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Segment Disclosures (Tables) | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Revenues | The f ollowing tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Revenues: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 1,048,416 |  |  | $ | 839,845 |  |  | $ | 1,984,556 |  |  | $ | 1,613,903 |
Homebuilding North East |  | 193,245 |  |  | 98,219 |  |  | 355,438 |  |  | 204,355 |
Homebuilding Mid East |  | 478,179 |  |  | 299,955 |  |  | 903,132 |  |  | 620,650 |
Homebuilding South East |  | 504,720 |  |  | 350,739 |  |  | 945,145 |  |  | 705,557 |
Mortgage Banking |  | 59,038 |  |  | 31,610 |  |  | 136,773 |  |  | 58,431 |
Total consolidated revenues |  | $ | 2,283,598 |  |  | $ | 1,620,368 |  |  | $ | 4,325,044 |  |  | $ | 3,202,896 |
Profit before Taxes |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Income before taxes: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 174,481 |  |  | $ | 98,067 |  |  | $ | 303,548 |  |  | $ | 179,740 |
Homebuilding North East |  | 21,510 |  |  | 6,658 |  |  | 36,737 |  |  | 16,809 |
Homebuilding Mid East |  | 59,887 |  |  | 27,302 |  |  | 108,828 |  |  | 58,466 |
Homebuilding South East |  | 78,919 |  |  | 42,765 |  |  | 135,584 |  |  | 89,909 |
Mortgage Banking |  | 40,372 |  |  | 15,692 |  |  | 99,934 |  |  | 27,571 |
Total segment profit before taxes |  | 375,169 |  |  | 190,484 |  |  | 684,631 |  |  | 372,495 |
Reconciling items: |  |  |  |  |  |  |  |
Contract land deposit recoveries (impairments) (1) |  | 7,178 |  |  | (460) |  |  | 13,374 |  |  | (36,075) |
Equity-based compensation expense |  | (13,379) |  |  | (14,434) |  |  | (27,850) |  |  | (21,926) |
Corporate capital allocation (2) |  | 63,032 |  |  | 59,870 |  |  | 124,583 |  |  | 116,521 |
Unallocated corporate overhead |  | (33,668) |  |  | (23,288) |  |  | (73,804) |  |  | (60,927) |
Consolidation adjustments and other (3) |  | 31,944 |  |  | 6,803 |  |  | 34,330 |  |  | 16,456 |
Corporate interest expense |  | (12,811) |  |  | (9,144) |  |  | (25,793) |  |  | (15,338) |
Reconciling items sub-total |  | 42,296 |  |  | 19,347 |  |  | 44,840 |  |  | (1,289) |
Consolidated income before taxes |  | $ | 417,465 |  |  | $ | 209,831 |  |  | $ | 729,471 |  |  | $ | 371,206 |
(1)This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (2)This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Corporate capital allocation charge: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 31,135 |  |  | $ | 31,581 |  |  | $ | 61,731 |  |  | $ | 61,336 |
Homebuilding North East |  | 6,457 |  |  | 5,790 |  |  | 12,495 |  |  | 11,349 |
Homebuilding Mid East |  | 11,066 |  |  | 9,687 |  |  | 21,690 |  |  | 19,050 |
Homebuilding South East |  | 14,374 |  |  | 12,812 |  |  | 28,667 |  |  | 24,786 |
Total |  | $ | 63,032 |  |  | $ | 59,870 |  |  | $ | 124,583 |  |  | $ | 116,521 |
(3) The increase in consolidation adjustments and other for the three and six month periods of 2021 compared to the 2020 period relates primarily to the significant increase in lumber prices during the second half of 2020 through the first half of 2021. Our reportable segments' results include the intercompany profits of our production facilities, which were negatively impacted by the increase in lumber costs. The increase in lumber costs related to homes not yet settled is reversed through the consolidation adjustment. As the homes currently in inventory are settled in subsequent quarters, our consolidated homebuilding margins will be negatively impacted by the higher lumber costs.
Assets |
|  | June 30, 2021 |  | December 31, 2020
Assets: |  |  |  |
Homebuilding Mid Atlantic |  | $ | 1,196,515 |  |  | $ | 1,140,910 |
Homebuilding North East |  | 246,296 |  |  | 202,591 |
Homebuilding Mid East |  | 442,110 |  |  | 377,448 |
Homebuilding South East |  | 566,547 |  |  | 494,295 |
Mortgage Banking |  | 410,956 |  |  | 555,278 |
Total segment assets |  | 2,862,424 |  |  | 2,770,522 |
Reconciling items: |  |  |  |
Cash and cash equivalents |  | 2,597,565 |  |  | 2,714,720 |
Deferred taxes |  | 137,037 |  |  | 132,980 |
Intangible assets and goodwill |  | 49,601 |  |  | 49,678 |
Operating lease right-of-use assets |  | 61,740 |  |  | 53,110 |
Finance lease right-of-use assets |  | 14,973 |  |  | 15,772 |
Contract land deposit reserve |  | (38,831) |  |  | (52,205) |
Consolidation adjustments and other |  | 169,927 |  |  | 92,564 |
Reconciling items sub-total |  | 2,992,012 |  |  | 3,006,619 |
Consolidated assets |  | $ | 5,854,436 |  |  | $ | 5,777,141 |

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