Segment Information (Tables)

12 Months Ended

Dec. 31, 2017



	Operating Data by Segment ($000’s omitted) Years Ended December 31,
	2017			2016			2015
Revenues:
Northeast	$	693,624		$	696,463		$	682,112
Southeast (a)	1,563,322			1,491,270			1,058,089
Florida	1,493,953			1,284,753			1,019,733
Midwest	1,449,466			1,234,650			1,020,691
Texas	1,167,750			1,034,673			845,772
West	2,012,975			1,745,541			1,214,814
	8,381,090			7,487,350			5,841,211
Financial Services	192,160			181,126			140,753
Consolidated revenues	$	8,573,250		$	7,668,476		$	5,981,964

Income before income taxes (b):
Northeast (c)	$	21,190		$	81,991		$	82,616
Southeast (a)	122,532			145,011			172,330
Florida (d)	208,825			205,049			196,525
Midwest	178,231			120,159			91,745
Texas	182,862			152,355			121,329
West	229,504			225,771			169,394
Other homebuilding (e)	(77,812		)	(69,570		)	(76,622		)
	865,332			860,766			757,317
Financial Services (f)	73,496			73,084			58,706
Consolidated income before income taxes	$	938,828		$	933,850		$	816,023


(a)	Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1).


(b)	Includes land-related charges of $191.9 million, $19.3 million and $11.5 million in 2017, 2016, and 2015, respectively (see Note 2).


(c)	Northeast includes a charge of $15.0 million in 2016 related to the settlement of a disputed land transaction and a charge of $20.0 million in 2015 resulting from the Applecross matter (see Note 11).


(d)	Florida includes a warranty charge of $12.4 million in 2017 related to a closed-out community (see Note 11).

(e)

Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Also includes: write-offs of $29.6 million of insurance receivables associated with the resolution of certain insurance matters in 2017; adjustments to general liability insurance reserves of $95.1 million in 2017, $55.2 million in 2016, and $62.2 million in 2015 (see Note 11); and costs associated with the relocation of our corporate headquarters totaling $8.3 million and $4.4 million in 2016 and 2015, respectively.


(f)	Financial Services included reductions in loan origination liabilities totaling $11.4 million in 2015 (see Note 11).



	Operating Data by Segment ($000's omitted) Years Ended December 31,
	2017		2016		2015
Land-related charges*:
Northeast	$	51,362	$	2,079	$	3,301
Southeast	55,689		3,089		3,022
Florida	9,702		715		4,555
Midwest	8,917		3,383		2,319
Texas	2,521		515		295
West	56,995		8,960		(2,615		)
Other homebuilding	6,726		595		590
	$	191,912	$	19,336	$	11,467


*	Land-related charges include land impairments, net realizable value adjustments for land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges. See Note 2 for additional discussion of these charges.

Depreciation and Amortization Expense by Reporting Segment



	Operating Data by Segment ($000's omitted) Years Ended December 31,
	2017		2016		2015
Depreciation and amortization:
Northeast	$	2,392	$	2,133	$	1,682
Southeast	5,117		5,350		3,492
Florida	4,883		4,955		3,536
Midwest	4,449		5,099		5,019
Texas	3,301		3,673		2,928
West	5,828		6,739		5,995
Other homebuilding (a)	21,326		22,467		20,254
	47,296		50,416		42,906
Financial Services	3,702		3,591		3,316
	$	50,998	$	54,007	$	46,222


(a)	Other homebuilding includes amortization of intangible assets

Equity in (Earnings) Loss of Unconsolidated Entities by Reporting Segment



	Operating Data by Segment ($000's omitted) Years Ended December 31,
	2017			2016			2015
Equity in (earnings) loss of unconsolidated entities:
Northeast	$	—		$	2		$	2
Southeast	—			—			—
Florida	(8		)	(10		)	2
Midwest	(513		)	78			(337		)
Texas	—			—			—
West (a)	4,913			(6,759		)	(5,107		)
Other homebuilding	(1,782		)	(1,117		)	(1,915		)
	2,610			(7,806		)	(7,355		)
Financial Services	(625		)	(531		)	—
	$	1,985		$	(8,337	)	$	(7,355	)


(a)	Includes an $8.0 million impairment of an investment in an unconsolidated entity in 2017 (see Note 2).



