| Summary of significant accounting policies | Summary of significant accounting policies Basis of presentation PulteGroup, Inc. is one of the largest homebuilders in the U.S., and our common shares trade on the New York Stock Exchange under the ticker symbol “PHM”. Unless the context otherwise requires, the terms "PulteGroup", the "Company", "we", "us", and "our" used herein refer to PulteGroup, Inc. and its subsidiaries. While our subsidiaries engage primarily in the homebuilding business, we also have mortgage banking operations, conducted principally through Pulte Mortgage LLC (“Pulte Mortgage”), and title and insurance agency operations. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of PulteGroup, Inc. and all of its direct and indirect subsidiaries and variable interest entities in which PulteGroup, Inc. is deemed to be the primary beneficiary. All significant intercompany accounts, transactions, and balances have been eliminated in consolidation. Use of estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Subsequent events We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission ("SEC"). Cash and equivalents Cash and equivalents include institutional money market investments and time deposits with an original maturity of three months or less. Cash and equivalents at December 31, 2024 and 2023 also included $21.3 million and $43.2 million, respectively, of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit. Restricted cash We maintain certain cash balances that are restricted as to their use, including customer deposits on home sales that are temporarily restricted by regulatory requirements in certain states until title transfers to the homebuyer. Investments in unconsolidated entities We have investments in a number of unconsolidated entities, including joint ventures, with independent third parties. The equity method of accounting is used for unconsolidated entities over which we have significant influence; generally this represents ownership interests of at least 20% and not more than 50%. Under the equity method of accounting, we recognize our proportionate share of the earnings and losses of these entities. Certain of these entities sell land to us. We defer the recognition of profits from such activities until the time we ultimately sell the related land. We evaluate our investments in unconsolidated entities for recoverability in accordance with ASC 323, “Investments – Equity Method and Joint Ventures”. If we determine that a loss in the value of the investment is other than temporary, we write down the investment to its estimated fair value. Any such losses are recorded to equity in (earnings) loss of unconsolidated entities, which is reflected in other income (expense), net. Due to uncertainties in the estimation process and the significant volatility in demand for new housing, actual results could differ significantly from such estimates. See Note 4 . Intangible assets Goodwill, which represents the cost of acquired businesses in excess of the fair value of the net assets of such businesses at the acquisition date, totaled $68.9 million at both December 31, 2024 and 2023. We assess goodwill for impairment annually in the fourth quarter and if events or changes in circumstances indicate the carrying amount may not be recoverable. Intangible assets consist primarily of tradenames acquired in connection with acquisitions and totaled $46.3 million, net of accumulated amortization of $108.3 million, at December 31, 2024, and $56.3 million, net of accumulated amortization of $98.2 million, at December 31, 2023. Such tradenames are generally being amortized over 20-year lives. Amortization expense totaled $10.0 million, $10.5 million, and $11.1 million in 2024, 2023 and 2022, respectively, and is expected to be $9.3 million in 2025, $8.9 million in 2026, $6.5 million in 2027, $6.3 million in 2028, and $4.5 million in 2029. The ultimate realization of these assets is dependent upon the future cash flows and benefits that we expect to generate from their use. We assess intangibles for impairment if events or changes in circumstances indicate the carrying amount may not be recoverable. Property and equipment Property and equipment are recorded at cost. Maintenance and repair costs are expensed as incurred. Depreciation is computed by the straight-line method based upon estimated useful lives as follows: office furniture and equipment - 3 to 10 years; leasehold improvements - life of the lease; software and hardware - 3 to 5 years; model park improvements and furnishings - 1 to 5 years. Property and equipment are included in other assets and totaled $253.1 million net of accumulated depreciation of $286.8 million at December 31, 2024 and $221.5 million net of accumulated depreciation of $264.4 million at December 31, 2023. Depreciation expense totaled $79.1 million, $70.3 million, and $59.8 million in 2024, 2023, and 2022, respectively. Advertising costs Advertising costs are expensed to selling, general, and administrative expense as incurred and totaled $74.6 million, $57.5 million, and $61.6 million, in 2024, 2023, and 2022, respectively. Employee benefits We maintain a defined contribution retirement plan that covers substantially all of our employees. Company contributions to the plan totaled $31.2 million, $27.8 million, and $27.6 million in 2024, 2023, and 2022, respectively. Other income (expense), net Other income (expense), net consists of the following ($000’s omitted): 2024 2023 2022 Write-offs of deposits and pre-acquisition costs (Note 2) $ (18,266) $ (23,512) $ (63,559) Amortization of intangible assets (Note 