Information on Segments

3 Months Ended

Jan. 31, 2019

Segment Reporting Disclosure [Text Block]

Information on Segments

We operate in two segments: traditional home building and urban infill. We build and sell detached and attached homes in luxury residential communities located in affluent suburban markets that cater to move-up, empty-nester, active-adult, age-qualified, and second-home buyers in the United States (“Traditional Home Building”). We also build and sell homes in urban infill markets through City Living.

We have determined that our Traditional Home Building operations operate in five geographic segments: North, Mid-Atlantic, South, West, and California. The states comprising each geographic segment are as follows:

North: Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey, and New York

Mid-Atlantic: Delaware, Maryland, Pennsylvania, and Virginia

South: Florida, North Carolina, and Texas

West: Arizona, Colorado, Idaho, Nevada, Oregon, Utah, and Washington

California: California

In fiscal 2018, we acquired land and commenced development activities in the Salt Lake City, Utah and Portland, Oregon markets. We expect to open communities in these markets by the end of the third quarter of fiscal 2019.

Revenue and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands):



	Three months ended January 31,
	2019			2018
Revenues:
Traditional Home Building:
North	$	169,501		$	134,280
Mid-Atlantic	205,696			206,958
South	208,147			171,492
West	300,430			258,033
California	370,018			287,104
Traditional Home Building	1,253,792			1,057,867
City Living	68,594			117,601
Corporate and other	(3,078		)	—
Total home sales revenue	1,319,308			1,175,468
Land sales revenue	43,873			—
Total revenue	$	1,363,181		$	1,175,468

Income (loss) before income taxes:
Traditional Home Building:
North	$	10,736		$	379
Mid-Atlantic	11,372			13,900
South	15,768			12,148
West	43,614			30,604
California	73,621			60,857
Traditional Home Building	155,111			117,888
City Living	14,642			29,964
Corporate and other	(18,307		)	(16,254		)
Total	$	151,446		$	131,598

“Corporate and other” is comprised principally of general corporate expenses such as the offices of our executive officers; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including Gibraltar; and income from our Rental Property Joint Ventures and Gibraltar Joint Ventures.

Total assets for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands):



	January 31, 2019		October 31, 2018
Traditional Home Building:
North	$	978,905	$	970,854
Mid-Atlantic	1,159,891		1,130,417
South	1,247,691		1,237,744
West	1,721,433		1,580,199
California	2,747,835		2,733,956
Traditional Home Building	7,855,755		7,653,170
City Living	505,045		516,238
Corporate and other	1,675,054		2,075,182
Total	$	10,035,854	$	10,244,590

“Corporate and other” is comprised principally of cash and cash equivalents, restricted cash, deferred tax assets, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments and operations, manufacturing facilities, and our mortgage and title subsidiaries.