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Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2011
Segment Information |
Segment Information |
5. | Segment information
The Company's Homebuilding operating segments are engaged in the acquisition and development of land primarily for residential purposes within the continental United States and the construction of housing on such land targeted for first-time, first and second move-up, and active adult home buyers. The Company has determined that its Homebuilding operating segments are its Areas, each of which represents a reportable segment. As part of its ongoing efforts to structure the Company for profitability in the face of challenging market conditions, the Company realigned its organizational structure during the second quarter of 2011, which reduced the number of Areas from four to three. The operating data by segment provided in this note have been reclassified to conform to the current presentation. Accordingly, the Company's reportable Homebuilding segments are as follows:
East: |  | Connecticut, Delaware, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia
Gulf Coast: |  | Florida, Texas
West: |  | Arizona, California, Colorado, Hawaii, Illinois, Indiana, Michigan, Minnesota, Missouri, Nevada, New Mexico, Ohio, Oregon, Washington
The Company also has one reportable segment for its financial services operations, which consist principally of mortgage banking and title operations. The Company's Financial Services segment operates generally in the same markets as the Company's Homebuilding segments. Evaluation of segment performance is based on operating earnings from continuing operations before provision for income taxes which, for the Homebuilding segments, is defined as home sale revenues and land sale revenues less home sale cost of revenues, land cost of revenues, and certain selling, general, and administrative and other expenses, plus equity income from unconsolidated entities, which are incurred by or allocated to the Homebuilding segments. Operating earnings for the Financial Services segment is defined as revenues less costs associated with the Company's mortgage and title operations and certain selling, general, and administrative expenses incurred by or allocated to the Financial Services segment. Each reportable segment generally follows the same accounting policies described in Note 1 – "Summary of Significant Accounting Policies" to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2010.
|  | Operating Data by Segment ($000's omitted) |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
East |  | $ | 303,390 |  |  | $ | 425,184 |  |  | $ | 572,256 |  |  | $ | 786,403 |
Gulf Coast |  |  | 287,658 |  |  |  | 349,400 |  |  |  | 535,588 |  |  |  | 604,207 |
West |  |  | 313,783 |  |  |  | 495,151 |  |  |  | 580,754 |  |  |  | 868,917 |
|  |  | 904,831 |  |  |  | 1,269,735 |  |  |  | 1,688,598 |  |  |  | 2,259,527 |
Financial Services |  |  | 22,381 |  |  |  | 36,163 |  |  |  | 43,816 |  |  |  | 66,729 |
Consolidated revenues |  | $ | 927,212 |  |  | $ | 1,305,898 |  |  | $ | 1,732,414 |  |  | $ | 2,326,256 |
Income (loss) before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
East |  | $ | 10,795 |  |  | $ | 26,695 |  |  | $ | 14,451 |  |  | $ | 41,284 |
Gulf Coast |  |  | 13,265 |  |  |  | 17,137 |  |  |  | 17,242 |  |  |  | 13,739 |
West |  |  | (11,721 | ) |  |  | 16,110 |  |  |  | (21,944 | ) |  |  | 26,222 |
Other homebuilding (a) |  |  | (40,185 | ) |  |  | (48,143 | ) |  |  | (78,389 | ) |  |  | (81,282 | )
|  |  | (27,846 | ) |  |  | 11,799 |  |  |  | (68,640 | ) |  |  | (37 | )
Financial Services (b) |  |  | (16,643 | ) |  |  | (8,585 | ) |  |  | (15,670 | ) |  |  | (3,113 | )
Other non-operating (c) |  |  | (8,844 | ) |  |  | (8,940 | ) |  |  | (14,415 | ) |  |  | (17,084 | )
Consolidated income (loss) before income taxes |  | $ | (53,333 | ) |  | $ | (5,726 | ) |  | $ | (98,725 | ) |  | $ | (20,234 | )
(a) | Other homebuilding primarily includes the amortization of intangible assets, goodwill impairment, and amortization of capitalized interest.
(b) | Financial Services income before income taxes includes interest expense of $0.6 million and $1.1 million for the three and six months ended June 30, 2010, respectively. Interest income included in Financial Services income before income taxes totaled $1.1 million and $2.1 million for the three and six months ended June 30, 2011, respectively, and $1.5 million and $2.9 million for the three and six months ended June 30, 2010, respectively.
