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Segment Disclosures (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31,
|  |  |  |  |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  |  |  |  |  | $ | 1,017,471 |  |  | $ | 941,148 |
Homebuilding North East |  |  |  |  |  | 255,669 |  |  | 183,430 |
Homebuilding Mid East |  |  |  |  |  | 416,951 |  |  | 402,397 |
Homebuilding South East |  |  |  |  |  | 596,086 |  |  | 604,358 |
Mortgage Banking |  |  |  |  |  | 47,286 |  |  | 46,944 |
Total consolidated revenues |  |  |  |  |  | $ | 2,333,463 |  |  | $ | 2,178,277 |
Profit before Taxes |
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
Income before taxes: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  |  |  |  |  | $ | 189,964 |  |  | $ | 159,038 |
Homebuilding North East |  |  |  |  |  | 46,858 |  |  | 32,060 |
Homebuilding Mid East |  |  |  |  |  | 66,401 |  |  | 56,468 |
Homebuilding South East |  |  |  |  |  | 91,405 |  |  | 125,409 |
Mortgage Banking |  |  |  |  |  | 29,656 |  |  | 29,427 |
Total segment profit before taxes |  |  |  |  |  | 424,284 |  |  | 402,402 |
Reconciling items: |  |  |  |  |  |  |  |
Contract land deposit reserve adjustment (1) |  |  |  |  |  | 7,466 |  |  | 3,591 |
Equity-based compensation expense (2) |  |  |  |  |  | (17,141) |  |  | (22,277) |
Corporate capital allocation (3) |  |  |  |  |  | 77,061 |  |  | 69,074 |
Unallocated corporate overhead |  |  |  |  |  | (51,705) |  |  | (45,965) |
Consolidation adjustments and other |  |  |  |  |  | (2,271) |  |  | 4,000 |
Corporate interest expense |  |  |  |  |  | (6,595) |  |  | (6,954) |
Corporate interest income |  |  |  |  |  | 39,593 |  |  | 29,939 |
Reconciling items sub-total |  |  |  |  |  | 46,408 |  |  | 31,408 |
Consolidated income before taxes |  |  |  |  |  | $ | 470,692 |  |  | $ | 433,810 |
(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, 2024 was primarily attributable to the Options and RSUs issued as part of the 2018 four-year block grant being fully vested as of December 31, 2023. (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,
|  |  |  |  |  | 2024 |  | 2023
Corporate capital allocation charge: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  |  |  |  |  | $ | 33,919 |  |  | $ | 33,179 |
Homebuilding North East |  |  |  |  |  | 9,580 |  |  | 7,325 |
Homebuilding Mid East |  |  |  |  |  | 9,865 |  |  | 9,660 |
Homebuilding South East |  |  |  |  |  | 23,697 |  |  | 18,910 |
Total |  |  |  |  |  | $ | 77,061 |  |  | $ | 69,074 |
Assets |
|  | March 31, 2024 |  | December 31, 2023
Assets: |  |  |  |
Homebuilding Mid Atlantic |  | $ | 1,303,144 |  |  | $ | 1,252,360 |
Homebuilding North East |  | 359,845 |  |  | 314,904 |
Homebuilding Mid East |  | 384,693 |  |  | 368,154 |
Homebuilding South East |  | 889,083 |  |  | 796,505 |
Mortgage Banking |  | 461,829 |  |  | 452,323 |
Total segment assets |  | 3,398,594 |  |  | 3,184,246 |
Reconciling items: |  |  |  |
Cash and cash equivalents |  | 2,841,354 |  |  | 3,126,472 |
Deferred taxes |  | 149,958 |  |  | 148,005 |
Intangible assets and goodwill |  | 49,368 |  |  | 49,368 |
Operating lease right-of-use assets |  | 66,716 |  |  | 70,384 |
Finance lease right-of-use assets |  | 14,594 |  |  | 13,310 |
Contract land deposit reserve |  | (45,932) |  |  | (53,397) |
Consolidation adjustments and other |  | 63,505 |  |  | 63,369 |
Reconciling items sub-total |  | 3,139,563 |  |  | 3,417,511 |
Consolidated assets |  | $ | 6,538,157 |  |  | $ | 6,601,757 |

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