OPERATING AND REPORTING SEGMENTS

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

OPERATING AND REPORTING SEGMENTS

OPERATING AND REPORTING SEGMENTSWe operate with two principal business segments: homebuilding and financial services. As defined in ASC 280-10, Segment Reporting, we have nine homebuilding operating segments. The homebuilding segments are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes and providing warranty and customer services. We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our current reportable homebuilding segments are as follows:

West:           Arizona, California and Colorado

Central:      Texas

East:           Florida, Georgia, North Carolina, South Carolina and Tennessee

Management’s evaluation of segment performance is based on segment operating income, which we define as home and land closing revenues less cost of home and land closings, commissions and other sales costs, land development and other land sales costs and other costs incurred by or allocated to each segment, including impairments. Each reportable segment follows the same accounting policies described in Note 1, “Business and Summary of Significant Accounting Policies.” Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented. The following segment information is in thousands:

	Years Ended December 31,
	2021		2020		2019
Homebuilding revenue (1):
West	$	1,935,845	$	1,800,223	$	1,422,516
Central	1,504,481		1,282,339		1,038,052
East	1,679,784		1,399,558		1,189,915
Consolidated total	5,120,110		4,482,120		3,650,483
Homebuilding segment operating income:
West	379,093		213,918		141,435
Central	319,435		185,202		101,686
East	302,487		157,971		87,285
Total homebuilding segment operating income	1,001,015		557,091		330,406
Financial services segment profit	18,034		16,388		20,579
Corporate and unallocated costs (2)	(50,573)		(44,398)		(43,612)
Interest expense	(318)		(2,177)		(8,370)
Other income, net	4,864		6,662		9,577
Loss on early extinguishment of debt	(18,188)		—		(5,635)
Net earnings before income taxes	$	954,834	$	533,566	$	302,945

(1)Homebuilding revenue includes the following land closing revenue, by segment:

	Years Ended December 31,
Land closing revenue:	2021		2020		2019
West	$	21,426	$	4,974	$	12,463
Central	3,799		8,678		4,297
East	12		4,079		29,094
Total	$	25,237	$	17,731	$	45,854

(2)Balance consists primarily of corporate costs and numerous shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.

	At December 31, 2021
	West			Central			East			Financial Services		Corporate and Unallocated			Total
Deposits on real estate under option or contract	$	26,687		$	11,132		$	52,860		$	—	$	—		$	90,679
Real estate	1,571,477			1,076,300			1,086,631			—		—			3,734,408
Investments in unconsolidated entities	87			2,974			1,707			—		996			5,764
Other assets	66,897		(1)	199,791		(2)	102,073		(3)	610		607,311		(4)	976,682
Total assets	$	1,665,148		$	1,290,197		$	1,243,271		$	610	$	608,307		$	4,807,533

(1)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and property and equipment.

(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaid expenses and other assets.

(3)Balance consists primarily of cash and cash equivalents, real estate not owned, goodwill, prepaid expenses and other assets and property and equipment.

(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaid expenses and other assets.

	At December 31, 2020
	West			Central			East			Financial Services		Corporate  and Unallocated			Total
Deposits on real estate under option or contract	$	22,493		$	11,154		$	25,887		$	—	$	—		$	59,534
Real estate	1,154,488			814,919			808,632			—		—			2,778,039
Investments in unconsolidated entities	261			3,090			—			—		999			4,350
Other assets	51,271		(1)	122,933		(2)	81,601		(3)	612		766,058		(4)	1,022,475
Total assets	$	1,228,513		$	952,096		$	916,120		$	612	$	767,057		$	3,864,398

(1)Balance consists primarily of cash and cash equivalents and property and equipment.

(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaid expenses and other assets.

(3)Balance consists primarily of cash and cash equivalents, goodwill, prepaid expenses and other assets and property and equipment.

(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaid expenses and other assets.