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Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [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 conducted ongoing operations in the following states:
•West (Arizona, California, Nevada, New Mexico, Oregon, Texas and Washington)
•Mountain (Colorado, Idaho and Utah)
•East (Alabama, Florida, Maryland, Pennsylvania, Tennessee and Virginia)
Our financial services business consists of the following operating segments: (1) HomeAmerican; (2) Allegiant; (3) StarAmerican; (4) American Home Insurance; and (5) American Home Title. 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) 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 tables present revenue and pretax income / (loss) relating to our homebuilding and financial services operations:
Year Ended December 31,
202320222021
(Dollars in thousands)
Homebuilding
West$2,624,373 $3,024,056 $2,964,766 
Mountain1,267,586 1,689,376 1,567,198 
East628,337 872,832 570,492 
Total homebuilding revenues$4,520,296 $5,586,264 $5,102,456 
Financial Services
Mortgage operations$76,479 $72,806 $107,535 
Other46,091 58,917 44,677 
Total financial services revenues$122,570 $131,723 $152,212 
Total revenues$4,642,866 $5,717,987 $5,254,668 
Year Ended December 31,
202320222021
(Dollars in thousands)
Homebuilding
West$219,560 $413,426 $463,302 
Mountain143,838 245,456 231,523 
East64,222 126,824 59,494 
Corporate22,512 (94,239)(94,631)
Total homebuilding pretax income$450,132 $691,467 $659,688 
Financial Services
Mortgage operations$40,756 $30,177 $69,455 
Other35,217 38,210 22,551 
Total financial services pretax income$75,973 $68,387 $92,006 
Total pretax income$526,105 $759,854 $751,694 
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 cash and cash equivalents and marketable securities. The assets in our financial services operations consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale.
December 31,
20232022
(Dollars in thousands)
Homebuilding Assets
West$2,155,357 $2,275,144 
Mountain874,031 1,005,622 
East459,078 427,926 
Corporate1,608,726 1,249,370 
Total homebuilding assets$5,097,192 $4,958,062 
Financial Services
Mortgage operations$295,092 $267,309 
Other238,801 137,901 
Total financial services assets$533,893 $405,210 
Total assets$5,631,085 $5,363,272