1) (10,034) (10,538) (11,118) Gain (loss) on debt retirement (222) 663 — Interest income 59,486 61,533 1,971 Interest expense (479) (469) (284) Miscellaneous, net (a) 31,264 10,186 8,592 Total other income (expense), net $ 61,749 $ 37,863 $ (64,398) (a) Includes a gain of $17.5 million in 2024 related to the sale of a non-homebuilding property. Earnings per share Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares, adjusted for unvested shares, (the “Denominator”), for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of unvested restricted share units and other potentially dilutive instruments. Anti-dilutive shares were immaterial in 2024, 2023, and 2022. In accordance with Accounting Standards Codification ("ASC") 260, "Earnings Per Share", the two-class method determines earnings per share for each class of common stock and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. A decreasing number of our outstanding restricted share units are considered participating securities such that there was no impact for the year ended December 31, 2024. The following table presents a reconciliation of the Numerator used in the earnings per share calculation for the years ended December 31, 2023 and 2022 ($000's omitted): December 31, 2023 December 31, 2022 Numerator: Net income $ 2,602,372 $ 2,617,317 Less: earnings distributed to participating securities (511) (846) Less: undistributed earnings allocated to participating securities (8,990) (15,330) Numerator for basic earnings per share $ 2,592,871 $ 2,601,141 Add: undistributed earnings allocated to participating securities 8,990 15,330 Less: undistributed earnings reallocated to participating securities (8,923) (15,229) Numerator for diluted earnings per share $ 2,592,938 $ 2,601,242 Share-based compensation We measure compensation cost for share-based compensation on the grant date. Fair value for restricted share units is determined based on the quoted price of our common shares on the grant date. We recognize compensation expense for restricted share units, the majority of which cliff vest at the end of three years, ratably over the vesting period. For share-based awards containing performance conditions, we recognize compensation expense ratably over the vesting period when it is probable that the stated performance targets will be achieved and record cumulative adjustments in the period in which estimates change. Compensation expense related to our share-based awards is included in selling, general, and administrative expense, except for a small portion recognized in Financial Services expenses. Forfeitures of share-based awards are recognized as a reduction of expense as incurred. See Note 7 . Income taxes The provision for income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are recognized by identifying the temporary differences arising from the different treatment of items for tax and accounting purposes. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, judgment is required. Differences between estimated and actual results could result in changes in the valuation of our deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results including the valuation and realization of deferred tax assets and liabilities over time. Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. We follow the provisions of ASC 740, "Income Taxes", which prescribes a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Significant judgment is required to evaluate uncertain tax positions. Our evaluations of tax positions consider a variety of factors, including relevant facts and circumstances, applicable tax law, correspondence with taxing authorities, and effective settlements of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in material increases or decreases in income tax expense (benefit) in the period in which the change is made. Interest and penalties related to income taxes and unrecognized tax benefits are recognized as a component of income tax expense (benefit). See Note 8 . Revenue recognition Home sale revenues - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied at the home closing date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposit liabilities related to sold but undelivered homes, which totaled $512.6 million and $675.1 million at December 31, 2024 and 2023, respectively. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. See Note 11 for information on warranties and related obligations. Land sale and other revenues - We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sales are generally outright sales of specified land parcels with cash consideration due on the closing date, which is generally when performance obligations are satisfied. Other revenues related to our construction services operations are generally recognized as materials are delivered and installation services are provided. Financial Services revenues - Loan origination fees, commitment fees, and discount points are recognized upon loan origination. Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of interest rate lock commitments ("IRLCs") that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of IRLCs and residential mortgage loans available for sale are reflected in Financial Services revenues as they occur. Interest income is accrued from the date a mortgage loan is originated until the loan is sold. Mortgage servicing fees represent fees earned for servicing loans until the loans are sold. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received. Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Insurance agency commissions relate to commissions on home and other insurance policies placed with third party carriers through various agency channels. Our performance obligations for policy renewal commissions are considered satisfied upon issuance of the initial policy. The related contract assets for estimated future renewal commissions are included in other assets and totaled $91.1 million and $74.0 million at December 31, 2024 and 2023, respectively. Sales incentives Sales incentives primarily relate to discounts on the selling price of the home, payment of closing costs, including mortgage interest rate buydowns, or free products or services offered to the customer. Sales incentives are recorded as a reduction of home sale revenues at the home closing date. Inventory and cost of revenues Inventory is stated at cost unless the carrying value is determined to not be recoverable, in which case the affected inventory is written down to fair value. Cost includes land acquisition, land development, and home construction costs, including interest, real estate taxes, and certain direct and indirect overhead costs related to development and construction. For those communities for which construction and development activities have been idled, applicable interest and real estate taxes are expensed as incurred. Land acquisition and development costs are allocated to individual lots using an average lot cost determined based on the total expected land acquisition and development costs and the total expected home closings for the community. The specific identification method is used to accumulate home construction costs. We capitalize interest cost into homebuilding inventories. Each layer of capitalized interest is amortized over a period that approximates the average life of communities under development. Interest expense is allocated over the period based on the timing of home closings. Cost of revenues includes the construction cost, average lot cost, and estimated warranty costs applicable to the home. Sales commissions are classified within selling, general, and administrative expenses. The construction cost of the home includes amounts paid through the closing date of the home, plus an accrual for costs incurred but not yet paid. Total community land acquisition and development costs are based on an analysis of budgeted costs compared with actual costs incurred to date and estimates to complete. The development cycles for our communities range from under one year to in excess of ten years for certain master planned communities. Adjustments to estimated total land acquisition and development costs for the community affect the amounts costed for the community’s remaining lots. We test inventory for impairment when events and circumstances indicate that the undiscounted cash flows estimated to be generated by the community may be less than its carrying amount. Such indicators include gross margins or sales paces significantly below expectations, construction costs or land development costs significantly in excess of budgeted amounts, significant delays or changes in the planned development or strategy for the community, and other known qualitative factors. Communities that demonstrate potential impairment indicators are tested for impairment by comparing the expected undiscounted cash flows for the community to its carrying value. For those communities whose carrying values exceed the expected undiscounted cash flows, we estimate the fair value of the community, and impairment charges are recorded if the fair value of the community's inventory is less than its carrying value. See Note 2 . Land held for sale We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land held for sale is recorded at the lower of cost or fair value less costs to sell. In determining the fair value of land held for sale, we consider recent offers received, prices for land in recent comparable sales transactions, and other factors. We record net realizable value adjustments for land held for sale within Homebuilding land sale cost of revenues. See Note 2 . Warranty liabilities Homebuyers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home's construction and operating systems for periods of up to (and in limited instances exceeding) 10 years. We estimate the costs to be incurred under these warranties and record a liability in the amount of such costs at the time revenue is recognized (see Note 11 ). Self-insured risks We maintain, and require the majority of our subcontractors to maintain, general liability insurance coverage, including coverage for certain construction defects. We also maintain builders' risk, property, errors and omissions, workers compensation, and other business insurance coverage. These insurance policies protect us against a portion of the risk of loss from claims, subject to certain self-insured per occurrence and aggregate retentions, deductibles, and available policy limits. However, we retain a significant portion of the overall risk for such claims. We reserve for these costs on an undiscounted basis at the time revenue is recognized for each home closing and evaluate the recorded liabilities based on actuarial analyses of our historical claims, which include estimates of claims incurred but not yet reported. