M.D.C. (MDC) 10-Q 6 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-8951
Entity Registrant Name	M.D.C. HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-0622967
Entity Address, Address Line One	4350 South Monaco Street, Suite 500
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	773-1100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	75,047,701
Entity Central Index Key	0000773141
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Senior Notes 6.000 % Due January 2043
Document Information [Line Items]
Title of 12(b) Security	6% Senior Notes due January 2043
Trading Symbol	MDC 43
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventories:
Housing completed or under construction	$ 1,955,431	$ 1,881,268
Land and land under development	1,293,823	1,419,778
Total inventories	3,249,254	3,301,046
Total Assets	5,657,584	5,631,085
LIABILITIES AND EQUITY
Total Liabilities	2,248,197	2,253,200
Stockholders' Equity
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.01 par value; 250,000,000 shares authorized; 75,047,701 and 74,661,479 issued and outstanding at March 31, 2024 and December 31, 2023, respectively	750	747
Additional paid-in-capital	1,801,437	1,824,434
Retained earnings	1,607,196	1,552,653
Accumulated other comprehensive income	4	51
Total Stockholders' Equity	3,409,387	3,377,885
Total Liabilities and Stockholders' Equity	5,657,584	5,631,085
Homebuilding:
ASSETS
Cash and cash equivalents	1,565,475	1,475,964
Restricted cash	3,158	4,094
Trade and other receivables	85,459	119,004
Inventories:
Housing completed or under construction	1,955,431	1,881,268
Land and land under development	1,293,823	1,419,778
Total inventories	3,249,254	3,301,046
Property and equipment, net	77,391	82,218
Deferred tax asset, net	37,656	38,830
Prepaids and other assets	77,887	76,036
Total Assets	5,096,280	5,097,192
LIABILITIES AND EQUITY
Accounts payable	138,578	114,852
Accrued and other liabilities	303,981	326,478
Revolving credit facility	10,000	10,000
Senior notes, net	1,483,616	1,483,404
Total Liabilities	1,936,175	1,934,734
Financial Services:
ASSETS
Cash and cash equivalents	175,541	162,839
Inventories:
Marketable securities	79,236	78,250
Mortgage loans held-for-sale, net	283,787	258,212
Other assets	22,740	34,592
Total Assets	561,304	533,893
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	113,337	113,485
Mortgage repurchase facility	198,685	204,981
Total Liabilities	$ 312,022	$ 318,466

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	75,047,701	74,661,479
Common stock, shares outstanding (in shares)	75,047,701	74,661,479

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Inventory impairments	$ (5,900)	$ (7,800)
Transaction costs	(10,705)	0
Total pretax income	126,240	108,969
Provision for income taxes	(30,421)	(28,269)
Net income	95,819	80,700
Other comprehensive income net of tax:
Unrealized gain (loss) related to available-for-sale debt securities	(47)	323
Other comprehensive income (loss)	(47)	323
Comprehensive income (loss)	$ 95,772	$ 81,023
Earnings per share:
Basic (in dollars per share)	$ 1.28	$ 1.10
Diluted (in dollars per share)	$ 1.25	$ 1.08
Weighted average common shares outstanding:
Basic (in shares)	74,757,225	72,647,659
Diluted (in shares)	76,457,945	74,021,989
Dividends declared per share (in dollars per share)	$ 0.55	$ 0.50
Homebuilding:
Revenues	$ 1,325,202	$ 1,020,016
Home cost of sales	(1,087,316)	(840,747)
Inventory impairments	(5,900)	(7,800)
Total cost of sales	(1,093,216)	(848,547)
Gross profit	231,986	171,469
Selling, general and administrative expenses	(134,150)	(94,988)
Interest and other income	22,417	13,459
Other income (expense)	(972)	1,059
Total pretax income	$ 108,576	$ 90,999
Weighted average common shares outstanding:
Revenue from Contract with Customer, Product and Service [Extensible List]	Home Sales	Home Sales
Financial Services:
Revenues	$ 31,352	$ 29,486
Expenses	(18,504)	(15,250)
Other income, net	4,816	3,734
Total pretax income	$ 17,664	$ 17,970
Weighted average common shares outstanding:
Revenue from Contract with Customer, Product and Service [Extensible List]	Financial Revenue	Financial Revenue

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2022		72,585,596
Beginning balance at Dec. 31, 2022	$ 3,091,784	$ 726	$ 1,784,173	$ 1,306,885	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	80,700			80,700
Other comprehensive income (loss)	323				323
Shares issued under stock-based compensation programs, net (in shares)		503,022
Shares issued under stock-based compensation programs, net	(11,740)	$ 5	(11,745)
Cash dividends declared	(36,543)			(36,543)
Stock-based compensation expense	5,597		5,597
Forfeiture of restricted stock (in shares)		(1,283)
Forfeiture of restricted stock	0
Ending balance (in shares) at Mar. 31, 2023		73,087,335
Ending balance at Mar. 31, 2023	$ 3,130,121	$ 731	1,778,025	1,351,042	323
Beginning balance (in shares) at Dec. 31, 2023	74,661,479	74,661,479
Beginning balance at Dec. 31, 2023	$ 3,377,885	$ 747	1,824,434	1,552,653	51
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	95,819			95,819
Other comprehensive income (loss)	(47)				(47)
Shares issued under stock-based compensation programs, net (in shares)		386,523
Shares issued under stock-based compensation programs, net	(25,626)	$ 3	(25,629)
Cash dividends declared	(41,276)			(41,276)
Stock-based compensation expense	2,632		2,632
Forfeiture of restricted stock (in shares)		(301)
Forfeiture of restricted stock	$ 0
Ending balance (in shares) at Mar. 31, 2024	75,047,701	75,047,701
Ending balance at Mar. 31, 2024	$ 3,409,387	$ 750	$ 1,801,437	$ 1,607,196	$ 4

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net income	$ 95,819	$ 80,700
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense	1,038	5,498
Depreciation and amortization	7,873	5,500
Inventory impairments	5,900	7,800
Project abandonment costs	982	(1,048)
Amortization of discount of marketable debt securities	(1,045)	(8,472)
Deferred income tax benefit (expense)	1,186	2,617
Net changes in assets and liabilities:
Trade and other receivables	40,762	55,868
Mortgage loans held-for-sale, net	(25,575)	63,261
Prepaids and other assets	2,574	3,470
Accounts payable and accrued and other liabilities	2,872	(40,485)
Net cash provided by operating activities	177,508	426,164
Investing Activities:
Purchases of marketable securities	0	(434,374)
Maturities of marketable securities	0	195,000
Purchases of property and equipment	(3,033)	(5,386)
Net cash provided by (used in) investing activities	(3,033)	(244,760)
Financing Activities:
Payments on mortgage repurchase facility, net	(6,296)	(45,225)
Dividend payments	(41,276)	(36,543)
Issuance of shares under stock-based compensation programs, net	(25,626)	(11,740)
Net cash used in financing activities	(73,198)	(93,508)
Net increase (decrease) in cash, cash equivalents and restricted cash	101,277	87,896
Cash, cash equivalents and restricted cash:
Beginning of period	1,642,897	717,095
End of period	1,744,174	804,991
Reconciliation of cash, cash equivalents and restricted cash:
Total cash, cash equivalents and restricted cash	1,744,174	804,991
Homebuilding:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Inventory impairments	5,900	7,800
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	1,565,475	781,738
Restricted cash	3,158	2,268
Financial Services:
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	175,541	20,985
Housing completed or under construction
Net changes in assets and liabilities:
Housing completed or under construction and land and land under development	(75,313)	135,581
Land and land under development
Net changes in assets and liabilities:
Housing completed or under construction and land and land under development	$ 120,435	$ 115,874

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Unaudited Consolidated Financial Statements of M.D.C. Holdings, Inc. ("MDC," “the Company," “we,” “us,” or “our,” which refer to M.D.C. Holdings, Inc. and its subsidiaries) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of MDC at March 31, 2024 and for all periods presented. These statements should be read in conjunction with MDC’s Consolidated Financial Statements and Notes thereto included in MDC’s Annual Report on Form 10-K for the year ended December 31, 2023. Included in these footnotes are certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects. These forward-looking statements may be identified by terminology such as “likely,” “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained in this section are reasonable, we cannot guarantee future results. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in subsequent reports on Forms 10-K, 10-Q and 8-K should be considered. Where necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through additional and more detailed information about a reportable segment's expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid are equal to or greater than 5 percent of total income taxes paid net of refunds. (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Segment Reporting	Segment Reporting An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. We have identified our CODM as two key executives—the Executive Chairman and the Chief Executive Officer (“CEO”). We have identified each homebuilding division as an operating segment. Our homebuilding operating segments have been aggregated into the reportable segments noted below because they are similar in the following regards: (1) economic characteristics; (2) housing products; (3) class of homebuyer; (4) regulatory environments; and (5) methods used to construct and sell homes. Our homebuilding reportable segments conducted ongoing operations in the following states: • West (Arizona, California, Nevada, New Mexico, Oregon, Texas and Washington) • Mountain (Colorado, Idaho and Utah) • East (Alabama, Florida, Maryland, Pennsylvania, Tennessee and Virginia) Our financial services business consists of the following operating segments: (1) HomeAmerican Mortgage Corporation (“HomeAmerican”); (2) Allegiant Insurance Company, Inc., A Risk Retention Group (“Allegiant”); (3) StarAmerican Insurance Ltd. (“StarAmerican”); (4) American Home Insurance Agency, Inc.; and (5) American Home Title and Escrow Company. Due to its contributions to consolidated pretax income, we consider HomeAmerican to be a reportable segment (“mortgage operations”). The remaining operating segments have been aggregated into one reportable segment (“other”) because they do not individually exceed 10 percent of: (1) consolidated revenue; (2) the greater of (a) the combined reported profit of all operating segments that did not report a loss or (b) the positive value of the combined reported loss of all operating segments that reported losses; or (3) consolidated assets. Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating divisions by centralizing key administrative functions such as finance, treasury, information technology, insurance, risk management, litigation and human resources. Corporate also provides the necessary administrative functions to support MDC as a publicly traded company. A portion of the expenses incurred by Corporate are allocated to the homebuilding operating segments based on their respective percentages of assets and, to a lesser degree, a portion of Corporate expenses are allocated to the financial services segments. A majority of Corporate’s personnel and resources are primarily dedicated to activities relating to the homebuilding segments, and, therefore, the balance of any unallocated Corporate expenses is included in the homebuilding operations section of our consolidated statements of operations and comprehensive income. The following table summarizes revenues for our homebuilding and financial services operations: Three Months Ended 2024 2023 (Dollars in thousands) Homebuilding West $ 830,086 $ 577,933 Mountain 310,179 301,155 East 184,937 140,928 Total homebuilding revenues $ 1,325,202 $ 1,020,016 Financial Services Mortgage operations $ 19,651 $ 18,419 Other 11,701 11,067 Total financial services revenues $ 31,352 $ 29,486 The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended 2024 2023 (Dollars in thousands) Homebuilding West $ 82,127 $ 43,200 Mountain 25,542 25,036 East 12,674 15,309 Corporate (11,767) 7,454 Total homebuilding pretax income $ 108,576 $ 90,999 Financial Services Mortgage operations $ 9,201 $ 9,726 Other 8,463 8,244 Total financial services pretax income $ 17,664 $ 17,970 Total pretax income $ 126,240 $ 108,969 The following table summarizes total assets for our homebuilding and financial services operations. The assets in our West, Mountain and East segments consist primarily of inventory while the assets in our Corporate segment primarily include our cash and cash equivalents, marketable securities and deferred tax assets. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. March 31, December 31, (Dollars in thousands) Homebuilding assets West $ 2,030,141 $ 2,155,357 Mountain 903,407 874,031 East 477,708 459,078 Corporate 1,685,024 1,608,726 Total homebuilding assets $ 5,096,280 $ 5,097,192 Financial services assets Mortgage operations $ 311,704 $ 295,092 Other 249,600 238,801 Total financial services assets $ 561,304 $ 533,893 Total assets $ 5,657,584 $ 5,631,085

