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Segment Information
 6 Months Ended
Jun. 30, 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 EndedSix Months Ended
June 30,June 30,
 2025202420252024
Revenues:
Northeast$347,437 $257,153 $597,171 $457,557 
Southeast747,017 770,587 1,385,746 1,487,809 
Florida1,037,352 1,294,077 2,017,891 2,438,954 
Midwest691,347 651,580 1,273,789 1,183,288 
Texas465,919 583,303 878,332 1,107,715 
West979,758 890,769 1,868,555 1,594,934 
Other homebuilding (a)
33,767 40,524 82,936 74,539 
4,302,597 4,487,993 8,104,420 8,344,796 
Financial Services101,158 111,662 191,986 204,019 
Consolidated revenues$4,403,755 $4,599,655 $8,296,406 $8,548,815 
Cost of revenues
Northeast$(231,305)$(172,601)$(394,337)$(310,994)
Southeast(518,721)(516,273)(954,221)(997,577)
Florida(740,196)(854,656)(1,413,651)(1,610,151)
Midwest(492,436)(470,079)(906,296)(853,514)
Texas(348,830)(409,507)(651,713)(779,934)
West(766,190)(676,674)(1,472,785)(1,218,008)
Other homebuilding (b)
(48,260)(56,565)(123,004)(112,308)
$(3,145,938)$(3,156,355)(5,916,007)(5,882,486)
Selling, general, and administrative expenses:
Northeast$(26,382)$(23,550)$(50,288)$(44,841)
Southeast(73,057)(74,027)$(141,162)$(141,007)
Florida(100,641)(109,932)$(199,094)$(209,685)
Midwest(59,260)(58,717)$(120,373)$(112,983)
Texas(58,234)(65,882)$(114,002)$(126,326)
West(82,682)(81,266)$(167,435)$(155,086)
Other homebuilding (c)
9,803 52,229 8,564 71,189 
$(390,453)$(361,145)$(783,790)$(718,739)
Operating Data by Segment
($000’s omitted)
 Three Months EndedSix Months Ended
June 30,June 30,
 2025202420252024
Other segment items (d):
Northeast$(1,164)$(2,209)$(2,739)$(4,290)
Southeast(7,597)(4,769)$(12,929)$(7,793)
Florida(6,299)(4,728)$(12,003)$(7,454)
Midwest(1,481)(2,387)$(3,368)$(4,040)
Texas(4,783)(2,776)$(7,682)$(4,684)
West(9,391)(7,735)$(14,263)$(14,201)
Other homebuilding (e)
28,868 39,045 58,000 111,489 
(1,847)14,441 $5,016 $69,027 
Financial Services(58,361)(48,284)(113,331)(99,662)
$(60,208)$(33,843)(108,315)(30,635)
Income before income taxes (f):
Northeast$88,586 $58,793 $149,807 $97,432 
Southeast147,642 175,518 $277,434 $341,432 
Florida190,216 324,761 $393,143 $611,664 
Midwest138,170 120,397 $243,752 $212,751 
Texas54,072 105,138 $104,935 $196,771 
West121,495 125,094 $214,072 $207,639 
Other homebuilding24,178 75,233 26,496 144,909 
764,359 984,934 $1,409,639 $1,812,598 
Financial Services42,797 63,378 78,655 104,357 
Consolidated income before income taxes$807,156 $1,048,312 1,488,294 1,916,955 

(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 $51.9 million and $78.7 million for the three and six months ended June 30, 2024, respectively (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 six months ended June 30, 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 EndedSix Months Ended
June 30,June 30,
2025202420252024
Land-related charges (a):
Northeast$47 $638 $241 $1,604 
Southeast3,525 1,566 5,674 2,556 
Florida2,850 576 5,289 917 
Midwest757 287 1,603 647 
Texas3,858 262 4,350 507 
West6,782 356 23,424 1,444 
Other homebuilding593 95 1,603 123 
$18,412 $3,780 $42,184 $7,798 

(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 EndedSix Months Ended
June 30,June 30,
2025202420252024
Depreciation and amortization
Northeast$788 $763 $1,719 $1,442 
Southeast2,463 1,649 4,667 3,217 
Florida4,840 3,720 9,488 7,366 
Midwest2,249 2,071 4,392 4,046 
Texas2,006 1,735 3,914 3,333 
West4,400 3,928 8,757 7,406 
Other homebuilding5,764 5,820 11,652 11,716 
22,510 19,686 44,589 38,526 
Financial Services2,536 2,144 5,125 4,365 
$25,046 $21,830 $49,714 $42,891 
 Operating Data by Segment
($000's omitted)
June 30, 2025December 31, 2024
 Total
Inventory		Total
Assets		Total
Inventory		Total
Assets
Northeast$739,159 $833,979 $716,530 $807,922 
Southeast2,228,169 2,595,890 2,006,958 2,298,692 
Florida3,302,285 3,750,799 3,246,588 3,676,910 
Midwest1,404,788 1,547,924 1,401,747 1,529,602 
Texas1,679,754 1,935,583 1,645,213 1,905,394 
West3,761,684 4,272,653 3,684,393 4,212,636 
Other homebuilding (a)
100,169 1,805,206 (8,609)1,934,728 
13,216,008 16,742,034 12,692,820 16,365,884 
Financial Services— 845,777 — 997,879 
$13,216,008 $17,587,811 $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 both June 30, 2025 and December 31, 2024.