House and Land Inventory (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Inventory Disclosure [Abstract] |
|
| Components of Inventory |
Major components of inventory were as follows ($000’s omitted): | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | Homes under construction | $ | 5,667,088 | | | $ | 5,192,711 | | | Land under development | 7,671,608 | | | 6,955,016 | | | Raw land | 575,904 | | | 637,936 | | Consolidated inventory not owned (a) | 136,727 | | | 120,160 | | | Land held for sale | 39,182 | | | 19,590 | | | $ | 14,090,509 | | | $ | 12,925,413 | |
(a) Consolidated inventory not owned includes land sold to third parties for which the Company retains a repurchase option.
|
| Capitalized Interest Rollforward |
Information related to interest capitalized into inventory is as follows ($000’s omitted): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Interest in inventory, beginning of period | $ | 125,299 | | | $ | 136,624 | | | $ | 122,327 | | | $ | 139,960 | | | Interest capitalized | 29,550 | | | 26,139 | | | 85,874 | | | 78,360 | | | Interest expensed | (28,627) | | | (31,199) | | | (81,979) | | | (86,756) | | | Interest in inventory, end of period | $ | 126,222 | | | $ | 131,564 | | | $ | 126,222 | | | $ | 131,564 | |
|
| Schedule Of Company Interests In Land Option Agreements |
The following provides a summary of our interests in land option agreements as of September 30, 2026 and December 31, 2025 ($000’s omitted): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | | | December 31, 2025 | | Deposits and
Pre-acquisition
Costs | | Remaining Purchase
Price | | | | Deposits and
Pre-acquisition
Costs | | Remaining Purchase
Price | | | | Land options with VIEs | $ | 416,517 | | | $ | 3,254,138 | | | | | $ | 436,258 | | | $ | 3,307,698 | | | | | Other land options | 828,690 | | | 6,182,281 | | | | | 830,642 | | | 6,695,156 | | | | | $ | 1,245,207 | | | $ | 9,436,419 | | | | | $ | 1,266,900 | | | $ | 10,002,854 | | | |
|
| Land-related Charges |
We recorded the following land-related charges ($000's omitted): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | | Statement of Operations Classification | 2026 | | 2025 | | 2026 | | 2025 | | Land impairments | Home sale cost of revenues | $ | 25,791 | | | $ | 16,752 | | | $ | 41,898 | | | $ | 42,181 | | | Net realizable value ("NRV") adjustments - land held for sale | Land sale and other cost of revenues | — | | | 39 | | | — | | | 1,115 | | | Write-offs of deposits and pre-acquisition costs | Other expense, net | 11,678 | | | 10,836 | | | 23,132 | | | 26,515 | | | | $ | 37,469 | | | $ | 27,627 | | | $ | 65,030 | | | $ | 69,811 | |
|