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Accounting Standards Codification ("ASC") Topic 260, Earnings per Share ("ASC 260") requires a company that has participating security holders (for example, holders of unvested restricted stock that have non-forfeitable dividend rights) to utilize the two-class method for calculating earnings per share (“EPS”) unless the treasury stock method results in lower EPS. The two-class method is an allocation of earnings/(loss) between the holders of common stock and a company’s participating security holders. Under the two-class method, earnings/(loss) for the reporting period are allocated between common shareholders and other security holders based on their respective rights to receive distributed earnings (i.e., dividends) and undistributed earnings (i.e., net income/(loss)). Our common shares outstanding are comprised of shareholder owned common stock and shares of unvested restricted stock held by participating security holders. Basic EPS is calculated by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding, excluding participating shares in accordance with ASC 260. To calculate diluted EPS, basic EPS is adjusted to include the effect of potentially dilutive stock options outstanding and contingently issuable equity awards. The table below shows our basic and diluted EPS calculations. Three Months Ended 2024 2023 (Dollars in thousands, except per share amounts) Numerator Net income $ 95,819 $ 80,700 Less: distributed earnings allocated to participating securities (155) (216) Less: undistributed earnings allocated to participating securities (227) (230) Net income attributable to common stockholders (numerator for basic earnings per share) 95,437 80,254 Add back: undistributed earnings allocated to participating securities 227 230 Less: undistributed earnings reallocated to participating securities (222) (226) Numerator for diluted earnings per share under two-class method $ 95,442 $ 80,258 Denominator Weighted-average common shares outstanding 74,757,225 72,647,659 Add: dilutive effect of stock options 1,700,720 1,355,303 Add: dilutive effect of contingently issuable equity awards — 19,027 Denominator for diluted earnings per share under two-class method 76,457,945 74,021,989 Basic Earnings Per Common Share $ 1.28 $ 1.10 Diluted Earnings Per Common Share $ 1.25 $ 1.08

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC Topic 820, Fair Value Measurements (“ASC 820”), defines fair value, establishes guidelines for measuring fair value and expands disclosures regarding fair value measurements. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs, other than quoted prices in active markets, that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis, except those for which the carrying values approximate fair values: Fair Value Financial Instrument Hierarchy March 31, December 31, (Dollars in thousands) Marketable securities Debt securities (available-for-sale) Level 1 $ 79,236 $ 78,250 Mortgage loans held-for-sale, net Level 2 $ 283,787 $ 258,212 Derivative and financial instruments, net (Note 17) Interest rate lock commitments Level 2 $ 2,342 $ 5,118 Forward sales of mortgage-backed securities Level 2 $ (1,231) $ (5,388) Mandatory delivery forward loan sale commitments Level 2 $ 127 $ (816) Best-effort delivery forward loan sale commitments Level 2 $ 16 $ (4) The following methods and assumptions were used to estimate the fair value of each class of financial instruments as of March 31, 2024 and December 31, 2023. Debt securities. Our debt securities consist of U.S. government treasury securities with original maturities upon acquisition of less than six months and are treated as available-for-sale investments and, as such, are recorded at fair value with all changes in fair value initially recorded through other comprehensive income. Debt securities are reviewed on a regular basis for impairment. There were no impairments recorded during both the three months ended March 31, 2024 and 2023. The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for debt securities by major classification are as follows: March 31, 2024 December 31, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government $ 79,231 $ 5 $ — $ 79,236 $ 78,185 $ 65 $ — $ 78,250 Total Debt Securities $ 79,231 $ 5 $ — $ 79,236 $ 78,185 $ 65 $ — $ 78,250 Mortgage loans held-for-sale, net. Our mortgage loans held-for-sale, which are measured at fair value on a recurring basis, include (1) mortgage loans held-for-sale that are under commitments to sell and (2) mortgage loans held-for-sale that are not under commitments to sell. At March 31, 2024 and December 31, 2023, we had $95.4 million and $105.1 million, respectively, of mortgage loans held-for-sale at fair value under commitments to sell. The fair value for those loans was based on quoted market prices for those mortgage loans, which are Level 2 fair value inputs. At March 31, 2024 and December 31, 2023, we had $188.4 million and $153.1 million, respectively, of mortgage loans held-for-sale that were not under commitments to sell. The fair value for those loans was primarily based upon the estimated market price received from an outside party, which is a Level 2 fair value input. Gains (losses) on mortgage loans, net, are included as a component of revenues in the financial services section of our consolidated statements of operations and comprehensive income. For the three months ended March 31, 2024 and 2023, we recorded gains (losses) on mortgage loans held-for-sale, net of $6.0 million and $(2.3) million, respectively. Derivative and financial instruments, net. Our derivatives and financial instruments, which include (1) interest rate lock commitments, (2) forward sales of mortgage-backed securities, (3) mandatory delivery forward loan sale commitments and (4) best-effort delivery forward loan sale commitments, are measured at fair value on a recurring basis based on market prices for similar instruments. For the financial assets and liabilities that the Company does not reflect at fair value, the following methods and assumptions were used to estimate the fair value of each class of financial instruments. Cash and cash equivalents (excluding debt securities with an original maturity of three months or less), restricted cash, trade and other receivables, prepaids and other assets, accounts payable, accrued and other liabilities and borrowings on our revolving credit facility. Fair value approximates carrying value. Mortgage Repurchase Facility. The debt associated with our mortgage repurchase facility (see Note 18 for further discussion) is at floating rates that approximate current market rates and have relatively short-term maturities, generally within 30 days. The fair value approximates carrying value and is based on Level 2 inputs. Senior Notes . The estimated values of the senior notes in the following table are based on Level 2 inputs, which primarily reflect estimated prices for our senior notes that were provided by multiple sources. March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $300 million 3.850% Senior Notes due January 2030, net $ 298,274 $ 277,798 $ 298,207 $ 273,580 $350 million 2.500% Senior Notes due January 2031, net 347,783 300,592 347,708 286,957 $500 million 6.000% Senior Notes due January 2043, net 491,411 506,608 491,351 464,658 $350 million 3.966% Senior Notes due August 2061, net 346,148 275,204 346,138 227,262 Total $ 1,483,616 $ 1,360,202 $ 1,483,404 $ 1,252,457

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories The following table sets forth, by reportable segment, information relating to our homebuilding inventories: March 31, December 31, (Dollars in thousands) Housing completed or under construction: West $ 1,167,663 $ 1,163,495 Mountain 493,323 448,735 East 294,445 269,038 Subtotal 1,955,431 1,881,268 Land and land under development: West 763,262 874,605 Mountain 378,213 382,897 East 152,348 162,276 Subtotal 1,293,823 1,419,778 Total inventories $ 3,249,254 $ 3,301,046 Our inventories are primarily associated with communities where we intend to construct and sell homes, including models and unsold homes. Costs capitalized to land and land under development primarily include: (1) land costs; (2) land development costs; (3) entitlement costs; (4) capitalized interest; (5) engineering fees; and (6) title insurance, real property taxes and closing costs directly related to the purchase of the land parcel. Components of housing completed or under construction primarily include: (1) land costs transferred from land and land under development; (2) direct construction costs associated with a house; (3) real property taxes, engineering fees, permits and other fees; (4) capitalized interest; and (5) indirect construction costs, which include field construction management salaries and benefits, utilities and other construction related costs. Land costs are transferred from land and land under development to housing completed or under construction at the point in time that construction of a home on an owned lot begins. In accordance with ASC Topic 360, Property, Plant, and Equipment (“ASC 360”), homebuilding inventories, excluding those classified as held for sale, are carried at cost unless events and circumstances indicate that the carrying value of the underlying subdivision may not be recoverable. We evaluate inventories for impairment at each quarter end on a subdivision level basis as each such subdivision represents the lowest level of identifiable cash flows. In making this determination, we review, among other things, the following for each subdivision: • actual and trending “Operating Margin” (which is defined as home sale revenues less home cost of sales and all incremental costs associated directly with the subdivision, including sales commissions and marketing costs); • forecasted Operating Margin for homes in backlog; • actual and trending net home orders; • homes available for sale; • market information for each sub-market, including competition levels, home foreclosure levels, the size and style of homes currently being offered for sale and lot size; and • known or probable events indicating that the carrying value may not be recoverable. If events or circumstances indicate that the carrying value of our inventory may not be recoverable, assets are reviewed for impairment by comparing the undiscounted estimated future cash flows from an individual subdivision (including capitalized interest) to its carrying value. If the undiscounted future cash flows are less than the subdivision’s carrying value, the carrying value of the subdivision is written down to its then estimated fair value. We generally determine the estimated fair value of each subdivision by determining the present value of the estimated future cash flows at discount rates, which are Level 3 inputs, that are commensurate with the risk of the subdivision under evaluation. The evaluation for the recoverability of the carrying value of the assets for each individual subdivision can be impacted significantly by our estimates of future home sale revenues, home construction costs, and development costs per home, all of which are Level 3 inputs. If land is classified as held for sale, we measure it in accordance with ASC 360 at the lower of the carrying value or fair value less estimated costs to sell. In determining fair value, we primarily rely upon the most recent negotiated price, which is a Level 2 input. If a negotiated price is not available, we will consider several factors including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies, which are considered Level 3 inputs. If the fair value less estimated costs to sell is lower than the current carrying value, the land is impaired down to its estimated fair value less costs to sell. Inventory impairments recognized by segment for the three months ended March 31, 2024 and 2023 are shown in the table below. Three Months Ended March 31, 2024 2023 (Dollars in thousands) Housing Completed or Under Construction: West $ 908 $ — Mountain 400 664 East — — Subtotal 1,308 664 Land and Land Under Development: West 4,592 — Mountain — 7,136 East — — Subtotal 4,592 7,136 Total Inventory Impairments $ 5,900 $ 7,800 The table below provides quantitative data, for the periods presented, where applicable, used in determining the fair value of the impaired inventory. Impairment Data Quantitative Data Three Months Ended Number of Subdivisions Impaired Inventory Fair Value of Discount Rate (Dollars in thousands) March 31, 2024 3 5,900 17,634 12% — 18% Total $ 5,900 March 31, 2023 1 7,800 13,016 18% Total $ 7,800

