| 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, |
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2020 |
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2019 |
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2020 |
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2019 |
Homebuilding revenue (1):
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| West |
$ |
434,289 |
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$ |
366,149 |
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$ |
1,198,782 |
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$ |
938,117 |
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| Central |
353,208 |
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279,564 |
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909,692 |
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761,702 |
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| East |
350,594 |
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295,167 |
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963,709 |
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|
813,816 |
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| Consolidated total |
$ |
1,138,091 |
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$ |
940,880 |
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$ |
3,072,183 |
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$ |
2,513,635 |
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| Homebuilding segment operating income: |
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| West |
$ |
53,423 |
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$ |
41,237 |
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$ |
140,059 |
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$ |
83,619 |
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| Central |
52,394 |
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31,979 |
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119,208 |
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72,795 |
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| East |
37,791 |
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24,326 |
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97,343 |
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53,235 |
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| Total homebuilding segment operating income |
143,608 |
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97,542 |
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356,610 |
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209,649 |
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| Financial services segment profit |
4,315 |
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5,582 |
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10,942 |
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16,315 |
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Corporate and unallocated costs (2)
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(13,550) |
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(12,092) |
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(30,488) |
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(31,020) |
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| Interest expense |
(55) |
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(1,068) |
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(2,176) |
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(8,350) |
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| Other income, net |
1,188 |
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2,402 |
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3,313 |
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5,816 |
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| Net earnings before income taxes |
$ |
135,506 |
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$ |
92,366 |
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$ |
338,201 |
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$ |
192,410 |
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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, |
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Nine Months Ended September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
| Land closing revenue: |
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| West |
$ |
— |
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$ |
— |
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$ |
4,974 |
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$ |
30 |
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| Central |
3,301 |
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820 |
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7,901 |
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1,513 |
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| East |
1,569 |
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875 |
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4,079 |
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11,204 |
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| Total |
$ |
4,870 |
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$ |
1,695 |
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$ |
16,954 |
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$ |
12,747 |
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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, 2020 |
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West |
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Central |
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East |
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Financial Services |
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Corporate and
Unallocated |
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Total |
| Deposits on real estate under option or contract |
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$ |
24,085 |
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$ |
12,807 |
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$ |
26,075 |
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$ |
— |
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$ |
— |
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$ |
62,967 |
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| Real estate |
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1,198,314 |
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|
716,968 |
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825,734 |
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— |
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— |
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2,741,016 |
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| Investments in unconsolidated entities |
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260 |
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2,987 |
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— |
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— |
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572 |
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3,819 |
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| Other assets |
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47,869 |
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(1) |
113,800 |
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(2) |
87,300 |
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(3) |
564 |
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629,983 |
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(4) |
879,516 |
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| Total assets |
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$ |
1,270,528 |
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$ |
846,562 |
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$ |
939,109 |
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$ |
564 |
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$ |
630,555 |
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$ |
3,687,318 |
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(1)Balance consists primarily of cash and property and equipment.
(2)Balance consists primarily of cash, development reimbursements from local municipalities and prepaid expenses and other assets.
(3)Balance consists primarily of cash, 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.
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At December 31, 2019 |
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West |
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Central |
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East |
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Financial Services |
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Corporate and
Unallocated |
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Total |
| Deposits on real estate under option or contract |
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$ |
10,568 |
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$ |
10,963 |
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$ |
29,370 |
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$ |
— |
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$ |
— |
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$ |
50,901 |
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| Real estate |
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1,223,949 |
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|
708,786 |
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|
811,626 |
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— |
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— |
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2,744,361 |
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| Investments in unconsolidated entities |
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260 |
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3,508 |
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— |
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— |
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|
675 |
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4,443 |
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| Other assets |
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58,173 |
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(1) |
107,791 |
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(2) |
83,475 |
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(3) |
765 |
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348,340 |
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(4) |
598,544 |
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| Total assets |
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$ |
1,292,950 |
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$ |
831,048 |
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$ |
924,471 |
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$ |
765 |
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$ |
349,015 |
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$ |
3,398,249 |
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(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.
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