XJ)9%/N4;_E'V6*XP]3'VN8!QB%2">,I@AFD*_=##.*0T"U)BE!]Z MMINET4YM*>B8"OY2QH+*6M/1L,\X/=_LO.FG M@ZZ=Y*(.7VV^I_!M7_#=\YOMAI4W^UVYPQLEHK$*<.233$8=OCH@@C*BAKY/ M8)H1E9(:\C31UG$]W\72AGUM)2#*3+ ]VJF_XMT#Y?@6P>4 31TWU-A4%H(; MA]CH;P)$1 2R)/%Y0&.6ALRX9LR++A9'<4H=I['P7P&O M;+2H#O,2QLA#:4HH@CR(N P2$R$_$AZ5;V :9'&8D#B)5W4M7QG)%KLYP'S= MW720ON%W^4:I#]5UV%R#&X1!&O XA3C B(_CF$FA/P,DP@+@A%*1-B ^WYC M4DKJ0FC;SJ8,+=EDJ.K.[2_!:>K(NS+H"ESO=D5.]KMJHWFW!;=857UU7*?H M+ @NZQ*][&#^.D1G'3Q;=^C\E9?J-,IY?;[CG_(G)?X@/WAWN7RG72M1NP8[2OO)2 M?H_HCC,E:W.]J7Y39/F$URHY%%F MEB@SUN7RTF..%E>266;\-(JP'BNY1&UB+NK 54E?J4S.ZH>.N>[81Q<81YPS MVMVL3*/K_&M^T;[OTD"IBL'>/->2KM5'.!,A]E#HPR!111E#',&4IQD,_9A& M88:0Q[64_S7Z6G(H5$NT*%7D2K3EPM#G%&;36.?1R MVM,O"E=Z7>Z/3_IO,:..LMA5K-1LG;[;/N!\LPH%26.481BR1$8?0LAIE,<$ MI'X:)BQ(6.)Y.F1QMO6ET<-7_I27:DM.ON:WA5*OK6OD@K]J>S79X3R2PWQP M,3Z3AQ2VT&@3P" $0T->WM@9[O)/QZ%^OLU9!O>@.^UP'K[(-@G_L> TKS9M M9&!Q_; M=OD_Z_TB+XE].9WP8,1H!)$2T$D3XL,T2[E':13CQ$C ;J"OI0WN MKJE51(P[QIKF=??J,?$]>2&V=Z^C4R&_TN]TIK#-QBFPSY_H$7=_GF[F_% M]L?N7HD)XFAR_ MUE90&PL::TVS(<]#.TP6#@&;>E?6#BN+=,A!)"[(ASS?[LP)D8/.G69$#E]N M.^T0O"@XJS.N^=MMN2N_\-TJ29 7^R2!/*(<(DPD"9 D5M+Y'HD1(HD@%G*= M/=UIO=KS*^>H*A0R2'O(]P_R2\CRDF[WE;Q7);)0EONJHBY53H#?R.^FTY'S MR.M.1>R!G/, :0M29:"<<7"'.1LC&#B;8YSO9>;YQ:"KIW.+X- M?^*BP)O=\Z<68P9BU&4^I!$J4JN1A2F!&50Q!CY,@XGC)L= M[C(T8&DAQK?]PP,NGM5JW-M[^0^\!/D&M$Z @Q>VVQF:C\5TC\,]V#-N?#3& MGT%YIGJ99N@YWR31[/X7[9R8@=._G6+8CO6!U@W#!7O5V>UVG=/G5<@(31@/ M(/=BT:199RR$J4\)H8**3!BF60_TMC1FNUZOMS^J#[W8%N!';:MQ[;-A@#5I MRQ5L4W-48^<)05V!VE;P5_/[-/RD Y.[8ZH#?QS;,(R MAOTOC7=:\\%OK0._JY"JZ\._@MH+\)?R S2.&*:,F#XF/:Z:$/R)V6L"W"W* M.EBAYZSB@UGO,Q>#L(+FM$Z$73/FTD%?Y+O&WO_D=+_+GV0\)W(J>_BP,58/ M&FUH:0Q6&0P.%H/6Y"LY8K8[54-<7T%H',5A7G(.X,0L-([=!$)"V@!9:0F- MMSZ;G)"VHUU%(?V;+([PJS-RY8]\=W_/UVRW?<3/._R3MW5)PR#)PA13&,8" M013%2,Z]?!_Z!'D>\3/NZTW QKM:&H?4UH+67'4^3AH,*HL-CJX/PSM,'6Y! MFWKN-8#7^$:W*7 &9_^= 3B7!L 0D&HEH#B>:2CK:W?W> >>Y%_+OV+[JK+' M[IZ#QR8OT5F6@3Z>0V("PPW,)RJ@Y<@+<0&].^PFK9^V>%/^7;8K []O>,T/ M.0KO\I*NMZH"R"KR8^RSC$(1!4@E&J60X!3!S$>IX$20)#8ZKZ#1Y])H^2M7 M4]E==_B.@[7R ^ GG*_5VB24HP26TA^S^:C.$Z!)B&F0)=!CZDP] M1RG$7A# + I\(6(4XC0R.X+F^!G,=@I-_RD H5*@GI1/[A^(WJ* 8Y G_I0J M:Z^ ,K?"4!DLH^]#'ADX&NUNXF^ D*/)ODZ/LT[P#2!X/:DWN=4\1O_8EI[X MRO'Z?94B_V6[NU$UA59>&E),1 9%&&80,1F;$S]$$+,P00EF,<^0'B&-]+0\ M$GKKK-[2$,"4,Q1GQ(-,L!