Segment Information

3 Months Ended

Mar. 31, 2020

Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:



Northeast:		Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia
Southeast:		Georgia, North Carolina, South Carolina, Tennessee
Florida:		Florida
Midwest:		Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio
Texas:		Texas
West:		Arizona, California, Nevada, New Mexico, Washington

We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking and title operations and operate generally in the same markets as the Homebuilding segments.



	Operating Data by Segment ($000’s omitted)
	Three Months Ended
	March 31,
	2020			2019
Revenues:
Northeast	$	162,434		$	110,492
Southeast	382,394			375,417
Florida	506,689			396,443
Midwest	292,169			293,590
Texas	344,738			269,003
West	552,006			507,886
	2,240,430			1,952,831
Financial Services	54,550			43,862
Consolidated revenues	$	2,294,980		$	1,996,693

Income (loss) before income taxes:
Northeast	$	18,609		$	7,928
Southeast	54,744			37,856
Florida (a)	57,166			49,596
Midwest	31,462			26,158
Texas	53,595			30,971
West	67,255			90,182
Other homebuilding (b)	(38,612		)	(38,397		)
	244,219			204,294
Financial Services	19,550			12,409
Consolidated income before income taxes	$	263,769		$	216,703


(a)	Reflects goodwill impairment charge totaling $20.2 million (see Note 1) in the three months ended March 31, 2020.


(b)	Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments.



	Operating Data by Segment ($000’s omitted)
	Three Months Ended
	March 31,
	2020		2019
Land-related charges*:
Northeast	$	4,753	$	324
Southeast	748		572
Florida	522		481
Midwest	777		1,103
Texas	656		68
West	1,529		431
Other homebuilding	744		—
	$	9,729	$	2,979


*	Land-related charges include land impairments, NRV adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue.



	Operating Data by Segment
	($000's omitted)
	March 31, 2020
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	376,669	$	232,799	$	23,524	$	632,992	$	711,522
Southeast	472,381		715,345		71,416		1,259,142		1,406,462
Florida	612,518		893,970		114,013		1,620,501		1,900,299
Midwest	379,818		430,848		29,753		840,419		925,293
Texas	349,799		439,913		88,323		878,035		955,980
West	1,035,681		1,155,349		106,465		2,297,495		2,673,276
Other homebuilding (a)	49,413		264,049		15,618		329,080		2,335,564
	3,276,279		4,132,273		449,112		7,857,664		10,908,396
Financial Services	—		—		—		—		514,978
	$	3,276,279	$	4,132,273	$	449,112	$	7,857,664	$	11,423,374



	Operating Data by Segment
	($000's omitted)
	December 31, 2019
	Homes Under Construction		Land Under Development		Raw Land		Total Inventory		Total Assets
Northeast	$	345,644	$	242,666	$	25,098	$	613,408	$	698,661
Southeast	430,008		724,258		72,804		1,227,070		1,354,086
Florida	539,895		894,716		99,228		1,533,839		1,700,198
Midwest	315,822		464,733		31,881		812,436		886,889
Texas	343,230		447,707		84,926		875,863		949,236
West	881,551		1,289,255		105,606		2,276,412		2,538,803
Other homebuilding (a)	42,866		283,772		14,948		341,586		1,953,440
	2,899,016		4,347,107		434,491		7,680,614		10,081,313
Financial Services	—		—		—		—		634,284
	$	2,899,016	$	4,347,107	$	434,491	$	7,680,614	$	10,715,597

(a)

Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.