Business Segments Business Segments (Tables)

6 Months Ended

Jun. 30, 2022

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

The following table shows, by segment, revenue, operating income (loss) and interest expense (income) for the three and six months ended June 30, 2022 and 2021, 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)	2022		2021		2022		2021
Revenue:
Northern homebuilding	$	472,814	$	417,787	$	826,600	$	750,785
Southern homebuilding	548,466		514,618		1,031,380		980,747
Financial services (a)	19,374		28,635		43,485		58,284
Total revenue	$	1,040,654	$	961,040	$	1,901,465	$	1,789,816

Operating income (loss):
Northern homebuilding	$	74,078	$	61,982	$	114,294	$	100,966
Southern homebuilding	120,024		79,064		204,317		145,279
Financial services (a)	9,608		18,925		23,541		39,561
Less: Corporate selling, general and administrative expense	(20,845)		(18,257)		(36,382)		(32,795)
Total operating income	$	182,865	$	141,714	$	305,770	$	253,011

Interest expense (income):
Northern homebuilding	$	—	$	—	$	—	$	76
Southern homebuilding	—		—		(2)		157
Financial services (a)	941		949		1,819		1,892
Corporate	(248)		(497)		(453)		(497)
Total interest expense	$	693	$	452	$	1,364	$	1,628

Other income	$	(1)	$	(35)	$	(17)	$	(195)



Income before income taxes	$	182,173	$	141,297	$	304,423	$	251,578

(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, 2022 and December 31, 2021:


	June 30, 2022
(In thousands)	Northern		Southern			Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	7,002	$	49,173		$	—	$	56,175
Inventory (a)	1,086,685		1,673,405			—		2,760,090
Investments in joint venture arrangements	—		55,625			—		55,625
Other assets	43,562		85,585		(b)	492,287		621,434
Total assets	$	1,137,249	$	1,863,788		$	492,287	$	3,493,324


	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.