Reporting Segments

12 Months Ended

Dec. 31, 2023

Reporting Segments [Abstract]

Reporting Segments

2. Reporting Segments

Our homebuilding operations are engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in 18 states. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brand is managed by geographic location, and each of our four geographic regions offers a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the ability to personalize their homes through certain option and upgrade selections. Each of our four geographic regions is considered a separate operating segment. Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios and the internet, and generally provides no option or upgrade selections. Our Century Complete brand currently has operations in 11 states and is managed separately from our four geographic regions. Accordingly, it is considered a separate operating segment.

The management of our four Century Communities geographic regions and Century Complete reports to our chief operating decision makers (which we refer to as “CODMs”), the Co-Chief Executive Officers of our Company. The CODMs review the results of our operations, including total revenue and income before income tax expense to determine profitability and to allocate resources. Accordingly, we have presented our homebuilding operations as the following five reportable segments as of December 31, 2023:

West (California and Washington)

Mountain (Arizona, Colorado, Nevada and Utah)

Texas

Southeast (Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee)

Century Complete (Alabama, Arizona, Florida, Georgia, Indiana, Kentucky, Louisiana, Michigan, North Carolina, Ohio, South Carolina)

Commencing in the first quarter of 2023, our Century Complete operations in Texas were realigned and are now managed under our Texas segment. Accordingly, we have presented segment information under this new basis as of and for the year ended December 31, 2023, and we have restated the corresponding segment information for those segments as of December 31, 2022 and for the years ended December 31, 2022 and 2021.

We have identified our Financial Services operations, which provide mortgage, title, and insurance services to our homebuyers, as a sixth reportable segment. Our Corporate operations are a non-operating segment, as it serves to support our homebuilding, and to a lesser extent our Financial Services operations, through functions, such as our executive, finance, treasury, human resources, accounting and legal departments. 

Additionally, our wholly owned subsidiary, Century Living, LLC, is engaged in the development, construction and management of multi-family rental properties, currently all located in Colorado. Century Living, LLC is included in our Corporate segment.

The following table summarizes total revenue and income before income tax expense by segment (in thousands):

	Year Ended December 31,
	2023		2022		2021
Revenue:
West	$	667,269	$	1,075,507	$	1,022,523
Mountain		967,240		1,147,826		1,151,911
Texas		461,414		531,188		519,428
Southeast		595,474		726,100		663,728
Century Complete		920,565		929,862		734,986
Financial Services		80,223		95,433		123,738
Corporate		—		—		—
Total revenue	$	3,692,185	$	4,505,916	$	4,216,314
Income (loss) before income tax expense:
West	$	89,503	$	218,546	$	213,301
Mountain		113,958		192,525		212,335
Texas		43,791		74,796		75,273
Southeast		107,003		139,038		92,420
Century Complete		99,043		113,544		102,505
Financial Services		31,563		41,158		51,160
Corporate		(134,031)		(102,707)		(105,872)
Total income before income tax expense	$	350,830	$	676,900	$	641,122

The following table summarizes total assets by segment (in thousands):

	December 31,		December 31,
	2023		2022
West	$	786,489	$	665,827
Mountain		1,051,052		1,122,892
Texas		577,129		508,862
Southeast		503,249		415,887
Century Complete		386,444		376,131
Financial Services		450,208		372,284
Corporate		384,791		311,884
Total assets	$	4,139,362	$	3,773,767

Corporate assets include certain cash and cash equivalents, costs associated with development of multi-family rental properties, certain property and equipment, deferred tax assets, income tax receivables, and prepaid insurance.