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Business Segments | 9 Months Ended
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Sep. 30, 2025
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; cost of sales; selling, general and administrative expense; operating income; interest (income) expense; and income before income taxes for the 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. . 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.

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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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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