(c) | Other non-operating includes the costs of certain shared services that benefit all operating segments, a portion of which are not allocated to the operating segments reported above.
|  | Valuation Adjustments and Write-Offs by Segment ($000's omitted) |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Land and community valuation adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
East |  | $ | 228 |  |  | $ | 477 |  |  | $ | 269 |  |  | $ | 477 |
Gulf Coast |  |  | — |  |  |  | 5,276 |  |  |  | — |  |  |  | 8,027 |
West |  |  | 1,818 |  |  |  | 14,601 |  |  |  | 1,818 |  |  |  | 15,368 |
Other homebuilding (a) |  |  | 1,254 |  |  |  | 5,192 |  |  |  | 1,316 |  |  |  | 6,211 |
|  | $ | 3,300 |  |  | $ | 25,546 |  |  | $ | 3,403 |  |  | $ | 30,083 |
Net realizable value adjustments - land held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
East |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Gulf Coast |  |  | — |  |  |  | (184 | ) |  |  | — |  |  |  | 321 |
West |  |  | (249 | ) |  |  | — |  |  |  | (249 | ) |  |  | 59 |
|  | $ | (249 | ) |  | $ | (184 | ) |  | $ | (249 | ) |  | $ | 380 |
Write-off of deposits and pre-acquisition costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
East |  | $ | 1,723 |  |  | $ | 178 |  |  | $ | 2,191 |  |  | $ | 215 |
Gulf Coast |  |  | 166 |  |  |  | 21 |  |  |  | 179 |  |  |  | 495 |
West |  |  | 1,820 |  |  |  | 2,110 |  |  |  | 1,962 |  |  |  | 2,142 |
|  | $ | 3,709 |  |  | $ | 2,309 |  |  | $ | 4,332 |  |  | $ | 2,852 |
Impairments of investments in unconsolidated joint ventures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
East |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Gulf Coast |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
West |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,908 |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,908 |
Total valuation adjustments and write-offs |  | $ | 6,760 |  |  | $ | 27,671 |  |  | $ | 7,486 |  |  | $ | 35,223 |
(a) | Primarily write-offs of capitalized interest related to land and community valuation adjustments.
Total assets and inventory by reportable segment were as follows ($000's omitted):
|  | June 30, 2011 |
|  | Homes Under Construction |  |  | Land Under Development |  |  | Land Held for Future Development |  |  | Total Inventory |  |  | Total Assets |
East |  | $ | 497,924 |  |  | $ | 807,842 |  |  | $ | 266,111 |  |  | $ | 1,571,877 |  |  | $ | 1,742,215 |
Gulf Coast |  |  | 323,230 |  |  |  | 585,398 |  |  |  | 223,309 |  |  |  | 1,131,937 |  |  |  | 1,273,869 |
West |  |  | 555,257 |  |  |  | 981,736 |  |  |  | 303,867 |  |  |  | 1,840,860 |  |  |  | 2,029,609 |
Other homebuilding (a) |  |  | 55,339 |  |  |  | 226,029 |  |  |  | 79,081 |  |  |  | 360,449 |  |  |  | 771,230 |
|  |  | 1,431,750 |  |  |  | 2,601,005 |  |  |  | 872,368 |  |  |  | 4,905,123 |  |  |  | 5,816,923 |
Financial Services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 182,655 |
Other non-operating (b) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,426,027 |
|  | $ | 1,431,750 |  |  | $ | 2,601,005 |  |  | $ | 872,368 |  |  | $ | 4,905,123 |  |  | $ | 7,425,605 |
|  | December 31, 2010 |
|  | Homes Under Construction |  |  | Land Under Development |  |  | Land Held for Future Development |  |  | Total Inventory |  |  | Total Assets |
East |  | $ | 455,637 |  |  | $ | 792,586 |  |  | $ | 262,653 |  |  | $ | 1,510,876 |  |  | $ | 1,712,250 |
Gulf Coast |  |  | 313,734 |  |  |  | 564,396 |  |  |  | 239,950 |  |  |  | 1,118,080 |  |  |  | 1,303,749 |
West |  |  | 518,427 |  |  |  | 979,710 |  |  |  | 329,108 |  |  |  | 1,827,245 |  |  |  | 1,983,436 |
Other homebuilding (a) |  |  | 43,820 |  |  |  | 205,137 |  |  |  | 76,655 |  |  |  | 325,612 |  |  |  | 743,016 |
|  |  | 1,331,618 |  |  |  | 2,541,829 |  |  |  | 908,366 |  |  |  | 4,781,813 |  |  |  | 5,742,451 |
Financial Services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 222,989 |
Other non-operating (b) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,733,936 |
|  | $ | 1,331,618 |  |  | $ | 2,541,829 |  |  | $ | 908,366 |  |  | $ | 4,781,813 |  |  | $ | 7,699,376 |
(a) | Other homebuilding primarily includes operations in Puerto Rico, certain wind down operations, capitalized interest, goodwill, and intangibles.
(b) | Other non-operating primarily includes cash and equivalents, income taxes receivable, and other corporate items that are not allocated to the operating segments.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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