Segment Information |
Segment information
Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments. During 2011, we realigned our organizational structure and reportable segment presentation. As part of the change in presentation, we removed the "Other non-operating" distinction. Amounts previously classified within "Other non-operating" have been reclassified to "Other homebuilding." Accordingly, the segment information provided in this note has been reclassified to conform to the current presentation for all periods presented. | | | | Northeast: | | Connecticut, Delaware, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Virginia | Southeast: | | Georgia, North Carolina, South Carolina, Tennessee | Florida: | | Florida | Texas: | | Texas | North: | | Illinois, Indiana, Michigan, Minnesota, Missouri, Northern California, Ohio, Oregon, Washington | Southwest: | | Arizona, Colorado, Hawaii, Nevada, New Mexico, Southern California
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We also have one reportable segment for our Financial Services operations, which consist principally of mortgage banking and title operations. The Financial Services segment operates generally in the same markets as the Homebuilding segments.
Evaluation of segment performance is generally based on income before income taxes. Each reportable segment generally follows the same accounting policies described in Note 1 - "Summary of Significant Accounting Policies" to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2011. | | | | | | | | | | | | | | | | | | Operating Data by Segment ($000’s omitted) | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2012 | | 2011 | | 2012 | | 2011 | Revenues: | | | | | | | | Northeast | $ | 194,732 |
| | $ | 196,834 |
| | $ | 502,813 |
| | $ | 459,154 |
| Southeast | 194,654 |
| | 182,828 |
| | 496,244 |
| | 492,764 |
| Florida | 165,621 |
| | 160,171 |
| | 439,665 |
| | 411,225 |
| Texas | 179,581 |
| | 182,689 |
| | 471,648 |
| | 467,223 |
| North | 277,297 |
| | 206,671 |
| | 666,458 |
| | 513,503 |
| Southwest | 243,442 |
| | 184,834 |
| | 563,837 |
| | 458,756 |
| | 1,255,327 |
| | 1,114,027 |
| | 3,140,665 |
| | 2,802,625 |
| Financial Services | 47,264 |
| | 27,904 |
| | 112,367 |
| | 71,720 |
| Consolidated revenues | $ | 1,302,591 |
| | $ | 1,141,931 |
| | $ | 3,253,032 |
| | $ | 2,874,345 |
| | | | | | | | | Income (loss) before income taxes: | | | | | | | | Northeast | $ | 20,303 |
| | $ | (55 | ) | | $ | 42,940 |
| | $ | 845 |
| Southeast | 21,227 |
| | 14,995 |
| | 40,724 |
| | 28,547 |
| Florida | 23,723 |
| | 17,716 |
| | 46,530 |
| | 23,823 |
| Texas | 18,807 |
| | 12,352 |
| | 34,704 |
| | 23,487 |
| North | 26,494 |
| | 1,903 |
| | 38,281 |
| | (9,973 | ) | Southwest | 27,882 |
| | 31,542 |
| | 41,817 |
| | 21,472 |
| Other homebuilding (a) | (59,257 | ) | | (289,579 | ) | | (162,230 | ) | | (382,382 | ) | | 79,179 |
| | (211,126 | ) | | 82,766 |
| | (294,181 | ) | Financial Services (b) | 26,727 |
| | 8,626 |
| | 49,575 |
| | (7,044 | ) | Consolidated income (loss) before income taxes | $ | 105,906 |
| | $ | (202,500 | ) | | $ | 132,341 |
| | $ | (301,225 | ) |
| | (a) | Other homebuilding includes the amortization of intangible assets and capitalized interest, goodwill impairments, and other costs not allocated to the operating segments. |
| | (b) | Financial Services income (loss) before income taxes includes interest income of $1.6 million and $4.1 million for the three and nine months ended September 30, 2012, respectively, and $1.4 million and $3.4 million for the three and nine months ended September 30, 2011, respectively. |
| | | | | | | | | | | | | | | | | | Land-Related Charges by Segment ($000's omitted) | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2012 | | 2011 | | 2012 | | 2011 | Land and community valuation adjustments: | | | | | | | | Northeast | $ | — |
