XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.20.2

Business Segments Business Segments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table shows, by segment, revenue, operating income and interest expense for the three and nine months ended September 30, 2020 and 2019, as well as the Company’s income before income taxes for such periods:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) | 2020 |  | 2019 |  |  | 2020 |  | 2019 |
Revenue: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 350,591 |  |  | $ | 270,063 |  |  |  | $ | 890,201 |  |  | $ | 723,295 |  |
Southern homebuilding | 468,384 |  |  | 369,828 |  |  |  | 1,188,056 |  |  | 995,305 |  |
Financial services (a) | 28,946 |  |  | 13,454 |  |  |  | 61,461 |  |  | 39,540 |  |
Total revenue | $ | 847,921 |  |  | $ | 653,345 |  |  |  | $ | 2,139,718 |  |  | $ | 1,758,140 |  |
Operating income: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 38,365 |  |  | $ | 29,587 |  | (b) |  | $ | 91,487 |  |  | $ | 70,559 |  | (b)
Southern homebuilding | 55,861 |  |  | 32,500 |  |  |  | 129,037 |  |  | 76,308 |  |
Financial services (a) | 19,887 |  |  | 6,609 |  |  |  | 37,706 |  |  | 19,943 |  |
Less: Corporate selling, general and administrative expense | (18,017) |  |  | (14,047) |  |  |  | (41,891) |  |  | (35,556) |  |
Total operating income | $ | 96,096 |  |  | $ | 54,649 |  | (b) |  | $ | 216,339 |  |  | $ | 131,254 |  | (b)
Interest expense: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 122 |  |  | $ | 1,505 |  |  |  | $ | 2,636 |  |  | $ | 5,360 |  |
Southern homebuilding | 409 |  |  | 2,146 |  |  |  | 3,759 |  |  | 8,602 |  |
Financial services (a) | 708 |  |  | 986 |  |  |  | 2,059 |  |  | 2,664 |  |
Total interest expense | $ | 1,239 |  |  | $ | 4,637 |  |  |  | $ | 8,454 |  |  | $ | 16,626 |  |
Equity in income from joint venture arrangements | (252) |  |  | (52) |  |  |  | (307) |  |  | (118) |  |
Income before income taxes | $ | 95,109 |  |  | $ | 50,064 |  |  |  | $ | 208,192 |  |  | $ | 114,746 |  |
(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 $0.1 million of acquisition-related charges taken during the three months ended September 30, 2019 and $0.6 million of acquisition-related charges taken during the nine months ended September 30, 2019 as a result of our acquisition of Pinnacle Homes in Detroit, Michigan on March 1, 2018. The following tables show total assets by segment at September 30, 2020 and December 31, 2019:
| September 30, 2020
(In thousands) | Northern |  | Southern |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 4,173 |  |  | $ | 33,191 |  |  | $ | — |  |  | $ | 37,364 |
Inventory (a) | 832,855 |  |  | 973,190 |  |  | — |  |  | 1,806,045 |
Investments in joint venture arrangements | 1,324 |  |  | 32,714 |  |  | — |  |  | 34,038 |
Other assets | 39,462 |  |  | 64,660 |  | (b) | 438,986 |  | (c) | 543,108 |
Total assets | $ | 877,814 |  |  | $ | 1,103,755 |  |  | $ | 438,986 |  |  | $ | 2,420,555 |
| December 31, 2019
(In thousands) | Northern |  | Southern |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 3,655 |  |  | $ | 24,877 |  |  | $ | — |  |  | $ | 28,532 |
Inventory (a) | 783,972 |  |  | 957,003 |  |  | — |  |  | 1,740,975 |
Investments in joint venture arrangements | 1,672 |  |  | 36,213 |  |  | — |  |  | 37,885 |
Other assets | 21,564 |  |  | 52,662 |  | (b) | 223,976 |  |  | 298,202 |
Total assets | $ | 810,863 |  |  | $ | 1,070,755 |  |  | $ | 223,976 |  |  | $ | 2,105,594 |
(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. (c)Includes a $34.2 million increase in operating lease right-of-use assets primarily due to the commencement of a ten-year renewable lease on June 29, 2020 for the Company’s new corporate headquarters.

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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