Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Revenues:
Homebuilding Mid Atlantic	$	1,017,471	$	941,148
Homebuilding North East	255,669		183,430
Homebuilding Mid East	416,951		402,397
Homebuilding South East	596,086		604,358
Mortgage Banking	47,286		46,944
Total consolidated revenues	$	2,333,463	$	2,178,277

Profit before Taxes

	Three Months Ended March 31,
	2024		2023
Income before taxes:
Homebuilding Mid Atlantic	$	189,964	$	159,038
Homebuilding North East	46,858		32,060
Homebuilding Mid East	66,401		56,468
Homebuilding South East	91,405		125,409
Mortgage Banking	29,656		29,427
Total segment profit before taxes	424,284		402,402
Reconciling items:
Contract land deposit reserve adjustment (1)	7,466		3,591
Equity-based compensation expense (2)	(17,141)		(22,277)
Corporate capital allocation (3)	77,061		69,074
Unallocated corporate overhead	(51,705)		(45,965)
Consolidation adjustments and other	(2,271)		4,000
Corporate interest expense	(6,595)		(6,954)
Corporate interest income	39,593		29,939
Reconciling items sub-total	46,408		31,408
Consolidated income before taxes	$	470,692	$	433,810

(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)The decrease in equity-based compensation expense for the three-month period ended March 31, 2024 was primarily attributable to the Options and RSUs issued as part of the 2018 four-year block grant being fully vested as of December 31, 2023.

(3)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 March 31,
	2024		2023
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	33,919	$	33,179
Homebuilding North East	9,580		7,325
Homebuilding Mid East	9,865		9,660
Homebuilding South East	23,697		18,910
Total	$	77,061	$	69,074

Assets

	March 31, 2024		December 31, 2023
Assets:
Homebuilding Mid Atlantic	$	1,303,144	$	1,252,360
Homebuilding North East	359,845		314,904
Homebuilding Mid East	384,693		368,154
Homebuilding South East	889,083		796,505
Mortgage Banking	461,829		452,323
Total segment assets	3,398,594		3,184,246
Reconciling items:
Cash and cash equivalents	2,841,354		3,126,472
Deferred taxes	149,958		148,005
Intangible assets and goodwill	49,368		49,368
Operating lease right-of-use assets	66,716		70,384
Finance lease right-of-use assets	14,594		13,310
Contract land deposit reserve	(45,932)		(53,397)
Consolidation adjustments and other	63,505		63,369
Reconciling items sub-total	3,139,563		3,417,511
Consolidated assets	$	6,538,157	$	6,601,757