| Schedule of Segment Information |
The following segment information is in thousands:
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Years Ended December 31, |
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2015 |
|
2014 |
|
2013 |
Homebuilding revenue (1): |
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|
|
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West |
|
$ |
1,029,801 |
|
|
$ |
920,244 |
|
|
$ |
937,050 |
|
Central |
|
731,766 |
|
|
692,320 |
|
|
508,961 |
|
East |
|
806,515 |
|
|
557,079 |
|
|
368,648 |
|
Consolidated total |
|
2,568,082 |
|
|
2,169,643 |
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|
1,814,659 |
|
Homebuilding segment operating income: |
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West |
|
85,760 |
|
|
102,640 |
|
|
131,352 |
|
Central |
|
80,444 |
|
|
75,372 |
|
|
38,499 |
|
East |
|
56,141 |
|
|
46,510 |
|
|
39,557 |
|
Total homebuilding segment operating income |
|
222,345 |
|
|
224,522 |
|
|
209,408 |
|
Financial services segment profit |
|
19,271 |
|
|
16,178 |
|
|
15,954 |
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Corporate and unallocated costs (2) |
|
(34,903 |
) |
|
(33,245 |
) |
|
(31,216 |
) |
Loss from unconsolidated entities, net |
|
(338 |
) |
|
(447 |
) |
|
(378 |
) |
Interest expense |
|
(15,965 |
) |
|
(5,163 |
) |
|
(15,092 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
— |
|
|
(3,796 |
) |
Other (loss)/income, net |
|
(946 |
) |
|
$ |
6,572 |
|
|
2,792 |
|
Net earnings before income taxes |
|
$ |
189,464 |
|
|
$ |
208,417 |
|
|
$ |
177,672 |
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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: |
|
2015 |
|
2014 |
|
2013 |
West |
|
$ |
2,131 |
|
|
$ |
11,155 |
|
|
$ |
11,616 |
|
Central |
|
26,448 |
|
|
8,603 |
|
|
16,184 |
|
East |
|
7,947 |
|
|
7,494 |
|
|
3,470 |
|
Total |
|
$ |
36,526 |
|
|
$ |
27,252 |
|
|
$ |
31,270 |
|
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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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| Schedule of Segment Assets |
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At December 31, 2015 |
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West |
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Central |
|
East |
|
Financial Services |
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Corporate and
Unallocated
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|
Total |
Deposits on real estate under option or contract |
|
$ |
28,488 |
|
|
$ |
30,241 |
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|
$ |
29,110 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
87,839 |
|
Real estate |
|
1,008,457 |
|
|
505,954 |
|
|
583,891 |
|
|
— |
|
|
— |
|
|
2,098,302 |
|
Investments in unconsolidated entities |
|
204 |
|
|
8,704 |
|
|
— |
|
|
— |
|
|
2,462 |
|
|
11,370 |
|
Other assets |
|
55,112 |
|
|
87,313 |
|
(1 |
) |
77,548 |
|
(2 |
) |
898 |
|
|
272,140 |
|
(3 |
) |
493,011 |
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Total assets |
|
$ |
1,092,261 |
|
|
$ |
632,212 |
|
|
$ |
690,549 |
|
|
$ |
898 |
|
|
$ |
274,602 |
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|
$ |
2,690,522 |
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At December 31, 2014 |
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West |
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Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
34,622 |
|
|
$ |
31,317 |
|
|
$ |
29,050 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
94,989 |
|
Real estate |
|
943,600 |
|
|
446,208 |
|
|
487,874 |
|
|
— |
|
|
— |
|
|
1,877,682 |
|
Investments in unconsolidated entities |
|
204 |
|
|
8,561 |
|
|
— |
|
|
— |
|
|
2,015 |
|
|
10,780 |
|
Other assets |
|
48,120 |
|
|
80,689 |
|
(1 |
) |
70,036 |
|
(2 |
) |
958 |
|
|
132,884 |
|
(3 |
) |
332,687 |
|
Total assets |
|
$ |
1,026,546 |
|
|
$ |
566,775 |
|
|
$ |
586,960 |
|
|
$ |
958 |
|
|
$ |
134,899 |
|
|
$ |
2,316,138 |
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(1) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
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(2) |
Balance consists primarily of goodwill (see Note 9), prepaid permits and fees to local municipalities and cash. |
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(3) |
Balance consists primarily of cash and our deferred tax asset. |
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