Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2021

The following tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenues:
Homebuilding Mid Atlantic	$	1,048,416	$	839,845	$	1,984,556	$	1,613,903
Homebuilding North East	193,245		98,219		355,438		204,355
Homebuilding Mid East	478,179		299,955		903,132		620,650
Homebuilding South East	504,720		350,739		945,145		705,557
Mortgage Banking	59,038		31,610		136,773		58,431
Total consolidated revenues	$	2,283,598	$	1,620,368	$	4,325,044	$	3,202,896

Profit before Taxes


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Income before taxes:
Homebuilding Mid Atlantic	$	174,481	$	98,067	$	303,548	$	179,740
Homebuilding North East	21,510		6,658		36,737		16,809
Homebuilding Mid East	59,887		27,302		108,828		58,466
Homebuilding South East	78,919		42,765		135,584		89,909
Mortgage Banking	40,372		15,692		99,934		27,571
Total segment profit before taxes	375,169		190,484		684,631		372,495
Reconciling items:
Contract land deposit recoveries (impairments) (1)	7,178		(460)		13,374		(36,075)
Equity-based compensation expense	(13,379)		(14,434)		(27,850)		(21,926)
Corporate capital allocation (2)	63,032		59,870		124,583		116,521
Unallocated corporate overhead	(33,668)		(23,288)		(73,804)		(60,927)
Consolidation adjustments and other (3)	31,944		6,803		34,330		16,456
Corporate interest expense	(12,811)		(9,144)		(25,793)		(15,338)
Reconciling items sub-total	42,296		19,347		44,840		(1,289)
Consolidated income before taxes	$	417,465	$	209,831	$	729,471	$	371,206

(1)This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2.

(2)This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	31,135	$	31,581	$	61,731	$	61,336
Homebuilding North East	6,457		5,790		12,495		11,349
Homebuilding Mid East	11,066		9,687		21,690		19,050
Homebuilding South East	14,374		12,812		28,667		24,786
Total	$	63,032	$	59,870	$	124,583	$	116,521

(3) The increase in consolidation adjustments and other for the three and six month periods of 2021 compared to the 2020 period relates primarily to the significant increase in lumber prices during the second half of 2020 through the first half of 2021. Our reportable segments' results include the intercompany profits of our production facilities, which were negatively impacted by the increase in lumber costs. The increase in lumber costs related to homes not yet settled is reversed through the consolidation adjustment. As the homes currently in inventory are settled in subsequent quarters, our consolidated homebuilding margins will be negatively impacted by the higher lumber costs.

Assets


	June 30, 2021		December 31, 2020
Assets:
Homebuilding Mid Atlantic	$	1,196,515	$	1,140,910
Homebuilding North East	246,296		202,591
Homebuilding Mid East	442,110		377,448
Homebuilding South East	566,547		494,295
Mortgage Banking	410,956		555,278
Total segment assets	2,862,424		2,770,522
Reconciling items:
Cash and cash equivalents	2,597,565		2,714,720
Deferred taxes	137,037		132,980
Intangible assets and goodwill	49,601		49,678
Operating lease right-of-use assets	61,740		53,110
Finance lease right-of-use assets	14,973		15,772
Contract land deposit reserve	(38,831)		(52,205)
Consolidation adjustments and other	169,927		92,564
Reconciling items sub-total	2,992,012		3,006,619
Consolidated assets	$	5,854,436	$	5,777,141