Segment Information

6 Months Ended

Jun. 30, 2023

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. 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 that operate generally in the same markets as the Homebuilding segments.

	Operating Data by Segment ($000’s omitted)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Revenues (a):
Northeast	$	229,371	$	245,167	$	450,020	$	407,494
Southeast	732,328		582,671		1,362,629		1,105,909
Florida	1,228,474		981,480		2,305,588		1,740,781
Midwest	474,460		548,229		868,329		996,131
Texas	613,838		564,027		1,100,231		1,002,881
West	818,063		875,403		1,527,441		1,609,157
	4,096,534		3,796,977		7,614,238		6,862,353
Financial Services	92,219		82,775		150,156		166,918
Consolidated revenues	$	4,188,753	$	3,879,752	$	7,764,394	$	7,029,271

	Operating Data by Segment ($000’s omitted)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Income (loss) before income taxes:
Northeast	$	51,165	$	59,971	$	97,962	$	87,370
Southeast	179,707		152,257		325,010		278,389
Florida	318,066		247,435		588,803		408,129
Midwest	78,381		88,323		137,285		153,066
Texas	126,054		134,133		206,119		217,849
West	100,423		184,788		200,000		318,057
Other homebuilding (b)	52,722		(42,409)		39,559		(79,062)
	906,518		824,498		1,594,738		1,383,798
Financial Services	46,495		40,075		60,397		80,668
Consolidated income before income taxes	$	953,013	$	864,573	$	1,655,135	$	1,464,466

(a)All periods reflect the reclassification of closing cost incentives to homes sale revenues from home sale cost of revenues (Note 1).

(b)Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments. Other homebuilding also includes insurance reserve reversals of $64.9 million in the three months ended June 30, 2023.

	Operating Data by Segment ($000’s omitted)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Land-related charges (a):
Northeast	$	44	$	100	$	69	$	202
Southeast	668		1,933		3,027		3,835
Florida	79		641		2,092		1,612
Midwest	174		944		604		1,102
Texas	214		294		329		534
West	3,059		591		3,800		728
Other homebuilding	189		—		189		—
	$	4,427	$	4,503	$	10,110	$	8,013

(a)    Land-related charges include land impairments, net realizable value adjustments on 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.

	Operating Data by Segment
	($000's omitted)
	June 30, 2023
	Homes Under Construction		Land Under Development		Raw Land		Consolidated Inventory Not Owned		Total Inventory		Total Assets
Northeast	$	338,842	$	293,920	$	31,964	$	—	$	664,726	$	786,086
Southeast	767,132		639,701		76,021		18,783		1,501,637		1,736,533
Florida (a)	1,464,521		1,120,496		114,180		69,064		2,768,261		3,302,542
Midwest	602,652		678,726		16,004		3,355		1,300,737		1,452,201
Texas	549,870		656,743		162,169		52,100		1,420,882		1,585,906
West	1,464,536		1,660,002		222,409		—		3,346,947		3,621,954
Other homebuilding (b)	28,632		292,044		11,182		—		331,858		2,125,642
	5,216,185		5,341,632		633,929		143,302		11,335,048		14,610,864
Financial Services	—		—		—		—		—		615,052
	$	5,216,185	$	5,341,632	$	633,929	$	143,302	$	11,335,048	$	15,225,916
	December 31, 2022
	Homes Under Construction		Land Under Development		Raw Land		Consolidated Inventory Not Owned		Total Inventory		Total Assets
Northeast	$	321,687	$	241,897	$	45,455	$	—	$	609,039	$	700,413
Southeast	793,539		544,867		102,336		20,169		1,460,911		1,668,053
Florida (a)	1,417,657		1,081,836		125,253		51,889		2,676,635		3,195,091
Midwest	523,194		689,541		22,467		—		1,235,202		1,382,227
Texas	690,622		726,342		133,300		—		1,550,264		1,735,683
West	1,662,251		1,528,863		238,758		—		3,429,872		3,771,808
Other homebuilding (b)	31,236		321,086		11,772		—		364,094		1,470,919
	5,440,186		5,134,432		679,341		72,058		11,326,017		13,924,194
Financial Services	—		—		—		—		—		872,321
	$	5,440,186	$	5,134,432	$	679,341	$	72,058	$	11,326,017	$	14,796,515

(a)Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million.

(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. Other homebuilding also includes goodwill of $40.4 million.