Business Segments Business Segments (Tables)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021, as well as the Company’s income before income taxes for such periods:


	Three Months Ended March 31,
(In thousands)	2022		2021
Revenue:
Northern homebuilding	$	353,786	$	332,998
Southern homebuilding	482,914		466,129
Financial services (a)	24,111		29,649
Total revenue	$	860,811	$	828,776

Operating income (loss):
Northern homebuilding	$	40,216	$	38,984
Southern homebuilding	84,293		66,215
Financial services (a)	13,933		20,636
Less: Corporate selling, general and administrative expense	(15,537)		(14,538)
Total operating income	$	122,905	$	111,297

Interest expense (income):
Northern homebuilding	$	—	$	76
Southern homebuilding	(2)		157
Financial services (a)	878		943
Corporate	(205)		—
Total interest expense	$	671	$	1,176

Other income	(16)		(160)



Income before income taxes	$	122,250	$	110,281

(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 March 31, 2022 and December 31, 2021:


	March 31, 2022
(In thousands)	Northern		Southern			Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	6,033	$	49,308		$	—	$	55,341
Inventory (a)	1,014,419		1,512,792			—		2,527,211
Investments in joint venture arrangements	—		57,309			—		57,309
Other assets	45,708		85,660		(b)	535,282		666,650
Total assets	$	1,066,160	$	1,705,069		$	535,282	$	3,306,511


	December 31, 2021
(In thousands)	Northern		Southern			Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	4,123	$	48,795		$	—	$	52,918
Inventory (a)	987,258		1,412,258			—		2,399,516
Investments in joint venture arrangements	—		57,121			—		57,121
Other assets	37,527		63,844		(b)	628,927		730,298
Total assets	$	1,028,908	$	1,582,018		$	628,927	$	3,239,853

(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.