Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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

Operating Data By Reporting Segment


	Operating Data by Segment ($000’s omitted)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Revenues (a):
Northeast	$	234,475	$	250,209	$	684,495	$	657,703
Southeast	646,927		713,205		2,009,556		1,819,114
Florida	1,220,036		942,467		3,525,623		2,683,248
Midwest	543,772		557,669		1,412,102		1,553,800
Texas	487,521		577,686		1,587,752		1,580,567
West	794,082		781,117		2,321,523		2,390,274
	3,926,813		3,822,353		11,541,051		10,684,706
Financial Services	76,720		72,709		226,875		239,627
Consolidated revenues	$	4,003,533	$	3,895,062	$	11,767,926	$	10,924,333


	Operating Data by Segment ($000’s omitted)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022

Income (loss) before income taxes (a):
Northeast	$	52,265	$	52,682	$	150,227	$	140,052
Southeast	144,643		181,667		469,653		460,056
Florida	316,113		220,850		904,916		628,979
Midwest	105,267		82,279		242,552		235,345
Texas	99,433		133,404		305,552		351,253
West	107,537		145,890		307,537		463,947
Other homebuilding (b)	(6,893)		(33,009)		32,666		(112,070)
	818,365		783,763		2,413,103		2,167,562
Financial Services	28,949		27,514		89,346		108,181
Consolidated income before income taxes	$	847,314	$	811,277	$	2,502,449	$	2,275,743

(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 $66.2 million in the nine months ended September 30, 2023.


	Operating Data by Segment ($000’s omitted)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Land-related charges (a):
Northeast	$	197	$	3,759	$	266	$	3,961
Southeast	2,616		5,889		5,643		9,724
Florida	338		4,881		2,430		6,493
Midwest	282		1,677		886		2,780
Texas	59		2,794		388		3,328
West	2,889		5,462		6,689		6,189
Other homebuilding	487		—		676		—
	$	6,868	$	24,462	$	16,978	$	32,475

(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.

Total Assets And Inventory By Reporting Segment


	Operating Data by Segment
	($000's omitted)
	September 30, 2023
	Homes Under Construction		Land Under Development		Raw Land		Consolidated Inventory Not Owned		Total Inventory		Total Assets
Northeast	$	339,345	$	319,912	$	38,499	$	—	$	697,756	$	803,724
Southeast	767,994		715,736		66,342		25,033		1,575,105		1,838,802
Florida (a)	1,451,547		1,143,172		93,178		61,855		2,749,752		3,269,761
Midwest	671,733		677,952		22,806		3,472		1,375,963		1,528,933
Texas	593,864		700,732		122,623		45,976		1,463,195		1,666,557
West	1,500,748		1,628,040		220,548		—		3,349,336		3,697,236
Other homebuilding (b)	30,172		334,438		9,730		—		374,340		2,166,356
	5,355,403		5,519,982		573,726		136,336		11,585,447		14,971,369
Financial Services	—		—		—		—		—		745,894
	$	5,355,403	$	5,519,982	$	573,726	$	136,336	$	11,585,447	$	15,717,263

	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.