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Segment Reporting
 9 Months Ended
Sep. 30, 2021
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment Reporting Segment Reporting
An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. We have identified our CODM as two key executives—the Executive Chairman and the Chief Executive Officer (“CEO”).
We have identified each homebuilding division as an operating segment. Our homebuilding operating segments have been aggregated into the reportable segments noted below because they are similar in the following regards: (1) economic characteristics; (2) housing products; (3) class of homebuyer; (4) regulatory environments; and (5) methods used to construct and sell homes. Our homebuilding reportable segments are as follows:
•West (Arizona, California, Nevada, New Mexico, Oregon, Texas and Washington)
•Mountain (Colorado, Idaho and Utah)
•East (mid-Atlantic, which includes Maryland and Virginia, Florida and Tennessee)
Our financial services business consists of the operations of the following operating segments: (1) HomeAmerican Mortgage Corporation (“HomeAmerican”); (2) Allegiant Insurance Company, Inc., A Risk Retention Group (“Allegiant”); (3) StarAmerican Insurance Ltd. (“StarAmerican”); (4) American Home Insurance Agency, Inc.; and (5) American Home Title and Escrow Company. Due to its contributions to consolidated pretax income, we consider HomeAmerican to be a reportable segment (“mortgage operations”). The remaining operating segments have been aggregated into one reportable segment (“other”) because they do not individually exceed 10 percent of: (1) consolidated revenue; (2) the greater of (a) the combined reported profit of all operating segments that did not report a loss or (b) the positive value of the combined reported loss of all operating segments that reported losses; or (3) consolidated assets.
Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating divisions by centralizing key administrative functions such as finance, treasury, information technology, insurance, risk management, litigation and human resources. Corporate also provides the necessary administrative functions to support MDC as a publicly traded company. A portion of the expenses incurred by Corporate are allocated to the homebuilding operating segments based on their respective percentages of assets, and to a lesser degree, a portion of Corporate expenses are allocated to the financial services segments. A majority of Corporate’s personnel and resources are primarily dedicated to activities relating to the homebuilding segments, and, therefore, the balance of any unallocated Corporate expenses is included in the homebuilding operations section of our consolidated statements of operations and comprehensive income.
The following table summarizes revenues for our homebuilding and financial services operations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
(Dollars in thousands)
Homebuilding
West
$729,777 $552,319 $2,194,071 $1,447,934 
Mountain
379,041 347,095 1,104,391 886,619 
East
148,883 101,135 368,870 249,839 
Total homebuilding revenues
$1,257,701 $1,000,549 $3,667,332 $2,584,392 
Financial Services
Mortgage operations
$31,122 $28,548 $89,608 $67,536 
Other
11,982 8,255 31,837 24,117 
Total financial services revenues
$43,104 $36,803 $121,445 $91,653 
The following table summarizes pretax income (loss) for our homebuilding and financial services operations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
(Dollars in thousands)
Homebuilding
West
$120,284 $59,120 $330,390 $144,441 
Mountain
55,386 48,053 165,296 111,372 
East
15,410 6,020 34,091 9,993 
Corporate
(25,928)(11,543)(63,609)(29,566)
Total homebuilding pretax income$165,152 $101,650 $466,168 $236,240 
Financial Services
Mortgage operations
$21,214 $20,809 $61,341 $46,558 
Other
6,326 3,559 15,037 3,420 
Total financial services pretax income$27,540 $24,368 $76,378 $49,978 
Total pretax income$192,692 $126,018 $542,546 $286,218 
The following table summarizes total assets for our homebuilding and financial services operations. The assets in our West, Mountain and East segments consist primarily of inventory while the assets in our Corporate segment primarily include our cash and cash equivalents and deferred tax assets. The assets in our financial services segment consist mostly of cash and cash equivalents and mortgage loans held-for-sale.
September 30,
2021		December 31,
2020
(Dollars in thousands)
Homebuilding assets
West
$2,229,687 $1,855,567 
Mountain
1,030,407 905,007 
East
419,212 274,937 
Corporate
816,577 470,909 
Total homebuilding assets$4,495,883 $3,506,420 
Financial services assets
Mortgage operations
$279,938 $279,649 
Other
98,583 78,851 
Total financial services assets$378,521 $358,500 
Total assets$4,874,404 $3,864,920