Capitalization of Interest

Capitalization of Interest	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Capitalization of Interest	Capitalization of Interest We capitalize interest to inventories during the period of development in accordance with ASC Topic 835, Interest (“ASC 835”). Homebuilding interest capitalized as a cost of inventories is included in cost of sales during the period that related units or lots are delivered. To the extent our homebuilding debt exceeds our qualified assets as defined in ASC 835, we expense a portion of the interest incurred. Qualified homebuilding assets consist of all lots and homes, excluding finished unsold homes or finished models, within projects that are actively selling or under development. The table set forth below summarizes homebuilding interest activity. For all periods presented below, our qualified assets exceeded our homebuilding debt and as such, all interest incurred has been capitalized. Three Months Ended 2024 2023 (Dollars in thousands) Homebuilding interest incurred $ 17,421 $ 17,454 Less: Interest capitalized (17,421) (17,454) Homebuilding interest expensed $ — $ — Interest capitalized, beginning of period $ 64,659 $ 59,921 Plus: Interest capitalized during period 17,421 17,454 Less: Previously capitalized interest included in home cost of sales (18,929) (16,065) Interest capitalized, end of period $ 63,151 $ 61,310

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases We lease certain property, land and equipment, the majority of which comprise property related leases to provide office space where we operate our business. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Our property related leases typically have terms of between three The property related lease for the Company’s headquarters in Denver, Colorado is ten years in length with an expiration date of October 31, 2026 and contains a ten year option to extend the term of the lease through 2036. This option has been excluded from our calculation of the right-of-use asset and lease liability as it is not currently considered reasonably certain that the option will be exercised. Operating lease expense is included as a component of selling, general and administrative expenses in the homebuilding section and expenses in the financial services section of our consolidated statements of operations and comprehensive income. Components of operating lease expense were as follows: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Operating lease cost 1 $ 2,125 $ 2,156 Less: Sublease income (149) (144) Net lease cost $ 1,976 $ 2,012 1 Includes variable lease costs, which are immaterial. Supplemental cash flow information related to leases was as follows: Three Months Ended 2024 2023 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,146 $ 2,061 Leased assets obtained in exchange for new operating lease liabilities $ 1,657 $ 1,646 Weighted-average remaining lease term and discount rate for operating leases were as follows: March 31, 2024 March 31, 2023 Weighted-average remaining lease term (in years) 3.2 3.8 Weighted-average discount rate 5.5 % 5.5 % Maturities of operating lease liabilities were as follows: Year Ended December 31, (Dollars in thousands) 2024 (excluding the three months ended March 31, 2024) $ 5,737 2025 8,562 2026 7,357 2027 2,120 2028 1,178 Thereafter 81 Total operating lease payments $ 25,035 Less: Effects of discounting 2,080 Present value of operating lease liabilities 1 $ 22,955 _______________________________________________________________ 1 Homebuilding and financial services operating lease liabilities of $22.8 million and $0.2 million, respectively, are included as a component of accrued and other liabilities and accounts payable and accrued liabilities

Homebuilding Prepaids and Other

Homebuilding Prepaids and Other Assets	3 Months Ended
	Mar. 31, 2024
Prepaid Expense and Other Assets [Abstract]
Homebuilding Prepaids and Other Assets	Homebuilding Prepaids and Other Assets The following table sets forth the components of homebuilding prepaids and other assets: March 31, December 31, (Dollars in thousands) Land option deposits $ 27,891 $ 21,817 Operating lease right-of-use asset (Note 8) 21,741 27,988 Prepaids 13,610 15,323 Goodwill 6,008 6,008 Deferred debt issuance costs on revolving credit facility, net 2,936 3,355 Other 5,701 1,545 Total prepaids and other assets $ 77,887 $ 76,036

Homebuilding Accrued and Other

Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities	Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities The following table sets forth information relating to homebuilding accrued and other liabilities: March 31, December 31, 2023 (Dollars in thousands) Accrued compensation and related expenses $ 70,262 $ 93,013 Customer and escrow deposits 29,377 33,633 Warranty accrual (Note 11) 47,328 44,082 Lease liability (Note 8) 22,785 22,939 Land development and home construction accruals 20,147 19,262 Accrued interest 14,889 30,934 Income taxes payable 7,120 — Construction defect claim reserves (Note 12) 11,546 11,433 Retentions payable 11,919 14,765 Other accrued liabilities 68,608 56,417 Total accrued and other liabilities $ 303,981 $ 326,478 The following table sets forth information relating to financial services accounts payable and accrued liabilities: March 31, December 31, 2023 (Dollars in thousands) Insurance reserves (Note 12) $ 92,792 $ 89,326 Accounts payable and other accrued liabilities 20,545 24,159 Total accounts payable and accrued liabilities $ 113,337 $ 113,485

Warranty Accrual

Warranty Accrual	3 Months Ended
	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
Warranty Accrual	Warranty Accrual Our homes are sold with limited third-party warranties and, under our agreement with the issuer of the third-party warranties, we are responsible for performing all of the work for the first two years of the warranty coverage, and paying for certain work required to be performed subsequent to year two Our warranty accrual is included in accrued and other liabilities in the homebuilding section of our consolidated balance sheets and adjustments to our warranty accrual are recorded as an increase or reduction to home cost of sales in the homebuilding section of our consolidated statements of operations and comprehensive income. The table set forth below summarizes accrual, adjustment and payment activity related to our warranty accrual for the three months ended March 31, 2024 and 2023. The warranty accrual during the three months ended March 31, 2024 increased due to a increase in home closings year-over-year as well as the result of a $3.1 million adjustment to increase our warranty accrual during the period. This adjustment was due to higher general warranty related expenditures. Three Months Ended 2024 2023 (Dollars in thousands) Balance at beginning of period $ 44,082 $ 46,857 Expense provisions 6,621 5,635 Cash payments (6,425) (5,826) Adjustments 3,050 — Balance at end of period $ 47,328 $ 46,666

Insurance and Construction Defe

Insurance and Construction Defect Claim Reserves	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Insurance and Construction Defect Claim Reserves	Insurance and Construction Defect Claim Reserves The establishment of reserves for estimated losses associated with insurance policies issued by Allegiant and re-insurance agreements issued by StarAmerican are based on actuarial studies that include known facts and interpretations of circumstances, including our experience with similar cases and historical trends involving claim payment patterns, pending levels of unpaid claims, product mix or concentration, claim severity, frequency patterns, and changing regulatory and legal environments. It is possible that changes in the insurance payment experience used in estimating our ultimate insurance losses could have a material impact on our insurance reserves. The establishment of reserves for estimated losses to be incurred by our homebuilding subsidiaries associated with: (1) the self-insured retention (“SIR”) portion of construction defect claims that are expected to be covered under insurance policies with Allegiant and (2) the entire cost of any construction defect claims that are not expected to be covered by insurance policies with Allegiant, are based on third party actuarial studies that include known facts similar to those for our insurance reserves. It is possible that changes in the payment experience used in estimating our ultimate losses for construction defect claims could have a material impact on our reserves. The table set forth below summarizes our insurance and construction defect claim reserves activity for the three months ended March 31, 2024 and 2023. These reserves are included as a component of accounts payable and accrued liabilities and accrued and other liabilities in the financial services and homebuilding sections, respectively, of the consolidated balance sheets. Three Months Ended 2024 2023 (Dollars in thousands) Balance at beginning of period $ 100,759 $ 94,574 Expense provisions 5,126 3,789 Cash payments, net of recoveries (1,547) (5,226) Balance at end of period $ 104,338 $ 93,137 In the ordinary course of business, we make payments from our insurance and construction defect claim reserves to settle litigation claims arising from our homebuilding activities. These payments are irregular in both their timing and their magnitude. As a result, the cash payments, net of recoveries shown for the three months ended March 31, 2024 and 2023 are not necessarily indicative of what future cash payments will be for subsequent periods.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur overall effective income tax rates were 24.1% and 25.9% for the three months ended March 31, 2024 and 2023, respectively, resulting in income tax expense of $30.4 million and $28.3 million for the same periods, respectively. The year-over-year decrease in our effective tax rate for the three months ended March 31, 2024 was primarily due to the decrease in non-deductible executive compensation under Internal Revenue Code Section 162(m) and an increase in tax windfalls recognized upon the vesting of equity awards

