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OPERATING AND REPORTING SEGMENTS
6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
OPERATING AND REPORTING SEGMENTS OPERATING AND REPORTING SEGMENTS
We operate with two principal business segments: homebuilding and financial services. As defined in ASC 280-10, Segment Reporting, we have ten homebuilding operating segments. The homebuilding segments are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes and providing warranty and customer services. We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows:
West:
Arizona, California, Colorado and Utah
Central:
Texas
East:
Florida, Georgia, North Carolina, South Carolina and Tennessee
Management’s evaluation of segment performance is based on homebuilding segment operating income, which we define as home and land closing revenue less cost of home and land closings, including land development and other land sales costs, commissions and other sales costs, and other general and administrative costs incurred by or allocated to each segment, including impairments. Each reportable segment follows the same accounting policies described in Note 1, “Organization and Basis of Presentation.” Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented.
The following segment information is in thousands:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Homebuilding revenue (1):
West$622,837 $528,977 $1,138,469 $963,114 
Central459,180 458,709 886,745 884,159 
East611,721 579,714 1,136,925 999,435 
Consolidated total$1,693,738 $1,567,400 $3,162,139 $2,846,708 
Homebuilding segment operating income:
West$100,779 $52,283 $172,043 $91,092 
Central82,613 83,491 155,716 148,782 
East110,209 103,517 204,486 164,393 
Total homebuilding segment operating income 293,601 239,291 532,245 404,267 
Financial services segment profit/(loss)4,837 (2,557)4,147 366 
Corporate and unallocated costs (2)
(11,944)(10,072)(24,905)(21,512)
Interest expense— — — — 
Other income, net11,498 12,862 20,520 21,706 
Loss on early extinguishment of debt(631)— (631)— 
Earnings before income taxes$297,361 $239,524 $531,376 $404,827 
 
(1)Homebuilding revenue includes the following land closing revenue, by segment:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Land closing revenue:
West$— $9,760 $— $26,575 
Central— 1,908 — 2,478 
East— 12,711 2,305 12,711 
Total$— $24,379 $2,305 $41,764 
(2)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
 At June 30, 2024
 WestCentralEastFinancial ServicesCorporate  and
Unallocated
Total
Deposits on real estate under option or contract$26,295 $19,477 $110,926 $— $— $156,698 
Real estate1,779,125 1,316,282 2,079,677 — — 5,175,084 
Investments in unconsolidated entities— 2,794 20,021 — 815 23,630 
Other assets56,320 (1)275,958 (2)106,846 (3)2,074 1,127,370 (4)1,568,568 
Total assets$1,861,740 $1,614,511 $2,317,470 $2,074 $1,128,185 $6,923,980 

(1)Balance consists primarily of cash and cash equivalents, prepaids and other assets and property and equipment, net.
(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets.
(3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), and prepaids and other assets.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets.
 At December 31, 2023
 WestCentralEastFinancial ServicesCorporate  and
Unallocated
Total
Deposits on real estate under option or contract$11,695 $10,911 $88,758 $— $— $111,364 
Real estate1,748,732 1,257,054 1,715,505 — — 4,721,291 
Investments in unconsolidated entities— 2,825 13,411 — 934 17,170 
Other assets101,376 (1)272,876 (2)102,425 (3)1,889 1,024,743 (4)1,503,309 
Total assets$1,861,803 $1,543,666 $1,920,099 $1,889 $1,025,677 $6,353,134 
(1)Balance consists primarily of cash and cash equivalents, receivables from title companies and property and equipment, net.
(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaids and other assets.
(3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), prepaids and other assets and property and equipment, net.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets, net and prepaids and other assets.