Quarterly report pursuant to Section 13 or 15(d)

OPERATING AND REPORTING SEGMENTS (Tables)

v3.20.2
OPERATING AND REPORTING SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Schedule of Segment Information
The following segment information is in thousands: 
  Three Months Ended June 30, Six Months Ended June 30,
  2020 2019 2020 2019
Homebuilding revenue (1):
West $ 382,245    $ 299,002    $ 764,493    $ 571,968   
Central 296,357    290,532    556,484    482,138   
East 354,477    275,076    613,115    518,649   
Consolidated total $ 1,033,079    $ 864,610    $ 1,934,092    $ 1,572,755   
Homebuilding segment operating income:
West $ 44,742    $ 24,074    $ 86,636    $ 42,382   
Central 37,895    28,480    66,814    40,816   
East 37,791    19,216    59,552    28,909   
Total homebuilding segment operating income 120,428    71,770    213,002    112,107   
Financial services segment profit 3,789    6,031    6,627    10,733   
Corporate and unallocated costs (2)
(7,764)   (9,298)   (16,938)   (18,928)  
Interest expense (2,105)   (3,197)   (2,121)   (7,282)  
Other income, net 1,514    2,368    2,125    3,414   
Net earnings before income taxes $ 115,862    $ 67,674    $ 202,695    $ 100,044   
 
(1)Homebuilding revenue includes the following land closing revenue, by segment, as outlined in the table below:
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Land closing revenue:
West $ 456    $ 30    $ 4,974    $ 30   
Central 382    693    4,600    693   
East 650    834    2,510    10,329   
Total $ 1,488    $ 1,557    $ 12,084    $ 11,052   
(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.
Schedule of Segment Assets
  At June 30, 2020
  West Central East Financial Services Corporate  and
Unallocated		 Total
Deposits on real estate under option or contract $ 10,952    $ 13,232    $ 23,648    $ —    $ —    $ 47,832   
Real estate 1,205,741    718,760    808,927    —    —    2,733,428   
Investments in unconsolidated entities 260    2,999    —    —    387    3,646   
Other assets 59,928    (1) 116,232    (2) 88,167    (3) 659    491,836    (4) 756,822   
Total assets $ 1,276,881    $ 851,223    $ 920,742    $ 659    $ 492,223    $ 3,541,728   

(1)Balance consists primarily of cash and property and equipment.
(2)Balance consists primarily of development reimbursements from local municipalities and prepaid expenses and other assets.
(3)Balance consists primarily of goodwill (see Note 9), prepaid expenses and other assets and property and equipment.
(4)Balance consists primarily of cash, our deferred tax asset and prepaid expenses and other assets. 
  At December 31, 2019
  West Central East Financial Services Corporate  and
Unallocated		 Total
Deposits on real estate under option or contract $ 10,568    $ 10,963    $ 29,370    $ —    $ —    $ 50,901   
Real estate 1,223,949    708,786    811,626    —    —    2,744,361   
Investments in unconsolidated entities 260    3,508    —    —    675    4,443   
Other assets 58,173    (1) 107,791    (2) 83,475    (3) 765    348,340    (4) 598,544   
Total assets $ 1,292,950    $ 831,048    $ 924,471    $ 765    $ 349,015    $ 3,398,249   
(1)Balance consists primarily of cash and property and equipment.
(2)Balance consists primarily of development reimbursements from local municipalities and prepaid expenses and other assets.
(3)Balance consists primarily of goodwill, prepaid expenses and other assets, and property and equipment.
(4)Balance consists primarily of cash.