Senior Notes

Senior Notes	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Senior Notes	Senior Notes The carrying values of our senior notes as of March 31, 2024 and December 31, 2023, net of any unamortized debt issuance costs or discount, were as follows: March 31, December 31, 2023 (Dollars in thousands) 3.850% Senior Notes due January 2030, net $ 298,274 $ 298,207 2.500% Senior Notes due January 2031, net 347,783 347,708 6.000% Senior Notes due January 2043, net 491,411 491,351 3.966% Senior Notes due August 2061, net 346,148 346,138 Total $ 1,483,616 $ 1,483,404 Our senior notes are not secured and, while the senior note indentures contain some restrictions on secured debt and other transactions, they do not contain financial covenants. Our senior notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by most of our homebuilding segment subsidiaries.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The following table sets forth share-based award expense activity for the three months ended March 31, 2024 and 2023, which is included as a component of selling, general and administrative expenses and expenses in the homebuilding and financial services sections, respectively, of our consolidated statements of operations and comprehensive income: Three Months Ended 2024 2023 (Dollars in thousands) Stock option grants expense $ — $ 157 Restricted stock awards expense 1,038 3,562 Performance share units expense — 1,779 Total stock-based compensation $ 1,038 $ 5,498 Additional detail on the performance share units ("PSUs") expense is included below: 2021 PSU Grant s. The 2021 PSU awards vested on February 2, 2024. For the three months ended March 31, 2023, the Company recorded share-based award expense of $1.8 million related to these awards. 2023 PSU Grants. For the three months ended March 31, 2024, the Company concluded that achievement of any of the performance metrics had not met the level of probability required to record compensation expense and as such, no expense related to these awards was recognized.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Surety Bonds and Letters of Credit. We are required to obtain surety bonds and letters of credit in support of our obligations for land development and subdivision improvements, homeowner association dues, warranty work, contractor license fees and earnest money deposits. At March 31, 2024, we had outstanding surety bonds and letters of credit totaling $293.4 million and $126.9 million, respectively, including $87.3 million in letters of credit issued by HomeAmerican. The estimated cost to complete obligations related to these bonds and letters of credit were approximately $92.4 million and $66.7 million, respectively. All letters of credit as of March 31, 2024, excluding those issued by HomeAmerican, were issued under our unsecured revolving credit facility (see Note 18 for further discussion of the revolving credit facility). We expect that the obligations secured by these performance bonds and letters of credit generally will be performed in the ordinary course of business and in accordance with the applicable contractual terms. To the extent that the obligations are performed, the related performance bonds and letters of credit should be released and we should not have any continuing obligations. However, in the event any such performance bonds or letters of credit are called, our indemnity obligations could require us to reimburse the issuer of the performance bond or letter of credit. We have made no material guarantees with respect to third-party obligations. Litigation. Due to the nature of the homebuilding business, we have been named as defendants in various claims, complaints and other legal actions arising in the ordinary course of business, including product liability claims and claims associated with the sale and financing of homes. In the opinion of management, the outcome of these ordinary course matters will not have a material adverse effect upon our financial condition, results of operations or cash flows. Lot Option Contracts . In the ordinary course of business, we enter into lot option purchase contracts (“Option Contracts”), generally through a deposit of cash or a letter of credit, for the right to purchase land or lots at a future point in time with predetermined terms. The use of such land option and other contracts generally allow us to reduce the risks associated with direct land ownership and development, reduces our capital and financial commitments, and minimizes the amount of land inventories on our consolidated balance sheets. In certain cases, these contracts will be settled shortly following the end of the period. Our obligation with respect to Option Contracts is generally limited to forfeiture of the related deposits. At March 31, 2024, we had cash deposits, capitalized costs and letters of credit totaling $20.8 million, $3.3 million and $7.1 million, respectively, at risk associated with options to purchase 4,280 lots.

Derivative and Financial Instru

Derivative and Financial Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Financial Instruments	Derivative and Financial Instruments In the normal course of business, we enter into interest rate lock commitments ("IRLCs") with borrowers who have applied for loan funding and meet defined credit and underwriting criteria. Since we can terminate IRLCs if the borrower does not comply with the terms of the contract, and some IRLCs may expire without being utilized, these IRLCs do not necessarily represent future cash requirements. Market risk arises if interest rates move adversely between the time we originate a mortgage loan or we enter into an IRLC and the date the loan is committed or sold to an investor. We mitigate our exposure to interest rate market risk relating to mortgage loans held-for-sale and IRLCs using: (1) forward sales of mortgage-backed securities, which are commitments to sell a specified financial instrument at a specified future date for a specified price, (2) mandatory delivery forward loan sale commitments, which are obligations of an investor to buy loans at a specified price within a specified time period, and (3) best-effort delivery forward loan sale commitments, which are obligations of an investor to buy loans at a specified price subject to the underlying mortgage loans being funded and closed. The best-effort delivery forward loan sale commitments do not meet the definition of a derivative financial instrument in accordance with ASC Topic 815, Derivatives and Hedging ("ASC 815"). We have elected the fair value option for the best-effort delivery forward loan sale commitments in accordance with ASC Topic 825, Financial Instruments ("ASC 825"). Forward sales of mortgage-backed securities are the predominant derivative and financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is committed under a best-effort or mandatory delivery forward loan sale commitment. The following table sets forth the notional amounts and fair value measurement of our derivative and financial instruments at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Notional Value Derivative Assets Derivative Liabilities Derivatives, Net Notional Value Derivative Assets Derivative Liabilities Derivatives, Net (Dollars in thousands) (Dollars in thousands) Interest rate lock commitments $ 350,177 $ 2,937 $ 595 $ 2,342 $ 229,165 $ 5,124 $ 6 $ 5,118 Forward sales of mortgage-backed securities 503,000 503 1,734 (1,231) 311,500 — 5,388 (5,388) Mandatory delivery forward loan sale commitments 94,921 236 109 127 100,255 122 938 (816) Best-effort delivery forward loan sale commitments 2,052 16 — 16 5,392 6 10 (4)

Lines of Credit

Lines of Credit	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Lines of Credit	Lines of Credit Revolving Credit Facility. We have an unsecured revolving credit agreement (“Revolving Credit Facility”) with a group of lenders which may be used for general corporate purposes. This agreement was amended on December 28, 2020 to (1) increase the aggregate commitment from $1.0 billion to $1.2 billion (the “Commitment”), (2) extend the Revolving Credit Facility maturity of $1.125 billion of the Commitments to December 18, 2025 with the remaining Commitment terminated on December 18, 2023 and (3) provide that the aggregate amount of the commitments may increase to an amount not to exceed $1.7 billion upon our request, subject to receipt of additional commitments from existing or additional lenders and, in the case of additional lenders, the consent of the co-administrative agents. Effective April 11, 2023, the Revolving Credit Facility was amended to transition from a eurocurrency based interest rate to an interest rate based on the Secured Overnight Financing Rate ("SOFR"). As defined in the Revolving Credit Facility, interest rates on base rate borrowings are equal to the highest of (1) 0.0%, (2) a prime rate, (3) a federal funds effective rate plus 0.50%, and (4) the one month term SOFR screen rate plus the SOFR adjustment plus 1.00% and, in each case, plus a margin that is determined based on our credit ratings and leverage ratio. Interest rates on SOFR borrowings are equal to the greater of (1) 0.0% and (2) the sum of the term SOFR screen rate for such interest period plus the SOFR adjustment, plus a margin that is determined based on our credit ratings and leverage ratio. At any time at which our leverage ratio, as of the last day of the most recent calendar quarter, exceeds 55%, the aggregate principal amount of all consolidated senior debt borrowings outstanding may not exceed the borrowing base. There is no borrowing base requirement if our leverage ratio, as of the last day of the most recent calendar quarter, is 55% or less. Effective March 20, 2024, the Revolving Credit Facility was amended to provide that the acquisition of the Company by Sekisui House, Ltd. (“Sekisui House”), through the merger of Clear Line, Inc., a subsidiary of SH Residential Holdings, LLC, itself a subsidiary of Sekisui House US Holdings, LLC, Sekisui House's U.S. business controlling company (collectively, the “Sekisui House Group”), with and into the Company, with the Company continuing as the surviving corporation (the “Merger”) (1) does not constitute a change in control triggering an event of default under the Revolving Credit Facility and (2) does not constitute a prohibited merger under the Revolving Credit Facility. The Revolving Credit Facility is fully and unconditionally guaranteed, jointly and severally, by most of our homebuilding segment subsidiaries. The facility contains various representations, warranties and covenants that we believe are customary for agreements of this type. The financial covenants include a consolidated tangible net worth test and a leverage test, along with a consolidated tangible net worth covenant, all as defined in the Revolving Credit Facility. A failure to satisfy the foregoing tests does not constitute an event of default, but can trigger a “term-out” of the facility. A breach of the consolidated tangible net worth covenant (but not the consolidated tangible net worth test) or a violation of anti-corruption or sanctions laws would result in an event of default. The Revolving Credit Facility is subject to acceleration upon certain specified events of default, including breach of the consolidated tangible net worth covenant, a violation of anti-corruption or sanctions laws, failure to make timely payments, breaches of certain representations or covenants, failure to pay other material indebtedness, or another person becoming beneficial owner of 50% or more of our outstanding common stock. We believe we were in compliance with the representations, warranties and covenants included in the Revolving Credit Facility as of March 31, 2024. We incur costs associated with unused commitment fees pursuant to the terms of the Revolving Credit Facility. At March 31, 2024 and December 31, 2023, there were $39.5 million and $40.8 million, respectively, in letters of credit outstanding, which reduced the amounts available to be borrowed under the Revolving Credit Facility. At March 31, 2024 and December 31, 2023, we had $10.0 million and $10.0 million, respectively, outstanding under the Revolving Credit Facility. As of March 31, 2024, availability under the Revolving Credit Facility was approximately $1.08 billion. Mortgage Repurchase Facility. HomeAmerican has a Master Repurchase Agreement (the “Mortgage Repurchase Facility”) with U.S. Bank National Association (“USBNA”). The Mortgage Repurchase Facility provides liquidity to HomeAmerican by providing for the sale of up to an aggregate of $75 million (subject to increase by up to $75 million under certain conditions) of eligible mortgage loans to USBNA with an agreement by HomeAmerican to repurchase the mortgage loans at a future date. Until such mortgage loans are transferred back to HomeAmerican, the documents relating to such loans are held by USBNA, as custodian, pursuant to the Custody Agreement (“Custody Agreement”), dated as of November 12, 2008, by and between HomeAmerican and USBNA. In the event that an eligible mortgage loan becomes ineligible, as defined under the Mortgage Repurchase Facility, HomeAmerican may be required to repurchase the ineligible mortgage loan immediately. The Mortgage Repurchase Facility was amended on May 20, 2021, December 21, 2021, May 19, 2022 and May 18, 2023 to adjust the commitments to purchase for specific time periods. The total capacity of the facility at March 31, 2024 was $200 million. The termination date of the Mortgage Repurchase Facility is May 15, 2024. We are currently in negotiations to extend the Mortgage Repurchase Facility. At March 31, 2024 and December 31, 2023, HomeAmerican had $198.7 million and $205.0 million, respectively, of mortgage loans that HomeAmerican was obligated to repurchase under the Mortgage Repurchase Facility. Mortgage loans that HomeAmerican is obligated to repurchase under the Mortgage Repurchase Facility are accounted for as a debt financing arrangement and are reported as mortgage repurchase facility in the consolidated balance sheets. Pricing under the Mortgage Repurchase Facility is based on SOFR. Effective March 5, 2024, HomeAmerican entered into a Waiver and Consent agreement with USBNA, in which USBNA as agent waived any events of default under the Mortgage Repurchase Facility arising with respect to the change of control occurring as a result of the Merger. USBNA also consented and agreed to the consummation of the Merger as well as any reconstitution of the Company's board of directors that might result from the Merger. The Mortgage Repurchase Facility contains various representations, warranties and affirmative and negative covenants that we believe are customary for agreements of this type. The negative covenants include, among others, (i) a minimum Adjusted Tangible Net Worth requirement, (ii) a maximum Adjusted Tangible Net Worth ratio, (iii) a minimum adjusted net income requirement, and (iv) a minimum Liquidity requirement. The foregoing capitalized terms are defined in the Mortgage Repurchase Facility. We believe HomeAmerican was in compliance with the representations, warranties and covenants included in the Mortgage Repurchase Facility as of March 31, 2024.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has a sublease agreement with CVentures, Inc. Larry A. Mizel, the Executive Chairman of the Company, is the President of CVentures, Inc. The sublease is for office space that CVentures, Inc. has continuously leased from the Company as disclosed in the Form 8-K filed July 27, 2005 and the Form 8-K filed March 28, 2006. The current sublease term commenced November 1, 2016 and will continue through October 31, 2026. The sublease agreement is for approximately 5,437 rentable square feet at a base rent that increases over the term from $26.50 to $31.67 per rentable square foot per year. The sublease rent is an allocation of the rent under the master lease agreement based on the sublease square footage.

