| 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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2019 |
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2018 |
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2019 |
|
2018 |
Homebuilding revenue (1):
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West |
$ |
366,149 |
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|
$ |
366,347 |
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|
$ |
938,117 |
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|
$ |
1,035,222 |
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Central |
279,564 |
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|
261,636 |
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|
761,702 |
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|
713,612 |
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East |
295,167 |
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|
256,598 |
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|
813,816 |
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|
755,806 |
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Consolidated total |
$ |
940,880 |
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$ |
884,581 |
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$ |
2,513,635 |
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$ |
2,504,640 |
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Homebuilding segment operating income: |
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West |
$ |
41,237 |
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|
$ |
34,671 |
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$ |
83,619 |
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|
$ |
88,854 |
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Central |
31,979 |
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|
24,319 |
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|
72,795 |
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|
64,162 |
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East |
24,326 |
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|
14,682 |
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|
53,235 |
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|
40,605 |
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Total homebuilding segment operating income |
97,542 |
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|
73,672 |
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|
209,649 |
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|
193,621 |
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Financial services segment profit |
5,582 |
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|
6,321 |
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|
16,315 |
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|
16,192 |
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Corporate and unallocated costs (2)
|
(12,092 |
) |
|
(11,343 |
) |
|
(31,020 |
) |
|
(28,017 |
) |
Interest expense |
(1,068 |
) |
|
(53 |
) |
|
(8,350 |
) |
|
(233 |
) |
Other income, net (3)
|
2,402 |
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|
2,812 |
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|
5,816 |
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|
9,915 |
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Net earnings before income taxes |
$ |
92,366 |
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$ |
71,409 |
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$ |
192,410 |
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$ |
191,478 |
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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, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Land closing revenue: |
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West |
$ |
— |
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|
$ |
268 |
|
|
$ |
30 |
|
|
$ |
14,658 |
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Central |
820 |
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|
5,328 |
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|
1,513 |
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|
6,215 |
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East |
875 |
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|
1,251 |
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|
11,204 |
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|
5,118 |
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Total |
$ |
1,695 |
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|
$ |
6,847 |
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|
$ |
12,747 |
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$ |
25,991 |
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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. |
(3)
For the nine months ended September 30, 2018, Other income, net includes a favorable $4.8 million legal settlement from long-standing litigation related to a previous joint venture in Nevada.
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| Schedule of Segment Assets |
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At September 30, 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 |
|
$ |
7,098 |
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|
$ |
10,174 |
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$ |
28,371 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
45,643 |
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Real estate |
|
1,266,321 |
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|
722,837 |
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|
864,775 |
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|
— |
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— |
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|
2,853,933 |
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Investments in unconsolidated entities |
|
261 |
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|
6,336 |
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— |
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— |
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|
1,311 |
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|
7,908 |
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Other assets |
|
62,511 |
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(1) |
122,030 |
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(2) |
86,045 |
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(3) |
758 |
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|
456,207 |
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(4) |
727,551 |
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Total assets |
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$ |
1,336,191 |
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$ |
861,377 |
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$ |
979,191 |
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$ |
758 |
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$ |
457,518 |
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$ |
3,635,035 |
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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 10), prepaid expenses and other assets and property and equipment. |
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(4) |
Balance consists primarily of cash, our deferred tax asset and prepaid expenses and other assets.
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At December 31, 2018 |
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West |
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Central |
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East |
|
Financial Services |
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Corporate and
Unallocated
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|
Total |
Deposits on real estate under option or contract |
|
$ |
7,514 |
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$ |
13,870 |
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$ |
30,026 |
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|
$ |
— |
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$ |
— |
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|
$ |
51,410 |
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Real estate |
|
1,188,975 |
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|
679,422 |
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|
874,224 |
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|
— |
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— |
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|
2,742,621 |
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Investments in unconsolidated entities |
|
8,320 |
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|
6,396 |
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— |
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— |
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|
2,764 |
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|
17,480 |
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Other assets |
|
51,115 |
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(1) |
117,150 |
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(2) |
85,869 |
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(3) |
1,013 |
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|
298,821 |
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(4) |
553,968 |
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Total assets |
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$ |
1,255,924 |
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|
$ |
816,838 |
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|
$ |
990,119 |
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|
$ |
1,013 |
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$ |
301,585 |
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$ |
3,365,479 |
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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 10), cash and property and equipment. |
(4)
Balance consists primarily of cash.
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