Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment information

Segment information

Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. Home sale revenues for detached and attached homes were $8.9 billion and $1.6 billion in 2020, $8.3 billion and $1.6 billion in 2019, and $8.2 billion and $1.6 billion in 2018, respectively. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:

Northeast:	Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia
Southeast:	Georgia, North Carolina, South Carolina, Tennessee
Florida:	Florida
Midwest:	Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio
Texas:	Texas
West:	Arizona, California, Nevada, New Mexico, Washington

We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance brokerage operations. The Financial Services segment operates generally in the same markets as the Homebuilding segments. Evaluation of segment performance is generally based on income before income taxes. Each reportable segment generally follows the same accounting policies described in Note 1.

	Operating Data by Segment ($000’s omitted) Years Ended December 31,
	2020		2019		2018
Revenues:
Northeast	$	846,337	$	797,963	$	839,700
Southeast	1,691,822		1,684,655		1,746,161
Florida	2,350,055		2,074,194		1,944,170
Midwest	1,514,132		1,495,037		1,497,389
Texas	1,451,104		1,389,211		1,301,004
West	2,820,463		2,537,466		2,654,525
	10,673,913		9,978,526		9,982,949
Financial Services	362,169		234,431		205,382
Consolidated revenues	$	11,036,082	$	10,212,957	$	10,188,331
Income before income taxes (a):
Northeast	$	136,985	$	116,221	$	29,629
Southeast (b)	258,794		175,763		202,639
Florida (c)	362,276		309,596		289,418
Midwest	213,017		184,438		179,568
Texas	242,383		195,751		193,946
West (d)	424,803		386,361		511,828
Other homebuilding (e)	(96,201)		(131,869)		(118,224)
	1,542,057		1,236,261		1,288,804
Financial Services	186,637		103,315		58,736
Consolidated income before income taxes	$	1,728,694	$	1,339,576	$	1,347,540

(a)Includes certain land-related charges (see the following table and Note 2).

(b)Includes warranty charges totaling $14.8 million in 2019 related to a closed-out community in Southeast (see Note 11).

(c)Includes goodwill impairment charge totaling $20.2 million (see Note 1).

(d)West includes gains of $26.4 million in 2018 related to two land sale transactions in California.

(e)Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Also included are write-offs of insurance receivables associated with the resolution of certain insurance matters totaling $22.6 million in 2019 (see Note 11), and general liability insurance reserve reversals of $93.4 million, $49.4 million, and $35.9 million in 2020, 2019 and 2018, respectively (see Note 11).

	Operating Data by Segment ($000's omitted) Years Ended December 31,
	2020		2019		2018
Land-related charges*:
Northeast	$	5,301	$	1,122	$	74,488
Southeast	3,815		15,697		8,140
Florida	1,395		2,811		1,166
Midwest	2,390		2,581		7,361
Texas	4,588		1,151		1,204
West	1,936		2,568		5,159
Other homebuilding	880		1,171		1,928
	$	20,305	$	27,101	$	99,446

*    Land-related charges include land impairments, NRV 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.

	Operating Data by Segment ($000's omitted) Years Ended December 31,
	2020		2019		2018
Depreciation and amortization:
Northeast	$	2,454	$	1,962	$	2,093
Southeast	4,308		4,448		5,231
Florida	7,478		5,775		4,893
Midwest	5,329		4,417		4,271
Texas	3,631		3,423		3,082
West	11,450		9,317		6,758
Other homebuilding (a)	26,459		19,553		18,908
	61,109		48,895		45,236
Financial Services	4,972		5,104		4,193
	$	66,081	$	53,999	$	49,429

(a)Other homebuilding includes amortization of intangible assets.

	Operating Data by Segment
	($000's omitted)
	December 31, 2020
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	342,737	$	203,561	$	68,865	$	615,163	$	712,205
Southeast (a)	465,950		645,408		69,937		1,181,295		1,296,382
Florida (b)	638,394		921,962		116,709		1,677,065		1,967,788
Midwest	364,839		424,169		18,173		807,181		911,984
Texas	354,256		458,893		66,024		879,173		955,436
West	874,673		1,212,730		142,380		2,229,783		2,519,724
Other homebuilding (c)	45,891		270,595		15,652		332,138		3,149,871
	3,086,740		4,137,318		497,740		7,721,798		11,513,390
Financial Services	—		—		—		—		692,108
	$	3,086,740	$	4,137,318	$	497,740	$	7,721,798	$	12,205,498
	December 31, 2019
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	345,644	$	242,666	$	25,098	$	613,408	$	698,661
Southeast (a)	430,008		724,258		72,804		1,227,070		1,354,086
Florida	539,895		894,716		99,228		1,533,839		1,700,198
Midwest	315,822		464,733		31,881		812,436		886,889
Texas	343,230		447,707		84,926		875,863		949,236
West	881,551		1,289,255		105,606		2,276,412		2,538,803
Other homebuilding (c)	42,866		283,772		14,948		341,586		1,953,440
	2,899,016		4,347,107		434,491		7,680,614		10,081,313
Financial Services	—		—		—		—		634,284
	$	2,899,016	$	4,347,107	$	434,491	$	7,680,614	$	10,715,597

(a)Southeast includes goodwill of $40.4 million at December 31, 2020 and 2019.

(b)Florida includes goodwill of $28.6 million at December 31, 2020, net of a goodwill impairment charge of $20.2 million recorded during 2020.

(c)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.