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Business Segments | 3 Months Ended
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Mar. 31, 2024
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 months ended March 31, 2024 and 2023, as well as the Company’s income before income taxes for such periods:
| Three Months Ended March 31, |  |  |  |
(In thousands) | 2024 |  | 2023 |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 408,520 |  |  | $ | 382,730 |  |  |  |  |  |  |
Southern homebuilding | 611,221 |  |  | 592,519 |  |  |  |  |  |  |
Financial services (a) | 26,962 |  |  | 25,281 |  |  |  |  |  |  |
Total revenue | $ | 1,046,703 |  |  | $ | 1,000,530 |  |  |  |  |  |  |
Operating income (loss): |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 58,061 |  |  | $ | 39,160 |  |  |  |  |  |  |
Southern homebuilding | 117,843 |  |  | 97,612 |  |  |  |  |  |  |
Financial services (a) | 15,187 |  |  | 14,968 |  |  |  |  |  |  |
Less: Corporate selling, general and administrative expense | (17,772) |  |  | (17,154) |  |  |  |  |  |  |
Total operating income | $ | 173,319 |  |  | $ | 134,586 |  |  |  |  |  |  |
Interest (income) expense - net: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | (80) |  |  | $ | (46) |  |  |  |  |  |  |
Southern homebuilding | (398) |  |  | (2) |  |  |  |  |  |  |
Financial services (a) | 2,875 |  |  | 2,327 |  |  |  |  |  |  |
Corporate | (9,317) |  |  | (3,668) |  |  |  |  |  |  |
Total interest income, net of interest expense | $ | (6,920) |  |  | $ | (1,389) |  |  |  |  |  |  |
Other income | — |  |  | (7) |  |  |  |  |  |  |
Income before income taxes | $ | 180,239 |  |  | $ | 135,982 |  |  |  |  |  |  |
(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 March 31, 2024 and December 31, 2023:
| March 31, 2024
(In thousands) | Northern |  | Southern |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 9,473 |  |  | $ | 42,007 |  |  | $ | — |  |  | $ | 51,480 |
Inventory (a) | 990,437 |  |  | 1,732,248 |  |  | — |  |  | 2,722,685 |
Investments in joint venture arrangements | — |  |  | 59,146 |  |  | — |  |  | 59,146 |
Other assets | 42,488 |  |  | 116,548 |  | (b) | 1,219,604 |  |  | 1,378,640 |
Total assets | $ | 1,042,398 |  |  | $ | 1,949,949 |  |  | $ | 1,219,604 |  |  | $ | 4,211,951 |
| December 31, 2023
(In thousands) | Northern |  | Southern |  | Corporate, Financial Services and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 8,990 |  |  | $ | 42,618 |  |  | $ | — |  |  | $ | 51,608 |
Inventory (a) | 1,016,982 |  |  | 1,728,561 |  |  | — |  |  | 2,745,543 |
Investments in joint venture arrangements | — |  |  | 44,011 |  |  | — |  |  | 44,011 |
Other assets | 37,171 |  |  | 104,306 |  | (b) | 1,039,801 |  |  | 1,181,278 |
Total assets | $ | 1,063,143 |  |  | $ | 1,919,496 |  |  | $ | 1,039,801 |  |  | $ | 4,022,440 |
(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. 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