Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:
Homebuilding Mid Atlantic	$	1,133,685	$	1,058,794	$	2,151,155	$	1,999,942
Homebuilding North East	287,334		232,926		543,004		416,356
Homebuilding Mid East	433,996		411,682		850,947		814,079
Homebuilding South East	692,876		580,367		1,288,962		1,184,725
Mortgage Banking	64,566		54,561		111,852		101,505
Total consolidated revenues	$	2,612,457	$	2,338,330	$	4,945,920	$	4,516,607

Profit before Taxes

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Income before taxes:
Homebuilding Mid Atlantic	$	209,166	$	195,254	$	399,130	$	354,292
Homebuilding North East	54,372		44,932		101,229		76,992
Homebuilding Mid East	63,588		61,756		129,989		118,224
Homebuilding South East	94,442		106,648		185,847		232,058
Mortgage Banking	46,234		37,843		75,890		67,270
Total segment profit before taxes	467,802		446,433		892,085		848,836
Reconciling items:
Contract land deposit reserve adjustment (1)	1,325		6,888		8,791		10,479
Equity-based compensation expense (2)	(18,101)		(25,159)		(35,242)		(47,436)
Corporate capital allocation (3)	82,494		72,617		159,555		141,691
Unallocated corporate overhead	(33,816)		(46,360)		(85,520)		(92,325)
Consolidation adjustments and other	6,363		(9,998)		4,092		(5,999)
Corporate interest expense	(6,670)		(6,589)		(13,265)		(13,543)
Corporate interest income	34,171		33,344		73,764		63,283
Reconciling items sub-total	65,766		24,743		112,175		56,150
Consolidated income before taxes	$	533,568	$	471,176	$	1,004,260	$	904,986

(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 and six-month periods ended June 30, 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$	34,978	$	35,337	$	68,897	$	68,516
Homebuilding North East	10,298		8,272		19,878		15,597
Homebuilding Mid East	11,055		9,819		20,920		19,479
Homebuilding South East	26,163		19,189		49,860		38,099
Total	$	82,494	$	72,617	$	159,555	$	141,691

Assets

	June 30, 2024		December 31, 2023
Assets:
Homebuilding Mid Atlantic	$	1,349,090	$	1,252,360
Homebuilding North East	375,447		314,904
Homebuilding Mid East	433,214		368,154
Homebuilding South East	944,560		796,505
Mortgage Banking	536,845		452,323
Total segment assets	3,639,156		3,184,246
Reconciling items:
Cash and cash equivalents	2,438,473		3,126,472
Deferred taxes	152,359		148,005
Intangible assets and goodwill	49,368		49,368
Operating lease right-of-use assets	73,345		70,384
Finance lease right-of-use assets	29,838		13,310
Contract land deposit reserve	(44,607)		(53,397)
Consolidation adjustments and other	69,356		63,369
Reconciling items sub-total	2,768,132		3,417,511
Consolidated assets	$	6,407,288	$	6,601,757