Segment Information (Tables)
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6 Months Ended |
Jun. 30, 2017 |
Segment Reporting [Abstract] |
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Components of Reportable Segments |
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 |
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Operating Data By Reporting Segment |
| | | | | | | | | | | | | | | | | | Operating Data by Segment ($000’s omitted) | | Three Months Ended | | Six Months Ended | | June 30, | | June 30, | | 2017 | | 2016 | | 2017 | | 2016 | Revenues: | | | | | | | | Northeast | $ | 148,272 |
| | $ | 152,517 |
| | $ | 256,854 |
| | $ | 271,171 |
| Southeast | 380,957 |
| | 387,675 |
| | 709,721 |
| | 682,101 |
| Florida | 363,326 |
| | 283,440 |
| | 677,523 |
| | 553,281 |
| Midwest | 357,847 |
| | 286,649 |
| | 602,259 |
| | 476,541 |
| Texas | 288,518 |
| | 255,471 |
| | 522,785 |
| | 468,763 |
| West | 434,651 |
| | 391,080 |
| | 791,491 |
| | 701,705 |
| | 1,973,571 |
| | 1,756,832 |
| | 3,560,633 |
| | 3,153,562 |
| Financial Services | 47,275 |
| | 43,082 |
| | 89,042 |
| | 78,930 |
| Consolidated revenues | $ | 2,020,846 |
| | $ | 1,799,914 |
| | $ | 3,649,675 |
| | $ | 3,232,492 |
| | | | | | | | | Income before income taxes: | | | | | | | | Northeast | $ | (38,249 | ) | | $ | 19,238 |
| | $ | (33,849 | ) | | $ | 28,828 |
| Southeast | 40,274 |
| | 40,758 |
| | 72,640 |
| | 60,528 |
| Florida (a) | 36,110 |
| | 44,353 |
| | 80,633 |
| | 84,655 |
| Midwest | 37,573 |
| | 26,253 |
| | 55,827 |
| | 31,873 |
| Texas | 46,522 |
| | 36,223 |
| | 79,318 |
| | 64,740 |
| West | (1,850 | ) | | 41,829 |
| | 32,234 |
| | 75,336 |
| Other homebuilding (b) | (16,781 | ) | | (36,108 | ) | | (57,441 | ) | | (64,981 | ) | | 103,599 |
| | 172,546 |
| | 229,362 |
| | 280,979 |
| Financial Services | 18,948 |
| | 17,034 |
| | 32,451 |
| | 26,814 |
| Consolidated income before income taxes | $ | 122,547 |
| | $ | 189,580 |
| | $ | 261,813 |
| | $ | 307,793 |
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| | (a) | Florida includes a warranty charge of $12.1 million for the three and six months ended June 30, 2017 related to a closed-out community (see Note 8). |
| | (b) | Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes an insurance reserve reversal of $19.8 million in the three and six months ended June 30, 2017, and a write-off of $15.0 million of insurance receivables associated with the resolution of certain insurance matters in the six months ended June 30, 2017 (see Note 8). |
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Land-Related Charges By Reporting Segment |
| | | | | | | | | | | | | | | | | | Operating Data by Segment ($000’s omitted) | | Three Months Ended | | Six Months Ended | | June 30, | | June 30, | | 2017 | | 2016 | | 2017 | | 2016 | Land-related charges*: | | | | | | | | Northeast | $ | 49,820 |
| | $ | 68 |
| | $ | 49,918 |
| | $ | 526 |
| Southeast | 491 |
| | 534 |
| | 958 |
| | 1,856 |
| Florida | 8,602 |
| | 280 |
| | 8,754 |
| | 529 |
| Midwest | 7,567 |
| | 398 |
| | 8,095 |
| | 851 |
| Texas | 589 |
| | 44 |
| | 847 |
| | 151 |
| West | 54,409 |
| | 6,290 |
| | 56,441 |
| | 6,609 |
| Other homebuilding | 4,095 |
| | — |
| | 4,095 |
| | — |
| | $ | 125,573 |
| | $ | 7,614 |
| | $ | 129,108 |
| | $ | 10,522 |
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| | * | Land-related charges include land impairments, net realizable value adjustments on land held for sale, impairments of investments in unconsolidated entities, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue (see Note 2). Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges. |
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Total Assets And Inventory By Reporting Segment |
| | | | | | | | | | | | | | | | | | | | | | Operating Data by Segment | | ($000's omitted) | | June 30, 2017 | | Homes Under Construction | | Land Under Development | | Raw Land | | Total Inventory | | Total Assets | Northeast | $ | 264,849 |
| | $ | 286,800 |
| | $ | 92,455 |
| | $ | 644,104 |
| | $ | 803,967 |
| Southeast | 411,314 |
| | 650,376 |
| | 136,478 |
| | 1,198,168 |
| | 1,302,842 |
| Florida | 356,206 |
| | 837,425 |
| | 111,858 |
| | 1,305,489 |
| | 1,450,544 |
| Midwest | 341,479 |
| | 427,638 |
| | 54,750 |
| | 823,867 |
| | 905,793 |
| Texas | 267,070 |
| | 414,970 |
| | 68,031 |
| | 750,071 |
| | 836,885 |
| West | 781,228 |
| | 1,122,854 |
| | 141,130 |
| | 2,045,212 |
| | 2,272,892 |
| Other homebuilding (a) | 42,662 |
| | 257,665 |
| | 22,926 |
| | 323,253 |
| | 1,810,008 |
| | 2,464,808 |
| | 3,997,728 |
| | 627,628 |
| | 7,090,164 |
| | 9,382,931 |
| Financial Services | — |
| | — |
| | — |
| | — |
| | 429,947 |
| | $ | 2,464,808 |
| | $ | 3,997,728 |
| | $ | 627,628 |
| | $ | 7,090,164 |
| | $ | 9,812,878 |
| | | | | | | | | | | | December 31, 2016 | | Homes Under Construction | | Land Under Development | | Raw Land | | Total Inventory | | Total Assets | Northeast | $ | 175,253 |
| | $ | 375,899 |
| | $ | 135,447 |
| | $ | 686,599 |
| | $ | 798,369 |
| Southeast | 354,047 |
| | 650,805 |
| | 148,793 |
| | 1,153,645 |
| | 1,243,188 |
| Florida | 309,525 |
| | 683,376 |
| | 183,168 |
| | 1,176,069 |
| | 1,330,847 |
| Midwest | 256,649 |
| | 474,287 |
| | 50,302 |
| | 781,238 |
| | 851,457 |
| Texas | 219,606 |
| | 413,312 |
| | 74,750 |
| | 707,668 |
| | 793,917 |
| West | 580,082 |
| | 1,226,190 |
| | 159,387 |
| | 1,965,659 |
| | 2,200,058 |
| Other homebuilding (a) | 26,097 |
| | 248,240 |
| | 25,440 |
| | 299,777 |
| | 2,351,082 |
| | 1,921,259 |
| | 4,072,109 |
| | 777,287 |
| | 6,770,655 |
| | 9,568,918 |
| Financial Services | — |
| | — |
| | — |
| | — |
| | 609,282 |
| | $ | 1,921,259 |
| | $ | 4,072,109 |
| | $ | 777,287 |
| | $ | 6,770,655 |
| | $ | 10,178,200 |
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| | (a) | 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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