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Business Segments | 6 Months Ended
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Jun. 30, 2018
Business Segments [Abstract] |
Segment Reporting Disclosure [Text Block] | Business Segments The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our 16 individual homebuilding operating segments and the results of our financial services operations; (2) the results of our three homebuilding reportable segments; and (3) our consolidated financial results. In accordance with ASC 280, Segment Reporting (“ASC 280”), we have identified each homebuilding division as an operating segment as each homebuilding division engages in business activities from which it earns revenue, primarily from the sale and construction of single-family attached and detached homes, acquisition and development of land, and the occasional sale of lots to third parties. Our financial services operations generate revenue primarily from the origination, sale and servicing of mortgage loans and title services primarily for purchasers of the Company’s homes and are included in our financial services reportable segment. In accordance with the aggregation criteria defined in ASC 280, we have identified each homebuilding division as an operating segment and have determined our reportable segments are as follows: Midwest homebuilding; Southern homebuilding; Mid-Atlantic homebuilding; and financial services operations. The homebuilding operating segments that are included within each reportable segment have been aggregated because they share similar aggregation characteristics as prescribed in ASC 280 in the following regards: (1) long-term economic characteristics; (2) historical and expected future long-term gross margin percentages; (3) housing products, production processes and methods of distribution; and (4) geographical proximity. The homebuilding operating segments that comprise each of our reportable segments are as follows:
Midwest | Southern | Mid-Atlantic
Chicago, Illinois | Orlando, Florida | Charlotte, North Carolina
Cincinnati, Ohio | Sarasota, Florida | Raleigh, North Carolina
Columbus, Ohio | Tampa, Florida | Washington, D.C.
Indianapolis, Indiana | Austin, Texas |
Minneapolis/St. Paul, Minnesota | Dallas/Fort Worth, Texas |
Detroit, Michigan | Houston, Texas |
| San Antonio, Texas |
The following table shows, by segment: revenue, operating income and interest expense for the three and six months ended June 30, 2018 and 2017, as well as the Company’s income before income taxes for such periods:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
Revenue: |  |  |  |  |  |  |
Midwest homebuilding | $ | 226,902 |  |  | $ | 168,469 |  |  | $ | 385,522 |  |  | $ | 314,891 |
Southern homebuilding | 237,582 |  |  | 178,780 |  |  | 427,970 |  |  | 328,145 |
Mid-Atlantic homebuilding | 81,738 |  |  | 97,749 |  |  | 155,561 |  |  | 194,635 |
Financial services (a) | 11,876 |  |  | 11,868 |  |  | 26,902 |  |  | 26,175 |
Total revenue | $ | 558,098 |  |  | $ | 456,866 |  |  | $ | 995,955 |  |  | $ | 863,846 |
Operating income: |  |  |  |  |  |  |
Midwest homebuilding (b) | $ | 18,981 |  |  | $ | 17,984 |  |  | $ | 31,198 |  |  | $ | 32,843 |
Southern homebuilding (c) | 19,370 |  |  | 4,709 |  |  | 34,220 |  |  | 13,421 |
Mid-Atlantic homebuilding | 5,106 |  |  | 9,588 |  |  | 7,698 |  |  | 16,841 |
Financial services (a) | 5,938 |  |  | 6,860 |  |  | 15,478 |  |  | 16,090 |
Less: Corporate selling, general and administrative expense | (10,890 | ) |  | (10,232 | ) |  | (18,948 | ) |  | (18,630 | )
Total operating income (b) (c) | $ | 38,505 |  |  | $ | 28,909 |  |  | $ | 69,646 |  |  | $ | 60,565 |
Interest expense: |  |  |  |  |  |  |
Midwest homebuilding | $ | 1,812 |  |  | $ | 863 |  |  | $ | 3,878 |  |  | $ | 2,240 |
Southern homebuilding | 1,908 |  |  | 1,791 |  |  | 4,195 |  |  | 4,168 |
Mid-Atlantic homebuilding | 473 |  |  | 515 |  |  | 1,229 |  |  | 1,431 |
Financial services (a) | 695 |  |  | 665 |  |  | 1,464 |  |  | 1,333 |
Total interest expense | $ | 4,888 |  |  | $ | 3,834 |  |  | $ | 10,766 |  |  | $ | 9,172 |
Equity in loss (income) from joint venture arrangements | 86 |  |  | (110 | ) |  | (224 | ) |  | (127 | )
Acquisition and integration costs (d) | — |  |  | — |  |  | 1,700 |  |  | — |
Income before income taxes | $ | 33,531 |  |  | $ | 25,185 |  |  | $ | 57,404 |  |  | $ | 51,520 |
(a) | Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of an immaterial amount of mortgage refinancing.
(b) | Includes $3.0 million and $3.9 million of charges related to purchase accounting adjustments taken during the three and six months ended June 30, 2018, respectively, as a result of our acquisition of Pinnacle Homes in Detroit, Michigan on March 1, 2018.
(c) | Includes an $8.5 million charge for stucco-related repair costs in certain of our Florida communities taken during both the three and six months ended June 30, 2017 (as more fully discussed in Note 6 to our financial statements).
(d) | Represents costs which include, but are not limited to, legal fees and expenses, travel and communication expenses, cost of appraisals, accounting fees and expenses, and miscellaneous expenses related to our recent acquisition of Pinnacle Homes. As these costs are not eligible for capitalization as initial direct costs, such amounts are expensed as incurred.
The following tables show total assets by segment at June 30, 2018 and December 31, 2017:
| June 30, 2018
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 5,933 |  |  | $ | 20,724 |  |  | $ | 7,163 |  |  | $ | — |  |  | $ | 33,820 |
Inventory (a) | 657,154 |  |  | 697,404 |  |  | 264,090 |  |  | — |  |  | 1,618,648 |
Investments in joint venture arrangements | 342 |  |  | 5,088 |  |  | 8,323 |  |  | — |  |  | 13,753 |
Other assets | 26,288 |  |  | 36,977 |  | (b) | 16,440 |  |  | 224,614 |  |  | 304,319 |
Total assets | $ | 689,717 |  |  | $ | 760,193 |  |  | $ | 296,016 |  |  | $ | 224,614 |  |  | $ | 1,970,540 |
| December 31, 2017
(In thousands) | Midwest |  | Southern |  | Mid-Atlantic |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 4,933 |  |  | $ | 20,719 |  |  | $ | 6,904 |  |  | $ | — |  |  | $ | 32,556 |
Inventory (a) | 500,671 |  |  | 636,019 |  |  | 245,328 |  |  | — |  |  | 1,382,018 |
Investments in joint venture arrangements | 4,410 |  |  | 9,677 |  |  | 6,438 |  |  | — |  |  | 20,525 |
Other assets | 13,573 |  |  | 38,784 |  | (b) | 13,311 |  |  | 364,004 |  |  | 429,672 |
Total assets | $ | 523,587 |  |  | $ | 705,199 |  |  | $ | 271,981 |  |  | $ | 364,004 |  |  | $ | 1,864,771 |
(a) | Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned.
(b) | Includes development reimbursements from local municipalities.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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