Business Segments Business Segments (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Segment Reporting Information, by Segment [Table Text Block]

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)	2021		2020		2021		2020
Revenue:
Northern homebuilding	$	417,787	$	299,340	$	750,785	$	539,610
Southern homebuilding	514,618		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 homebuilding	79,064		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.

Reconciliation of Assets from Segment to Consolidated

The following tables show total assets by segment at June 30, 2021 and December 31, 2020:


	June 30, 2021
(In thousands)	Northern		Southern			Corporate, Financial Services and Unallocated		Total
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 assets	43,221		73,660		(b)	635,229		752,110
Total assets	$	921,233	$	1,304,950		$	635,229	$	2,861,412


	December 31, 2020
(In thousands)	Northern		Southern			Corporate, Financial Services and Unallocated		Total
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 arrangements	1,378		33,295			—		34,673
Other assets	37,465		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.