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Segment Information
9 Months Ended
Sep. 30, 2013
Segment Reporting [Abstract]  
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:
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, Nevada, New Mexico, Southern California

We also have a 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, 2012.
 
 
Operating Data by Segment
($000’s omitted)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2013
 
2012
 
2013
 
2012
Revenues:
 
 
 
 
 
 
 
Northeast
$
259,413

 
$
194,732

 
$
555,856

 
$
502,813

Southeast
234,605

 
194,654

 
602,379

 
496,244

Florida
227,614

 
165,621

 
562,890

 
439,665

Texas
217,897

 
179,581

 
621,972

 
471,648

North
343,748

 
277,297

 
826,054

 
666,458

Southwest
264,465

 
243,442

 
744,534

 
563,837

 
1,547,742

 
1,255,327

 
3,913,685

 
3,140,665

Financial Services
34,336

 
47,264

 
110,571

 
112,367

Consolidated
$
1,582,078

 
$
1,302,591

 
$
4,024,256

 
$
3,253,032

 
 
 
 
 
 
 
 
Income (loss) before income taxes:
 
 
 
 
 
 
 
Northeast
$
33,508

 
$
20,303

 
$
62,162

 
$
42,940

Southeast
37,687

 
21,227

 
78,811

 
40,724

Florida
43,834

 
23,723

 
89,711

 
46,530

Texas
32,111

 
18,807

 
79,015

 
34,704

North
48,674

 
26,494

 
95,303

 
38,281

Southwest
49,508

 
27,882

 
119,908

 
41,817

Other homebuilding (a)
(81,728
)
 
(59,257
)
 
(271,308
)
 
(162,230
)
 
163,594

 
79,179

 
253,602

 
82,766

Financial Services (b)
11,128

 
26,727

 
41,800

 
49,575

Consolidated
$
174,722

 
$
105,906

 
$
295,402

 
$
132,341


(a)
Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Other homebuilding also included for the three and nine months ended September 30, 2013: losses on debt retirements totaling $3.9 million and $26.9 million, respectively; costs associated with the previously announced relocation of our corporate headquarters totaling $0.3 million and $13.8 million, respectively; and charges resulting from a contractual dispute related to a previously completed luxury community totaling $8.0 million and $38.0 million, respectively.
(b)
Financial Services income before income taxes includes interest income of $2.1 million and $1.6 million for the three months ended September 30, 2013 and 2012, respectively, and $5.2 million and $4.1 million for the nine months ended September 30, 2013 and 2012, respectively.

 
 
Land-Related Charges by Segment
($000's omitted)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2013
 
2012
 
2013
 
2012
Land and community valuation adjustments:
 
 
 
 
 
 
 
Northeast
$

 
$

 
$

 
$
535

Southeast

 

 

 

Florida

 

 

 

Texas

 

 

 

North

 
385

 

 
2,373

Southwest

 

 

 
1,810

Other homebuilding (a)
766

 
1,878

 
2,701

 
4,855

 
$
766

 
$
2,263

 
$
2,701

 
$
9,573

Net realizable value adjustments (NRV) - land held
   for sale:
 
 
 
 
 
 
 
Northeast
$

 
$

 
$

 
$

Southeast

 
69

 

 
350

Florida

 
11

 
567

 
49

Texas
(6
)
 
154

 
(2
)
 
412

North
172

 
29

 
1,703

 
94

Southwest
(81
)
 
(14
)
 

 
347

 
$
85

 
$
249

 
$
2,268

 
$
1,252

Write-off of deposits and pre-acquisition costs:
 
 
 
 
 
 
 
Northeast
$
219

 
$
727

 
$
328

 
$
815

Southeast
56

 
46

 
144

 
589

Florida
126

 
69

 
208

 
80

Texas
6

 
21

 
2

 
70

North
155

 
13

 
337

 
156

Southwest
249

 
17

 
383

 
88

 
$
811

 
$
893

 
$
1,402

 
$
1,798

Total land-related charges
$
1,662

 
$
3,405

 
$
6,371

 
$
12,623


(a)
Represents write-offs of capitalized interest related to land and community valuation adjustments.
 
Operating Data by Segment
 
($000's omitted)
 
September 30, 2013
 
Homes Under
Construction
 
Land Under
Development
 
Raw Land
 
Total
Inventory
 
Total
Assets
Northeast
$
263,889

 
$
331,779

 
$
117,532

 
$
713,200

 
$
809,063

Southeast
160,916

 
256,949

 
131,724

 
549,589

 
589,929

Florida
161,204

 
293,858

 
91,238

 
546,300

 
629,724

Texas
148,158

 
221,958

 
49,607

 
419,723

 
477,936

North
300,452

 
327,529

 
100,737

 
728,718

 
781,447

Southwest
197,689

 
475,663

 
206,387

 
879,739

 
955,368

Other homebuilding (a)
45,340

 
209,917

 
58,438

 
313,695

 
4,098,818

 
1,277,648

 
2,117,653

 
755,663

 
4,150,964

 
8,342,285

Financial Services

 

 

 

 
351,437

 
$
1,277,648

 
$
2,117,653

 
$
755,663

 
$
4,150,964

 
$
8,693,722

 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
Homes Under
Construction
 
Land Under
Development
 
Raw Land
 
Total
Inventory
 
Total
Assets
Northeast
$
198,549

 
$
445,436

 
$
109,136

 
$
753,121

 
$
866,024

Southeast
147,227

 
286,210

 
120,193

 
553,630

 
590,650

Florida
130,276

 
310,625

 
100,633

 
541,534

 
620,220

Texas
145,594

 
256,704

 
54,556

 
456,854

 
523,843

North
219,172

 
369,144

 
46,414

 
634,730

 
680,447

Southwest
226,204

 
496,488

 
167,295

 
889,987

 
963,540

Other homebuilding (a)
49,162

 
270,771

 
64,257

 
384,190

 
2,140,739

 
1,116,184

 
2,435,378

 
662,484

 
4,214,046

 
6,385,463

Financial Services

 

 

 

 
348,946

 
$
1,116,184

 
$
2,435,378

 
$
662,484

 
$
4,214,046

 
$
6,734,409

 
(a)
Other homebuilding primarily includes cash and equivalents, capitalized interest, net deferred tax assets, intangibles, and other corporate items that are not allocated to the operating segments.