@B+Z$04X9@0&B:I4&(>:P] W($[RQE[KO@'NP& MTEQPXP[<\?F/(\@F7[IMK%05D^0WL3;TRC5<^K,>1[#--.6QA\]HZJ(!RL"\ M9>CNV28M&BYT9RPZEYLG.K]KWHH/\N.&U_7IMP_R[\I5DG#NDSB"\F/$(")8 M?H@BA* G/TPB2'S?C[3.2 [VLC2J; T%M:7M<<#*5OT4YWY0ATG2&5034Z05 M2D;)S:,H6*4V][4!CLSJ% MV>R7JT7148Q=9?/T0#9M6L_K3I>0W],#A&:B3]_=EHNGO"PYOWGDA8Q4-W>? MU&MQR%=L^WBWYU_XS]WW'WS]Q#]O-[O[-(9 PSZ*%ZG].# MA H?!BSA<<8%YI&6@(:M 4OC ?GVR$C-FV:.=D#=[=S,!LLESLF4#_-/REZC M-_-D[-#](B=AK\&QG7R=M&,>>WPOV'51?-RP[_ENK;5X='K7TMBF,DH_K'@% MP7A,8>_]Q/SPOK\$P,$8!Q7D,K**)5TW-%DJ< M=Z$;1_1<8;DEI?)QW\B1S)1N#]^4=5Z$6J=($Y["C,>1RM$,(4$D@V&(_0@+ M&H?(: GC?#=+&Z*5E9 H,P'MV GX3_6S8>IE#[2:FTT7 S;UYE*%565ANW'T M]Z525@!#OS3:5!:%QM(IWO9-Y-HT%'3S:)AJ^VE>$BNX^;YE']/XJ3:7UEUV/'*SN^>%DONZ$8<)Q%?^Q#=[ODK#"(5E&W@894=+)20]+"S9J VLE$S,V. 5/ MCP,N@F3BD=]%8P()\%[7'8WRT_9G'=N][KT>T?T7VJI*R:'"R]U7^4G])!M5 M[>>[:N&P%4OPN(\B+X2US:.&\-!I(_ MU7E0^7[3H\VFZE!C<.LQ@5,0)V:& W[*6*"L!1US)^ *;7"<"3R-]3>SI).F M^Z7KW_FI>[^PPPF']>'#8._ ME&F.4A#.^VNU8_"JJ=EV#,Z[T-TQZ+G"_-3:VWSW?%UP_';+^,J/$QH'(H5^ M0)@ZU8LA(9'\5/L8>3+^3N6ON@?5N@TO;> IVX R#BCK]$^CO0!K>.1= L'4 MD;:>]T:GS,ZY:G6P[$5#LYTE.V=^]_C8V7^WK85SS9A\G.6MG%;C]?^;/U9O M4R!$ACGED'M^!A&)$IA13F%,,I^),$$!U=J>&^YF:0.QJ>[2F*KTB)6Q0%IK M.#('D!T?IV[PFGC4VD)E40EG"(D+"N&<;7;F.CA#KIV6P1F\VFZ^_#><;SYM MR_)FHQ11;L3G1B>HTDI9I=2/4N)SF(9$*;L3^9.7(>AE29H*$5$2>69"2H/] MF;S>\ZB7J#HX=]+D$JBG5^FU56))6W%05#*<,0\#KC=;=@;BQ!RA[ 2_*4M_ M!VHMK4&N-1=4]KJ;)VO!XFB./-S7K/-C+;=?SXWU;C*OR-T<(+TIF@VF:E+( MXI0A2@7T/*;B^ S#+(E322,HP(&7>DQH!1-]'2PMC&A/0ZMB68V98U-*/2"' MZ<$%/!,S@@4R1O6XA]R_H"3WV69GJ\H]Y%2W,/?@=;;;8L7C5JT3_\[?<&;E5V.DMB+(PY)B.6H3@F"*14>)"P.6((P8UYFMD'6V]?2!GAE(6A, M--TKZT=4=]?,"4Z3[Y\U5H(78$VRE3:*A[--M?Z>9MY>&W7Y=*-M_!8[CGB/ M"W4RL+SEQ1^;?'=-REV!Z6X5<)_&OA#0#S,?(AK)KSY+,XA)%*2OI9&C=\V2M,59S;Z#[ORTKY$%"\IOMUE3.IN;X^AK >7SC ;>JUA,9"=200 M*!ME3-!8Z9 G1G!PQ!%]O0&%5."4XX!G0B [Z;E#'TOC@]>2:LWAM MDYXYPCJ\E.@!IXL%O@<\% M@G,G"#B0FSNV^8O$YDZ:.[W47.GX<\[^Y.6N"5HC+V8I(0Q21&(YI'D M,Y$E,$Y3%(LT($2_^,B+EI3_Q"&WLLJ@/\A(! M?6%<:R1FDL)M$?D;W]X5^/$^I^ ;OZM8S&T=C[- #,C?OKQ^-L';LV9V)6[/ M7V"^O/@YW^0/^X?FA1)9$ ?('O>#W+O1%UM9V;_:Y4"I)R$G&8G!(<(<9$ &5<'T+DQUSESP

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end