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Mar. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Supplemental Guarantor Information	Supplemental Guarantor Information Our senior notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by the following subsidiaries (collectively, the "Guarantor Subsidiaries"), which are 100%-owned subsidiaries of the Company: • M.D.C. Land Corporation • RAH of Florida, Inc. • Richmond American Construction, Inc. • Richmond American Construction NM, Inc. • Richmond American Homes of Arizona, Inc. • Richmond American Homes of Colorado, Inc. • Richmond American Homes of Florida, LP • Richmond American Homes of Idaho, Inc. • Richmond American Homes of Maryland, Inc. • Richmond American Homes of Nevada, Inc. • Richmond American Homes of New Mexico, Inc. • Richmond American Homes of Oregon, Inc. • Richmond American Homes of Pennsylvania, Inc. • Richmond American Homes of Tennessee, Inc. • Richmond American Homes of Texas, Inc. • Richmond American Homes of Utah, Inc. • Richmond American Homes of Virginia, Inc. • Richmond American Homes of Washington, Inc. The senior note indentures do not provide for a suspension of the guarantees. Other than for the senior notes due 2061, the senior note indentures, provide that any Guarantor may be released from its guarantee so long as (1) no default or event of default exists or would result from release of such guarantee, (2) the Guarantor being released has consolidated net worth of less than 5% of the Company’s consolidated net worth as of the end of the most recent fiscal quarter, (3) the Guarantors released from their guarantees in any year-end period comprise in the aggregate less than 10% (or 15% if and to the extent necessary to permit the cure of a default) of the Company’s consolidated net worth as of the end of the most recent fiscal quarter, (4) such release would not have a material adverse effect on the homebuilding business of the Company and its subsidiaries and (5) the Guarantor is released from its guarantee(s) under all Specified Indebtedness (other than by reason of payment under its guarantee of Specified Indebtedness). The indenture for the senior notes due 2061 provides that, if a Guarantor is released under its guarantees of our credit facilities or other publicly traded debt securities, the Guarantor will also be released under its guarantee of the senior notes due 2061. Upon delivery of an officers’ certificate and an opinion of counsel stating that all conditions precedent provided for in the indenture relating to such transactions have been complied with and the release is authorized, the guarantee will be automatically and unconditionally released. “Specified Indebtedness” means indebtedness under the senior notes, the Company’s Indenture dated as of December 3, 2002, the Revolving Credit Facility, and any refinancing, extension, renewal or replacement of any of the foregoing. As the combined assets, liabilities and results of operations of M.D.C. Holdings, Inc. and the Guarantor Subsidiaries (the “Obligor Group”) are not materially different from those in the homebuilding section of our consolidated balance sheets and consolidated statements of operations and comprehensive income, separate summarized financial information of the Obligor Group has not been included. As of March 31, 2024 and December 31, 2023, amounts due to (due from) non-guarantor subsidiaries from the Obligor Group totaled $(79.4) million and $(39.6) million, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Closing of Sekisui House Merger. On April 19, 2024, Sekisui House, through the Sekisui House Group, completed the acquisition of the Company. As a result of the consummation of the Merger, a change in control of the Company occurred, and the Company became an indirect, wholly-owned subsidiary of the Sekisui House Group. The aggregate consideration of the Merger was approximately $4.9 billion, of which the Company funded $664.6 million. Included within these amounts is an estimated $50 million of future period compensation expense related to the vesting of equity awards as of the closing of the Merger. On April 19, 2024, the New York Stock Exchange (“NYSE”) filed with the SEC a notification of removal from listing and registration on Form 25 to effect the delisting of all shares of the Company’s Common Stock from the NYSE, as well as the deregistration of the Company’s Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As a result, the Company’s Common Stock will no longer be listed on the NYSE. In addition, the Company filed with the SEC a certification on Form 15, requesting the termination of registration of the shares of the Company’s Common Stock under Section 12(g) of the Exchange Act and the suspension of the Company’s reporting obligations under Sections 13 and 15(d) of the Exchange Act with respect to the shares of the Company’s Common Stock. The Company’s 6.000% Senior Notes due 2043 currently remain listed on the NYSE and registered under the Exchange Act at closing. However, there can be no assurances that such notes will continue to be listed on the NYSE and registered under the Exchange Act.

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through additional and more detailed information about a reportable segment's expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid are equal to or greater than 5 percent of total income taxes paid net of refunds. (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Schedule of Reconciliation of Revenue from Segments to Consolidated	The following table summarizes revenues for our homebuilding and financial services operations: Three Months Ended 2024 2023 (Dollars in thousands) Homebuilding West $ 830,086 $ 577,933 Mountain 310,179 301,155 East 184,937 140,928 Total homebuilding revenues $ 1,325,202 $ 1,020,016 Financial Services Mortgage operations $ 19,651 $ 18,419 Other 11,701 11,067 Total financial services revenues $ 31,352 $ 29,486
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table summarizes pretax income (loss) for our homebuilding and financial services operations: Three Months Ended 2024 2023 (Dollars in thousands) Homebuilding West $ 82,127 $ 43,200 Mountain 25,542 25,036 East 12,674 15,309 Corporate (11,767) 7,454 Total homebuilding pretax income $ 108,576 $ 90,999 Financial Services Mortgage operations $ 9,201 $ 9,726 Other 8,463 8,244 Total financial services pretax income $ 17,664 $ 17,970 Total pretax income $ 126,240 $ 108,969
Schedule of Reconciliation of Assets from Segment to Consolidated	The following table summarizes total assets for our homebuilding and financial services operations. The assets in our West, Mountain and East segments consist primarily of inventory while the assets in our Corporate segment primarily include our cash and cash equivalents, marketable securities and deferred tax assets. The assets in our financial services segment consist mostly of cash and cash equivalents, marketable securities and mortgage loans held-for-sale. March 31, December 31, (Dollars in thousands) Homebuilding assets West $ 2,030,141 $ 2,155,357 Mountain 903,407 874,031 East 477,708 459,078 Corporate 1,685,024 1,608,726 Total homebuilding assets $ 5,096,280 $ 5,097,192 Financial services assets Mortgage operations $ 311,704 $ 295,092 Other 249,600 238,801 Total financial services assets $ 561,304 $ 533,893 Total assets $ 5,657,584 $ 5,631,085

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	To calculate diluted EPS, basic EPS is adjusted to include the effect of potentially dilutive stock options outstanding and contingently issuable equity awards. The table below shows our basic and diluted EPS calculations. Three Months Ended 2024 2023 (Dollars in thousands, except per share amounts) Numerator Net income $ 95,819 $ 80,700 Less: distributed earnings allocated to participating securities (155) (216) Less: undistributed earnings allocated to participating securities (227) (230) Net income attributable to common stockholders (numerator for basic earnings per share) 95,437 80,254 Add back: undistributed earnings allocated to participating securities 227 230 Less: undistributed earnings reallocated to participating securities (222) (226) Numerator for diluted earnings per share under two-class method $ 95,442 $ 80,258 Denominator Weighted-average common shares outstanding 74,757,225 72,647,659 Add: dilutive effect of stock options 1,700,720 1,355,303 Add: dilutive effect of contingently issuable equity awards — 19,027 Denominator for diluted earnings per share under two-class method 76,457,945 74,021,989 Basic Earnings Per Common Share $ 1.28 $ 1.10 Diluted Earnings Per Common Share $ 1.25 $ 1.08

