XML 276 R25.htm IDEA: XBRL DOCUMENT
v3.25.3

Business Segments Business Segments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Revenue: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 487,931 |  |  | $ | 498,503 |  |  |  | $ | 1,386,558 |  |  | $ | 1,371,804 |  |
Southern homebuilding | 609,211 |  |  | 614,436 |  |  |  | 1,786,299 |  |  | 1,839,895 |  |
Financial services (a) | 34,649 |  |  | 29,970 |  |  |  | 97,619 |  |  | 87,694 |  |
Total revenue | $ | 1,131,791 |  |  | $ | 1,142,909 |  |  |  | $ | 3,270,476 |  |  | $ | 3,299,393 |  |
Cost of Sales: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 375,573 |  |  | $ | 387,709 |  |  |  | $ | 1,072,011 |  |  | $ | 1,065,250 |  |
Southern homebuilding | 486,132 |  |  | 445,759 |  |  |  | 1,388,977 |  |  | 1,332,079 |  |
Financial services (a) | — |  |  | — |  |  |  | — |  |  | — |  |
Total cost of sales (b) | $ | 861,705 |  |  | $ | 833,468 |  |  |  | $ | 2,460,988 |  |  | $ | 2,397,329 |  |
General and administrative expense: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 10,579 |  |  | $ | 10,605 |  |  |  | $ | 30,538 |  |  | $ | 30,170 |  |
Southern homebuilding | 21,160 |  |  | 20,750 |  |  |  | 60,972 |  |  | 56,381 |  |
Financial services (a) | 14,681 |  |  | 13,402 |  |  |  | 41,342 |  |  | 38,056 |  |
Segment general and administrative expense | $ | 46,420 |  |  | $ | 44,757 |  |  |  | $ | 132,852 |  |  | $ | 124,607 |  |
Corporate and unallocated general and administrative expense | 24,346 |  |  | 23,528 |  |  |  | 64,234 |  |  | 63,756 |  |
Total general and administrative expense | $ | 70,766 |  |  | $ | 68,285 |  |  |  | $ | 197,086 |  |  | $ | 188,363 |  |
Selling expense: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 24,411 |  |  | $ | 24,704 |  |  |  | $ | 70,035 |  |  | $ | 70,017 |  |
Southern homebuilding | 39,030 |  |  | 33,787 |  |  |  | 108,730 |  |  | 99,702 |  |
Financial services (a) | — |  |  | — |  |  |  | — |  |  | — |  |
Segment selling expense | $ | 63,441 |  |  | $ | 58,491 |  |  |  | $ | 178,765 |  |  | $ | 169,719 |  |
Corporate and unallocated selling expense | 608 |  |  | 672 |  |  | 1,725 |  |  | 1,879 |  |
Total selling expense | $ | 64,049 |  |  | $ | 59,163 |  |  |  | $ | 180,490 |  |  | $ | 171,598 |  |
Operating income: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | 77,368 |  |  | $ | 75,485 |  |  |  | $ | 213,974 |  |  | $ | 206,367 |  |
Southern homebuilding | 62,889 |  |  | 114,140 |  |  |  | 227,620 |  |  | 351,733 |  |
Financial services (a) | 19,968 |  |  | 16,568 |  |  |  | 56,277 |  |  | 49,638 |  |
Segment operating income | $ | 160,225 |  |  | $ | 206,193 |  |  |  | $ | 497,871 |  |  | $ | 607,738 |  |
Corporate selling, general and administrative expense | (24,954) |  |  | (24,200) |  |  |  | (65,959) |  |  | (65,635) |  |
Total operating income (b) | $ | 135,271 |  |  | $ | 181,993 |  |  |  | $ | 431,912 |  |  | $ | 542,103 |  |
Interest (income) expense - net: |  |  |  |  |  |  |  |  |
Northern homebuilding | $ | (22) |  |  | $ | (59) |  |  |  | $ | (69) |  |  | $ | (195) |  |
Southern homebuilding | (192) |  |  | (618) |  |  |  | (194) |  |  | (1,016) |  |
Financial services (a) | 3,370 |  |  | 3,632 |  |  |  | 9,097 |  |  | 9,990 |  |
Segment Interest (income) expense - net | $ | 3,156 |  |  | $ | 2,955 |  |  |  | $ | 8,834 |  |  | $ | 8,779 |  |
Corporate Interest (income) expense - net | (7,704) |  |  | (9,635) |  |  |  | (22,956) |  |  | (29,727) |  |
Total interest income, net of interest expense | $ | (4,548) |  |  | $ | (6,680) |  |  |  | $ | (14,122) |  |  | $ | (20,948) |  |
Income before income taxes | $ | 139,819 |  |  | $ | 188,673 |  |  |  | $ | 446,034 |  |  | $ | 563,051 |  |
(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)For the quarter ended September 30, 2025, total cost of sales and operating income was reduced by $7.6 million, related to inventory impairment charges and land deposit write-offs taken during the period. $1.3 million and $6.3 million of these charges and write-offs were attributable to the Northern homebuilding operating segment and the Southern homebuilding operating segment, respectively. .
Reconciliation of Assets from Segment to Consolidated | The following tables show total assets by segment at September 30, 2025 and December 31, 2024:
| September 30, 2025 |  |  |  |
(In thousands) | Northern |  | Southern |  | Financial Services |  | Segment Total |  | Corporate and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 17,148 |  |  | $ | 64,372 |  |  | $ | — |  |  | $ | 81,520 |  |  | $ | — |  |  | $ | 81,520 |
Inventory (a) | 1,171,163 |  |  | 2,160,147 |  |  | — |  |  | 3,331,310 |  |  | — |  |  | 3,331,310 |
Investments in joint venture arrangements | — |  |  | 81,514 |  |  | — |  |  | 81,514 |  |  | — |  |  | 81,514 |
Other assets | 41,643 |  |  | 142,135 |  | (b) | 327,427 |  |  | 511,205 |  |  | 763,995 |  |  | 1,275,200 |
Total assets | $ | 1,229,954 |  |  | $ | 2,448,168 |  |  | $ | 327,427 |  |  | $ | 4,005,549 |  |  | $ | 763,995 |  |  | $ | 4,769,544 |
| December 31, 2024 |  |  |  |
(In thousands) | Northern |  | Southern |  | Financial Services |  | Segment Total |  | Corporate and Unallocated |  | Total
Deposits on real estate under option or contract | $ | 12,209 |  |  | $ | 57,274 |  |  | $ | — |  |  | $ | 69,483 |  |  | $ | — |  |  | $ | 69,483 |
Inventory (a) | 1,041,713 |  |  | 1,980,666 |  |  | — |  |  | 3,022,379 |  |  | — |  |  | 3,022,379 |
Investments in joint venture arrangements | — |  |  | 65,334 |  |  | — |  |  | 65,334 |  |  | — |  |  | 65,334 |
Other assets | 37,721 |  |  | 132,316 |  | (b) | 370,558 |  |  | 540,595 |  |  | 852,005 |  |  | 1,392,600 |
Total assets | $ | 1,091,643 |  |  | $ | 2,235,590 |  |  | $ | 370,558 |  |  | $ | 3,697,791 |  |  | $ | 852,005 |  |  | $ | 4,549,796 |
(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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + 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