Annual report pursuant to Section 13 and 15(d)

OPERATING AND REPORTING SEGMENTS (Tables)

v3.22.4
OPERATING AND REPORTING SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of Segment Information
The following segment information is in thousands:
  Years Ended December 31,
  2022 2021 2020
Homebuilding revenue (1):
West $ 2,250,083  $ 1,935,845  $ 1,800,223 
Central 1,846,153  1,504,481  1,282,339 
East 2,172,491  1,679,784  1,399,558 
Consolidated total 6,268,727  5,120,110  4,482,120 
Homebuilding segment operating income:
West 466,916  379,093  213,918 
Central 376,734  319,435  185,202 
East 465,059  302,487  157,971 
Total homebuilding segment operating income 1,308,709  1,001,015  557,091 
Financial services segment profit 18,294  18,034  16,388 
Corporate and unallocated costs (2) (40,358) (50,573) (44,398)
Interest expense (41) (318) (2,177)
Other income, net 2,714  4,864  6,662 
Loss on early extinguishment of debt —  (18,188) — 
Net earnings before income taxes $ 1,289,318  $ 954,834  $ 533,566 
(1)Homebuilding revenue includes the following land closing revenue, by segment:
Years Ended December 31,
Land closing revenue: 2022 2021 2020
West $ 47,974  $ 21,426  $ 4,974 
Central 10,655  3,799  8,678 
East 2,600  12  4,079 
Total $ 61,229  $ 25,237  $ 17,731 

(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 services reporting segments.
Schedule of Land Closing Revenue Homebuilding revenue includes the following land closing revenue, by segment:
Years Ended December 31,
Land closing revenue: 2022 2021 2020
West $ 47,974  $ 21,426  $ 4,974 
Central 10,655  3,799  8,678 
East 2,600  12  4,079 
Total $ 61,229  $ 25,237  $ 17,731 
Schedule of Segment Assets
  At December 31, 2022
  West Central East Financial Services Corporate and
Unallocated		 Total
Deposits on real estate under option or contract $ 21,599  $ 8,992  $ 46,138  $ —  $ —  $ 76,729 
Real estate 1,775,879  1,298,455  1,283,929  —  —  4,358,263 
Investments in unconsolidated entities 110  2,866  7,503  —  1,274  11,753 
Other assets 99,267  (1) 241,470  (2) 132,181  (3) 1,536  850,902  (4) 1,325,356 
Total assets $ 1,896,855  $ 1,551,783  $ 1,469,751  $ 1,536  $ 852,176  $ 5,772,101 
 
(1)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and property and equipment.
(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaid expenses and other assets.
(3)Balance consists primarily of cash and cash equivalents, goodwill, prepaid expenses and other assets and property and equipment.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaid expenses and other assets.
  At December 31, 2021
  West Central East Financial Services Corporate  and
Unallocated		 Total
Deposits on real estate under option or contract $ 26,687  $ 11,132  $ 52,860  $ —  $ —  $ 90,679 
Real estate 1,571,477  1,076,300  1,086,631  —  —  3,734,408 
Investments in unconsolidated entities 87  2,974  1,707  —  996  5,764 
Other assets 66,897  (1) 199,791  (2) 102,073  (3) 610  607,311  (4) 976,682 
Total assets $ 1,665,148  $ 1,290,197  $ 1,243,271  $ 610  $ 608,307  $ 4,807,533 

(1)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and property and equipment.
(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities and prepaid expenses and other assets.
(3)Balance consists primarily of cash and cash equivalents, real estate not owned, goodwill, prepaid expenses and other assets and property and equipment.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaid expenses and other assets.