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. Costs associated with our insurance programs are classified within selling, general, and administrative expenses. In certain instances, we have the ability to recover a portion of our costs under various insurance policies or from our subcontractors or other third parties. Estimates of such amounts are recorded when recovery is considered probable. See Note 11 . Residential mortgage loans available-for-sale Substantially all of the loans originated by us and their related servicing rights are sold in secondary markets within a short period of time after origination, generally within 30 days. In accordance with ASC 825, “Financial Instruments”, we use the fair value option to record residential mortgage loans available-for-sale. Election of the fair value option for these loans allows a better offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. We do not designate any derivative instruments as hedges or apply the hedge accounting provisions of ASC 815, “Derivatives and Hedging". See Note 11 for discussion of the risks retained related to mortgage loan originations. Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of IRLCs that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of these loans are reflected in Financial Services revenues as they occur. At December 31, 2024 and 2023, residential mortgage loans available-for-sale had an aggregate fair value of $629.6 million and $516.1 million, respectively, and an aggregate outstanding principal balance of $645.7 million and $508.5 million, respectively. These changes in fair value were substantially offset by changes in fair value of the corresponding derivative instruments. Net gains from the sale of mortgages during 2024, 2023, and 2022 were $235.1 million, $149.8 million, and $157.3 million, respectively, and have been included in Financial Services revenues. Mortgage servicing rights We sell the servicing rights for the loans we originate through fixed price servicing sales contracts to reduce the risks and costs inherent in servicing loans. This strategy results in owning the servicing rights for only a short period of time. The servicing sales contracts provide for the reimbursement of payments made by the purchaser if loans prepay within specified periods of time, generally within 90 to 120 days after sale. We establish reserves for this exposure at the time the sale is recorded. Such reserves were immaterial at December 31, 2024 and 2023. Interest income on mortgage loans Interest income on mortgage loans is recorded in Financial Services revenues, accrued from the date a mortgage loan is originated until the loan is sold, and totaled $26.8 million, $20.4 million, and $14.2 million in 2024, 2023, and 2022, respectively. Loans are placed on non-accrual status once they become greater than 90 days past due their contractual terms. Subsequent payments received are applied according to the contractual terms of the loan. Mortgage discounts are not amortized as interest income due to the short period the loans are held until sale to third party investors. Derivative instruments and hedging activities We are party to IRLCs with customers resulting from our mortgage origination operations. At December 31, 2024 and 2023, we had aggregate IRLCs of $469.4 million and $404.7 million, respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. We evaluate the creditworthiness of these transactions through our normal credit policies. We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative 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 sold to an investor. At December 31, 2024 and 2023, we had unexpired forward contracts of $977.0 million and $745.0 million, respectively, and whole loan investor commitments of $237.1 million and $207.9 million, respectively. Changes in the fair value of IRLCs and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable. There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 90 days. The fair values of derivative instruments and their location in the Consolidated Balance Sheets are summarized below ($000’s omitted): December 31, 2024 December 31, 2023 Other Assets Other Liabilities Other Assets Other Liabilities IRLCs $ 1,452 $ 14,946 $ 3,926 $ 1,506 Forward contracts 13,233 1,943 110 26,104 Whole loan commitments 50 80 24 47 $ 14,735 $ 16,969 $ 4,060 $ 27,657 Credit losses We are exposed to credit losses primarily through our vendors and insurance carriers. We assess and monitor each counterparty’s ability to pay amounts owed by considering contractual terms and conditions, the counterparty’s financial condition, macroeconomic factors, and business strategy. Our assets exposed to credit losses consist primarily of insurance receivables, contract assets related to insurance agency commissions, accounts receivable, and vendor rebate receivables. Counterparties associated with these assets are generally highly rated. Allowances on the aforementioned assets were not material as of December 31, 2024. New accounting pronouncements |
| Segment information | Segment information Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. Home sale revenues for detached and attached homes were $14.5 billion and $2.8 billion in 2024, $13.1 billion and $2.5 billion in 2023, and $13.2 billion and $2.3 billion in 2022, respectively. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments: Northeast: Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia Southeast: Georgia, North Carolina, South Carolina, Tennessee Florida: Florida Midwest: Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio Texas: Texas West: Arizona, California, Colorado, Nevada, New Mexico, Oregon, Utah, Washington We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance agency operations. The Financial Services segment operates generally in the same markets as the Homebuilding segments. Evaluation of segment performance is generally based on income before income taxes. Each reportable segment generally follows the same accounting policies described in Note 1 . In 2024, we adopted ASU 2023-07, which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. The adoption of ASU 2023-07 impacted the presentation of the performance measures presented in the below tables. Information for previous periods in the below tables conforms with the current year presentation. Our Chief Executive Officer ("CEO"), who has been identified as the chief operating decision maker for the purposes of the following reportable segment disclosures, is regularly provided operating results of individual operating segments which comprise our reportable segments. These operating results include key operating metrics which inform the CEO's decisions regarding allocation of resources and assessment of our overall operational performance. These operating results are reviewed against actual and forecasted figures, with income before income taxes being the key operating metric used to measure profit or loss. Operating Data by Segment ($000’s omitted) 2024 2023 2022 Revenues: Northeast $ 1,068,199 $ 969,107 $ 1,062,764 Southeast 2,880,882 2,669,065 2,761,629 Florida 4,706,048 4,650,355 3,816,917 Midwest 2,590,309 2,084,807 2,289,216 Texas 2,140,699 2,040,164 2,180,852 West 3,933,430 3,182,947 3,436,741 Other homebuilding (a) 194,389 144,378 143,144 17,513,956 15,740,823 15,691,263 Financial Services 432,994 320,755 311,716 Consolidated revenues $ 17,946,950 $ 16,061,578 $ 16,002,979 Cost of Revenues Northeast $ (729,284) $ (665,616) $ (727,640) Southeast (1,948,510) (1,792,371) (1,804,862) Florida (3,153,767) (3,040,705) (2,511,830) Midwest (1,854,693) (1,521,994) (1,713,031) Texas (1,526,930) (1,434,639) (1,471,186) West (3,017,970) (2,476,076) (2,490,505) Other homebuilding (b) (270,505) (223,412) (268,731) (12,501,659) (11,154,813) (10,987,785) Operating Data by Segment ($000’s omitted) 2024 2023 2022 SG&A: Northeast $ (94,925) $ (85,666) $ (86,559) Southeast (287,274) (255,327) (251,062) Florida (427,392) (396,978) (354,284) Midwest (236,195) (196,159) (209,579) Texas (257,490) (224,434) (245,680) West (341,613) (284,392) (301,175) Other homebuilding (c) 323,613 130,314 67,117 (1,321,276) (1,312,642) (1,381,222) Other Segment Items (d) : Northeast $ (13,994) $ (7,317) $ (14,058) Southeast (13,571) (17,524) (34,223) Florida (3,578) (19,191) (35,341) Midwest (9,236) (12,688) (20,795) Texas (10,685) (9,189) (21,215) West (21,008) (42,486) (7,068) Other homebuilding (e) 176,975 151,102 117,772 104,903 42,707 (14,928) Financial Services (223,039) (187,563) (179,486) $ (118,136) $ (144,856) $ (194,414) Income (loss) before income taxes (f) : Northeast $ 229,996 $ 210,508 $ 234,507 Southeast 631,527 603,843 671,482 Florida 1,121,311 1,193,481 915,462 Midwest 490,185 353,966 345,811 Texas 345,594 371,902 442,771 West 552,839 379,993 637,993 Other homebuilding 424,472 202,382 59,302 3,795,924 3,316,075 3,307,328 Financial Services 209,955 133,192 132,230 Consolidated income before income taxes $ 4,005,879 $ 3,449,267 $ 3,439,558 (a) Other Homebuilding includes revenues from land sales and construction services. (b) Other Homebuilding includes cost of revenues related to land sales, construction services, and amortization of capitalized interest. (c) Other Homebuilding includes insurance reserve reversals of $333.9 million, $130.8 million, and $65.0 million in 2024, 2023 and 2022, respectively (see Note 11 ). Other Homebuilding also includes eliminations of corporate overhead allocated to the operating segments. (d) Other Segment Items reflects other sources of income and expense, including internal capital charge allocations that are eliminated within Other Homebuilding. (e) Other Homebuilding includes income from unconsolidated entities, interest, the amortization of intangible assets, and other items not allocated to the operating segments. Other Homebuilding also includes a gain of $39.5 million in 2024 related to the sale of our minority interest in a joint venture. (f) Includes certain land-related charges (see the following table and Note 2 ). Also includes gains related to sales of individual properties of $17.5 million in Florida in 2024, $10.7 million in West in 2024, and $49.1 million.in West in 2022. Operating Data by Segment ($000's omitted) 2024 2023 2022 Land-related charges*: Northeast $ 8,142 $ 497 $ 4,597 Southeast 4,006 7,853 18,381 Florida 2,804 2,683 13,515 Midwest 1,598 7,786 6,517 Texas 9,643 3,661 6,745 West 7,412 19,343 16,406 Other homebuilding 967 1,292 495 $ 34,572 $ 43,115 $ 66,656 * Land-related charges include land impairments, NRV adjustments for land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. See Note 2 for additional discussion of these charges. Operating Data by Segment ($000's omitted) 2024 2023 2022 Depreciation and amortization: Northeast $ 2,882 $ 3,365 $ 2,956 Southeast 6,940 6,056 5,151 Florida 15,623 13,471 11,720 Midwest 8,229 8,207 7,035 Texas 6,911 6,214 5,591 West 15,482 12,438 11,840 Other homebuilding 23,997 22,992 19,929 80,064 72,743 64,222 Financial Services 9,098 8,081 6,696 $ 89,162 $ 80,824 $ 70,918 Operating Data by Segment ($000's omitted) December 31, 2024 2023 Total Total Total Total Northeast $ 716,530 $ 807,922 $ 689,221 $ 775,316 Southeast 2,006,958 2,298,692 1,796,815 1,994,492 Florida 3,246,588 3,676,910 2,917,327 3,274,328 Midwest 1,401,747 1,529,602 1,359,179 1,476,166 Texas 1,645,213 1,905,394 1,538,287 1,686,609 West 3,684,393 4,212,636 3,391,504 3,752,089 Other homebuilding (a) (35,616) 1,934,728 103,037 2,287,550 12,665,813 16,365,884 11,795,370 15,246,550 Financial Services — 997,879 — 840,500 $ 12,665,813 $ 17,363,763 $ 11,795,370 $ 16,087,050 (a) |
