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Segment Information, Nature of Operations, and Certain Concentrations (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
|  | 2024 |  | 2023 |  | 2022
Revenues: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 4,423,768 |  |  | $ | 4,189,957 |  |  | $ | 4,766,329 |
Homebuilding North East |  | 1,165,873 |  |  | 948,289 |  |  | 892,543 |
Homebuilding Mid East |  | 1,861,735 |  |  | 1,723,514 |  |  | 2,147,262 |
Homebuilding South East |  | 2,841,049 |  |  | 2,452,845 |  |  | 2,520,636 |
Mortgage Banking |  | 232,054 |  |  | 203,597 |  |  | 199,664 |
Consolidated revenues |  | $ | 10,524,479 |  |  | $ | 9,518,202 |  |  | $ | 10,526,434 |
Cost of Goods and Services Sold |
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Segment cost of sales: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | (3,318,299) |  |  | $ | (3,165,964) |  |  | $ | (3,485,731) |
Homebuilding North East |  | (862,223) |  |  | (704,654) |  |  | (665,877) |
Homebuilding Mid East |  | (1,447,286) |  |  | (1,350,843) |  |  | (1,670,604) |
Homebuilding South East |  | (2,206,202) |  |  | (1,823,002) |  |  | (1,768,902) |
Selling, general & administrative |
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Segment selling, general & administrative expense: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | (151,470) |  |  | $ | (144,641) |  |  | $ | (144,837) |
Homebuilding North East |  | (46,132) |  |  | (41,651) |  |  | (39,286) |
Homebuilding Mid East |  | (80,254) |  |  | (76,241) |  |  | (82,879) |
Homebuilding South East |  | (142,865) |  |  | (111,432) |  |  | (98,360) |
Mortgage Banking |  | (96,630) |  |  | (85,555) |  |  | (89,340) |
Corporate capital allocation charge |
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Corporate capital allocation charge: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | (139,780) |  |  | $ | (135,618) |  |  | $ | (143,251) |
Homebuilding North East |  | (40,614) |  |  | (33,269) |  |  | (30,623) |
Homebuilding Mid East |  | (43,989) |  |  | (39,005) |  |  | (51,376) |
Homebuilding South East |  | (106,514) |  |  | (80,913) |  |  | (77,654) |
Schedule of Other Segment Items |
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Other segment items, net: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 2,036 |  |  | $ | 1,589 |  |  | $ | 1,517 |
Homebuilding North East |  | 321 |  |  | 297 |  |  | 576 |
Homebuilding Mid East |  | 628 |  |  | 440 |  |  | 833 |
Homebuilding South East |  | 2,690 |  |  | 3,040 |  |  | 1,310 |
Mortgage Banking (1) |  | 23,777 |  |  | 20,271 |  |  | 15,432 |
Profit before Taxes |
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Segment profit: |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 816,255 |  |  | $ | 745,323 |  |  | $ | 994,027 |
Homebuilding North East |  | 217,225 |  |  | 169,012 |  |  | 157,333 |
Homebuilding Mid East |  | 290,834 |  |  | 257,865 |  |  | 343,236 |
Homebuilding South East |  | 388,158 |  |  | 440,538 |  |  | 577,030 |
Mortgage Banking |  | 159,201 |  |  | 138,313 |  |  | 125,756 |
Total segment profit |  | 1,871,673 |  |  | 1,751,051 |  |  | 2,197,382 |
Reconciling items: |  |  |  |  |  |
Contract land deposit allowance adjustment (2) |  | 6,228 |  |  | 3,279 |  |  | (27,300) |
Equity-based compensation expense (3) |  | (73,925) |  |  | (99,507) |  |  | (82,537) |
Corporate capital allocation (4) |  | 330,897 |  |  | 288,805 |  |  | 302,904 |
Unallocated corporate overhead |  | (156,470) |  |  | (175,208) |  |  | (129,998) |
Consolidation adjustments and other (5) |  | 26,424 |  |  | 44,619 |  |  | (1,719) |
Corporate interest income |  | 137,530 |  |  | 142,083 |  |  | 32,457 |
Corporate interest expense |  | (26,851) |  |  | (26,749) |  |  | (37,995) |
Reconciling items sub-total |  | 243,833 |  |  | 177,322 |  |  | 55,812 |
Consolidated profit before taxes |  | $ | 2,115,506 |  |  | $ | 1,928,373 |  |  | $ | 2,253,194 |
(2) This item represents changes to the contract land deposit impairment allowance, which are not allocated to our reportable segments. See further discussion of contract land deposit impairment charges in Note 3. (3) This item represents compensation expense for all Option and RSU grants. See Note 11 for additional discussion of equity-based compensation. (4) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding segments. The corporate capital allocation charge is based on the segment's monthly average asset balance. (5) The consolidation adjustments and other in each period are primarily attributable to changes in units under construction year over year, and any significant changes in material costs, primarily lumber. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. Costs related to homes not yet settled are reversed through the consolidation adjustment and recorded in inventory. These costs are subsequently recorded through the consolidation adjustment when the respective homes are settled.
Assets |
|  | As of December 31,
|  | 2024 |  | 2023
Assets: |  |  |  |
Homebuilding Mid Atlantic |  | $ | 1,337,659 |  |  | $ | 1,252,360 |
Homebuilding North East |  | 368,300 |  |  | 314,904 |
Homebuilding Mid East |  | 396,854 |  |  | 368,154 |
Homebuilding South East |  | 914,318 |  |  | 796,505 |
Mortgage Banking |  | 485,409 |  |  | 452,323 |
Total segment assets |  | 3,502,540 |  |  | 3,184,246 |
Reconciling items: |  |  |  |
Cash and cash equivalents |  | 2,561,339 |  |  | 3,126,472 |
Deferred taxes |  | 142,192 |  |  | 148,005 |
Intangible assets and goodwill |  | 49,368 |  |  | 49,368 |
Operating lease right-of-use assets |  | 78,340 |  |  | 70,384 |
Finance lease right-of-use assets |  | 37,638 |  |  | 13,310 |
Contract land deposit allowance |  | (58,597) |  |  | (53,397) |
Consolidation adjustments and other |  | 68,168 |  |  | 63,369 |
Reconciling items sub-total |  | 2,878,448 |  |  | 3,417,511 |
Consolidated assets |  | $ | 6,380,988 |  |  | $ | 6,601,757 |

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