XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.21.2

Business Segments Business Segments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
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 six months ended June 30, 2021 and 2020, 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) | 2021 |  | 2020 |  |  | 2021 |  | 2020 |
Revenue: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 417,787 |  |  | $ | 299,340 |  |  |  | $ | 750,785 |  |  | $ | 539,610 |  |
Southern homebuilding | 514,618 |  |  | 395,806 |  |  |  | 980,747 |  |  | 719,672 |  |
Financial services (a) | 28,635 |  |  | 19,048 |  |  |  | 58,284 |  |  | 32,515 |  |
Total revenue | $ | 961,040 |  |  | $ | 714,194 |  |  |  | $ | 1,789,816 |  |  | $ | 1,291,797 |  |
Operating income: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 61,982 |  |  | $ | 32,241 |  |  |  | $ | 100,966 |  |  | $ | 53,122 |  |
Southern homebuilding | 79,064 |  |  | 44,319 |  |  |  | 145,279 |  |  | 73,176 |  |
Financial services (a) | 18,925 |  |  | 11,457 |  |  |  | 39,561 |  |  | 17,819 |  |
Less: Corporate selling, general and administrative expense | (18,257) |  |  | (13,778) |  |  |  | (32,795) |  |  | (23,874) |  |
Total operating income | $ | 141,714 |  |  | $ | 74,239 |  |  |  | $ | 253,011 |  |  | $ | 120,243 |  |
Interest expense (income): |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | — |  |  | $ | 703 |  |  |  | $ | 76 |  |  | $ | 2,514 |  |
Southern homebuilding | — |  |  | 1,192 |  |  |  | 157 |  |  | 3,350 |  |
Financial services (a) | 949 |  |  | 620 |  |  |  | 1,892 |  |  | 1,351 |  |
Corporate | (497) |  |  | — |  |  |  | (497) |  |  | — |  |
Total interest expense | $ | 452 |  |  | $ | 2,515 |  |  |  | $ | 1,628 |  |  | $ | 7,215 |  |
Equity in income from joint venture arrangements | (35) |  |  | (3) |  |  |  | (195) |  |  | (55) |  |
Income before income taxes | $ | 141,297 |  |  | $ | 71,727 |  |  |  | $ | 251,578 |  |  | $ | 113,083 |  |
(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.
Reconciliation of Assets from Segment to Consolidated | The following tables show total assets by segment at June 30, 2021 and December 31, 2020:
| June 30, 2021
(In thousands) | Northern |  | Southern |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 4,860 |  |  | $ | 39,177 |  |  | $ | — |  |  | $ | 44,037 |
Inventory (a) | 873,152 |  |  | 1,159,280 |  |  | — |  |  | 2,032,432 |
Investments in joint venture arrangements | — |  |  | 32,833 |  |  | — |  |  | 32,833 |
Other assets | 43,221 |  |  | 73,660 |  | (b) | 635,229 |  |  | 752,110 |
Total assets | $ | 921,233 |  |  | $ | 1,304,950 |  |  | $ | 635,229 |  |  | $ | 2,861,412 |
| December 31, 2020
(In thousands) | Northern |  | Southern |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 5,031 |  |  | $ | 40,326 |  |  | $ | — |  |  | $ | 45,357 |
Inventory (a) | 847,524 |  |  | 1,023,727 |  |  | — |  |  | 1,871,251 |
Investments in joint venture arrangements | 1,378 |  |  | 33,295 |  |  | — |  |  | 34,673 |
Other assets | 37,465 |  |  | 57,588 |  | (b) | 596,711 |  |  | 691,764 |
Total assets | $ | 891,398 |  |  | $ | 1,154,936 |  |  | $ | 596,711 |  |  | $ | 2,643,045 |
(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.

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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=123359005&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=123359005&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=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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