| | $ | 4 |
| | $ | 535 |
| | $ | 4 |
| Southeast | — |
| | 522 |
| | — |
| | 791 |
| Florida | — |
| | — |
| | — |
| | — |
| Texas | — |
| | — |
| | — |
| | — |
| North | 385 |
| | — |
| | 2,373 |
| | 1,818 |
| Southwest | — |
| | — |
| | 1,810 |
| | — |
| Other homebuilding (a) | 1,878 |
| | 968 |
| | 4,855 |
| | 2,284 |
| | $ | 2,263 |
| | $ | 1,494 |
| | $ | 9,573 |
| | $ | 4,897 |
| Net realizable value adjustments (NRV) - land held for sale: | | | | | | | | Northeast | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Southeast | 69 |
| | — |
| | 350 |
| | — |
| Florida | 11 |
| | — |
| | 49 |
| | — |
| Texas | 154 |
| | 143 |
| | 412 |
| | 143 |
| North | 29 |
| | — |
| | 94 |
| | (249 | ) | Southwest | (14 | ) | | — |
| | 347 |
| | — |
| | $ | 249 |
| | $ | 143 |
| | $ | 1,252 |
| | $ | (106 | ) | Write-off of deposits and pre-acquisition costs: | | | | | | | | Northeast | $ | 727 |
| | $ | 199 |
| | $ | 815 |
| | $ | 2,157 |
| Southeast | 46 |
| | 334 |
| | 589 |
| | 567 |
| Florida | 69 |
| | — |
| | 80 |
| | 118 |
| Texas | 21 |
| | 103 |
| | 70 |
| | 164 |
| North | 13 |
| | 557 |
| | 156 |
| | 1,732 |
| Southwest | 17 |
| | 1,103 |
| | 88 |
| | 1,890 |
| | $ | 893 |
| | $ | 2,296 |
| | $ | 1,798 |
| | $ | 6,628 |
| Total land-related charges | $ | 3,405 |
| | $ | 3,933 |
| | $ | 12,623 |
| | $ | 11,419 |
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| | (a) | Primarily write-offs of capitalized interest related to land and community valuation adjustments. |
| | | | | | | | | | | | | | | | | | | | | | Operating Data by Segment | | ($000's omitted) | | September 30, 2012 | | Homes Under Construction | | Land Under Development | | Raw Land | | Total Inventory | | Total Assets | Northeast | $ | 246,930 |
| | $ | 435,850 |
| | $ | 108,996 |
| | $ | 791,776 |
| | $ | 930,644 |
| Southeast | 168,184 |
| | 291,330 |
| | 116,376 |
| | 575,890 |
| | 602,319 |
| Florida | 148,264 |
| | 304,433 |
| | 103,374 |
| | 556,071 |
| | 629,877 |
| Texas | 155,783 |
| | 271,519 |
| | 57,901 |
| | 485,203 |
| | 552,183 |
| North | 295,685 |
| | 364,635 |
| | 42,370 |
| | 702,690 |
| | 763,149 |
| Southwest | 282,137 |
| | 502,953 |
| | 172,721 |
| | 957,811 |
| | 1,031,975 |
| Other homebuilding (a) | 61,244 |
| | 273,833 |
| | 66,053 |
| | 401,130 |
| | 2,324,646 |
| | 1,358,227 |
| | 2,444,553 |
| | 667,791 |
| | 4,470,571 |
| | 6,834,793 |
| Financial Services | — |
| | — |
| | — |
| | — |
| | 305,787 |
| | $ | 1,358,227 |
| | $ | 2,444,553 |
| | $ | 667,791 |
| | $ | 4,470,571 |
| | $ | 7,140,580 |
| | | | | | | | | | | | December 31, 2011 | | Homes Under Construction | | Land Under Development | | Raw Land | | Total Inventory | | Total Assets | Northeast | $ | 237,722 |
| | $ | 457,010 |
| | $ | 119,549 |
| | $ | 814,281 |
| | $ | 957,844 |
| Southeast | 166,302 |
| | 315,208 |
| | 123,209 |
| | 604,719 |
| | 626,506 |
| Florida | 137,900 |
| | 321,841 |
| | 110,040 |
| | 569,781 |
| | 637,418 |
| Texas | 136,325 |
| | 294,814 |
| | 77,125 |
| | 508,264 |
| | 568,974 |
| North | 268,011 |
| | 360,202 |
| | 91,260 |
| | 719,473 |
| | 803,174 |
| Southwest | 216,067 |
| | 577,656 |
| | 216,554 |
| | 1,010,277 |
| | 1,099,058 |
| Other homebuilding (a) | 48,390 |
| | 283,770 |
| | 77,513 |
| | 409,673 |
| | 1,904,847 |
| | 1,210,717 |
| | 2,610,501 |
| | 815,250 |
| | 4,636,468 |
| | 6,597,821 |
| Financial Services | — |
| | — |
| | — |
| | — |
| | 287,799 |
| | $ | 1,210,717 |
| | $ | 2,610,501 |
| | $ | 815,250 |
| | $ | 4,636,468 |
| | $ | 6,885,620 |
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| | (a) | Other homebuilding primarily includes capitalized interest, cash and equivalents, income taxes receivable, intangibles, and other corporate items that are not allocated to the operating segments. |
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