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Segment Disclosures
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Disclosures Segment Disclosures
We disclose four homebuilding operating and reportable segments that aggregate geographically our homebuilding divisions, and we present our mortgage banking operations as a single reportable segment. The homebuilding reportable segments are comprised of divisions in the following geographic areas:
Mid Atlantic: Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
North East: New Jersey and Eastern Pennsylvania
Mid East: New York, Ohio, Western Pennsylvania, Indiana and Illinois
South East: North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky
The Company's Chief Operating Decision Maker ("CODM"), identified as the Chief Executive Officer, utilizes segment profit to evaluate the performance of the Company's homebuilding and mortgage banking operating segments against the annual plan to make resource allocation decisions.
Homebuilding segment profit includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the CODM to determine whether the operating segment’s results are providing the desired rate of return after covering our cost of capital.  
Assets not allocated to the operating segments are not included in either the operating segment’s corporate capital allocation charge or the CODM’s evaluation of the operating segment’s performance. We record charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are charged to the operating segment upon the termination of an LPA with the developer, or the restructuring of an LPA resulting in the forfeiture of the deposit. 
Mortgage banking segment profit before tax consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs, including certain corporate overhead functions. Mortgage banking operations are not charged a corporate capital allocation charge.
In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before taxes include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest income and expense. Our overhead functions such as accounting, treasury and human resources are centrally performed and the costs are not allocated to our operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our 3.00% Senior Notes due 2030 (the “Senior Notes”), which are not charged to the operating segments because the charges are included in the corporate capital allocation discussed above.
The following tables present certain segment financial data with reconciliations to the amounts reported for the consolidated company, where applicable:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Revenues:
Homebuilding Mid Atlantic$1,039,957 $1,147,893 $3,251,066 $3,299,047 
Homebuilding North East291,753 300,448 889,508 843,452 
Homebuilding Mid East508,798 501,190 1,371,160 1,352,137 
Homebuilding South East719,835 728,109 1,947,321 2,017,072 
Mortgage Banking49,162 55,311 152,296 167,163 
Total consolidated revenues$2,609,505 $2,732,951 $7,611,351 $7,678,871 

 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Segment cost of sales:
Homebuilding Mid Atlantic$(796,238)$(859,762)$(2,481,372)$(2,468,953)
Homebuilding North East(215,063)(222,197)(655,666)(621,623)
Homebuilding Mid East(398,371)(387,102)(1,082,109)(1,049,160)
Homebuilding South East(590,149)(568,679)(1,582,472)(1,557,935)

 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Segment selling, general & administrative expense:
Homebuilding Mid Atlantic$(37,832)$(38,448)$(112,559)$(113,287)
Homebuilding North East(12,373)(11,477)(34,907)(34,180)
Homebuilding Mid East(21,215)(20,917)(61,645)(59,185)
Homebuilding South East(40,598)(36,797)(119,526)(102,426)
Mortgage Banking
(21,910)(25,106)(70,633)(71,971)

Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Corporate capital allocation charge:
Homebuilding Mid Atlantic$(38,204)$(35,976)$(112,350)$(104,872)
Homebuilding North East(12,383)(10,578)(34,275)(30,456)
Homebuilding Mid East(12,917)(11,929)(36,157)(32,850)
Homebuilding South East(33,058)(28,006)(93,305)(77,866)
Total$(96,562)$(86,489)$(276,087)$(246,044)
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Other segment items, net:
Homebuilding Mid Atlantic$458 $425 $1,579 $1,327 
Homebuilding North East30 50 379 283 
Homebuilding Mid East136 143 520 432 
Homebuilding South East842 462 2,102 2,091 
Mortgage Banking (1)
5,954 5,951 16,074 16,854 
(1) This item relates primarily to interest income received on mortgage loans closed and mortgage loans held for sale.
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Segment profit:
Homebuilding Mid Atlantic$168,141 $214,132 $546,364 $613,262 
Homebuilding North East51,964 56,246 165,039 157,476 
Homebuilding Mid East76,431 81,385 191,769 211,374 
Homebuilding South East56,872 95,089 154,120 280,936 
Mortgage Banking33,206 36,156 97,737 112,046 
Total segment profit
386,614 483,008 1,155,029 1,375,094 
Reconciling items:
Contract land deposit allowance adjustment (2)
(18,634)(3,079)(39,904)5,712 
Equity-based compensation expense (3)
(17,356)(19,223)(53,695)(54,465)
Corporate capital allocation (4)
96,562 86,489 276,087 246,044 
Unallocated corporate overhead(26,359)(36,780)(116,692)(122,300)
Consolidation adjustments and other (5)
10,433 2,575 27,903 6,666 
Corporate interest income
19,654 32,409 65,129 106,173 
Corporate interest expense
(6,841)(6,787)(20,647)(20,052)
Reconciling items sub-total57,459 55,604 138,181 167,778 
Consolidated profit before taxes
$444,073 $538,612 $1,293,210 $1,542,872 
(2) This item represents changes to the contract land deposit impairment allowance, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2.
(3) This item represents compensation expense for all Option and RSU grants.
(4) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments.  The corporate capital allocation charge is based on the segment’s monthly average asset balance.
(5) The consolidation adjustments and other in each period are primarily attributable to changes in units under construction period over period, and any significant changes in material costs, primarily lumber. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. Costs related to homes not yet settled are reversed through the consolidation adjustment and recorded in inventory. These costs are subsequently recorded through the consolidation adjustment when the respective homes are settled.


 September 30, 2025December 31, 2024
Assets:
Homebuilding Mid Atlantic$1,374,865 $1,337,659 
Homebuilding North East414,759 368,300 
Homebuilding Mid East442,667 396,854 
Homebuilding South East1,068,526 914,318 
Mortgage Banking487,877 485,409 
Total segment assets3,788,694 3,502,540 
Reconciling items (1):
Cash and cash equivalents1,932,167 2,561,339 
Deferred taxes150,262 142,192 
Reorganization value and goodwill
49,368 49,368 
Operating lease right-of-use assets87,116 78,340 
Finance lease right-of-use assets38,516 37,638 
Contract land deposit allowance
(85,368)(58,597)
Consolidation adjustments and other74,703 68,168 
Reconciling items sub-total2,246,764 2,878,448 
Consolidated assets$6,035,458 $6,380,988