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v3.23.2

Segment Information | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Segment information | Segment information 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, Colorado, Nevada, New Mexico, Washington
We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance brokerage operations that operate generally in the same markets as the Homebuilding segments.
| Operating Data by Segment ($000’s omitted)
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenues (a): |  |  |  |  |  |  |
Northeast | $ | 229,371 |  |  | $ | 245,167 |  |  | $ | 450,020 |  |  | $ | 407,494 |
Southeast | 732,328 |  |  | 582,671 |  |  | 1,362,629 |  |  | 1,105,909 |
Florida | 1,228,474 |  |  | 981,480 |  |  | 2,305,588 |  |  | 1,740,781 |
Midwest | 474,460 |  |  | 548,229 |  |  | 868,329 |  |  | 996,131 |
Texas | 613,838 |  |  | 564,027 |  |  | 1,100,231 |  |  | 1,002,881 |
West | 818,063 |  |  | 875,403 |  |  | 1,527,441 |  |  | 1,609,157 |
| 4,096,534 |  |  | 3,796,977 |  |  | 7,614,238 |  |  | 6,862,353 |
Financial Services | 92,219 |  |  | 82,775 |  |  | 150,156 |  |  | 166,918 |
Consolidated revenues | $ | 4,188,753 |  |  | $ | 3,879,752 |  |  | $ | 7,764,394 |  |  | $ | 7,029,271 |
| Operating Data by Segment ($000’s omitted)
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Income (loss) before income taxes: |  |  |  |  |  |  |
Northeast | $ | 51,165 |  |  | $ | 59,971 |  |  | $ | 97,962 |  |  | $ | 87,370 |
Southeast | 179,707 |  |  | 152,257 |  |  | 325,010 |  |  | 278,389 |
Florida | 318,066 |  |  | 247,435 |  |  | 588,803 |  |  | 408,129 |
Midwest | 78,381 |  |  | 88,323 |  |  | 137,285 |  |  | 153,066 |
Texas | 126,054 |  |  | 134,133 |  |  | 206,119 |  |  | 217,849 |
West | 100,423 |  |  | 184,788 |  |  | 200,000 |  |  | 318,057 |
Other homebuilding (b) | 52,722 |  |  | (42,409) |  |  | 39,559 |  |  | (79,062) |
| 906,518 |  |  | 824,498 |  |  | 1,594,738 |  |  | 1,383,798 |
Financial Services | 46,495 |  |  | 40,075 |  |  | 60,397 |  |  | 80,668 |
Consolidated income before income taxes | $ | 953,013 |  |  | $ | 864,573 |  |  | $ | 1,655,135 |  |  | $ | 1,464,466 |
(a)All periods reflect the reclassification of closing cost incentives to homes sale revenues from home sale cost of revenues (Note 1). (b)Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments. Other homebuilding also includes insurance reserve reversals of $64.9 million in the three months ended June 30, 2023.
| Operating Data by Segment ($000’s omitted) |  |
| Three Months Ended |  | Six Months Ended |  |
| June 30, |  | June 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Land-related charges (a): |  |  |  |  |  |  |  |  |
Northeast | $ | 44 |  |  | $ | 100 |  |  | $ | 69 |  |  | $ | 202 |  |  |
Southeast | 668 |  |  | 1,933 |  |  | 3,027 |  |  | 3,835 |  |  |
Florida | 79 |  |  | 641 |  |  | 2,092 |  |  | 1,612 |  |  |
Midwest | 174 |  |  | 944 |  |  | 604 |  |  | 1,102 |  |  |
Texas | 214 |  |  | 294 |  |  | 329 |  |  | 534 |  |  |
West | 3,059 |  |  | 591 |  |  | 3,800 |  |  | 728 |  |  |
Other homebuilding | 189 |  |  | — |  |  | 189 |  |  | — |  |  |
| $ | 4,427 |  |  | $ | 4,503 |  |  | $ | 10,110 |  |  | $ | 8,013 |  |  |
(a) Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.
| Operating Data by Segment
| ($000's omitted)
| June 30, 2023
| Homes Under Construction |  | Land Under Development |  | Raw Land |  | Consolidated Inventory Not Owned |  | Total Inventory |  | Total Assets
Northeast | $ | 338,842 |  |  | $ | 293,920 |  |  | $ | 31,964 |  |  | $ | — |  |  | $ | 664,726 |  |  | $ | 786,086 |
Southeast | 767,132 |  |  | 639,701 |  |  | 76,021 |  |  | 18,783 |  |  | 1,501,637 |  |  | 1,736,533 |
Florida (a) | 1,464,521 |  |  | 1,120,496 |  |  | 114,180 |  |  | 69,064 |  |  | 2,768,261 |  |  | 3,302,542 |
Midwest | 602,652 |  |  | 678,726 |  |  | 16,004 |  |  | 3,355 |  |  | 1,300,737 |  |  | 1,452,201 |
Texas | 549,870 |  |  | 656,743 |  |  | 162,169 |  |  | 52,100 |  |  | 1,420,882 |  |  | 1,585,906 |
West | 1,464,536 |  |  | 1,660,002 |  |  | 222,409 |  |  | — |  |  | 3,346,947 |  |  | 3,621,954 |
Other homebuilding (b) | 28,632 |  |  | 292,044 |  |  | 11,182 |  |  | — |  |  | 331,858 |  |  | 2,125,642 |
| 5,216,185 |  |  | 5,341,632 |  |  | 633,929 |  |  | 143,302 |  |  | 11,335,048 |  |  | 14,610,864 |
Financial Services | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 615,052 |
| $ | 5,216,185 |  |  | $ | 5,341,632 |  |  | $ | 633,929 |  |  | $ | 143,302 |  |  | $ | 11,335,048 |  |  | $ | 15,225,916 |
| December 31, 2022
| Homes Under Construction |  | Land Under Development |  | Raw Land |  | Consolidated Inventory Not Owned |  | Total Inventory |  | Total Assets
Northeast | $ | 321,687 |  |  | $ | 241,897 |  |  | $ | 45,455 |  |  | $ | — |  |  | $ | 609,039 |  |  | $ | 700,413 |
Southeast | 793,539 |  |  | 544,867 |  |  | 102,336 |  |  | 20,169 |  |  | 1,460,911 |  |  | 1,668,053 |
Florida (a) | 1,417,657 |  |  | 1,081,836 |  |  | 125,253 |  |  | 51,889 |  |  | 2,676,635 |  |  | 3,195,091 |
Midwest | 523,194 |  |  | 689,541 |  |  | 22,467 |  |  | — |  |  | 1,235,202 |  |  | 1,382,227 |
Texas | 690,622 |  |  | 726,342 |  |  | 133,300 |  |  | — |  |  | 1,550,264 |  |  | 1,735,683 |
West | 1,662,251 |  |  | 1,528,863 |  |  | 238,758 |  |  | — |  |  | 3,429,872 |  |  | 3,771,808 |
Other homebuilding (b) | 31,236 |  |  | 321,086 |  |  | 11,772 |  |  | — |  |  | 364,094 |  |  | 1,470,919 |
| 5,440,186 |  |  | 5,134,432 |  |  | 679,341 |  |  | 72,058 |  |  | 11,326,017 |  |  | 13,924,194 |
Financial Services | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 872,321 |
| $ | 5,440,186 |  |  | $ | 5,134,432 |  |  | $ | 679,341 |  |  | $ | 72,058 |  |  | $ | 11,326,017 |  |  | $ | 14,796,515 |
(a)Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million. (b)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. Other homebuilding also includes goodwill of $40.4 million.

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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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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