	Operating Data by Segment
	($000's omitted)
	December 31, 2017
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	234,413	$	327,599	$	73,574	$	635,586	$	791,511
Southeast	433,411		613,626		121,238		1,168,275		1,287,992
Florida	359,651		876,856		109,069		1,345,576		1,481,837
Midwest	299,896		476,694		28,482		805,072		877,282
Texas	251,613		435,018		87,392		774,023		859,847
West	798,706		1,137,940		147,493		2,084,139		2,271,328
Other homebuilding (b)	43,715		268,081		22,663		334,459		1,469,234
	2,421,405		4,135,814		589,911		7,147,130		9,039,031
Financial Services	—		—		—		—		647,618
	$	2,421,405	$	4,135,814	$	589,911	$	7,147,130	$	9,686,649

	December 31, 2016
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	175,253	$	375,899	$	135,447	$	686,599	$	798,369
Southeast (a)	354,047		650,805		148,793		1,153,645		1,243,188
Florida	309,525		683,376		183,168		1,176,069		1,330,847
Midwest	256,649		474,287		50,302		781,238		851,457
Texas	219,606		413,312		74,750		707,668		793,917
West	580,082		1,226,190		159,387		1,965,659		2,200,058
Other homebuilding (b)	26,097		248,240		25,440		299,777		2,351,082
	1,921,259		4,072,109		777,287		6,770,655		9,568,918
Financial Services	—		—		—		—		609,282
	$	1,921,259	$	4,072,109	$	777,287	$	6,770,655	$	10,178,200

	December 31, 2015
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	163,173	$	292,631	$	121,522	$	577,326	$	688,610
Southeast	196,456		367,577		139,246		703,279		765,933
Florida	227,910		574,092		97,185		899,187		1,013,543
Midwest	197,738		414,386		68,918		681,042		734,834
Texas	191,424		317,702		107,737		616,863		691,342
West	413,208		1,094,112		222,920		1,730,240		1,924,958
Other homebuilding (b)	18,351		198,566		25,204		242,121		2,861,197
	1,408,260		3,259,066		782,732		5,450,058		8,680,417
Financial Services	—		—		—		—		508,989
	$	1,408,260	$	3,259,066	$	782,732	$	5,450,058	$	9,189,406

Total Assets And Inventory By Reporting Segment



	Operating Data by Segment
	($000's omitted)
	December 31, 2017
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	234,413	$	327,599	$	73,574	$	635,586	$	791,511
Southeast	433,411		613,626		121,238		1,168,275		1,287,992
Florida	359,651		876,856		109,069		1,345,576		1,481,837
Midwest	299,896		476,694		28,482		805,072		877,282
Texas	251,613		435,018		87,392		774,023		859,847
West	798,706		1,137,940		147,493		2,084,139		2,271,328
Other homebuilding (b)	43,715		268,081		22,663		334,459		1,469,234
	2,421,405		4,135,814		589,911		7,147,130		9,039,031
Financial Services	—		—		—		—		647,618
	$	2,421,405	$	4,135,814	$	589,911	$	7,147,130	$	9,686,649

	December 31, 2016
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	175,253	$	375,899	$	135,447	$	686,599	$	798,369
Southeast (a)	354,047		650,805		148,793		1,153,645		1,243,188
Florida	309,525		683,376		183,168		1,176,069		1,330,847
Midwest	256,649		474,287		50,302		781,238		851,457
Texas	219,606		413,312		74,750		707,668		793,917
West	580,082		1,226,190		159,387		1,965,659		2,200,058
Other homebuilding (b)	26,097		248,240		25,440		299,777		2,351,082
	1,921,259		4,072,109		777,287		6,770,655		9,568,918
Financial Services	—		—		—		—		609,282
	$	1,921,259	$	4,072,109	$	777,287	$	6,770,655	$	10,178,200

	December 31, 2015
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	163,173	$	292,631	$	121,522	$	577,326	$	688,610
Southeast	196,456		367,577		139,246		703,279		765,933
Florida	227,910		574,092		97,185		899,187		1,013,543
Midwest	197,738		414,386		68,918		681,042		734,834
Texas	191,424		317,702		107,737		616,863		691,342
West	413,208		1,094,112		222,920		1,730,240		1,924,958
Other homebuilding (b)	18,351		198,566		25,204		242,121		2,861,197
	1,408,260		3,259,066		782,732		5,450,058		8,680,417
Financial Services	—		—		—		—		508,989
	$	1,408,260	$	3,259,066	$	782,732	$	5,450,058	$	9,189,406


(a)	Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1).


(b)	Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.