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Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Revenues

The following tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable:

												Three Months Ended March 31,
																		2022						2021
Revenues:
Homebuilding Mid Atlantic																		$	1,141,708					$	936,141
Homebuilding North East																		175,551						162,193
Homebuilding Mid East																		461,405						424,952
Homebuilding South East																		530,563						440,425
Mortgage Banking																		69,182						77,735
Total consolidated revenues																		$	2,378,409					$	2,041,446

Profit before Taxes

												Three Months Ended March 31,
																		2022						2021
Income before taxes:
Homebuilding Mid Atlantic																		$	249,781					$	129,067
Homebuilding North East																		25,928						15,227
Homebuilding Mid East																		71,183						48,941
Homebuilding South East																		113,454						56,665
Mortgage Banking																		50,106						59,562
Total segment profit before taxes																		510,452						309,462
Reconciling items:
Contract land deposit recoveries (1)																		5,926						6,196
Equity-based compensation expense (2)																		(11,668)						(14,471)
Corporate capital allocation (3)																		69,744						61,551
Unallocated corporate overhead																		(45,261)						(39,717)
Consolidation adjustments and other (4)																		49,507						1,967
Corporate interest expense																		(12,755)						(12,982)
Reconciling items sub-total																		55,493						2,544
Consolidated income before taxes																		$	565,945					$	312,006

(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)The decrease in equity-based compensation expense for the three-month period ended March 31, 2022 was primarily attributable to options issued under the 2018 Equity Incentive Plan becoming fully vested as of December 31, 2021.

(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 periods presented:

												Three Months Ended March 31,
																		2022						2021
Corporate capital allocation charge:
Homebuilding Mid Atlantic																		$	34,087					$	30,596
Homebuilding North East																		7,087						6,038
Homebuilding Mid East																		11,417						10,624
Homebuilding South East																		17,153						14,293
Total																		$	69,744					$	61,551

(4)The increase in consolidation adjustments and other for the three-month period ended March 31, 2022 compared to the respective 2021 period was driven by higher lumber prices quarter over quarter. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions, 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 these higher lumber costs.

Assets

						March 31, 2022						December 31, 2021
Assets:
Homebuilding Mid Atlantic						$	1,355,052					$	1,322,818
Homebuilding North East						286,796						235,048
Homebuilding Mid East						478,605						438,700
Homebuilding South East						706,244						629,198
Mortgage Banking						406,543						371,685
Total segment assets						3,233,240						2,997,449
Reconciling items:
Cash and cash equivalents						2,138,706						2,545,069
Deferred taxes						135,136						132,894
Intangible assets and goodwill						49,368						49,368
Operating lease right-of-use assets						59,819						59,010
Finance lease right-of-use assets						14,386						14,578
Contract land deposit reserve						(24,115)						(30,041)
Consolidation adjustments and other						119,673						66,148
Reconciling items sub-total						2,492,973						2,837,026
Consolidated assets						$	5,726,213					$	5,834,475

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Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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