Segment Information

12 Months Ended

Dec. 31, 2019

We operate two principal businesses: homebuilding and financial services.

Our homebuilding operations consist of six homebuilding companies, each operating under different brand names, through which we acquire and develop land and construct and sell single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, brand names, and underlying demand and supply. Based upon these factors, our homebuilding operations comprise the following six reportable segments: Maracay, consisting of operations in Arizona; Pardee Homes, consisting of operations in California and Nevada; Quadrant Homes, consisting of operations in Washington; Trendmaker Homes, consisting of operations in Texas; TRI Pointe Homes, consisting of operations in California, Colorado and the early stages of expansion into the Carolinas; and Winchester Homes, consisting of operations in Maryland and Virginia.

Our TRI Pointe Solutions financial services operation is a reportable segment and is comprised of our TRI Pointe Connect mortgage financing operations, our TRI Pointe Assurance title and escrow services operations, and our TRI Pointe Advantage property and casualty insurance agency operations. For further details, see Note 1, Organization and Summary of Significant Accounting Policies.

Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate is allocated to the homebuilding reporting segments.

The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization and Summary of Significant Accounting Policies. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.

Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands):



	2019			2018			2017
Revenues
Maracay	$	272,723		$	263,321		$	296,768
Pardee Homes	1,101,580			999,710			826,033
Quadrant Homes	242,174			307,706			247,939
Trendmaker Homes	413,090			310,730			253,825
TRI Pointe Homes	796,958			1,073,592			927,247
Winchester Homes	252,496			305,950			257,089
Total homebuilding revenues	3,079,021			3,261,009			2,808,901
Financial services	3,994			1,738			1,371
Total	$	3,083,015		$	3,262,747		$	2,810,272
Income (loss) before taxes
Maracay	$	21,040		$	23,281		$	23,987
Pardee Homes	198,463			191,793			198,738
Quadrant Homes	3,951			38,366			32,671
Trendmaker Homes	17,133			25,228			16,764
TRI Pointe Homes	49,721			115,632			89,811
Winchester Homes	11,243			23,981			15,472
Corporate	(40,887		)	(65,889		)	(45,091		)
Total homebuilding income before income taxes	260,664			352,392			332,352
Financial services	10,423			9,673			7,466
Total	$	271,087		$	362,065		$	339,818

Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):



	December 31, 2019		December 31, 2018
Real estate inventories
Maracay	$	338,259	$	293,217
Pardee Homes	1,218,384		1,286,877
Quadrant Homes	264,437		279,486
Trendmaker Homes	268,759		271,061
TRI Pointe Homes	737,662		812,799
Winchester Homes	237,935		272,619
Total	$	3,065,436	$	3,216,059
Total assets
Maracay	$	382,262	$	318,703
Pardee Homes	1,300,047		1,391,503
Quadrant Homes	331,187		313,947
Trendmaker Homes	353,610		325,943
TRI Pointe Homes	930,348		987,610
Winchester Homes	291,456		298,602
Corporate	241,357		228,010
Total homebuilding assets	3,830,267		3,864,318
Financial services	28,423		19,885
Total	$	3,858,690	$	3,884,203