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Business Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our individual homebuilding operating segments and the results of our financial services operations; (2) the results of our homebuilding reportable segments; and (3) our consolidated financial results.
In accordance with ASC 280, Segment Reporting (“ASC 280”), we have identified each homebuilding division as an operating segment and have elected to aggregate our operating segments into separate reportable segments as they share similar aggregation characteristics prescribed in ASC 280 in the following regards: (1) long-term economic characteristics; (2) historical and expected future long-term gross margin percentages; (3) housing products, production processes and methods of distribution; and (4) geographical proximity.
The homebuilding operating segments that comprise each of our reportable segments are as follows:
NorthernSouthern
Chicago, IllinoisFt. Myers/Naples, Florida
Cincinnati, OhioOrlando, Florida
Columbus, OhioSarasota, Florida
Indianapolis, IndianaTampa, Florida
Minneapolis/St. Paul, MinnesotaAustin, Texas
Detroit, MichiganDallas/Fort Worth, Texas
Houston, Texas
San Antonio, Texas
Charlotte, North Carolina
Raleigh, North Carolina
Nashville, Tennessee
The following table shows, by segment: revenue; cost of sales; selling, general and administrative expense; operating income; interest (income) expense; and income before income taxes for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Revenue:
Northern homebuilding$487,931 $498,503 $1,386,558 $1,371,804 
Southern homebuilding609,211 614,436 1,786,299 1,839,895 
Financial services (a)
34,649 29,970 97,619 87,694 
Total revenue$1,131,791 $1,142,909 $3,270,476 $3,299,393 
Cost of Sales:
Northern homebuilding$375,573 $387,709 $1,072,011 $1,065,250 
Southern homebuilding486,132 445,759 1,388,977 1,332,079 
Financial services (a)
— — — — 
Total cost of sales (b)
$861,705 $833,468 $2,460,988 $2,397,329 
General and administrative expense:
Northern homebuilding$10,579 $10,605 $30,538 $30,170 
Southern homebuilding21,160 20,750 60,972 56,381 
Financial services (a)
14,681 13,402 41,342 38,056 
Segment general and administrative expense$46,420 $44,757 $132,852 $124,607 
Corporate and unallocated general and administrative expense24,346 23,528 64,234 63,756 
Total general and administrative expense$70,766 $68,285 $197,086 $188,363 
Selling expense:
Northern homebuilding$24,411 $24,704 $70,035 $70,017 
Southern homebuilding39,030 33,787 108,730 99,702 
Financial services (a)
— — — — 
Segment selling expense$63,441 $58,491 $178,765 $169,719 
Corporate and unallocated selling expense608 6721,725 1,879 
Total selling expense$64,049 $59,163 $180,490 $171,598 
Operating income:
Northern homebuilding$77,368 $75,485 $213,974 $206,367 
Southern homebuilding62,889 114,140 227,620 351,733 
Financial services (a)
19,968 16,568 56,277 49,638 
Segment operating income$160,225 $206,193 $497,871 $607,738 
 Corporate selling, general and administrative expense(24,954)(24,200)(65,959)(65,635)
Total operating income (b)
$135,271 $181,993 $431,912 $542,103 
Interest (income) expense - net:
Northern homebuilding$(22)$(59)$(69)$(195)
Southern homebuilding(192)(618)(194)(1,016)
Financial services (a)
3,370 3,632 9,097 9,990 
Segment Interest (income) expense - net$3,156 $2,955 $8,834 $8,779 
Corporate Interest (income) expense - net(7,704)(9,635)(22,956)(29,727)
Total interest income, net of interest expense
$(4,548)$(6,680)$(14,122)$(20,948)
Income before income taxes$139,819 $188,673 $446,034 $563,051 
(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)For the quarter ended September 30, 2025, total cost of sales and operating income was reduced by $7.6 million, related to inventory impairment charges and land deposit write-offs taken during the period. $1.3 million and $6.3 million of these charges and write-offs were attributable to the Northern homebuilding operating segment and the Southern homebuilding operating segment, respectively.
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The following tables show total assets by segment at September 30, 2025 and December 31, 2024:
September 30, 2025
(In thousands)NorthernSouthernFinancial Services Segment
Total		Corporate and UnallocatedTotal
Deposits on real estate under option or contract$17,148 $64,372 $— $81,520 $— $81,520 
Inventory (a)
1,171,163 2,160,147 — 3,331,310 — 3,331,310 
Investments in joint venture arrangements— 81,514 — 81,514 — 81,514 
Other assets41,643 142,135 
(b)
327,427 511,205 763,995 1,275,200 
Total assets$1,229,954 $2,448,168 $327,427 $4,005,549 $763,995 $4,769,544 

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.