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Segment Information, Nature of Operations, and Certain Concentrations (Tables) | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Revenues | The following tables present certain segment financial data, with reconciliations to the amounts reported for the consolidated company, where applicable:
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Revenues: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 4,049,871 |  |  | $ | 3,668,542 |  |  | $ | 3,901,573 |
Homebuilding North East |  | 767,828 |  |  | 538,772 |  |  | 514,804 |
Homebuilding Mid East |  | 1,891,729 |  |  | 1,524,667 |  |  | 1,501,139 |
Homebuilding South East |  | 1,992,265 |  |  | 1,596,908 |  |  | 1,303,328 |
Mortgage Banking |  | 249,332 |  |  | 208,034 |  |  | 167,820 |
Consolidated revenues |  | $ | 8,951,025 |  |  | $ | 7,536,923 |  |  | $ | 7,388,664 |
Profit before Taxes |
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Profit before taxes: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 734,941 |  |  | $ | 437,849 |  |  | $ | 478,537 |
Homebuilding North East |  | 105,432 |  |  | 50,677 |  |  | 51,728 |
Homebuilding Mid East |  | 271,756 |  |  | 168,605 |  |  | 173,374 |
Homebuilding South East |  | 329,982 |  |  | 205,029 |  |  | 155,144 |
Mortgage Banking |  | 176,251 |  |  | 143,319 |  |  | 105,292 |
Total segment profit |  | 1,618,362 |  |  | 1,005,479 |  |  | 964,075 |
Reconciling items: |  |  |  |  |  |
Contract land deposit reserve adjustment (1) |  | 22,163 |  |  | (24,633) |  |  | 1,644 |
Equity-based compensation expense (2) |  | (58,234) |  |  | (50,794) |  |  | (78,532) |
Corporate capital allocation (3) |  | 252,787 |  |  | 239,233 |  |  | 224,468 |
Unallocated corporate overhead |  | (139,611) |  |  | (114,921) |  |  | (105,125) |
Consolidation adjustments and other (4) |  | (53,671) |  |  | 63,025 |  |  | 43,486 |
Corporate interest expense |  | (51,393) |  |  | (39,356) |  |  | (24,221) |
Reconciling items sub-total |  | (27,959) |  |  | 72,554 |  |  | 61,720 |
Consolidated profit before taxes |  | $ | 1,590,403 |  |  | $ | 1,078,033 |  |  | $ | 1,025,795 |
(1)This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of contract land deposit impairment charges in Note 3. (2)The decrease in equity-based compensation expense in 2020 was primarily attributable to stock options issued in 2014 under the 2014 Equity Incentive Plan becoming fully vested in 2019. In addition, there were higher stock option forfeitures in 2020 compared to 2019. (3)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 years presented:
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Corporate capital allocation charge: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 124,316 |  |  | $ | 124,426 |  |  | $ | 123,130 |
Homebuilding North East |  | 25,431 |  |  | 22,850 |  |  | 19,755 |
Homebuilding Mid East |  | 43,686 |  |  | 40,256 |  |  | 37,263 |
Homebuilding South East |  | 59,354 |  |  | 51,701 |  |  | 44,320 |
Total corporate capital allocation charge |  | $ | 252,787 |  |  | $ | 239,233 |  |  | $ | 224,468 |
(4) The decrease in consolidation adjustments and other for 2021 compared to 2020 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 subsequent quarters through the consolidation adjustment as homes were settled, and our consolidated homebuilding margins were negatively impacted by the higher lumber costs.
