Business Segments Business Segments (Tables)

9 Months Ended

Sep. 30, 2021

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

The following table shows, by segment, revenue, operating income and interest (income) expense for the three and nine months ended September 30, 2021 and 2020, as well as the Company’s income before income taxes for such periods:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2021		2020		2021		2020
Revenue:
Northern homebuilding	$	400,564	$	350,591	$	1,151,349	$	890,201
Southern homebuilding	482,960		468,384		1,463,707		1,188,056
Financial services (a)	20,795		28,946		79,079		61,461
Total revenue	$	904,319	$	847,921	$	2,694,135	$	2,139,718

Operating income:
Northern homebuilding	$	59,009	$	38,365	$	159,975	$	91,487
Southern homebuilding	72,957		55,861		218,236		129,037
Financial services (a)	10,820		19,887		50,381		37,706
Less: Corporate selling, general and administrative expense	(17,566)		(18,017)		(50,361)		(41,891)
Total operating income	$	125,220	$	96,096	$	378,231	$	216,339

Interest expense (income):
Northern homebuilding	$	—	$	122	$	76	$	2,636
Southern homebuilding	(381)		409		(224)		3,759
Financial services (a)	885		708		2,777		2,059
Corporate	(578)		—		(1,075)		—
Total interest (income) expense	$	(74)	$	1,239	$	1,554	$	8,454

Equity in loss (income) from joint venture arrangements	50		(252)		(145)		(307)
Loss on early extinguishment of debt	9,072		—		9,072		—


Income before income taxes	$	116,172	$	95,109	$	367,750	$	208,192

(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 September 30, 2021 and December 31, 2020:


	September 30, 2021
(In thousands)	Northern		Southern			Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	4,079	$	44,521		$	—	$	48,600
Inventory (a)	950,220		1,354,323			—		2,304,543
Investments in joint venture arrangements	—		42,466			—		42,466
Other assets	40,229		72,983		(b)	537,779		650,991
Total assets	$	994,528	$	1,514,293		$	537,779	$	3,046,600


	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.