Segment Disclosures (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Revenues

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenues:
Homebuilding Mid Atlantic	$	1,082,710	$	949,472	$	3,067,267	$	2,563,375
Homebuilding North East	213,087		157,973		568,524		362,328
Homebuilding Mid East	503,232		404,992		1,406,364		1,025,642
Homebuilding South East	537,586		408,314		1,482,731		1,113,871
Mortgage Banking	59,025		69,261		195,798		127,692
Total consolidated revenues	$	2,395,640	$	1,990,012	$	6,720,684	$	5,192,908

Profit before Taxes

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Income before taxes:
Homebuilding Mid Atlantic	$	222,504	$	104,700	$	526,052	$	284,440
Homebuilding North East	33,885		14,272		70,622		31,081
Homebuilding Mid East	81,021		45,109		189,849		103,575
Homebuilding South East	100,688		52,554		236,272		142,463
Mortgage Banking	40,249		52,890		140,183		80,461
Total segment profit before taxes	478,347		269,525		1,162,978		642,020
Reconciling items:
Contract land deposit recoveries (impairments) (1)	4,126		4,867		17,500		(31,208)
Equity-based compensation expense	(15,009)		(13,639)		(42,859)		(35,565)
Corporate capital allocation (2)	64,055		60,662		188,638		177,184
Unallocated corporate overhead	(27,801)		(26,915)		(101,605)		(87,912)
Consolidation adjustments and other (3)	(56,786)		38,244		(22,456)		54,769
Corporate interest expense	(12,805)		(11,287)		(38,598)		(26,625)
Reconciling items sub-total	(44,220)		51,932		620		50,643
Consolidated income before taxes	$	434,127	$	321,457	$	1,163,598	$	692,663

(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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	31,057	$	31,383	$	92,788	$	92,720
Homebuilding North East	6,719		5,793		19,214		17,142
Homebuilding Mid East	11,114		10,386		32,804		29,436
Homebuilding South East	15,165		13,100		43,832		37,886
Total	$	64,055	$	60,662	$	188,638	$	177,184

(3)    The decrease in consolidation adjustments and other for the three and nine month periods of 2021 compared to the respective 2020 periods is driven by changes in lumber prices in 2021. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. For homes not yet settled, these intercompany profits are reversed through the consolidation adjustments. Due to the significantly higher lumber prices in the first half of 2021, the previously reversed intercompany profits were recognized in the third quarter through the consolidation adjustment as homes were settled, and our consolidated homebuilding margins were negatively impacted by the higher lumber costs.

Assets

	September 30, 2021		December 31, 2020
Assets:
Homebuilding Mid Atlantic	$	1,183,206	$	1,140,910
Homebuilding North East	230,813		202,591
Homebuilding Mid East	432,723		377,448
Homebuilding South East	581,646		494,295
Mortgage Banking	350,317		555,278
Total segment assets	2,778,705		2,770,522
Reconciling items:
Cash and cash equivalents	2,681,110		2,714,720
Deferred taxes	136,446		132,980
Intangible assets and goodwill	49,562		49,678
Operating lease right-of-use assets	60,605		53,110
Finance lease right-of-use assets	14,706		15,772
Contract land deposit reserve	(34,704)		(52,205)
Consolidation adjustments and other	102,464		92,564
Reconciling items sub-total	3,010,189		3,006,619
Consolidated assets	$	5,788,894	$	5,777,141