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	The following table sets forth the fair values and methods used for measuring the fair values of financial instruments on a recurring basis, except those for which the carrying values approximate fair values: Fair Value Financial Instrument Hierarchy March 31, December 31, (Dollars in thousands) Marketable securities Debt securities (available-for-sale) Level 1 $ 79,236 $ 78,250 Mortgage loans held-for-sale, net Level 2 $ 283,787 $ 258,212 Derivative and financial instruments, net (Note 17) Interest rate lock commitments Level 2 $ 2,342 $ 5,118 Forward sales of mortgage-backed securities Level 2 $ (1,231) $ (5,388) Mandatory delivery forward loan sale commitments Level 2 $ 127 $ (816) Best-effort delivery forward loan sale commitments Level 2 $ 16 $ (4)
Schedule of Debt Securities, Available-for-Sale	The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for debt securities by major classification are as follows: March 31, 2024 December 31, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government $ 79,231 $ 5 $ — $ 79,236 $ 78,185 $ 65 $ — $ 78,250 Total Debt Securities $ 79,231 $ 5 $ — $ 79,236 $ 78,185 $ 65 $ — $ 78,250
Schedule of Fair Value of Senior Notes	The estimated values of the senior notes in the following table are based on Level 2 inputs, which primarily reflect estimated prices for our senior notes that were provided by multiple sources. March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value (Dollars in thousands) $300 million 3.850% Senior Notes due January 2030, net $ 298,274 $ 277,798 $ 298,207 $ 273,580 $350 million 2.500% Senior Notes due January 2031, net 347,783 300,592 347,708 286,957 $500 million 6.000% Senior Notes due January 2043, net 491,411 506,608 491,351 464,658 $350 million 3.966% Senior Notes due August 2061, net 346,148 275,204 346,138 227,262 Total $ 1,483,616 $ 1,360,202 $ 1,483,404 $ 1,252,457

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	The following table sets forth, by reportable segment, information relating to our homebuilding inventories: March 31, December 31, (Dollars in thousands) Housing completed or under construction: West $ 1,167,663 $ 1,163,495 Mountain 493,323 448,735 East 294,445 269,038 Subtotal 1,955,431 1,881,268 Land and land under development: West 763,262 874,605 Mountain 378,213 382,897 East 152,348 162,276 Subtotal 1,293,823 1,419,778 Total inventories $ 3,249,254 $ 3,301,046
Schedule of Inventory Impairments	Inventory impairments recognized by segment for the three months ended March 31, 2024 and 2023 are shown in the table below. Three Months Ended March 31, 2024 2023 (Dollars in thousands) Housing Completed or Under Construction: West $ 908 $ — Mountain 400 664 East — — Subtotal 1,308 664 Land and Land Under Development: West 4,592 — Mountain — 7,136 East — — Subtotal 4,592 7,136 Total Inventory Impairments $ 5,900 $ 7,800
Schedule of Quantitative Data for Fair Value of the Impaired Inventory	The table below provides quantitative data, for the periods presented, where applicable, used in determining the fair value of the impaired inventory. Impairment Data Quantitative Data Three Months Ended Number of Subdivisions Impaired Inventory Fair Value of Discount Rate (Dollars in thousands) March 31, 2024 3 5,900 17,634 12% — 18% Total $ 5,900 March 31, 2023 1 7,800 13,016 18% Total $ 7,800

Capitalization of Interest (Tab

Capitalization of Interest (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Capitalization of Interest	For all periods presented below, our qualified assets exceeded our homebuilding debt and as such, all interest incurred has been capitalized. Three Months Ended 2024 2023 (Dollars in thousands) Homebuilding interest incurred $ 17,421 $ 17,454 Less: Interest capitalized (17,421) (17,454) Homebuilding interest expensed $ — $ — Interest capitalized, beginning of period $ 64,659 $ 59,921 Plus: Interest capitalized during period 17,421 17,454 Less: Previously capitalized interest included in home cost of sales (18,929) (16,065) Interest capitalized, end of period $ 63,151 $ 61,310

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Lease, Cost	Components of operating lease expense were as follows: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Operating lease cost 1 $ 2,125 $ 2,156 Less: Sublease income (149) (144) Net lease cost $ 1,976 $ 2,012 1 Includes variable lease costs, which are immaterial.
Schedule of Lease Cash Flow Information	Supplemental cash flow information related to leases was as follows: Three Months Ended 2024 2023 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,146 $ 2,061 Leased assets obtained in exchange for new operating lease liabilities $ 1,657 $ 1,646
Schedule of Lease Terms and Discount Rates	Weighted-average remaining lease term and discount rate for operating leases were as follows: March 31, 2024 March 31, 2023 Weighted-average remaining lease term (in years) 3.2 3.8 Weighted-average discount rate 5.5 % 5.5 %
Schedule of Lessee, Operating Lease, Liability, Maturity	Maturities of operating lease liabilities were as follows: Year Ended December 31, (Dollars in thousands) 2024 (excluding the three months ended March 31, 2024) $ 5,737 2025 8,562 2026 7,357 2027 2,120 2028 1,178 Thereafter 81 Total operating lease payments $ 25,035 Less: Effects of discounting 2,080 Present value of operating lease liabilities 1 $ 22,955 _______________________________________________________________ 1 Homebuilding and financial services operating lease liabilities of $22.8 million and $0.2 million, respectively, are included as a component of accrued and other liabilities and accounts payable and accrued liabilities

Homebuilding Prepaids and Oth_2

Homebuilding Prepaids and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Prepaid Expense and Other Assets [Abstract]
Schedule of Other Assets	The following table sets forth the components of homebuilding prepaids and other assets: March 31, December 31, (Dollars in thousands) Land option deposits $ 27,891 $ 21,817 Operating lease right-of-use asset (Note 8) 21,741 27,988 Prepaids 13,610 15,323 Goodwill 6,008 6,008 Deferred debt issuance costs on revolving credit facility, net 2,936 3,355 Other 5,701 1,545 Total prepaids and other assets $ 77,887 $ 76,036

Homebuilding Accrued and Othe_2

Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accrued Liabilities	The following table sets forth information relating to homebuilding accrued and other liabilities: March 31, December 31, 2023 (Dollars in thousands) Accrued compensation and related expenses $ 70,262 $ 93,013 Customer and escrow deposits 29,377 33,633 Warranty accrual (Note 11) 47,328 44,082 Lease liability (Note 8) 22,785 22,939 Land development and home construction accruals 20,147 19,262 Accrued interest 14,889 30,934 Income taxes payable 7,120 — Construction defect claim reserves (Note 12) 11,546 11,433 Retentions payable 11,919 14,765 Other accrued liabilities 68,608 56,417 Total accrued and other liabilities $ 303,981 $ 326,478
Schedule of Accounts Payable and Accrued Liabilities	The following table sets forth information relating to financial services accounts payable and accrued liabilities: March 31, December 31, 2023 (Dollars in thousands) Insurance reserves (Note 12) $ 92,792 $ 89,326 Accounts payable and other accrued liabilities 20,545 24,159 Total accounts payable and accrued liabilities $ 113,337 $ 113,485

Warranty Accrual (Tables)

Warranty Accrual (Tables)	3 Months Ended
	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability	The table set forth below summarizes accrual, adjustment and payment activity related to our warranty accrual for the three months ended March 31, 2024 and 2023. The warranty accrual during the three months ended March 31, 2024 increased due to a increase in home closings year-over-year as well as the result of a $3.1 million adjustment to increase our warranty accrual during the period. This adjustment was due to higher general warranty related expenditures. Three Months Ended 2024 2023 (Dollars in thousands) Balance at beginning of period $ 44,082 $ 46,857 Expense provisions 6,621 5,635 Cash payments (6,425) (5,826) Adjustments 3,050 — Balance at end of period $ 47,328 $ 46,666

Insurance and Construction De_2

Insurance and Construction Defect Claim Reserves (Tables)	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The table set forth below summarizes our insurance and construction defect claim reserves activity for the three months ended March 31, 2024 and 2023. These reserves are included as a component of accounts payable and accrued liabilities and accrued and other liabilities in the financial services and homebuilding sections, respectively, of the consolidated balance sheets. Three Months Ended 2024 2023 (Dollars in thousands) Balance at beginning of period $ 100,759 $ 94,574 Expense provisions 5,126 3,789 Cash payments, net of recoveries (1,547) (5,226) Balance at end of period $ 104,338 $ 93,137

Senior Notes (Tables)

Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The carrying values of our senior notes as of March 31, 2024 and December 31, 2023, net of any unamortized debt issuance costs or discount, were as follows: March 31, December 31, 2023 (Dollars in thousands) 3.850% Senior Notes due January 2030, net $ 298,274 $ 298,207 2.500% Senior Notes due January 2031, net 347,783 347,708 6.000% Senior Notes due January 2043, net 491,411 491,351 3.966% Senior Notes due August 2061, net 346,148 346,138 Total $ 1,483,616 $ 1,483,404

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Arrangement, Activity	The following table sets forth share-based award expense activity for the three months ended March 31, 2024 and 2023, which is included as a component of selling, general and administrative expenses and expenses in the homebuilding and financial services sections, respectively, of our consolidated statements of operations and comprehensive income: Three Months Ended 2024 2023 (Dollars in thousands) Stock option grants expense $ — $ 157 Restricted stock awards expense 1,038 3,562 Performance share units expense — 1,779 Total stock-based compensation $ 1,038 $ 5,498

Derivative and Financial Inst_2

Derivative and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Gain (Loss) on Derivative and Financial Instruments	The following table sets forth the notional amounts and fair value measurement of our derivative and financial instruments at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Notional Value Derivative Assets Derivative Liabilities Derivatives, Net Notional Value Derivative Assets Derivative Liabilities Derivatives, Net (Dollars in thousands) (Dollars in thousands) Interest rate lock commitments $ 350,177 $ 2,937 $ 595 $ 2,342 $ 229,165 $ 5,124 $ 6 $ 5,118 Forward sales of mortgage-backed securities 503,000 503 1,734 (1,231) 311,500 — 5,388 (5,388) Mandatory delivery forward loan sale commitments 94,921 236 109 127 100,255 122 938 (816) Best-effort delivery forward loan sale commitments 2,052 16 — 16 5,392 6 10 (4)

