XML 36 R22.htm IDEA: XBRL DOCUMENT
v3.22.4

OPERATING AND REPORTING SEGMENTS | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
OPERATING AND REPORTING SEGMENTS | OPERATING AND REPORTING SEGMENTSWe operate with two principal business segments: homebuilding and financial services. As defined in ASC 280-10, Segment Reporting, we have ten homebuilding operating segments. The homebuilding segments are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes and providing warranty and customer services. We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our current reportable homebuilding segments are as follows: West: Arizona, California, Colorado and Utah Central: Texas East: Florida, Georgia, North Carolina, South Carolina and Tennessee Management’s evaluation of segment performance is based on segment operating income, which we define as home and land closing revenue less cost of home and land closings, including land development and other land sales costs, commissions and other sales costs, and other general and administrative costs incurred by or allocated to each segment, including impairments. Each reportable segment follows the same accounting policies described in Note 1, “Business and Summary of Significant Accounting Policies.” Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented. The following segment information is in thousands:
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Homebuilding revenue (1): |  |  |  |  |  |
West |  | $ | 2,250,083 |  |  | $ | 1,935,845 |  |  | $ | 1,800,223 |
Central |  | 1,846,153 |  |  | 1,504,481 |  |  | 1,282,339 |
East |  | 2,172,491 |  |  | 1,679,784 |  |  | 1,399,558 |
Consolidated total |  | 6,268,727 |  |  | 5,120,110 |  |  | 4,482,120 |
Homebuilding segment operating income: |  |  |  |  |  |
West |  | 466,916 |  |  | 379,093 |  |  | 213,918 |
Central |  | 376,734 |  |  | 319,435 |  |  | 185,202 |
East |  | 465,059 |  |  | 302,487 |  |  | 157,971 |
Total homebuilding segment operating income |  | 1,308,709 |  |  | 1,001,015 |  |  | 557,091 |
Financial services segment profit |  | 18,294 |  |  | 18,034 |  |  | 16,388 |
Corporate and unallocated costs (2) |  | (40,358) |  |  | (50,573) |  |  | (44,398) |
Interest expense |  | (41) |  |  | (318) |  |  | (2,177) |
Other income, net |  | 2,714 |  |  | 4,864 |  |  | 6,662 |
Loss on early extinguishment of debt |  | — |  |  | (18,188) |  |  | — |
Net earnings before income taxes |  | $ | 1,289,318 |  |  | $ | 954,834 |  |  | $ | 533,566 |
(1)Homebuilding revenue includes the following land closing revenue, by segment:
|  | Years Ended December 31,
Land closing revenue: |  | 2022 |  | 2021 |  | 2020
West |  | $ | 47,974 |  |  | $ | 21,426 |  |  | $ | 4,974 |
Central |  | 10,655 |  |  | 3,799 |  |  | 8,678 |
East |  | 2,600 |  |  | 12 |  |  | 4,079 |
Total |  | $ | 61,229 |  |  | $ | 25,237 |  |  | $ | 17,731 |
(2)Balance consists primarily of corporate costs and numerous shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
| At December 31, 2022
| West |  | Central |  | East |  | Financial Services |  | Corporate and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 21,599 |  |  | $ | 8,992 |  |  | $ | 46,138 |  |  | $ | — |  |  | $ | — |  |  | $ | 76,729 |
Real estate | 1,775,879 |  |  | 1,298,455 |  |  | 1,283,929 |  |  | — |  |  | — |  |  | 4,358,263 |
Investments in unconsolidated entities | 110 |  |  | 2,866 |  |  | 7,503 |  |  | — |  |  | 1,274 |  |  | 11,753 |
Other assets | 99,267 |  | (1) | 241,470 |  | (2) | 132,181 |  | (3) | 1,536 |  |  | 850,902 |  | (4) | 1,325,356 |
Total assets | $ | 1,896,855 |  |  | $ | 1,551,783 |  |  | $ | 1,469,751 |  |  | $ | 1,536 |  |  | $ | 852,176 |  |  | $ | 5,772,101 |
(1)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and property and equipment. (2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaid expenses and other assets. (3)Balance consists primarily of cash and cash equivalents, goodwill, prepaid expenses and other assets and property and equipment. (4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaid expenses and other assets.
|  | At December 31, 2021
|  | West |  | Central |  | East |  | Financial Services |  | Corporate and Unallocated |  | Total
Deposits on real estate under option or contract |  | $ | 26,687 |  |  | $ | 11,132 |  |  | $ | 52,860 |  |  | $ | — |  |  | $ | — |  |  | $ | 90,679 |
Real estate |  | 1,571,477 |  |  | 1,076,300 |  |  | 1,086,631 |  |  | — |  |  | — |  |  | 3,734,408 |
Investments in unconsolidated entities |  | 87 |  |  | 2,974 |  |  | 1,707 |  |  | — |  |  | 996 |  |  | 5,764 |
Other assets |  | 66,897 |  | (1) | 199,791 |  | (2) | 102,073 |  | (3) | 610 |  |  | 607,311 |  | (4) | 976,682 |
Total assets |  | $ | 1,665,148 |  |  | $ | 1,290,197 |  |  | $ | 1,243,271 |  |  | $ | 610 |  |  | $ | 608,307 |  |  | $ | 4,807,533 |
(1)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and property and equipment. (2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaid expenses and other assets. (3)Balance consists primarily of cash and cash equivalents, real estate not owned, goodwill, prepaid expenses and other assets and property and equipment. (4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaid expenses and other assets.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration