Segment Information

12 Months Ended

Dec. 31, 2021

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 $11.2 billion and $2.2 billion in 2021, $8.9 billion and $1.6 billion in 2020, and $8.3 billion and $1.6 billion in 2019, 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, Colorado, 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,
	2021		2020		2019
Revenues:
Northeast	$	1,127,476	$	846,337	$	797,963
Southeast	2,234,297		1,691,822		1,684,655
Florida	3,154,583		2,350,055		2,074,194
Midwest	1,979,997		1,514,132		1,495,037
Texas	1,805,208		1,451,104		1,389,211
West	3,235,789		2,820,463		2,537,466
	13,537,350		10,673,913		9,978,526
Financial Services	389,532		362,169		234,431
Consolidated revenues	$	13,926,882	$	11,036,082	$	10,212,957
Income before income taxes (a):
Northeast	$	215,193	$	136,985	$	116,221
Southeast (b)	417,880		258,794		175,763
Florida (c)	585,680		362,276		309,596
Midwest	285,825		213,017		184,438
Texas	322,979		242,383		195,751
West	594,976		424,803		386,361
Other homebuilding (d)	(134,405)		(96,201)		(131,869)
	2,288,128		1,542,057		1,236,261
Financial Services	221,717		186,637		103,315
Consolidated income before income taxes	$	2,509,845	$	1,728,694	$	1,339,576

(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 (see Note 11).

(c)Includes goodwill impairment charge totaling $20.2 million in 2020 (see Note 1).

(d)Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Also included are insurance reserve reversals of $81.1 million, $93.4 million, and $49.4 million in 2021, 2020 and 2019, respectively, partially offset by reserves against insurance receivables of $17.8 million and $22.6 million in 2020 and 2019, respectively (see Note 11) and a loss on debt retirement of $61.5 million in 2021 (see Note 5).

	Operating Data by Segment ($000's omitted) Years Ended December 31,
	2021		2020		2019
Land-related charges*:
Northeast	$	1,433	$	5,301	$	1,122
Southeast	5,365		3,815		15,697
Florida	1,088		1,395		2,811
Midwest	2,150		2,390		2,581
Texas	1,357		4,588		1,151
West	909		1,936		2,568
Other homebuilding	—		880		1,171
	$	12,302	$	20,305	$	27,101

*    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,
	2021		2020		2019
Depreciation and amortization:
Northeast	$	2,631	$	2,454	$	1,962
Southeast	4,765		4,308		4,448
Florida	8,823		7,478		5,775
Midwest	6,332		5,329		4,417
Texas	4,989		3,631		3,423
West	11,898		11,450		9,317
Other homebuilding	24,811		26,459		19,553
	64,249		61,109		48,895
Financial Services	5,704		4,972		5,104
	$	69,953	$	66,081	$	53,999

	Operating Data by Segment
	($000's omitted)
	December 31, 2021
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	285,975	$	246,128	$	17,554	$	549,657	$	644,019
Southeast	604,310		537,072		67,815		1,209,197		1,362,852
Florida (a)	943,110		866,266		289,388		2,098,764		2,545,457
Midwest	527,001		460,279		15,869		1,003,149		1,132,081
Texas	581,417		512,925		95,833		1,190,175		1,315,943
West	1,235,457		1,191,834		227,850		2,655,141		2,955,283
Other homebuilding (b)	48,039		276,511		16,936		341,486		2,314,839
	4,225,309		4,091,015		731,245		9,047,569		12,270,474
Financial Services	—		—		—		—		1,082,157
	$	4,225,309	$	4,091,015	$	731,245	$	9,047,569	$	13,352,631
	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	465,950		645,408		69,937		1,181,295		1,296,382
Florida (a)	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 (b)	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

(a)Florida includes goodwill of $28.6 million at December 31, 2021 and 2020, net of a goodwill impairment charge of $20.2 million recorded during 2020.

(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.