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v2.3.0.11

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2011
Segment Information |
Operating Data by Segment |
|  | 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 |
|  | 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 |
|  | 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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