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, Colorado, 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, | | | | 2023 | | 2022 | | | | | Revenues (a): | | | | | | | | Northeast | $ | 220,648 | | | $ | 162,327 | | | | | | Southeast | 630,301 | | | 523,238 | | | | | | Florida | 1,077,113 | | | 759,301 | | | | | | Midwest | 393,870 | | | 447,902 | | | | | | Texas | 486,393 | | | 438,854 | | | | | | West | 709,378 | | | 733,754 | | | | | | | 3,517,703 | | | 3,065,376 | | | | | | Financial Services | 57,938 | | | 84,143 | | | | | | Consolidated revenues | $ | 3,575,641 | | | $ | 3,149,519 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Operating Data by Segment ($000’s omitted) | | Three Months Ended | | | | March 31, | | | | 2023 | | 2022 | | | | | Income (loss) before income taxes: | | | | | | | | Northeast | $ | 46,797 | | | $ | 27,399 | | | | | | Southeast | 145,303 | | | 126,132 | | | | | | Florida | 270,737 | | | 160,694 | | | | | | Midwest | 58,904 | | | 64,743 | | | | | | Texas | 80,065 | | | 83,716 | | | | | | West | 99,577 | | | 133,269 | | | | | | Other homebuilding (b) | (13,163) | | | (36,653) | | | | | | | 688,220 | | | 559,300 | | | | | | Financial Services | 13,902 | | | 40,593 | | | | | | Consolidated income before income taxes | $ | 702,122 | | | $ | 599,893 | | | | | |
(a)All periods reflect the reclassification of closing cost incentives to homes sale revenues from home sale cost of revenues (Note 1). (b)Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments.
| | | | | | | | | | | | | | | | | Operating Data by Segment ($000’s omitted) | | Three Months Ended | | | | March 31, | | | | 2023 | | 2022 | | | | | Land-related charges (a): | | | | | | | | Northeast | $ | 25 | | | $ | 102 | | | | | | Southeast | 2,359 | | | 1,902 | | | | | | Florida | 2,013 | | | 972 | | | | | | Midwest | 430 | | | 158 | | | | | | Texas | 115 | | | 239 | | | | | | West | 741 | | | 137 | | | | | | | | | | | | | | | $ | 5,683 | | | $ | 3,510 | | | | | |
(a) Land-related charges include land impairments, net realizable value 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, 2023 | | Homes Under Construction | | Land Under Development | | Raw Land | | Consolidated Inventory Not Owned | | Total Inventory | | Total Assets | Northeast | $ | 319,080 | | | $ | 306,062 | | | $ | 31,522 | | | $ | — | | | $ | 656,664 | | | $ | 756,249 | | Southeast | 797,089 | | | 602,197 | | | 91,923 | | | 18,908 | | | 1,510,117 | | | 1,739,218 | | Florida (a) | 1,481,876 | | | 1,072,349 | | | 126,088 | | | 61,500 | | | 2,741,813 | | | 3,246,605 | | Midwest | 531,030 | | | 693,174 | | | 22,688 | | | 3,355 | | | 1,250,247 | | | 1,405,271 | | Texas | 627,912 | | | 738,216 | | | 146,116 | | | 3,087 | | | 1,515,331 | | | 1,684,466 | | West | 1,566,719 | | | 1,679,259 | | | 217,569 | | | — | | | 3,463,547 | | | 3,742,043 | | Other homebuilding (b) | 27,406 | | | 255,430 | | | 11,322 | | | — | | | 294,158 | | | 1,672,336 | | | 5,351,112 | | | 5,346,687 | | | 647,228 | | | 86,850 | | | 11,431,877 | | | 14,246,188 | | Financial Services | — | | | — | | | — | | | — | | | — | | | 584,854 | | | $ | 5,351,112 | | | $ | 5,346,687 | | | $ | 647,228 | | | $ | 86,850 | | | $ | 11,431,877 | | | $ | 14,831,042 | | | | | | | | | | | | | | | December 31, 2022 | | Homes Under Construction | | Land Under Development | | Raw Land | | Consolidated Inventory Not Owned | | Total Inventory | | Total Assets | Northeast | $ | 321,687 | | | $ | 241,897 | | | $ | 45,455 | | | $ | — | | | $ | 609,039 | | | $ | 700,413 | | Southeast | 793,539 | | | 544,867 | | | 102,336 | | | 20,169 | | | 1,460,911 | | | 1,668,053 | | Florida (a) | 1,417,657 | | | 1,081,836 | | | 125,253 | | | 51,889 | | | 2,676,635 | | | 3,195,091 | | Midwest | 523,194 | | | 689,541 | | | 22,467 | | | — | | | 1,235,202 | | | 1,382,227 | | Texas | 690,622 | | | 726,342 | | | 133,300 | | | — | | | 1,550,264 | | | 1,735,683 | | West | 1,662,251 | | | 1,528,863 | | | 238,758 | | | — | | | 3,429,872 | | | 3,771,808 | | Other homebuilding (b) | 31,236 | | | 321,086 | | | 11,772 | | | — | | | 364,094 | | | 1,470,919 | | | 5,440,186 | | | 5,134,432 | | | 679,341 | | | 72,058 | | | 11,326,017 | | | 13,924,194 | | Financial Services | — | | | — | | | — | | | — | | | — | | | 872,321 | | | $ | 5,440,186 | | | $ | 5,134,432 | | | $ | 679,341 | | | $ | 72,058 | | | $ | 11,326,017 | | | $ | 14,796,515 | |
(a)Florida includes goodwill of $28.6 million, net of a goodwill impairment charge of $20.2 million during 2020. (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. Other homebuilding also includes goodwill of $40.4 million.
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