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, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia | Southeast: | | Georgia, North Carolina, South Carolina, Tennessee | Florida: | | Florida | Midwest: | | Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio | Texas: | | Texas | West: | | Arizona, California, Nevada, New Mexico, Washington |
We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking and title operations and operate generally in the same markets as the Homebuilding segments. | | | | | | | | | | | | | | | | | | Operating Data by Segment ($000’s omitted) | | Three Months Ended | | Six Months Ended | | June 30, | | June 30, | | 2016 | | 2015 | | 2016 | | 2015 | Revenues: | | | | | | | | Northeast | $ | 152,517 |
| | $ | 137,181 |
| | $ | 271,171 |
| | $ | 248,334 |
| Southeast (a) | 387,675 |
| | 245,250 |
| | 682,101 |
| | 431,038 |
| Florida | 283,440 |
| | 208,740 |
| | 553,281 |
| | 411,802 |
| Midwest | 286,649 |
| | 227,489 |
| | 476,541 |
| | 406,141 |
| Texas | 255,471 |
| | 185,489 |
| | 468,763 |
| | 362,988 |
| West | 391,080 |
| | 245,388 |
| | 701,705 |
| | 494,934 |
| | 1,756,832 |
| | 1,249,537 |
| | 3,153,562 |
| | 2,355,237 |
| Financial Services | 43,082 |
| | 30,754 |
| | 78,930 |
| | 58,352 |
| Consolidated revenues | $ | 1,799,914 |
| | $ | 1,280,291 |
| | $ | 3,232,492 |
| | $ | 2,413,589 |
| | | | | | | | | Income before income taxes: | | | | | | | | Northeast | $ | 19,238 |
| | $ | 15,330 |
| | $ | 28,828 |
| | $ | 24,857 |
| Southeast (a) | 40,758 |
| | 39,871 |
| | 60,528 |
| | 64,495 |
| Florida | 44,353 |
| | 39,315 |
| | 84,655 |
| | 72,539 |
| Midwest | 26,253 |
| | 14,630 |
| | 31,873 |
| | 15,810 |
| Texas | 36,223 |
| | 24,488 |
| | 64,740 |
| | 47,278 |
| West | 41,829 |
| | 32,441 |
| | 75,336 |
| | 63,521 |
| Other homebuilding (b) | (36,108 | ) | | (8,435 | ) | | (64,981 | ) | | (40,113 | ) | | 172,546 |
| | 157,640 |
| | 280,979 |
| | 248,387 |
| Financial Services | 17,034 |
| | 9,987 |
| | 26,814 |
| | 15,044 |
| Consolidated income before income taxes | $ | 189,580 |
| | $ | 167,627 |
| | $ | 307,793 |
| | $ | 263,431 |
|
| | (a) | Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1). |
| | (b) | Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. For the three and six months ended June 30, 2015, Other homebuilding also includes a reserve reversal of $26.9 million resulting from a favorable legal settlement. |
| | | | | | | | | | | | | | | | | | | | | | Operating Data by Segment | | ($000's omitted) | | June 30, 2016 | | Homes Under Construction | | Land Under Development | | Raw Land | | Total Inventory | | Total Assets | Northeast | $ | 215,519 |
| | $ | 307,440 |
| | $ | 122,107 |
| | $ | 645,066 |
| | $ | 783,163 |
| Southeast (a) | 376,012 |
| | 554,662 |
| | 230,502 |
| | 1,161,176 |
| | 1,263,995 |
| Florida | 288,038 |
| | 641,869 |
| | 164,140 |
| | 1,094,047 |
| | 1,238,973 |
| Midwest | 303,569 |
| | 435,719 |
| | 62,252 |
| | 801,540 |
| | 859,922 |
| Texas | 234,589 |
| | 367,399 |
| | 85,593 |
| | 687,581 |
| | 782,448 |
| West | 614,600 |
| | 1,186,901 |
| | 175,141 |
| | 1,976,642 |
| | 2,185,570 |
| Other homebuilding (b) | 26,152 |
| | 210,867 |
| | 26,393 |
| | 263,412 |
| | 1,957,860 |
| | 2,058,479 |
| | 3,704,857 |
| | 866,128 |
| | 6,629,464 |
| | 9,071,931 |
| Financial Services | — |
| | — |
| | — |
| | — |
| | 435,125 |
| | $ | 2,058,479 |
| | $ | 3,704,857 |
| | $ | 866,128 |
| | $ | 6,629,464 |
| | $ | 9,507,056 |
| | | | | | | | | | | | December 31, 2015 | | Homes Under Construction | | Land Under Development | | Raw Land | | Total Inventory | | Total Assets | Northeast | $ | 163,173 |
| | $ | 292,631 |
| | $ | 121,522 |
| | $ | 577,326 |
| | $ | 688,610 |
| Southeast | 196,456 |
| | 367,577 |
| | 139,246 |
| | 703,279 |
| | 765,933 |
| Florida | 227,910 |
| | 574,092 |
| | 97,185 |
| | 899,187 |
| | 1,013,543 |
| Midwest | 197,738 |
| | 414,386 |
| | 68,918 |
| | 681,042 |
| | 734,834 |
| Texas | 191,424 |
| | 317,702 |
| | 107,737 |
| | 616,863 |
| | 691,342 |
| West | 413,208 |
| | 1,094,112 |
| | 222,920 |
| | 1,730,240 |
| | 1,924,958 |
| Other homebuilding (b) | 18,351 |
| | 198,566 |
| | 25,204 |
| | 242,121 |
| | 2,628,687 |
| | 1,408,260 |
| | 3,259,066 |
| | 782,732 |
| | 5,450,058 |
| | 8,447,907 |
| Financial Services | — |
| | — |
| | — |
| | — |
| | 508,989 |
| | $ | 1,408,260 |
| | $ | 3,259,066 |
| | $ | 782,732 |
| | $ | 5,450,058 |
| | $ | 8,956,896 |
|
| | (a) | Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1). |
| | (b) | Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments. |
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