Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:


Northeast:						Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia
Southeast:						Georgia, North Carolina, South Carolina, Tennessee
Florida:						Florida
Midwest:						Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio
Texas:						Texas
West:						Arizona, California, Colorado, Nevada, New Mexico, Oregon, Utah, Washington

Operating Data By Reporting Segment


	Operating Data by Segment ($000’s omitted)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues:
Northeast	$	257,250	$	229,371	$	457,701	$	450,020
Southeast	771,186		732,328		1,488,877		1,362,629
Florida	1,326,102		1,228,474		2,489,056		2,305,588
Midwest	651,932		474,460		1,186,868		868,329
Texas	589,196		613,838		1,124,596		1,100,231
West	892,327		818,063		1,597,698		1,527,441
	4,487,993		4,096,534		8,344,796		7,614,238
Financial Services	111,662		92,219		204,019		150,156
Consolidated revenues	$	4,599,655	$	4,188,753	$	8,548,815	$	7,764,394


Income (loss) before income taxes:
Northeast	$	60,444	$	51,165	$	100,343	$	97,962
Southeast	179,772		179,707		348,887		325,010
Florida	329,230		318,066		614,229		588,803
Midwest	123,366		78,381		218,128		137,285
Texas	108,830		126,054		203,480		206,119
West	133,857		100,423		223,340		200,000
Other homebuilding (a)	49,435		52,722		104,191		39,559
	984,934		906,518		1,812,598		1,594,738
Financial Services	63,378		46,495		104,357		60,397
Consolidated income before income taxes	$	1,048,312	$	953,013	$	1,916,955	$	1,655,135

(a)Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments. Other homebuilding also includes insurance reserve reversals of $51.9 million and $78.7 million, respectively, for the three and six months ended June 30, 2024, and $64.9 million for the three months ended June 30, 2023, (see Note 8), and a gain of $37.7 million for the six months ended June 30, 2024 related to the sale of our minority interest in a joint venture.


	Operating Data by Segment ($000’s omitted)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Land-related charges (a):
Northeast	$	638	$	44	$	1,604	$	69
Southeast	1,566		668		2,556		3,027
Florida	576		79		917		2,092
Midwest	287		174		647		604
Texas	262		214		507		329
West	356		3,059		1,444		3,800
Other homebuilding	95		189		123		189
	$	3,780	$	4,427	$	7,798	$	10,110

(a) Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.

Total Assets And Inventory By Reporting Segment


	Operating Data by Segment
	($000's omitted)
	June 30, 2024
	Homes Under Construction		Land Under Development		Raw Land		Consolidated Inventory Not Owned		Total Inventory		Total Assets
Northeast	$	357,450	$	324,364	$	4,175	$	—	$	685,989	$	811,191
Southeast	727,836		984,690		37,324		18,655		1,768,505		2,056,427
Florida (a)	1,417,836		1,417,310		80,454		23,907		2,939,507		3,543,688
Midwest	679,727		647,908		11,990		2,785		1,342,410		1,522,618
Texas	647,084		766,997		89,944		30,713		1,534,738		1,815,976
West	1,965,541		1,468,849		196,888		—		3,631,278		4,132,966
Other homebuilding (b)	32,870		359,767		7,237		—		399,874		1,754,715
	5,828,344		5,969,885		428,012		76,060		12,302,301		15,637,581
Financial Services	—		—		—		—		—		906,488
	$	5,828,344	$	5,969,885	$	428,012	$	76,060	$	12,302,301	$	16,544,069


	Operating Data by Segment
	($000's omitted)
	December 31, 2023
	Homes Under Construction		Land Under Development		Raw Land		Consolidated Inventory Not Owned		Total Inventory		Total Assets
Northeast	$	312,903	$	337,130	$	4,091	$	—	$	654,124	$	775,316
Southeast	786,698		826,240		80,451		27,963		1,721,352		1,994,492
Florida (a)	1,405,934		1,211,087		205,843		48,139		2,871,003		3,420,924
Midwest	621,144		685,139		14,265		3,472		1,324,020		1,476,166
Texas	634,574		721,032		101,394		40,948		1,497,948		1,686,609
West	1,473,617		1,688,498		190,082		—		3,352,197		3,752,089
Other homebuilding (b)	27,980		336,867		9,879		—		374,726		2,140,954
	5,262,850		5,805,993		606,005		120,522		11,795,370		15,246,550
Financial Services	—		—		—		—		—		840,500
	$	5,262,850	$	5,805,993	$	606,005	$	120,522	$	11,795,370	$	16,087,050

(a)Florida includes goodwill of $28.6 million, net of cumulative impairment charges of $20.2 million.

(b)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million.