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v3.25.1

Segment Information | 3 Months Ended
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Mar. 31, 2025
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: |  | 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, Oregon, Utah, Washington
We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance agency operations. The Financial Services segment operates generally in the same markets as the Homebuilding segments. Evaluation of segment performance is generally based on income before income taxes. Each reportable segment generally follows the same accounting policies described in Note 1. In 2024, we adopted ASU 2023-07, which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. The adoption of ASU 2023-07 impacted the presentation of the performance measures presented in the below tables. Information for previous periods in the below tables conforms with the current year presentation.
| Operating Data by Segment ($000’s omitted)
| Three Months Ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Revenues: |  |  |  |  |  |  |
Northeast | $ | 249,733 |  |  | $ | 200,404 |  |  |  |  |
Southeast | 638,729 |  |  | 717,222 |  |  |  |  |
Florida | 980,539 |  |  | 1,144,876 |  |  |  |  |
Midwest | 582,442 |  |  | 531,708 |  |  |  |  |
Texas | 412,413 |  |  | 524,412 |  |  |  |  |
West | 888,797 |  |  | 704,165 |  |  |  |  |
Other homebuilding (a) | 49,170 |  |  | 34,016 |  |  |  |  |
| 3,801,823 |  |  | 3,856,803 |  |  |  |  |
Financial Services | 90,827 |  |  | 92,357 |  |  |  |  |
Consolidated revenues | $ | 3,892,650 |  |  | $ | 3,949,160 |  |  |  |  |
Cost of revenues |  |  |  |  |  |  |
Northeast | $ | (163,032) |  |  | $ | (138,394) |  |  |  |  |
Southeast | (435,500) |  |  | (481,303) |  |  |  |  |
Florida | (673,456) |  |  | (755,495) |  |  |  |  |
Midwest | (413,859) |  |  | (383,435) |  |  |  |  |
Texas | (302,884) |  |  | (370,427) |  |  |  |  |
West | (706,595) |  |  | (541,334) |  |  |  |  |
Other homebuilding (b) | (74,744) |  |  | (55,742) |  |  |  |  |
| $ | (2,770,070) |  |  | $ | (2,726,130) |  |  |  |  |
Selling, general, and administrative expenses: |  |  |  |  |  |  |
Northeast | $ | (23,906) |  |  | $ | (21,292) |  |  |  |  |
Southeast | (68,105) |  |  | (66,980) |  |  |  |  |
Florida | (98,453) |  |  | (99,753) |  |  |  |  |
Midwest | (61,114) |  |  | (54,266) |  |  |  |  |
Texas | (55,768) |  |  | (60,443) |  |  |  |  |
West | (84,753) |  |  | (73,820) |  |  |  |  |
Other homebuilding (c) | (1,238) |  |  | 18,960 |  |  |  |  |
| $ | (393,337) |  |  | $ | (357,594) |  |  |  |  |
| Operating Data by Segment ($000’s omitted)
| Three Months Ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Other segment items (d): |  |  |  |  |  |  |
Northeast | $ | (1,574) |  |  | $ | (2,079) |  |  |  |  |
Southeast | (5,332) |  |  | (3,025) |  |  |  |  |
Florida | (5,702) |  |  | (2,725) |  |  |  |  |
Midwest | (1,888) |  |  | (1,653) |  |  |  |  |
Texas | (2,899) |  |  | (1,909) |  |  |  |  |
West | (4,872) |  |  | (6,467) |  |  |  |  |
Other homebuilding (e) | 29,131 |  |  | 72,443 |  |  |  |  |
| 6,864 |  |  | 54,585 |  |  |  |  |
Financial Services | (54,970) |  |  | (51,378) |  |  |  |  |
| $ | (48,106) |  |  | $ | 3,207 |  |  |  |  |
Income before income taxes (f): |  |  |  |  |  |  |
Northeast | $ | 61,221 |  |  | $ | 38,639 |  |  |  |  |
Southeast | 129,792 |  |  | 165,914 |  |  |  |  |
Florida | 202,928 |  |  | 286,903 |  |  |  |  |
Midwest | 105,581 |  |  | 92,354 |  |  |  |  |
Texas | 50,862 |  |  | 91,633 |  |  |  |  |
West | 92,577 |  |  | 82,544 |  |  |  |  |
Other homebuilding | 2,319 |  |  | 69,677 |  |  |  |  |
| 645,280 |  |  | 827,664 |  |  |  |  |
Financial Services | 35,857 |  |  | 40,979 |  |  |  |  |
Consolidated income before income taxes | $ | 681,137 |  |  | $ | 868,643 |  |  |  |  |
(a)Other homebuilding includes revenues from land sales and construction services. (b)Other homebuilding includes cost of revenues related to land sales, construction services, and amortization of capitalized interest. (c)Other homebuilding includes insurance reserve reversals of $26.8 million for the three months ended March 31, 2024 (see Note 8). Other homebuilding also includes eliminations of corporate overhead allocated to the operating segments. (d)Other Segment Items reflects other sources of income and expense, including internal capital charge allocations that are eliminated within Other homebuilding. (e)Other homebuilding includes income from unconsolidated entities, interest, the amortization of intangible assets, and other items not allocated to the operating segments. Other homebuilding also includes a gain of $37.7 million for the three months ended March 31, 2024 related to the sale of our minority interest in a joint venture. (f)Includes certain land-related charges (see the following table and Note 2).
