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, Pennsylvania, Virginia | Southeast: | | Georgia, North Carolina, South Carolina, Tennessee | Florida: | | Florida | Midwest: | | Illinois, Indiana, Kentucky, Michigan, Minnesota, 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, title, and insurance brokerage operations that operate generally in the same markets as the Homebuilding segments. | | | | | | | | | | | | | | | | | Operating Data by Segment ($000’s omitted) | | Three Months Ended | | | | March 31, | | | | 2021 | | 2020 | | | | | Revenues: | | | | | | | | Northeast | $ | 176,467 | | | $ | 162,434 | | | | | | Southeast | 436,779 | | | 382,394 | | | | | | Florida | 625,241 | | | 506,689 | | | | | | Midwest | 366,814 | | | 292,169 | | | | | | Texas | 374,121 | | | 344,738 | | | | | | West | 644,247 | | | 552,006 | | | | | | | 2,623,669 | | | 2,240,430 | | | | | | Financial Services | 106,122 | | | 54,550 | | | | | | Consolidated revenues | $ | 2,729,791 | | | $ | 2,294,980 | | | | | | | | | | | | | | Income (loss) before income taxes: | | | | | | | | Northeast | $ | 25,894 | | | $ | 18,609 | | | | | | Southeast | 71,322 | | | 54,744 | | | | | | Florida (a) | 101,208 | | | 55,333 | | | | | | Midwest | 52,864 | | | 31,462 | | | | | | Texas | 65,648 | | | 53,595 | | | | | | West | 98,832 | | | 67,255 | | | | | | Other homebuilding (b) | (88,064) | | | (36,780) | | | | | | | 327,704 | | | 244,218 | | | | | | Financial Services | 66,348 | | | 19,551 | | | | | | Consolidated income before income taxes | $ | 394,052 | | | $ | 263,769 | | | | | |
(a)Includes goodwill impairment charge totaling $20.2 million (see Note 1) in the three months ended March 31, 2020. (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 a loss on debt retirement of $61.5 million in the three months ended March 31, 2021 (see Note 4). | | | | | | | | | | | | | | | | | Operating Data by Segment ($000’s omitted) | | Three Months Ended | | | | March 31, | | | | 2021 | | 2020 | | | | | Land-related charges (a): | | | | | | | | Northeast | $ | 116 | | | $ | 4,753 | | | | | | Southeast | 456 | | | 748 | | | | | | Florida | 131 | | | 522 | | | | | | Midwest | 54 | | | 777 | | | | | | Texas | 527 | | | 656 | | | | | | West | 84 | | | 1,529 | | | | | | Other homebuilding | — | | | 744 | | | | | | | $ | 1,368 | | | $ | 9,729 | | | | | |
(a) Land-related charges include land impairments, NRV adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating Data by Segment | | ($000's omitted) | | March 31, 2021 | | Homes Under Construction | | Land Under Development | | Raw Land | | Total Inventory | | Total Assets | Northeast | $ | 384,606 | | | $ | 236,846 | | | $ | 41,641 | | | $ | 663,093 | | | $ | 766,691 | | Southeast | 532,643 | | | 623,668 | | | 74,107 | | | 1,230,418 | | | 1,346,886 | | Florida | 733,612 | | | 890,080 | | | 83,806 | | | 1,707,498 | | | 2,036,755 | | Midwest | 421,833 | | | 389,098 | | | 16,556 | | | 827,487 | | | 949,539 | | Texas | 413,218 | | | 417,342 | | | 114,603 | | | 945,163 | | | 1,040,459 | | West | 1,053,317 | | | 1,123,844 | | | 122,283 | | | 2,299,444 | | | 2,582,835 | | Other homebuilding (a) | 55,177 | | | 232,471 | | | 14,460 | | | 302,108 | | | 2,073,987 | | | 3,594,406 | | | 3,913,349 | | | 467,456 | | | 7,975,211 | | | 10,797,152 | | Financial Services | — | | | — | | | — | | | — | | | 648,589 | | | $ | 3,594,406 | | | $ | 3,913,349 | | | $ | 467,456 | | | $ | 7,975,211 | | | $ | 11,445,741 | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating Data by Segment | | ($000's omitted) | | December 31, 2020 | | Homes Under Construction | | Land Under Development | | Raw Land | | Total Inventory | | Total Assets | Northeast | $ | 342,737 | | | $ | 203,561 | | | $ | 68,865 | | | $ | 615,163 | | | $ | 712,205 | | Southeast | 465,950 | | | 645,408 | | | 69,937 | | | 1,181,295 | | | 1,296,382 | | Florida | 638,394 | | | 921,962 | | | 116,709 | | | 1,677,065 | | | 1,967,788 | | Midwest | 364,839 | | | 424,169 | | | 18,173 | | | 807,181 | | | 911,984 | | Texas | 354,256 | | | 458,893 | | | 66,024 | | | 879,173 | | | 955,436 | | West | 874,673 | | | 1,212,730 | | | 142,380 | | | 2,229,783 | | | 2,519,724 | | Other homebuilding (a) | 45,891 | | | 270,595 | | | 15,652 | | | 332,138 | | | 3,149,871 | | | 3,086,740 | | | 4,137,318 | | | 497,740 | | | 7,721,798 | | | 11,513,390 | | Financial Services | — | | | — | | | — | | | — | | | 692,108 | | | $ | 3,086,740 | | | $ | 4,137,318 | | | $ | 497,740 | | | $ | 7,721,798 | | | $ | 12,205,498 | |
(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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