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Segment Disclosures (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Revenues: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 1,082,710 |  |  | $ | 949,472 |  |  | $ | 3,067,267 |  |  | $ | 2,563,375 |
Homebuilding North East |  | 213,087 |  |  | 157,973 |  |  | 568,524 |  |  | 362,328 |
Homebuilding Mid East |  | 503,232 |  |  | 404,992 |  |  | 1,406,364 |  |  | 1,025,642 |
Homebuilding South East |  | 537,586 |  |  | 408,314 |  |  | 1,482,731 |  |  | 1,113,871 |
Mortgage Banking |  | 59,025 |  |  | 69,261 |  |  | 195,798 |  |  | 127,692 |
Total consolidated revenues |  | $ | 2,395,640 |  |  | $ | 1,990,012 |  |  | $ | 6,720,684 |  |  | $ | 5,192,908 |
Profit before Taxes |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Income before taxes: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 222,504 |  |  | $ | 104,700 |  |  | $ | 526,052 |  |  | $ | 284,440 |
Homebuilding North East |  | 33,885 |  |  | 14,272 |  |  | 70,622 |  |  | 31,081 |
Homebuilding Mid East |  | 81,021 |  |  | 45,109 |  |  | 189,849 |  |  | 103,575 |
Homebuilding South East |  | 100,688 |  |  | 52,554 |  |  | 236,272 |  |  | 142,463 |
Mortgage Banking |  | 40,249 |  |  | 52,890 |  |  | 140,183 |  |  | 80,461 |
Total segment profit before taxes |  | 478,347 |  |  | 269,525 |  |  | 1,162,978 |  |  | 642,020 |
Reconciling items: |  |  |  |  |  |  |  |
Contract land deposit recoveries (impairments) (1) |  | 4,126 |  |  | 4,867 |  |  | 17,500 |  |  | (31,208) |
Equity-based compensation expense |  | (15,009) |  |  | (13,639) |  |  | (42,859) |  |  | (35,565) |
Corporate capital allocation (2) |  | 64,055 |  |  | 60,662 |  |  | 188,638 |  |  | 177,184 |
Unallocated corporate overhead |  | (27,801) |  |  | (26,915) |  |  | (101,605) |  |  | (87,912) |
Consolidation adjustments and other (3) |  | (56,786) |  |  | 38,244 |  |  | (22,456) |  |  | 54,769 |
Corporate interest expense |  | (12,805) |  |  | (11,287) |  |  | (38,598) |  |  | (26,625) |
Reconciling items sub-total |  | (44,220) |  |  | 51,932 |  |  | 620 |  |  | 50,643 |
Consolidated income before taxes |  | $ | 434,127 |  |  | $ | 321,457 |  |  | $ | 1,163,598 |  |  | $ | 692,663 |
(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 September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Corporate capital allocation charge: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 31,057 |  |  | $ | 31,383 |  |  | $ | 92,788 |  |  | $ | 92,720 |
Homebuilding North East |  | 6,719 |  |  | 5,793 |  |  | 19,214 |  |  | 17,142 |
Homebuilding Mid East |  | 11,114 |  |  | 10,386 |  |  | 32,804 |  |  | 29,436 |
Homebuilding South East |  | 15,165 |  |  | 13,100 |  |  | 43,832 |  |  | 37,886 |
Total |  | $ | 64,055 |  |  | $ | 60,662 |  |  | $ | 188,638 |  |  | $ | 177,184 |
(3) The decrease in consolidation adjustments and other for the three and nine month periods of 2021 compared to the respective 2020 periods is driven by changes in lumber prices in 2021. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. For homes not yet settled, these intercompany profits are reversed through the consolidation adjustments. Due to the significantly higher lumber prices in the first half of 2021, the previously reversed intercompany profits were recognized in the third quarter through the consolidation adjustment as homes were settled, and our consolidated homebuilding margins were negatively impacted by the higher lumber costs.
Assets |
|  | September 30, 2021 |  | December 31, 2020
Assets: |  |  |  |
Homebuilding Mid Atlantic |  | $ | 1,183,206 |  |  | $ | 1,140,910 |
Homebuilding North East |  | 230,813 |  |  | 202,591 |
Homebuilding Mid East |  | 432,723 |  |  | 377,448 |
Homebuilding South East |  | 581,646 |  |  | 494,295 |
Mortgage Banking |  | 350,317 |  |  | 555,278 |
Total segment assets |  | 2,778,705 |  |  | 2,770,522 |
Reconciling items: |  |  |  |
Cash and cash equivalents |  | 2,681,110 |  |  | 2,714,720 |
Deferred taxes |  | 136,446 |  |  | 132,980 |
Intangible assets and goodwill |  | 49,562 |  |  | 49,678 |
Operating lease right-of-use assets |  | 60,605 |  |  | 53,110 |
Finance lease right-of-use assets |  | 14,706 |  |  | 15,772 |
Contract land deposit reserve |  | (34,704) |  |  | (52,205) |
Consolidation adjustments and other |  | 102,464 |  |  | 92,564 |
Reconciling items sub-total |  | 3,010,189 |  |  | 3,006,619 |
Consolidated assets |  | $ | 5,788,894 |  |  | $ | 5,777,141 |

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