Business Segments Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

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

The following table shows, by segment, revenue, operating income (loss) and interest (income) expense for the three months ended March 31, 2023 and 2022, as well as the Company’s income before income taxes for such periods:


	Three Months Ended March 31,
(In thousands)	2023		2022
Revenue:
Northern homebuilding	$	382,730	$	353,786
Southern homebuilding	592,519		482,914
Financial services (a)	25,281		24,111
Total revenue	$	1,000,530	$	860,811

Operating income (loss):
Northern homebuilding	$	39,160	$	40,216
Southern homebuilding	97,612		84,293
Financial services (a)	14,968		13,933
Less: Corporate selling, general and administrative expense	(17,154)		(15,537)
Total operating income	$	134,586	$	122,905

Interest (income) expense:
Northern homebuilding	$	(46)	$	—
Southern homebuilding	(2)		(2)
Financial services (a)	2,327		878
Corporate	(3,668)		(205)
Total interest (income) expense	$	(1,389)	$	671

Other income	$	(7)	$	(16)



Income before income taxes	$	135,982	$	122,250

(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, 2023 and December 31, 2022:


	March 31, 2023
(In thousands)	Northern		Southern			Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	8,057	$	50,853		$	—	$	58,910
Inventory (a)	996,537		1,601,962			—		2,598,499
Investments in joint venture arrangements	—		49,031			—		49,031
Other assets	43,358		112,146		(b)	900,426		1,055,930
Total assets	$	1,047,952	$	1,813,992		$	900,426	$	3,762,370


	December 31, 2022
(In thousands)	Northern		Southern			Corporate, Financial Services and Unallocated		Total
Deposits on real estate under option or contract	$	8,138	$	47,601		$	—	$	55,739
Inventory (a)	1,100,472		1,672,391			—		2,772,863
Investments in joint venture arrangements	—		51,554			—		51,554
Other assets	38,265		103,182		(b)	693,320		834,767
Total assets	$	1,146,875	$	1,874,728		$	693,320	$	3,714,923

(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.