Business Segments Business Segments (Tables)

12 Months Ended

Dec. 31, 2024

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

The following table shows, by segment, revenue, operating income and interest (income) expense for 2024, 2023 and 2022, as well as the Company’s income before income taxes for such periods:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Revenue:
Northern homebuilding	$	1,900,013	$	1,523,943	$	1,714,236
Southern homebuilding	2,488,451		2,415,730		2,330,962
Financial services (a)	116,206		93,829		86,195
Total revenue	$	4,504,670	$	4,033,502	$	4,131,393

Cost of Sales:
Northern homebuilding	$	1,480,326	$	1,228,949	$	1,379,936
Southern homebuilding	1,825,455		1,785,624		1,707,615
Financial services (a)	—		—		—
Total cost of sales	$	3,305,781	$	3,014,573	$	3,087,551







General and administrative expense:
Northern homebuilding	$	42,908	$	36,827	$	36,659
Southern homebuilding	76,200		65,078		61,775
Financial services (a)	52,826		45,115		41,813
Segment general and administrative expense	$	171,934	$	147,020	$	140,247
Corporate and unallocated general and administrative expense	86,488		75,745		74,564
Total general and administrative expense	$	258,422	$	222,765	$	214,811

Selling expense:
Northern homebuilding	$	95,680	$	81,847	$	80,142
Southern homebuilding	136,198		124,860		109,698
Financial services (a)	—		—		—
Segment selling expense	$	231,878	$	206,707	$	189,840
Corporate and unallocated selling expense	2,495		2,235		1,740
Total selling expense:	$	234,373	$	208,942	$	191,580

Operating income (loss):
Northern homebuilding	$	281,099	$	176,320	$	217,499
Southern homebuilding	450,598		440,168		451,874
Financial services (a)	63,380		48,714		44,382
Segment operating income	$	795,077	$	665,202	$	713,755
Corporate selling, general and administrative expense	(88,983)		(77,980)		(76,304)
Total operating income (a)	$	706,094	$	587,222	$	637,451

Interest (income) expense - net:
Northern homebuilding	$	(228)	$	(186)	$	(469)
Southern homebuilding	(2,554)		(1,703)		(1,447)
Financial services (a)	13,698		10,360		5,122
Segment Interest (income) expense - net	$	10,916	$	8,471	$	3,206
Corporate Interest (income) expense - net	(38,430)		(28,493)		(956)
Total interest (income) expense - net	$	(27,514)	$	(20,022)	$	2,250

Other income (b)	$	—	$	(33)	$	(6)



Income before income taxes	$	733,608	$	607,277	$	635,207

(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.

(b)Other income is comprised of the equity in (income) loss from joint venture arrangements.

The following table shows, by segment, depreciation and amortization expense for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Depreciation and amortization:
Northern homebuilding	$	3,787	$	3,673	$	3,308
Southern homebuilding	3,636		2,965		2,790
Financial services	1,130		810		2,178
Segment depreciation and amortization	$	8,553	$	7,448	$	8,276
Corporate	8,833		8,343		8,898
Total depreciation and amortization	$	17,386	$	15,791	$	17,174

Reconciliation of Assets from Segment to Consolidated

The following tables show total assets by segment at December 31, 2024 and 2023:


	December 31, 2024
(In thousands)	Northern		Southern			Financial Services		Segment Total		Corporate and unallocated		Total
Deposits on real estate under option or contract	$	12,209	$	57,274		$	—	$	69,483	$	—	$	69,483
Inventory (a)	1,041,713		1,980,666			—		3,022,379		—		3,022,379
Investments in joint venture arrangements	—		65,334			—		65,334		—		65,334
Other assets	37,721		132,316		(b)	370,558		540,595		852,005		1,392,600
Total assets	$	1,091,643	$	2,235,590		$	370,558	$	3,697,791	$	852,005	$	4,549,796


	December 31, 2023
(In thousands)	Northern		Southern			Financial Services		Segment Total		Corporate and unallocated		Total
Deposits on real estate under option or contract	$	8,990	$	42,618		$	—	$	51,608	$	—	$	51,608
Inventory (a)	1,016,982		1,728,561			—		2,745,543		—		2,745,543
Investments in joint venture arrangements	—		44,011			—		44,011		—		44,011
Other assets	37,171		104,306		(b)	243,176		384,653		796,625		1,181,278
Total assets	$	1,063,143	$	1,919,496		$	243,176	$	3,225,815	$	796,625	$	4,022,440

(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.