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Segment Information
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information Disclosures SEGMENT INFORMATIONWe operate one principal homebuilding business that is organized and reports by division. We have seven operating segments (our Central, Midwest, Southeast, Mid-Atlantic, Northwest, West, and Florida divisions) that we aggregate into five
qualifying reportable segments at September 30, 2022: our Central, Southeast, Northwest, West, and Florida divisions. These segments reflect the way the Company evaluates its business performance and manages its operations.
In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision-makers (“CODMs”) in deciding how to allocate resources and in assessing performance. The CODMs primarily evaluate performance based on the number of homes closed, gross margin and average sales price per home closed.
In determining the most appropriate reportable segments, we consider operating segments’ economic and other characteristics, including home floor plans, average selling prices, gross margin percentage, geographical proximity, production construction processes, suppliers, subcontractors, regulatory environments, customer type and underlying demand and supply. Each operating segment follows the same accounting policies and is managed by our management team. We have no inter-segment sales, as all sales are to external customers. Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented.
Financial information relating to our reportable segments was as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues:
Central$228,448 $287,878 $807,400 $924,591 
Southeast138,478 146,166 328,510 442,431 
Northwest46,774 148,515 220,440 372,903 
West65,064 90,592 244,603 252,553 
Florida68,310 78,457 215,240 256,595 
Total home sales revenues$547,074 $751,608 $1,816,193 $2,249,073 
Net income (loss) before income taxes:
Central$46,413 $55,793 $189,004 $180,467 
Southeast31,593 27,142 70,358 77,644 
Northwest6,379 34,124 49,693 83,773 
West8,342 13,279 27,282 38,598 
Florida9,770 11,937 30,914 37,518 
Corporate (1)
6,204 (15,281)4,012 (18,609)
Total net income before income taxes$108,701 $126,994 $371,263 $399,391 
(1)The Corporate balance consists of general and administration unallocated costs for various shared service functions and non-strategic other income, as well as our warranty reserve. Actual warranty expenses are reflected within the reportable segments. Additionally, for the three and nine months ended September 30, 2022, the balance includes the $7.1 million gain on the sale of the three-year interest rate cap of LIBOR prior to its expiration.
September 30, 2022December 31, 2021
Assets:
Central$1,032,017 $857,174 
Southeast632,586 438,423 
Northwest469,193 349,752 
West573,867 384,548 
Florida304,724 221,763 
Corporate (1)
100,413 100,205 
Total assets$3,112,800 $2,351,865 
(1)The Corporate balance consists primarily of cash, investments in unconsolidated entities and tax receivables.