| Schedule of Segment Information |
The following segment information is in thousands:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Homebuilding revenue (1):
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|
West |
$ |
373,708 |
|
|
$ |
330,805 |
|
|
$ |
1,055,086 |
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|
$ |
924,494 |
|
Central |
236,884 |
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|
200,446 |
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|
637,394 |
|
|
571,036 |
|
East |
195,005 |
|
|
221,606 |
|
|
587,867 |
|
|
652,989 |
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Consolidated total |
$ |
805,597 |
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|
$ |
752,857 |
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|
$ |
2,280,347 |
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|
$ |
2,148,519 |
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Homebuilding segment operating income: |
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West |
$ |
35,026 |
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|
$ |
27,829 |
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|
$ |
94,169 |
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|
$ |
71,387 |
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Central |
26,404 |
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|
18,635 |
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|
63,524 |
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|
52,313 |
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East |
4,954 |
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|
9,737 |
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|
12,675 |
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|
27,918 |
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Total homebuilding segment operating income |
66,384 |
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|
56,201 |
|
|
170,368 |
|
|
151,618 |
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Financial services segment profit |
5,514 |
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|
5,956 |
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|
15,361 |
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|
15,765 |
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Corporate and unallocated costs (2)
|
(9,264 |
) |
|
(10,063 |
) |
|
(24,809 |
) |
|
(24,652 |
) |
(Loss)/earnings from other unconsolidated entities, net |
(91 |
) |
|
440 |
|
|
852 |
|
|
856 |
|
Interest expense |
(1,116 |
) |
|
(167 |
) |
|
(3,561 |
) |
|
(5,127 |
) |
Other income, net |
2,028 |
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|
1,435 |
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|
5,218 |
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|
3,263 |
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Net earnings before income taxes |
$ |
63,455 |
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|
$ |
53,802 |
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|
$ |
163,429 |
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|
$ |
141,723 |
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(1) |
Homebuilding revenue includes the following land closing revenue, by segment, as outlined in the table below. |
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Land closing revenue: |
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|
West |
$ |
— |
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|
$ |
15,543 |
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|
$ |
11,800 |
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|
$ |
15,608 |
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Central |
125 |
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|
947 |
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|
247 |
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|
4,659 |
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East |
464 |
|
|
497 |
|
|
4,895 |
|
|
920 |
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Total |
$ |
589 |
|
|
$ |
16,987 |
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|
$ |
16,942 |
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|
$ |
21,187 |
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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 services reporting segments. |
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| Schedule of Segment Assets |
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At September 30, 2017 |
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West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
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|
Total |
Deposits on real estate under option or contract |
|
$ |
21,275 |
|
|
$ |
23,237 |
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|
$ |
23,035 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
67,547 |
|
Real estate |
|
1,183,953 |
|
|
701,516 |
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|
876,800 |
|
|
— |
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|
— |
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|
2,762,269 |
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Investments in unconsolidated entities |
|
7,660 |
|
|
7,158 |
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|
— |
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|
— |
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|
1,560 |
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|
16,378 |
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Other assets |
|
47,648 |
|
(1) |
104,063 |
|
(2) |
117,411 |
|
(3) |
615 |
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|
136,227 |
|
(4) |
405,964 |
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Total assets |
|
$ |
1,260,536 |
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|
$ |
835,974 |
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|
$ |
1,017,246 |
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|
$ |
615 |
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|
$ |
137,787 |
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|
$ |
3,252,158 |
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(1) |
Balance consists primarily of cash and property and equipment. |
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(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
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(3) |
Balance consists primarily of real estate not owned and goodwill (see Note 9). |
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(4) |
Balance consists primarily of our deferred tax asset and cash.
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At December 31, 2016 |
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West |
|
Central |
|
East |
|
Financial Services |
|
Corporate and
Unallocated
|
|
Total |
Deposits on real estate under option or contract |
|
$ |
25,863 |
|
|
$ |
27,669 |
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|
$ |
32,024 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
85,556 |
|
Real estate |
|
1,120,038 |
|
|
595,485 |
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|
706,540 |
|
|
— |
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|
— |
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|
2,422,063 |
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Investments in unconsolidated entities |
|
7,362 |
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|
7,450 |
|
|
— |
|
|
— |
|
|
2,285 |
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|
17,097 |
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Other assets |
|
45,624 |
|
(1) |
94,299 |
|
(2) |
93,245 |
|
(3) |
812 |
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|
129,995 |
|
(4) |
363,975 |
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Total assets |
|
$ |
1,198,887 |
|
|
$ |
724,903 |
|
|
$ |
831,809 |
|
|
$ |
812 |
|
|
$ |
132,280 |
|
|
$ |
2,888,691 |
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(1) |
Balance consists primarily of cash and property and equipment. |
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(2) |
Balance consists primarily of development reimbursements from local municipalities and cash. |
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(3) |
Balance consists primarily of goodwill (see Note 9), prepaid permits and fees to local municipalities and cash. |
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(4) |
Balance consists primarily of cash and our deferred tax asset. |
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