XML 40 R25.htm IDEA: XBRL DOCUMENT v3.25.2
Business Segments Business Segments (Tables)
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block] three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Revenue:
Northern homebuilding$488,250 $464,781 $898,627 $873,301 
Southern homebuilding642,892 614,238 1,177,088 1,225,459 
Financial services (a)
31,450 30,762 62,970 57,724 
Total revenue$1,162,592 $1,109,781 $2,138,685 $2,156,484 
Cost of Sales:
Northern homebuilding$376,979 $357,830 $696,438 $677,541 
Southern homebuilding498,994 442,671 902,845 886,320 
Financial services (a)
 —   
Total cost of sales$875,973 $800,501 $1,599,283 $1,563,861 
General and administrative expense:
Northern homebuilding$10,823 $10,124 $19,959 $19,565 
Southern homebuilding21,004 18,061 39,812 35,631 
Financial services (a)
13,908 12,879 26,661 24,654 
Segment general and administrative expense$45,735 $41,064 $86,432 $79,850 
Corporate and unallocated general and administrative expense21,512 22,930 39,888 40,228 
Total general and administrative expense$67,247 $63,994 $126,320 $120,078 
Selling expense:
Northern homebuilding$24,434 $24,006 $45,624 $45,313 
Southern homebuilding38,594 33,756 69,700 65,915 
Financial services (a)
 —  — 
Segment selling expense$63,028 $57,762 $115,324 $111,228 
Corporate and unallocated selling expense627 7331,117 1,207 
Total selling expense$63,655 $58,495 $116,441 $112,435 
Operating income:
Northern homebuilding$76,014 $72,821 $136,606 $130,882 
Southern homebuilding84,300 119,750 164,731 237,593 
Financial services (a)
17,542 17,883 36,309 33,070 
Segment operating income$177,856 $210,454 337,646 $401,545 
 Corporate selling, general and administrative expense(22,139)(23,663)(41,005)(41,435)
Total operating income$155,717 $186,791 $296,641 $360,110 
Interest (income) expense - net:
Northern homebuilding$(24)$(56)$(46)$(136)
Southern homebuilding(1)— (3)(398)
Financial services (a)
3,066 3,483 5,727 6,358 
Segment Interest (income) expense - net$3,041 $3,427 5,678 $5,824 
Corporate Interest (income) expense - net(7,418)(10,775)(15,252)(20,092)
Total interest income, net of interest expense
$(4,377)$(7,348)$(9,574)$(14,268)
Income before income taxes$160,094 $194,139 $306,215 $374,378 
(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, 2025 and December 31, 2024:
June 30, 2025
(In thousands)NorthernSouthernFinancial Services Segment
Total
Corporate and UnallocatedTotal
Deposits on real estate under option or contract$14,023 $62,748 $ $76,771 $ $76,771 
Inventory (a)
1,085,181 2,124,654  3,209,835  3,209,835 
Investments in joint venture arrangements 67,466  67,466  67,466 
Other assets46,032 151,613 
(b)
377,271 574,916 811,051 1,385,967 
Total assets$1,145,236 $2,406,481 $377,271 $3,928,988 $811,051 $4,740,039 

December 31, 2024
(In thousands)NorthernSouthernFinancial Services Segment
Total
Corporate and UnallocatedTotal
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 assets37,721 132,316 
(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 
(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.