Annual report pursuant to Section 13 and 15(d)

OPERATING AND REPORTING SEGMENTS (Tables)

v3.24.0.1
OPERATING AND REPORTING SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Information
The following segment information is in thousands:
  Years Ended December 31,
  2023 2022 2021
Homebuilding revenue (1):
West $ 2,142,419  $ 2,250,083  $ 1,935,845 
Central 1,805,633  1,846,153  1,504,481 
East 2,164,961  2,172,491  1,679,784 
Consolidated total 6,113,013  6,268,727  5,120,110 
Homebuilding segment operating income:
West 265,479  466,916  379,093 
Central 307,163  376,734  319,435 
East 382,513  465,059  302,487 
Total homebuilding segment operating income 955,155  1,308,709  1,001,015 
Financial services segment profit 12,466  18,294  18,034 
Corporate and unallocated costs (2) (65,232) (40,358) (50,573)
Interest expense —  (41) (318)
Other income, net 47,948  2,714  4,864 
Loss on early extinguishment of debt (907) —  (18,188)
Net earnings before income taxes $ 949,430  $ 1,289,318  $ 954,834 
(1)Homebuilding revenue includes the following land closing revenue, by segment:
Years Ended December 31,
Land closing revenue: 2023 2022 2021
West $ 35,324  $ 47,974  $ 21,426 
Central 6,694  10,655  3,799 
East 14,211  2,600  12 
Total $ 56,229  $ 61,229  $ 25,237 

(2)Balance consists primarily of corporate costs and 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: 2023 2022 2021
West $ 35,324  $ 47,974  $ 21,426 
Central 6,694  10,655  3,799 
East 14,211  2,600  12 
Total $ 56,229  $ 61,229  $ 25,237 
Schedule of Segment Assets
  At December 31, 2023
  West Central East Financial Services Corporate and
Unallocated		 Total
Deposits on real estate under option or contract $ 11,695  $ 10,911  $ 88,758  $ —  $ —  $ 111,364 
Real estate 1,748,732  1,257,054  1,715,505  —  —  4,721,291 
Investments in unconsolidated entities —  2,825  13,411  —  934  17,170 
Other assets 101,376  (1) 272,876  (2) 102,425  (3) 1,889  1,024,743  (4) 1,503,309 
Total assets $ 1,861,803  $ 1,543,666  $ 1,920,099  $ 1,889  $ 1,025,677  $ 6,353,134 
 
(1)Balance consists primarily of cash and cash equivalents, receivables from title companies or closing agents and property and equipment, net.
(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 (see Note 10), prepaid expenses and other assets and property and equipment, net.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaid expenses and other 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, net.
(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, net.
(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaid expenses and other assets.