| Schedule of Segment Information |
The following segment information is in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2017 |
|
2016 |
|
2015 |
Homebuilding revenue (1): |
|
|
|
|
|
|
West |
|
$ |
1,437,860 |
|
|
$ |
1,300,906 |
|
|
$ |
1,029,801 |
|
Central |
|
904,908 |
|
|
787,849 |
|
|
731,766 |
|
East |
|
884,004 |
|
|
940,472 |
|
|
806,515 |
|
Consolidated total |
|
3,226,772 |
|
|
3,029,227 |
|
|
2,568,082 |
|
Homebuilding segment operating income: |
|
|
|
|
|
|
West |
|
129,781 |
|
|
103,801 |
|
|
85,760 |
|
Central |
|
92,451 |
|
|
74,253 |
|
|
80,444 |
|
East |
|
32,089 |
|
|
48,126 |
|
|
56,141 |
|
Total homebuilding segment operating income |
|
254,321 |
|
|
226,180 |
|
|
222,345 |
|
Financial services segment profit |
|
22,055 |
|
|
21,902 |
|
|
19,271 |
|
Corporate and unallocated costs (2) |
|
(33,510 |
) |
|
(33,863 |
) |
|
(34,903 |
) |
Earnings/(loss) from other unconsolidated entities, net |
|
2,101 |
|
|
4,060 |
|
|
(338 |
) |
Interest expense |
|
(3,853 |
) |
|
(5,172 |
) |
|
(15,965 |
) |
Other income/(expense), net |
|
6,405 |
|
|
4,953 |
|
|
(946 |
) |
Net earnings before income taxes |
|
$ |
247,519 |
|
|
$ |
218,060 |
|
|
$ |
189,464 |
|
|
|
(1) |
Homebuilding revenue includes the following land closing revenue, by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
Land closing revenue: |
|
2017 |
|
2016 |
|
2015 |
West |
|
$ |
18,116 |
|
|
$ |
15,608 |
|
|
$ |
2,131 |
|
Central |
|
622 |
|
|
8,885 |
|
|
26,448 |
|
East |
|
21,259 |
|
|
1,308 |
|
|
7,947 |
|
Total |
|
$ |
39,997 |
|
|
$ |
25,801 |
|
|
$ |
36,526 |
|
|
|
(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, 2017 |
|
West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
$ |
15,557 |
|
|
$ |
21,309 |
|
|
$ |
23,079 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,945 |
|
Real estate |
1,174,285 |
|
|
700,460 |
|
|
856,635 |
|
|
— |
|
|
— |
|
|
2,731,380 |
|
Investments in unconsolidated entities |
7,833 |
|
|
6,999 |
|
|
— |
|
|
— |
|
|
2,236 |
|
|
17,068 |
|
Other assets |
58,470 |
|
(1) |
110,173 |
|
(2) |
144,681 |
|
(3) |
1,249 |
|
|
128,292 |
|
(4) |
442,865 |
|
Total assets |
$ |
1,256,145 |
|
|
$ |
838,941 |
|
|
$ |
1,024,395 |
|
|
$ |
1,249 |
|
|
$ |
130,528 |
|
|
$ |
3,251,258 |
|
|
|
(1) |
Balance consists primarily of cash and property and equipment. |
|
|
(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
|
|
(3) |
Balance consists primarily of real estate not owned, cash and goodwill (see Note 9). |
|
|
(4) |
Balance consists primarily of cash and our deferred tax asset. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
(1 |
) |
94,299 |
|
(2 |
) |
93,245 |
|
(3 |
) |
812 |
|
|
129,995 |
|
(4 |
) |
363,975 |
|
Total assets |
|
$ |
1,198,887 |
|
|
$ |
724,903 |
|
|
$ |
831,809 |
|
|
$ |
812 |
|
|
$ |
132,280 |
|
|
$ |
2,888,691 |
|
|
|
(1) |
Balance consists primarily of cash and property and equipment. |
|
|
(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
|
|
(3) |
Balance consists primarily of goodwill (see Note 9), prepaid permits and fees to local municipalities and cash. |
|
|
(4) |
Balance consists primarily of cash and our deferred tax asset. |
|