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Business Segments
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block] Business Segments
The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our individual homebuilding operating segments and the results of our financial services operations; (2) the results of our homebuilding reportable segments; and (3) our consolidated financial results.
In accordance with ASC 280, Segment Reporting (“ASC 280”), we have identified each homebuilding division as an operating segment and have elected to aggregate our operating segments into separate reportable segments as they share similar aggregation characteristics prescribed in ASC 280 in the following regards: (1) long-term economic characteristics; (2) historical and expected future long-term gross margin percentages; (3) housing products, production processes and methods of distribution; and (4) geographical proximity.
The homebuilding operating segments that comprise each of our reportable segments are as follows:
NorthernSouthern
Chicago, IllinoisOrlando, Florida
Cincinnati, OhioSarasota, Florida
Columbus, OhioTampa, Florida
Indianapolis, IndianaAustin, Texas
Minneapolis/St. Paul, MinnesotaDallas/Fort Worth, Texas
Detroit, MichiganHouston, Texas
San Antonio, Texas
Charlotte, North Carolina
Raleigh, North Carolina

The following table shows, by segment, revenue, operating income and interest expense for the three and six months ended June 30, 2021 and 2020, as well as the Company’s income before income taxes for such periods:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2021202020212020
Revenue:
Northern homebuilding$417,787 $299,340 $750,785 $539,610 
Southern homebuilding514,618 395,806 980,747 719,672 
Financial services (a)
28,635 19,048 58,284 32,515 
Total revenue$961,040 $714,194 $1,789,816 $1,291,797 
Operating income:
Northern homebuilding$61,982 $32,241 $100,966 $53,122 
Southern homebuilding79,064 44,319 145,279 73,176 
Financial services (a)
18,925 11,457 39,561 17,819 
Less: Corporate selling, general and administrative expense(18,257)(13,778)(32,795)(23,874)
Total operating income$141,714 $74,239 $253,011 $120,243 
Interest expense (income):
Northern homebuilding$— $703 $76 $2,514 
Southern homebuilding— 1,192 157 3,350 
Financial services (a)
949 620 1,892 1,351 
Corporate(497)— (497)— 
Total interest expense$452 $2,515 $1,628 $7,215 
Equity in income from joint venture arrangements(35)(3)(195)(55)
Income before income taxes$141,297 $71,727 $251,578 $113,083 
(a)Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of an immaterial amount of mortgage refinancing.
The following tables show total assets by segment at June 30, 2021 and December 31, 2020:
June 30, 2021
(In thousands)NorthernSouthernCorporate, Financial Services and UnallocatedTotal
Deposits on real estate under option or contract$4,860 $39,177 $— $44,037 
Inventory (a)
873,152 1,159,280 — 2,032,432 
Investments in joint venture arrangements— 32,833 — 32,833 
Other assets43,221 73,660 
(b)
635,229 752,110 
Total assets$921,233 $1,304,950 $635,229 $2,861,412 

December 31, 2020
(In thousands)NorthernSouthernCorporate, Financial Services and UnallocatedTotal
Deposits on real estate under option or contract$5,031 $40,326 $— $45,357 
Inventory (a)
847,524 1,023,727 — 1,871,251 
Investments in joint venture arrangements1,378 33,295 — 34,673 
Other assets37,465 57,588 
(b)
596,711 691,764 
Total assets$891,398 $1,154,936 $596,711 $2,643,045 
(a)Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned.
(b)Includes development reimbursements from local municipalities.