OPERATING AND REPORTING SEGMENTS (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Segment Reporting [Abstract] |
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| Schedule of Segment Information |
The following segment information is in thousands:
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Years Ended December 31, |
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2018 |
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2017 |
|
2016 |
Homebuilding revenue (1): |
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West |
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$ |
1,436,334 |
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$ |
1,437,860 |
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$ |
1,300,906 |
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Central |
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1,013,878 |
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|
904,908 |
|
|
787,849 |
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East |
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1,063,207 |
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|
884,004 |
|
|
940,472 |
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Consolidated total |
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3,513,419 |
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3,226,772 |
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|
3,029,227 |
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Homebuilding segment operating income: |
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West |
|
134,852 |
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|
129,781 |
|
|
103,801 |
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Central |
|
92,925 |
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|
92,451 |
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|
74,253 |
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East |
|
59,522 |
|
|
32,089 |
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|
48,126 |
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Total homebuilding segment operating income |
|
287,299 |
|
|
254,321 |
|
|
226,180 |
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Financial services segment profit |
|
24,044 |
|
|
22,055 |
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|
21,902 |
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Corporate and unallocated costs (2) |
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(38,521 |
) |
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(33,510 |
) |
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(33,863 |
) |
Earnings from other unconsolidated entities, net |
|
601 |
|
|
2,101 |
|
|
4,060 |
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Interest expense |
|
(785 |
) |
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(3,853 |
) |
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(5,172 |
) |
Other income, net (3) |
|
10,616 |
|
|
6,405 |
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|
4,953 |
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Net earnings before income taxes |
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$ |
283,254 |
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$ |
247,519 |
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$ |
218,060 |
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(1) |
Homebuilding revenue includes the following land closing revenue, by segment: |
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Years Ended December 31, |
Land closing revenue: |
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2018 |
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2017 |
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2016 |
West |
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$ |
18,508 |
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$ |
18,116 |
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$ |
15,608 |
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Central |
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7,657 |
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|
622 |
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|
8,885 |
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East |
|
12,542 |
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|
21,259 |
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|
1,308 |
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Total |
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$ |
38,707 |
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|
$ |
39,997 |
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|
$ |
25,801 |
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(2) |
Balance consists primarily of corporate costs and numerous shared service functions such as finance and treasury that are not allocated to the homebuilding or financial reporting segments. |
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(3) |
For the year ended December 31, 2018, Other income, net includes a favorable $4.8 million legal settlement from long-standing litigation related to a previous joint venture in Nevada.
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| Schedule of Land Closing Revenue |
Homebuilding revenue includes the following land closing revenue, by segment:
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Years Ended December 31, |
Land closing revenue: |
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2018 |
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2017 |
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2016 |
West |
|
$ |
18,508 |
|
|
$ |
18,116 |
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|
$ |
15,608 |
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Central |
|
7,657 |
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|
622 |
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|
8,885 |
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East |
|
12,542 |
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|
21,259 |
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|
1,308 |
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Total |
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$ |
38,707 |
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$ |
39,997 |
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$ |
25,801 |
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| Schedule of Segment Assets |
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At December 31, 2018 |
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West |
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Central |
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East |
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Financial Services |
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Corporate and
Unallocated
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Total |
Deposits on real estate under option or contract |
$ |
7,514 |
|
|
$ |
13,870 |
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$ |
30,026 |
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$ |
— |
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$ |
— |
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$ |
51,410 |
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Real estate |
1,188,975 |
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|
679,422 |
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|
874,224 |
|
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— |
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— |
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|
2,742,621 |
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Investments in unconsolidated entities |
8,320 |
|
|
6,396 |
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— |
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— |
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|
2,764 |
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|
17,480 |
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Other assets |
51,115 |
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(1) |
117,150 |
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(2) |
85,869 |
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(3) |
1,013 |
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|
298,821 |
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(4) |
553,968 |
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Total assets |
$ |
1,255,924 |
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$ |
816,838 |
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$ |
990,119 |
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|
$ |
1,013 |
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$ |
301,585 |
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$ |
3,365,479 |
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(1) |
Balance consists primarily of cash and property and equipment. |
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(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
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(3) |
Balance consists primarily of goodwill, cash and property and equipment. |
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(4) |
Balance consists primarily of cash. |
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At December 31, 2017 |
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West |
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Central |
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East |
|
Financial Services |
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Corporate and
Unallocated
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Total |
Deposits on real estate under option or contract |
|
$ |
15,557 |
|
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$ |
21,309 |
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$ |
23,079 |
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$ |
— |
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$ |
— |
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$ |
59,945 |
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Real estate |
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1,174,285 |
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|
700,460 |
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|
856,635 |
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— |
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— |
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|
2,731,380 |
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Investments in unconsolidated entities |
|
7,833 |
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|
6,999 |
|
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— |
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— |
|
|
2,236 |
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|
17,068 |
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Other assets |
|
58,470 |
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(1 |
) |
110,173 |
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(2 |
) |
144,681 |
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(3 |
) |
1,249 |
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|
128,292 |
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(4 |
) |
442,865 |
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Total assets |
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$ |
1,256,145 |
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|
$ |
838,941 |
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|
$ |
1,024,395 |
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$ |
1,249 |
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$ |
130,528 |
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$ |
3,251,258 |
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(1) |
Balance consists primarily of cash and property and equipment. |
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(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
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(3) |
Balance consists primarily of real estate not owned, cash and goodwill (see Note 9). |
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(4) |
Balance consists primarily of cash and our deferred tax asset. |
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