XML 50 R33.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Quarterly Results (Unaudited) (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Quarterly Financial Information | UNAUDITED QUARTERLY INFORMATION (000’s omitted, except per share data)
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Total (a)
2017 |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | 1,587,061 |  |  | $ | 1,973,571 |  |  | $ | 2,083,067 |  |  | $ | 2,737,391 |  |  | $ | 8,381,090 |
Cost of revenues (b) | (1,220,906 | ) |  | (1,637,536 | ) |  | (1,589,728 | ) |  | (2,147,431 | ) |  | (6,595,601 | )
Income before income taxes (c) | 125,762 |  |  | 103,599 |  |  | 250,463 |  |  | 385,508 |  |  | 865,332 |
Financial Services: |  |  |  |  |  |  |  |  |
Revenues | $ | 41,767 |  |  | $ | 47,275 |  |  | $ | 46,952 |  |  | $ | 56,166 |  |  | $ | 192,160 |
Income before income taxes | 13,503 |  |  | 18,948 |  |  | 17,786 |  |  | 23,259 |  |  | 73,496 |
Consolidated results: |  |  |  |  |  |  |  |  |
Revenues | $ | 1,628,828 |  |  | $ | 2,020,846 |  |  | $ | 2,130,019 |  |  | $ | 2,793,557 |  |  | $ | 8,573,250 |
Income before income taxes | 139,265 |  |  | 122,547 |  |  | 268,249 |  |  | 408,767 |  |  | 938,828 |
Income tax expense | (47,747 | ) |  | (21,798 | ) |  | (90,710 | ) |  | (331,352 | ) |  | (491,607 | )
Net income | $ | 91,518 |  |  | $ | 100,749 |  |  | $ | 177,539 |  |  | $ | 77,415 |  |  | $ | 447,221 |
Net income per share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.29 |  |  | $ | 0.32 |  |  | $ | 0.59 |  |  | $ | 0.26 |  |  | $ | 1.45 |
Diluted | $ | 0.28 |  |  | $ | 0.32 |  |  | $ | 0.58 |  |  | $ | 0.26 |  |  | $ | 1.44 |
Number of shares used in calculation: |  |  |  |  |  |  |  |  |
Basic | 317,756 |  |  | 312,315 |  |  | 298,538 |  |  | 292,174 |  |  | 305,089 |
Effect of dilutive securities | 2,329 |  |  | 1,565 |  |  | 1,690 |  |  | 1,318 |  |  | 1,725 |
Diluted | 320,085 |  |  | 313,880 |  |  | 300,228 |  |  | 293,492 |  |  | 306,814 |
(a) | Due to rounding, the sum of quarterly results may not equal the total for the year. Additionally, quarterly and year-to-date computations of per share amounts are made independently.
(b) | Cost of revenues includes land inventory impairments of $31.5 million and $57.5 million in the 2nd and 4th Quarters, respectively (see Note 2); net realizable value adjustments on land held for sale of $81.0 million in the 2nd Quarter (see Note 2); and a warranty charge of $12.4 million related to a closed-out community in the 2nd Quarter (see Note 11).
(c) | Homebuilding income before income taxes includes an $8.0 million impairment of an investment in an unconsolidated entity in the 2nd Quarter (see Note 2); write-offs of insurance receivables of $15.0 million, $5.3 million, and $9.3 million for the 1st, 3rd, and 4th Quarters, respectively (see Note 11); and reversals of general liability insurance reserves of $19.8 million and $75.3 million in the 2nd and 4th Quarters, respectively (see Note 11).
UNAUDITED QUARTERLY INFORMATION (000’s omitted, except per share data)
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Total (a)
2016 |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |
Revenues | $ | 1,396,730 |  |  | $ | 1,756,832 |  |  | $ | 1,894,885 |  |  | $ | 2,438,903 |  |  | $ | 7,487,350 |
Cost of revenues | (1,040,056 | ) |  | (1,314,972 | ) |  | (1,429,133 | ) |  | (1,835,928 | ) |  | (5,620,089 | )
Income before income taxes (b) | 108,433 |  |  | 172,546 |  |  | 191,063 |  |  | 388,724 |  |  | 860,766 |
Financial Services: |  |  |  |  |  |  |  |  |
Revenues | $ | 35,848 |  |  | $ | 43,082 |  |  | $ | 48,020 |  |  | $ | 54,175 |  |  | $ | 181,126 |
Income before income taxes | 9,780 |  |  | 17,034 |  |  | 21,272 |  |  | 24,997 |  |  | 73,084 |
Consolidated results: |  |  |  |  |  |  |  |  |
Revenues | $ | 1,432,578 |  |  | $ | 1,799,914 |  |  | $ | 1,942,905 |  |  | $ | 2,493,078 |  |  | $ | 7,668,476 |
Income before income taxes | 118,213 |  |  | 189,580 |  |  | 212,335 |  |  | 413,721 |  |  | 933,850 |
Income tax expense | (34,913 | ) |  | (71,820 | ) |  | (83,865 | ) |  | (140,549 | ) |  | (331,147 | )
Net income | $ | 83,300 |  |  | $ | 117,760 |  |  | $ | 128,470 |  |  | $ | 273,172 |  |  | $ | 602,703 |
Net income per share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.24 |  |  | $ | 0.34 |  |  | $ | 0.37 |  |  | $ | 0.83 |  |  | $ | 1.76 |
Diluted | $ | 0.24 |  |  | $ | 0.34 |  |  | $ | 0.37 |  |  | $ | 0.83 |  |  | $ | 1.75 |
Number of shares used in calculation: |  |  |  |  |  |  |  |  |
Basic | 347,815 |  |  | 345,240 |  |  | 340,171 |  |  | 325,975 |  |  | 339,747 |
Effect of dilutive securities | 2,662 |  |  | 2,759 |  |  | 2,250 |  |  | 1,834 |  |  | 2,376 |
Diluted | 350,477 |  |  | 347,999 |  |  | 342,421 |  |  | 327,809 |  |  | 342,123 |
(a) | Due to rounding, the sum of quarterly results may not equal the total for the year. Additionally, quarterly and year-to-date computations of per share amounts are made independently.
(b) | Homebuilding income before income taxes includes a charge of $15.0 million in the 3rd Quarter related to the settlement of a disputed land transaction (see Note 11) and an adjustment to general liability insurance reserves relating to a reserve reversal of $55.2 million in the 4th Quarter.

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=84173487&loc=d3e1280-108306 + Details
Name: | us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration