Segment Information (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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 | | Nine Months Ended | | September 30, | | September 30, | | 2018 | | 2017 | | 2018 | | 2017 | Revenues: | | | | | | | | Northeast | $ | 185,614 |
| | $ | 168,371 |
| | $ | 518,676 |
| | $ | 425,275 |
| Southeast | 451,600 |
| | 393,905 |
| | 1,271,730 |
| | 1,104,149 |
| Florida | 506,670 |
| | 338,078 |
| | 1,311,016 |
| | 1,015,795 |
| Midwest | 412,803 |
| | 406,126 |
| | 1,066,775 |
| | 1,008,617 |
| Texas | 347,986 |
| | 269,997 |
| | 925,317 |
| | 793,207 |
| West | 693,073 |
| | 507,629 |
| | 1,945,345 |
| | 1,299,758 |
| | 2,597,746 |
| | 2,084,106 |
| | 7,038,859 |
| | 5,646,801 |
| Financial Services | 51,620 |
| | 46,952 |
| | 150,322 |
| | 135,995 |
| Consolidated revenues | $ | 2,649,366 |
| | $ | 2,131,058 |
| | $ | 7,189,181 |
| | $ | 5,782,796 |
| | | | | | | | | Income (loss) before income taxes (a): | | | | | | | | Northeast | $ | 18,938 |
| | $ | 21,046 |
| | $ | 53,408 |
| | $ | (12,803 | ) | Southeast | 51,920 |
| | 45,109 |
| | 146,735 |
| | 117,749 |
| Florida (b) | 73,802 |
| | 52,191 |
| | 186,238 |
| | 132,824 |
| Midwest | 52,438 |
| | 59,636 |
| | 123,889 |
| | 115,463 |
| Texas | 55,382 |
| | 42,727 |
| | 136,777 |
| | 122,045 |
| West (c) | 138,698 |
| | 75,753 |
| | 382,317 |
| | 107,987 |
| Other homebuilding (d) | (26,123 | ) | | (45,999 | ) | | (65,497 | ) | | (103,441 | ) | | 365,055 |
| | 250,463 |
| | 963,867 |
| | 479,824 |
| Financial Services | 19,633 |
| | 17,786 |
| | 54,182 |
| | 50,238 |
| Consolidated income before income taxes | $ | 384,688 |
| | $ | 268,249 |
| | $ | 1,018,049 |
| | $ | 530,062 |
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| | (a) | Includes land-related charges, as summarized in the table below. |
| | (b) | Florida includes a warranty charge of $12.3 million for the nine months ended September 30, 2017 related to a closed-out community (see Note 8). |
| | (c) | West includes gains of $26.4 million related to two land sale transactions in California in the nine months ended September 30, 2018. |
(d) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes insurance reserve reversals of $37.9 million and $19.8 million for the nine months ended September 30, 2018 and 2017, respectively, and write-offs of $5.3 million and $20.3 million of insurance receivables associated with the resolution of certain insurance matters in the three and nine months ended September 30, 2017, respectively (see Note 8).
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Total Assets And Inventory By Reporting Segment |
| | | | | | | | | | | | | | | | | | | | | | Operating Data by Segment | | ($000's omitted) | | September 30, 2018 | | Homes Under Construction | | Land Under Development | | Raw Land | | Total Inventory | | Total Assets | Northeast | $ | 339,103 |
| | $ | 256,014 |
| | $ | 84,066 |
| | $ | 679,183 |
| | $ | 809,194 |
| Southeast | 497,241 |
| | 645,915 |
| | 79,846 |
| | 1,223,002 |
| | 1,388,798 |
| Florida | 528,092 |
| | 885,220 |
| | 73,209 |
| | 1,486,521 |
| | 1,632,772 |
| Midwest | 366,559 |
| | 426,349 |
| | 27,375 |
| | 820,283 |
| | 904,671 |
| Texas | 333,250 |
| | 424,500 |
| | 88,376 |
| | 846,126 |
| | 917,529 |
| West | 871,553 |
| | 1,093,490 |
| | 121,685 |
| | 2,086,728 |
| | 2,280,912 |
| Other homebuilding (a) | 56,889 |
| | 270,519 |
| | 20,203 |
| | 347,611 |
| | 1,658,881 |
| | 2,992,687 |
| | 4,002,007 |
| | 494,760 |
| | 7,489,454 |
| | 9,592,757 |
| Financial Services | — |
| | — |
| | — |
| | — |
| | 462,323 |
| | $ | 2,992,687 |
| | $ | 4,002,007 |
| | $ | 494,760 |
| | $ | 7,489,454 |
| | $ | 10,055,080 |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | Operating Data by Segment | | ($000's omitted) | | December 31, 2017 | | Homes Under Construction | | Land Under Development | | Raw Land | | Total Inventory | | Total Assets | Northeast | $ | 234,413 |
| | $ | 327,599 |
| | $ | 73,574 |
| | $ | 635,586 |
| | $ | 791,511 |
| Southeast | 433,411 |
| | 613,626 |
| | 121,238 |
| | 1,168,275 |
| | 1,287,992 |
| Florida | 359,651 |
| | 876,856 |
| | 109,069 |
| | 1,345,576 |
| | 1,481,837 |
| Midwest | 299,896 |
| | 476,694 |
| | 28,482 |
| | 805,072 |
| | 877,282 |
| Texas | 251,613 |
| | 435,018 |
| | 87,392 |
| | 774,023 |
| | 859,847 |
| West | 798,706 |
| | 1,137,940 |
| | 147,493 |
| | 2,084,139 |
| | 2,271,328 |
| Other homebuilding (a) | 43,715 |
| | 268,081 |
| | 22,663 |
| | 334,459 |
| | 1,469,234 |
| | 2,421,405 |
| | 4,135,814 |
| | 589,911 |
| | 7,147,130 |
| | 9,039,031 |
| Financial Services | — |
| | — |
| | — |
| | — |
| | 647,618 |
| | $ | 2,421,405 |
| | $ | 4,135,814 |
| | $ | 589,911 |
| | $ | 7,147,130 |
| | $ | 9,686,649 |
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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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