XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.23.3

OPERATING AND REPORTING SEGMENTS | 9 Months Ended
--- | ---
Sep. 30, 2023
Segment Reporting [Abstract] |
OPERATING AND REPORTING SEGMENTS | OPERATING AND REPORTING SEGMENTS We 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 three 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 homebuilding 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, “Organization and Basis of Presentation.” 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:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Homebuilding revenue (1): |  |  |  |  |  |  |
West | $ | 606,833 |  |  | $ | 598,147 |  |  | $ | 1,569,947 |  |  | $ | 1,580,456 |
Central | 454,228 |  |  | 500,582 |  |  | 1,338,387 |  |  | 1,280,242 |
East | 552,039 |  |  | 479,292 |  |  | 1,551,474 |  |  | 1,416,638 |
Consolidated total | $ | 1,613,100 |  |  | $ | 1,578,021 |  |  | $ | 4,459,808 |  |  | $ | 4,277,336 |
Homebuilding segment operating income: |  |  |  |  |  |  |
West | $ | 94,885 |  |  | $ | 121,060 |  |  | $ | 185,977 |  |  | $ | 357,319 |
Central | 84,575 |  |  | 112,141 |  |  | 233,357 |  |  | 287,604 |
East | 109,318 |  |  | 104,872 |  |  | 273,711 |  |  | 317,815 |
Total homebuilding segment operating income | 288,778 |  |  | 338,073 |  |  | 693,045 |  |  | 962,738 |
Financial services segment profit | 5,700 |  |  | 4,842 |  |  | 6,066 |  |  | 12,255 |
Corporate and unallocated costs (2) | (21,168) |  |  | (13,350) |  |  | (42,680) |  |  | (27,034) |
Interest expense | — |  |  | — |  |  | — |  |  | (41) |
Other income/(expense), net | 13,331 |  |  | (74) |  |  | 35,037 |  |  | (849) |
Loss on early extinguishment of debt | (907) |  |  | — |  |  | (907) |  |  | — |
Earnings before income taxes | $ | 285,734 |  |  | $ | 329,491 |  |  | $ | 690,561 |  |  | $ | 947,069 |
(1)Homebuilding revenue includes the following land closing revenue, by segment:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Land closing revenue: |  |  |  |  |  |  |
West | $ | — |  |  | $ | 8,120 |  |  | $ | 26,575 |  |  | $ | 40,927 |
Central | 1,541 |  |  | 869 |  |  | 4,019 |  |  | 10,374 |
East | 1,242 |  |  | — |  |  | 13,953 |  |  | 2,600 |
Total | $ | 2,783 |  |  | $ | 8,989 |  |  | $ | 44,547 |  |  | $ | 53,901 |
(2)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
|  | At September 30, 2023
|  | West |  | Central |  | East |  | Financial Services |  | Corporate and Unallocated |  | Total
Deposits on real estate under option or contract |  | $ | 17,655 |  |  | $ | 12,853 |  |  | $ | 62,993 |  |  | $ | — |  |  | $ | — |  |  | $ | 93,501 |
Real estate |  | 1,664,257 |  |  | 1,231,251 |  |  | 1,605,850 |  |  | — |  |  | — |  |  | 4,501,358 |
Investments in unconsolidated entities |  | 73 |  |  | 2,833 |  |  | 11,278 |  |  | — |  |  | 878 |  |  | 15,062 |
Other assets |  | 62,498 |  | (1) | 259,753 |  | (2) | 104,404 |  | (3) | 1,320 |  |  | 1,143,974 |  | (4) | 1,571,949 |
Total assets |  | $ | 1,744,483 |  |  | $ | 1,506,690 |  |  | $ | 1,784,525 |  |  | $ | 1,320 |  |  | $ | 1,144,852 |  |  | $ | 6,181,870 |
(1)Balance consists primarily of cash and cash equivalents, other receivables and property and equipment, net. (2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets. (3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), prepaids and other assets and property and equipment, net. (4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets.
|  | 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, net. (2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets. (3)Balance consists primarily of cash and cash equivalents, goodwill, prepaids and other assets and property and equipment, net. (4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration