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Business Segments | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our individual homebuilding operating segments and the results of our financial services operations; (2) the results of our 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 and have elected to aggregate our operating segments into separate reportable segments as they share similar aggregation characteristics 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:
Northern | Southern |
Chicago, Illinois | Ft. Myers/Naples, Florida |
Cincinnati, Ohio | Orlando, Florida |
Columbus, Ohio | Sarasota, Florida |
Indianapolis, Indiana | Tampa, Florida |
Minneapolis/St. Paul, Minnesota | Austin, Texas |
Detroit, Michigan | Dallas/Fort Worth, Texas |
| Houston, Texas |
| San Antonio, Texas |
| Charlotte, North Carolina |
| Raleigh, North Carolina |
| Nashville, Tennessee |
The following table shows, by segment, revenue, operating income (loss) and interest (income) expense - net for the three and nine months ended September 30, 2023 and 2022, 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) | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Revenue: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 348,240 |  |  | $ | 415,741 |  |  |  | $ | 1,114,856 |  |  | $ | 1,242,341 |  |
Southern homebuilding | 674,540 |  |  | 577,088 |  |  |  | 1,871,920 |  |  | 1,608,468 |  |
Financial services (a) | 23,591 |  |  | 20,099 |  |  |  | 74,138 |  |  | 63,584 |  |
Total revenue | $ | 1,046,371 |  |  | $ | 1,012,928 |  |  |  | $ | 3,060,914 |  |  | $ | 2,914,393 |  |
Operating income (loss): |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 43,762 |  |  | $ | 59,623 |  |  |  | $ | 129,775 |  |  | $ | 173,917 |  |
Southern homebuilding | 135,627 |  |  | 119,311 |  |  |  | 343,151 |  |  | 323,628 |  |
Financial services (a) | 12,471 |  |  | 9,233 |  |  |  | 41,182 |  |  | 32,774 |  |
Less: Corporate selling, general and administrative expense | (19,729) |  |  | (20,872) |  |  |  | (56,732) |  |  | (57,254) |  |
Total operating income | $ | 172,131 |  |  | $ | 167,295 |  |  |  | $ | 457,376 |  |  | $ | 473,065 |  |
Interest (income) expense - net: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | (48) |  |  | $ | 2 |  |  |  | $ | (141) |  |  | $ | 2 |  |
Southern homebuilding | — |  |  | (651) |  |  |  | (205) |  |  | (653) |  |
Financial services (a) | 2,593 |  |  | 1,350 |  |  |  | 7,504 |  |  | 3,169 |  |
Corporate | (8,379) |  |  | — |  |  |  | (19,051) |  |  | (453) |  |
Total interest (income) expense - net | $ | (5,834) |  |  | $ | 701 |  |  |  | $ | (11,893) |  |  | $ | 2,065 |  |
Other expense (income) | 1 |  |  | — |  |  |  | (34) |  |  | (17) |  |
Income before income taxes | $ | 177,964 |  |  | $ | 166,594 |  |  |  | $ | 469,303 |  |  | $ | 471,017 |  |
(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. The following tables show total assets by segment at September 30, 2023 and December 31, 2022:
| September 30, 2023
(In thousands) | Northern |  | Southern |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 8,062 |  |  | $ | 41,533 |  |  | $ | — |  |  | $ | 49,595 |
Inventory (a) | 1,046,578 |  |  | 1,644,355 |  |  | — |  |  | 2,690,933 |
Investments in joint venture arrangements | — |  |  | 44,866 |  |  | — |  |  | 44,866 |
Other assets | 34,366 |  |  | 109,798 |  | (b) | 1,073,810 |  |  | 1,217,974 |
Total assets | $ | 1,089,006 |  |  | $ | 1,840,552 |  |  | $ | 1,073,810 |  |  | $ | 4,003,368 |
| December 31, 2022
(In thousands) | Northern |  | Southern |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 8,138 |  |  | $ | 47,601 |  |  | $ | — |  |  | $ | 55,739 |
Inventory (a) | 1,100,472 |  |  | 1,672,391 |  |  | — |  |  | 2,772,863 |
Investments in joint venture arrangements | — |  |  | 51,554 |  |  | — |  |  | 51,554 |
Other assets | 38,265 |  |  | 103,182 |  | (b) | 693,320 |  |  | 834,767 |
Total assets | $ | 1,146,875 |  |  | $ | 1,874,728 |  |  | $ | 693,320 |  |  | $ | 3,714,923 |
(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://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
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