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 executive segment
Segment Reporting Information [Line Items]
CODM identified, number of key executives | executive	2
Other
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1

Segment Reporting - Schedule of

Segment Reporting - Schedule of Reconciliation of Revenue From Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Homebuilding
Segment Reporting Information [Line Items]
Total financial services revenues	$ 1,325,202	$ 1,020,016
Homebuilding | West
Segment Reporting Information [Line Items]
Total financial services revenues	830,086	577,933
Homebuilding | Mountain
Segment Reporting Information [Line Items]
Total financial services revenues	310,179	301,155
Homebuilding | East
Segment Reporting Information [Line Items]
Total financial services revenues	184,937	140,928
Financial Services
Segment Reporting Information [Line Items]
Total financial services revenues	31,352	29,486
Financial Services | West
Segment Reporting Information [Line Items]
Total financial services revenues	31,352	29,486
Financial Services | Mortgage operations
Segment Reporting Information [Line Items]
Total financial services revenues	19,651	18,419
Financial Services | Other
Segment Reporting Information [Line Items]
Total financial services revenues	$ 11,701	$ 11,067

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total pretax income	$ 126,240	$ 108,969
Homebuilding
Segment Reporting Information [Line Items]
Total financial services pretax income	108,576	90,999
Total pretax income	108,576	90,999
Financial Services
Segment Reporting Information [Line Items]
Total financial services pretax income	17,664	17,970
Total pretax income	17,664	17,970
Operating Segments | Homebuilding | West
Segment Reporting Information [Line Items]
Total financial services pretax income	82,127	43,200
Operating Segments | Homebuilding | Mountain
Segment Reporting Information [Line Items]
Total financial services pretax income	25,542	25,036
Operating Segments | Homebuilding | East
Segment Reporting Information [Line Items]
Total financial services pretax income	12,674	15,309
Operating Segments | Financial Services | Mortgage operations
Segment Reporting Information [Line Items]
Total financial services pretax income	9,201	9,726
Operating Segments | Financial Services | Other
Segment Reporting Information [Line Items]
Total financial services pretax income	8,463	8,244
Corporate | Homebuilding
Segment Reporting Information [Line Items]
Total financial services pretax income	$ (11,767)	$ 7,454

Segment Reporting - Total Asset

Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 5,657,584	$ 5,631,085
Homebuilding assets
Segment Reporting Information [Line Items]
Total assets	5,096,280	5,097,192
Financial services assets
Segment Reporting Information [Line Items]
Total assets	561,304	533,893
Operating Segments | Homebuilding assets | West
Segment Reporting Information [Line Items]
Total assets	2,030,141	2,155,357
Operating Segments | Homebuilding assets | Mountain
Segment Reporting Information [Line Items]
Total assets	903,407	874,031
Operating Segments | Homebuilding assets | East
Segment Reporting Information [Line Items]
Total assets	477,708	459,078
Operating Segments | Financial services assets | Mortgage operations
Segment Reporting Information [Line Items]
Total assets	311,704	295,092
Operating Segments | Financial services assets | Other
Segment Reporting Information [Line Items]
Total assets	249,600	238,801
Corporate | Homebuilding assets
Segment Reporting Information [Line Items]
Total assets	$ 1,685,024	$ 1,608,726

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net income	$ 95,819	$ 80,700
Less: distributed earnings allocated to participating securities	(155)	(216)
Less: undistributed earnings allocated to participating securities	(227)	(230)
Net income attributable to common stockholders (numerator for basic earnings per share)	95,437	80,254
Add back: undistributed earnings allocated to participating securities	227	230
Less: undistributed earnings reallocated to participating securities	(222)	(226)
Numerator for diluted earnings per share under two-class method	$ 95,442	$ 80,258
Denominator
Weighted-average common shares outstanding (in shares)	74,757,225	72,647,659
Denominator for diluted earnings per share under two class method (in shares)	76,457,945	74,021,989
Basic Earnings Per Common Share (in dollars per share)	$ 1.28	$ 1.10
Diluted Earnings Per Common Share (in dollars per share)	$ 1.25	$ 1.08
Share-Based Payment Arrangement, Option
Denominator
Add: dilutive effect of stock options and performance share units (in shares)	1,700,720	1,355,303
Performance Shares
Denominator
Add: dilutive effect of stock options and performance share units (in shares)	0	19,027

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	15,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interest rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative and financial instruments, net	$ 2,342	$ 5,118
Forward sales of mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative and financial instruments, net	(1,231)	(5,388)
Mandatory delivery forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative and financial instruments, net	127	(816)
Best-effort delivery forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative and financial instruments, net	16	(4)
Fair Value, Inputs, Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities (available-for-sale)	79,236	78,250
Fair Value, Inputs, Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held-for-sale, net	283,787	258,212
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Interest rate lock commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative and financial instruments, net	2,342	5,118
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Forward sales of mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative and financial instruments, net	(1,231)	(5,388)
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Mandatory delivery forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative and financial instruments, net	127	(816)
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Best-effort delivery forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative and financial instruments, net	$ 16	$ (4)

Fair Value Measurements - Debt

Fair Value Measurements - Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 79,231	$ 78,185
Gross Unrealized Gains	5	65
Gross Unrealized Losses	0	0
Estimated Fair Value	79,236	78,250
U.S. Government
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	79,231	78,185
Gross Unrealized Gains	5	65
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 79,236	$ 78,250

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on sale of mortgage loans	$ (6)	$ (2.3)
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short term borrowings maturity period	30 days
Under Commitment to Sell | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held-for-sale, net	$ 95.4		$ 105.1
Not Under Commitment to Sell | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held-for-sale, net	$ 188.4		$ 153.1

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Fair Value of Senior Notes (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 1,483,616,000	$ 1,483,404,000
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	1,483,616,000	1,483,404,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,360,202,000	1,252,457,000
Senior Notes 3.850% Due January 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 300,000,000	$ 300,000,000
Interest rate, stated percentage	3.85%	3.85%
Carrying Amount	$ 298,274,000	$ 298,207,000
Senior Notes 3.850% Due January 2030 | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	298,274,000	298,207,000
Senior Notes 3.850% Due January 2030 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	277,798,000	273,580,000
Senior Notes 2.500% Due January 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 350,000,000	$ 350,000,000
Interest rate, stated percentage	2.50%	2.50%
Carrying Amount	$ 347,783,000	$ 347,708,000
Senior Notes 2.500% Due January 2031 | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	347,783,000	347,708,000
Senior Notes 2.500% Due January 2031 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	300,592,000	286,957,000
Senior Notes 6.000 % Due January 2043
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 500,000,000	$ 500,000,000
Interest rate, stated percentage	6%	6%
Carrying Amount	$ 491,411,000	$ 491,351,000
Senior Notes 6.000 % Due January 2043 | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	491,411,000	491,351,000
Senior Notes 6.000 % Due January 2043 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	506,608,000	464,658,000
Senior Notes 3.966% Due August 2061
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 350,000,000	$ 350,000,000
Interest rate, stated percentage	3.966%	3.966%
Carrying Amount	$ 346,148,000	$ 346,138,000
Senior Notes 3.966% Due August 2061 | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	346,148,000	346,138,000
Senior Notes 3.966% Due August 2061 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 275,204,000	$ 227,262,000

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Housing completed or under construction	$ 1,955,431	$ 1,881,268
Land and land under development	1,293,823	1,419,778
Total inventories	3,249,254	3,301,046
Homebuilding:
Inventory [Line Items]
Housing completed or under construction	1,955,431	1,881,268
Land and land under development	1,293,823	1,419,778
Total inventories	3,249,254	3,301,046
Homebuilding: | West
Inventory [Line Items]
Housing completed or under construction	1,167,663	1,163,495
Land and land under development	763,262	874,605
Homebuilding: | Mountain
Inventory [Line Items]
Housing completed or under construction	493,323	448,735
Land and land under development	378,213	382,897
Homebuilding: | East
Inventory [Line Items]
Housing completed or under construction	294,445	269,038
Land and land under development	$ 152,348	$ 162,276

Inventories - Schedule of Inv_2

Inventories - Schedule of Inventory Impairments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Inventory [Line Items]
Inventory Impairments	$ 5,900	$ 7,800
Homebuilding:
Inventory [Line Items]
Inventory Impairments	5,900	7,800
Housing completed or under construction | Homebuilding:
Inventory [Line Items]
Inventory Impairments	1,308	664
Housing completed or under construction | Homebuilding: | West
Inventory [Line Items]
Inventory Impairments	908	0
Housing completed or under construction | Homebuilding: | Mountain
Inventory [Line Items]
Inventory Impairments	400	664
Housing completed or under construction | Homebuilding: | East
Inventory [Line Items]
Inventory Impairments	0	0
Land and land under development | Homebuilding:
Inventory [Line Items]
Inventory Impairments	4,592	7,136
Land and land under development | Homebuilding: | West
Inventory [Line Items]
Inventory Impairments	4,592	0
Land and land under development | Homebuilding: | Mountain
Inventory [Line Items]
Inventory Impairments	0	7,136
Land and land under development | Homebuilding: | East
Inventory [Line Items]
Inventory Impairments	$ 0	$ 0

Inventories - Fair Value of Imp

Inventories - Fair Value of Impaired Inventory (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) lot	Mar. 31, 2023 USD ($) lot
Inventory [Line Items]
Number of Subdivisions Impaired | lot	3	1
Inventory Impairments	$ 5,900	$ 7,800
Fair Value of Inventory After Impairments	$ 17,634	$ 13,016
Discount Rate		18%
Minimum
Inventory [Line Items]
Discount Rate	12%
Maximum
Inventory [Line Items]
Discount Rate	18%

Capitalization of Interest - Sc

Capitalization of Interest - Schedule of Capitalization of Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Homebuilding interest incurred	$ 17,421	$ 17,454
Less: Interest capitalized	(17,421)	(17,454)
Homebuilding interest expensed	0	0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest capitalized, beginning of period	64,659	59,921
Plus: Interest capitalized during period	17,421	17,454
Less: Previously capitalized interest included in home cost of sales	(18,929)	(16,065)
Interest capitalized, end of period	$ 63,151	$ 61,310