Assets |
|  | As of December 31,
|  | 2021 |  | 2020
Assets: |  |  |  |
Homebuilding Mid Atlantic |  | $ | 1,322,818 |  |  | $ | 1,140,910 |
Homebuilding North East |  | 235,048 |  |  | 202,591 |
Homebuilding Mid East |  | 438,700 |  |  | 377,448 |
Homebuilding South East |  | 629,198 |  |  | 494,295 |
Mortgage Banking |  | 371,685 |  |  | 555,278 |
Total segment assets |  | 2,997,449 |  |  | 2,770,522 |
Reconciling items: |  |  |  |
Cash and cash equivalents |  | 2,545,069 |  |  | 2,714,720 |
Deferred taxes |  | 132,894 |  |  | 132,980 |
Intangible assets and goodwill |  | 49,368 |  |  | 49,678 |
Operating lease right-of-use assets |  | 59,010 |  |  | 53,110 |
Finance lease right-of-use assets |  | 14,578 |  |  | 15,772 |
Contract land deposit reserve |  | (30,041) |  |  | (52,205) |
Consolidation adjustments and other |  | 66,148 |  |  | 92,564 |
Reconciling items sub-total |  | 2,837,026 |  |  | 3,006,619 |
Consolidated assets |  | $ | 5,834,475 |  |  | $ | 5,777,141 |
Interest Income |
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Interest income: |  |  |  |  |  |
Mortgage Banking |  | $ | 8,725 |  |  | $ | 8,930 |  |  | $ | 12,142 |
Total segment interest income |  | 8,725 |  |  | 8,930 |  |  | 12,142 |
Other unallocated interest income |  | 3,154 |  |  | 8,549 |  |  | 20,635 |
Consolidated interest income |  | $ | 11,879 |  |  | $ | 17,479 |  |  | $ | 32,777 |
Interest Expense |
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Interest expense: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 124,385 |  |  | $ | 124,486 |  |  | $ | 123,178 |
Homebuilding North East |  | 25,463 |  |  | 22,859 |  |  | 19,804 |
Homebuilding Mid East |  | 43,695 |  |  | 40,261 |  |  | 37,266 |
Homebuilding South East |  | 59,381 |  |  | 51,729 |  |  | 44,334 |
Mortgage Banking |  | 1,587 |  |  | 1,414 |  |  | 1,045 |
Total segment interest expense |  | 254,511 |  |  | 240,749 |  |  | 225,627 |
Corporate capital allocation (3) |  | (252,787) |  |  | (239,233) |  |  | (224,468) |
Senior Notes and other interest |  | 51,393 |  |  | 39,356 |  |  | 24,221 |
Consolidated interest expense |  | $ | 53,117 |  |  | $ | 40,872 |  |  | $ | 25,380 |
Depreciation and Amortization |
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Depreciation and amortization: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 6,183 |  |  | $ | 6,806 |  |  | $ | 7,069 |
Homebuilding North East |  | 1,628 |  |  | 1,800 |  |  | 1,411 |
Homebuilding Mid East |  | 4,259 |  |  | 4,969 |  |  | 4,348 |
Homebuilding South East |  | 3,325 |  |  | 3,636 |  |  | 3,086 |
Mortgage Banking |  | 1,283 |  |  | 1,534 |  |  | 1,581 |
Total segment depreciation and amortization |  | 16,678 |  |  | 18,745 |  |  | 17,495 |
Unallocated corporate |  | 2,785 |  |  | 3,247 |  |  | 3,323 |
Consolidated depreciation and amortization |  | $ | 19,463 |  |  | $ | 21,992 |  |  | $ | 20,818 |
Expenditures for Property and Equipment |
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Expenditures for property and equipment: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 7,073 |  |  | $ | 5,712 |  |  | $ | 9,218 |
Homebuilding North East |  | 1,062 |  |  | 1,083 |  |  | 2,000 |
Homebuilding Mid East |  | 4,813 |  |  | 5,041 |  |  | 5,221 |
Homebuilding South East |  | 4,142 |  |  | 3,818 |  |  | 3,944 |
Mortgage Banking |  | 401 |  |  | 265 |  |  | 899 |
Total segment expenditures for property and equipment |  | 17,491 |  |  | 15,919 |  |  | 21,282 |
Unallocated corporate |  | 384 |  |  | 200 |  |  | 1,417 |
Consolidated expenditures for property and equipment |  | $ | 17,875 |  |  | $ | 16,119 |  |  | $ | 22,699 |
Corporate Capital Allocation Charge |
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Corporate capital allocation charge: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 124,316 |  |  | $ | 124,426 |  |  | $ | 123,130 |
Homebuilding North East |  | 25,431 |  |  | 22,850 |  |  | 19,755 |
Homebuilding Mid East |  | 43,686 |  |  | 40,256 |  |  | 37,263 |
Homebuilding South East |  | 59,354 |  |  | 51,701 |  |  | 44,320 |
Total corporate capital allocation charge |  | $ | 252,787 |  |  | $ | 239,233 |  |  | $ | 224,468 |

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