| Schedule of Segment Information |
The following segment information is in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
Homebuilding revenue (1): |
|
|
|
|
|
|
West |
|
$ |
1,300,906 |
|
|
$ |
1,029,801 |
|
|
$ |
920,244 |
|
Central |
|
787,849 |
|
|
731,766 |
|
|
692,320 |
|
East |
|
940,472 |
|
|
806,515 |
|
|
557,079 |
|
Consolidated total |
|
3,029,227 |
|
|
2,568,082 |
|
|
2,169,643 |
|
Homebuilding segment operating income: |
|
|
|
|
|
|
West |
|
103,801 |
|
|
85,760 |
|
|
102,640 |
|
Central |
|
74,253 |
|
|
80,444 |
|
|
75,372 |
|
East |
|
48,126 |
|
|
56,141 |
|
|
46,510 |
|
Total homebuilding segment operating income |
|
226,180 |
|
|
222,345 |
|
|
224,522 |
|
Financial services segment profit |
|
21,902 |
|
|
19,271 |
|
|
16,178 |
|
Corporate and unallocated costs (2) |
|
(33,863 |
) |
|
(34,903 |
) |
|
(33,245 |
) |
Earnings/(loss) from other unconsolidated entities, net |
|
4,060 |
|
|
(338 |
) |
|
(447 |
) |
Interest expense |
|
(5,172 |
) |
|
(15,965 |
) |
|
(5,163 |
) |
Other income/(expense), net |
|
4,953 |
|
|
(946 |
) |
|
6,572 |
|
Net earnings before income taxes |
|
$ |
218,060 |
|
|
$ |
189,464 |
|
|
$ |
208,417 |
|
|
|
(1) |
Homebuilding revenue includes the following land closing revenue, by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
Land closing revenue: |
|
2016 |
|
2015 |
|
2014 |
West |
|
$ |
15,608 |
|
|
$ |
2,131 |
|
|
$ |
11,155 |
|
Central |
|
8,885 |
|
|
26,448 |
|
|
8,603 |
|
East |
|
1,308 |
|
|
7,947 |
|
|
7,494 |
|
Total |
|
$ |
25,801 |
|
|
$ |
36,526 |
|
|
$ |
27,252 |
|
|
|
(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. |
|
| Schedule of Segment Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2016 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
25,863 |
|
|
$ |
27,669 |
|
|
$ |
32,024 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
85,556 |
|
Real estate |
|
1,120,038 |
|
|
595,485 |
|
|
706,540 |
|
|
— |
|
|
— |
|
|
2,422,063 |
|
Investments in unconsolidated entities |
|
7,362 |
|
|
7,450 |
|
|
— |
|
|
— |
|
|
2,285 |
|
|
17,097 |
|
Other assets |
|
45,624 |
|
|
94,299 |
|
(1 |
) |
93,245 |
|
(2 |
) |
812 |
|
|
129,995 |
|
(3 |
) |
363,975 |
|
Total assets |
|
$ |
1,198,887 |
|
|
$ |
724,903 |
|
|
$ |
831,809 |
|
|
$ |
812 |
|
|
$ |
132,280 |
|
|
$ |
2,888,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015 |
|
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
28,488 |
|
|
$ |
30,241 |
|
|
$ |
29,110 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
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 |
|
|
261,395 |
|
(3 |
) |
482,266 |
|
Total assets |
|
$ |
1,092,261 |
|
|
$ |
632,212 |
|
|
$ |
690,549 |
|
|
$ |
898 |
|
|
$ |
263,857 |
|
|
$ |
2,679,777 |
|
|
|
(1) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
|
|
(2) |
Balance consists primarily of goodwill (see Note 9), prepaid permits and fees to local municipalities and cash. |
|
|
(3) |
Balance consists primarily of cash and our deferred tax asset. |
|