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2024
Company Headquarters
Lessee, Lease, Description [Line Items]
Term of contract	10 years
Renewal term	10 years
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	3 years
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	5 years

Leases - Schedule of Lease, Cos

Leases - Schedule of Lease, Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 2,125	$ 2,156
Less: Sublease income	(149)	(144)
Net lease cost	$ 1,976	$ 2,012

Leases - Schedule of Lease Cash

Leases - Schedule of Lease Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,146	$ 2,061
Leased assets obtained in exchange for new operating lease liabilities	$ 1,657	$ 1,646

Leases - Schedule of Lease Term

Leases - Schedule of Lease Terms and Discount Rates (Details)	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	3 years 2 months 12 days	3 years 9 months 18 days
Weighted-average discount rate	5.50%	5.50%

Leases - Schedule of Lessee, Op

Leases - Schedule of Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
2024 (excluding the three months ended march 31, 2024)	$ 5,737
2025	8,562
2026	7,357
2027	2,120
2028	1,178
Thereafter	81
Total operating lease payments	25,035
Less: Effects of discounting	2,080
Present value of operating lease liabilities	$ 22,955
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities
Homebuilding:
Lessee, Lease, Description [Line Items]
Present value of operating lease liabilities	$ 22,785	$ 22,939
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued and other liabilities
Financial Services:
Lessee, Lease, Description [Line Items]
Present value of operating lease liabilities	$ 200
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities

Homebuilding Prepaids and Oth_3

Homebuilding Prepaids and Other Assets - Schedule of Other Assets (Details) - Homebuilding: - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Prepaid Expenses and Other Assets [Line Items]
Land option deposits	$ 27,891	$ 21,817
Operating lease right-of-use asset	21,741	27,988
Prepaids	13,610	15,323
Goodwill	6,008	6,008
Deferred debt issuance costs on revolving credit facility, net	2,936	3,355
Other	5,701	1,545
Total prepaids and other assets	$ 77,887	$ 76,036

Homebuilding Accrued and Othe_3

Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Warranty accrual	$ 47,328	$ 44,082	$ 46,666	$ 46,857
Lease liability	22,955
Homebuilding:
Segment Reporting Information [Line Items]
Accrued compensation and related expenses	70,262	93,013
Customer and escrow deposits	29,377	33,633
Warranty accrual	47,328	44,082
Lease liability	22,785	22,939
Land development and home construction accruals	20,147	19,262
Accrued interest	14,889	30,934
Income taxes payable	7,120	0
Construction defect claim reserves	11,546	11,433
Retentions payable	11,919	14,765
Other accrued liabilities	68,608	56,417
Total accrued and other liabilities	$ 303,981	$ 326,478

Homebuilding Accrued and Othe_4

Homebuilding Accrued and Other Liabilities and Financial Services Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Insurance reserves	$ 104,338	$ 100,759	$ 93,137	$ 94,574
Financial Services:
Segment Reporting Information [Line Items]
Insurance reserves	92,792	89,326
Accounts payable and other accrued liabilities	20,545	24,159
Total accounts payable and accrued liabilities	$ 113,337	$ 113,485

Warranty Accrual - Narrative (D

Warranty Accrual - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Product Warranty Liability [Line Items]
Period responsible for performing all warranty work (in years)	2 years
Adjustments	$ 3,050	$ 0
Minimum
Product Warranty Liability [Line Items]
Period responsible for paying for substantially all warranty work required (in years)	2 years

Warranty Accrual - Schedule of

Warranty Accrual - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 44,082	$ 46,857
Expense provisions	6,621	5,635
Cash payments	(6,425)	(5,826)
Adjustments	3,050	0
Balance at end of period	$ 47,328	$ 46,666

Insurance and Construction De_3

Insurance and Construction Defect Claim Reserves - Schedule of Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Liability for Future Policy Benefits [Roll Forward]
Balance at beginning of period	$ 100,759	$ 94,574
Expense provisions	5,126	3,789
Cash payments, net of recoveries	(1,547)	(5,226)
Balance at end of period	$ 104,338	$ 93,137

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	24.10%	25.90%
Income tax expense	$ 30,421	$ 28,269

Senior Notes - Schedule of Debt

Senior Notes - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Amount	$ 1,483,616	$ 1,483,404
Senior Notes 3.850% Due January 2030
Debt Instrument [Line Items]
Interest rate, stated percentage	3.85%	3.85%
Carrying Amount	$ 298,274	$ 298,207
Senior Notes 2.500% Due January 2031
Debt Instrument [Line Items]
Interest rate, stated percentage	2.50%	2.50%
Carrying Amount	$ 347,783	$ 347,708
Senior Notes 6.000 % Due January 2043
Debt Instrument [Line Items]
Interest rate, stated percentage	6%	6%
Carrying Amount	$ 491,411	$ 491,351
Senior Notes 3.966% Due August 2061
Debt Instrument [Line Items]
Interest rate, stated percentage	3.966%	3.966%
Carrying Amount	$ 346,148	$ 346,138

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Share-based Payment Arrangement, Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 1,038	$ 5,498
Stock option grants expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	0	157
Restricted stock awards expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	1,038	3,562
Performance share units expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 0	$ 1,779

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 1,038	$ 5,498
Performance share units expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 0	1,779
Granted in 2021 | Performance share units expense | Equity Incentive Plan 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 1,800

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) lot
Loss Contingencies [Line Items]
Surety bonds, outstanding, amount	$ 293.4
Letters of credit outstanding, amount	126.9
Estimated cost related to letters of credit	92.4
Estimated cost related to bonds	$ 66.7
Number of lots | lot	4,280
Option Contracts
Loss Contingencies [Line Items]
Letters of credit outstanding, amount	$ 7.1
Deposits	20.8
Capitalized costs	3.3
HomeAmerican
Loss Contingencies [Line Items]
Surety bonds, outstanding, amount	$ 87.3

Derivative and Financial Inst_3

Derivative and Financial Instruments - Schedule of Gain (Loss) on Derivative and Financial Instruments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Notional Value	$ 350,177,000	$ 229,165,000
Derivative Assets	2,937,000	5,124,000
Derivative Liabilities	595,000	6,000
Derivatives, Net	2,342,000	5,118,000
Forward sales of mortgage-backed securities
Derivatives, Fair Value [Line Items]
Notional Value	503,000,000	311,500,000
Derivative Assets	503,000	0
Derivative Liabilities	1,734,000	5,388,000
Derivatives, Net	(1,231,000)	(5,388,000)
Mandatory delivery forward loan sale commitments
Derivatives, Fair Value [Line Items]
Notional Value	94,921,000	100,255,000
Derivative Assets	236,000	122,000
Derivative Liabilities	109,000	938,000
Derivatives, Net	127,000	(816,000)
Best-effort delivery forward loan sale commitments
Derivatives, Fair Value [Line Items]
Notional Value	2,052,000	5,392,000
Derivative Assets	16,000	6,000
Derivative Liabilities	0	10,000
Derivatives, Net	$ 16,000	$ (4,000)

Derivative and Financial Inst_4

Derivative and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net losses on derivative and financial instruments	$ (0.2)	$ (3.8)

Lines of Credit (Details)

Lines of Credit (Details) - USD ($) $ in Thousands	Apr. 11, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 28, 2020	Dec. 27, 2020	Aug. 09, 2018
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount		$ 126,900
Financial Services:
Line of Credit Facility [Line Items]
Warehouse agreement borrowings		$ 198,685	$ 204,981
Maximum
Line of Credit Facility [Line Items]
Borrowing base required leverage ratio	55%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 1,200,000	$ 1,000,000
Line of credit facility, outstanding, extended maturity amount				1,125,000
Potential maximum borrowing capacity, subject to additional commitments				$ 1,700,000
Stated interest rate (percent)	0%
Maximum leverage ratio	55%
Minimum common stock outstanding ownership, percentage		50%
Letters of credit outstanding, amount		$ 39,500	40,800
Revolving credit facility		10,000	$ 10,000
Remaining borrowing capacity		1,080,000
Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | Specified Eurocurrency Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1%
Mortgage Repurchase Facility | Warehouse Agreement Borrowings
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 75,000
Maximum increase to borrowing capacity		$ 200,000				$ 75,000

Related Party Transactions (Det

Related Party Transactions (Details) - Sublease Agreement - Related Party	Oct. 31, 2026 $ / ft²	Nov. 01, 2016 ft² $ / ft²
Related Party Transaction [Line Items]
Area of real estate property | ft²		5,437
Minimum
Related Party Transaction [Line Items]
Yearly rental rate per rentable square foot (in dollars per square foot)		26.50
Maximum | Forecast
Related Party Transaction [Line Items]
Yearly rental rate per rentable square foot (in dollars per square foot)	31.67

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Maximum percentage of consolidated net worth of guarantor for suspension of guarantee	5%
Maximum aggregate percentage of consolidated net worth of all guarantors for suspension of guarantee	10%
Maximum aggregate percentage of consolidated net worth of all guarantors for suspension of guarantee to permit cure of default	15%
Non-Guarantor Subsidiaries | Related Party
Guarantor Obligations [Line Items]
Due to non-guarantor subsidiaries	$ (79.4)	$ (39.6)
All Guarantor Subsidiaries
Guarantor Obligations [Line Items]
Ownership interest	100%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Apr. 19, 2024	Apr. 19, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Transaction costs			$ 10,705	$ 0
Sekisui House Merger
Subsequent Event [Line Items]
Transaction costs			10,700
Payment to financial and legal advisors			$ 8,400
Sekisui House Merger | Subsequent Event
Subsequent Event [Line Items]
Aggregate consideration	$ 4,900,000
Payment funded by company	664,600
Payment to financial and legal advisors		$ 31,500
Transaction bonuses		60,500
Sekisui House Merger | Subsequent Event | Compensation Expense Related to Futre Vesting of Equity Awards
Subsequent Event [Line Items]
Business Combination, Contingent Consideration, Liability	$ 50,000	$ 50,000
Sekisui House Merger | Subsequent Event | Six Percent Senior Notes Due Two Thousand Forty Three Member
Subsequent Event [Line Items]
Stated interest rate (percent)	6%	6%