| Operating Data by Segment ($000’s omitted)
| Three Months Ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Land-related charges (a): |  |  |  |  |  |  |
Northeast | $ | 194 |  |  | $ | 966 |  |  |  |  |
Southeast | 2,149 |  |  | 990 |  |  |  |  |
Florida | 2,439 |  |  | 341 |  |  |  |  |
Midwest | 846 |  |  | 360 |  |  |  |  |
Texas | 492 |  |  | 245 |  |  |  |  |
West | 16,642 |  |  | 1,088 |  |  |  |  |
Other homebuilding | 1,010 |  |  | 28 |  |  |  |  |
| $ | 23,772 |  |  | $ | 4,018 |  |  |  |  |
(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) |  |  |  |
| Three Months Ended |  |  |  |
| March 31, |  |  |  |
| 2025 |  | 2024 |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |
Northeast | $ | 930 |  |  | $ | 679 |  |  |  |  |
Southeast | 2,204 |  |  | 1,568 |  |  |  |  |
Florida | 4,647 |  |  | 3,646 |  |  |  |  |
Midwest | 2,143 |  |  | 1,975 |  |  |  |  |
Texas | 1,908 |  |  | 1,598 |  |  |  |  |
West | 4,357 |  |  | 3,478 |  |  |  |  |
Other homebuilding | 5,890 |  |  | 5,896 |  |  |  |  |
| 22,079 |  |  | 18,840 |  |  |  |  |
Financial Services | 2,589 |  |  | 2,221 |  |  |  |  |
| $ | 24,668 |  |  | $ | 21,061 |  |  |  |  |
| Operating Data by Segment
| ($000's omitted)
| March 31, 2025 |  | December 31, 2024
| Total Inventory |  | Total Assets |  | Total Inventory |  | Total Assets
Northeast | $ | 725,455 |  |  | $ | 812,576 |  |  | $ | 716,530 |  |  | $ | 807,922 |
Southeast | 2,155,680 |  |  | 2,481,605 |  |  | 2,006,958 |  |  | 2,298,692 |
Florida | 3,327,049 |  |  | 3,765,235 |  |  | 3,246,588 |  |  | 3,676,910 |
Midwest | 1,383,745 |  |  | 1,530,358 |  |  | 1,401,747 |  |  | 1,529,602 |
Texas | 1,685,879 |  |  | 1,959,743 |  |  | 1,645,213 |  |  | 1,905,394 |
West | 3,770,150 |  |  | 4,323,075 |  |  | 3,684,393 |  |  | 4,212,636 |
Other homebuilding (a) | (88,459) |  |  | 1,568,203 |  |  | (8,609) |  |  | 1,934,728 |
| 12,959,499 |  |  | 16,440,795 |  |  | 12,692,820 |  |  | 16,365,884 |
Financial Services | — |  |  | 895,751 |  |  | — |  |  | 997,879 |
| $ | 12,959,499 |  |  | $ | 17,336,546 |  |  | $ | 12,692,820 |  |  | $ | 17,363,763 |
(a)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, other corporate items that are not allocated to the operating segments, and eliminations of certain inventory not owned allocated to the operating segments. Other homebuilding also includes goodwill of $68.9 million, net of cumulative impairment charges of $20.2 million at March 31, 2025 and December 31, 2024.

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