Information on Segments

3 Months Ended

Jan. 31, 2021

Segment Reporting [Abstract]

Segment Reporting Disclosure

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, affordable luxury, 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.

Our Traditional Home Building segment operates in the following five geographic segments, wtih current operations in the states listed below:

•The North region: Connecticut, Delaware, Illinois, Massachusetts, Michigan, Pennsylvania, New Jersey and New York;

•The Mid-Atlantic region: Georgia, Maryland, North Carolina, Tennessee and Virginia;

•The South region: Florida, South Carolina and Texas;

•The Mountain region: Arizona, Colorado, Idaho, Nevada and Utah; and

•The Pacific region: California, Oregon and Washington.

Revenues 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,
	2021		2020
Revenues:
Traditional Home Building:
North	$	312,639	$	254,059
Mid-Atlantic	163,984		162,476
South	216,884		183,630
Mountain	377,977		263,096
Pacific	331,158		395,356
Traditional Home Building	1,402,642		1,258,617
City Living	7,793		39,835
Corporate and other	269		(1,115)
Total home sales revenues	1,410,704		1,297,337
Land sales and other revenues	152,672		34,094
Total revenues	$	1,563,376	$	1,331,431
Income (loss) before income taxes:
Traditional Home Building:
North	$	18,882	$	2,531
Mid-Atlantic	18,813		6,988
South	21,483		9,077
Mountain	36,013		17,585
Pacific	47,554		63,322
Traditional Home Building	142,745		99,503
City Living (1)	32,692		9,549
Corporate and other	(48,032)		(43,120)
Total	$	127,405	$	65,932

(1)    In the first quarter of fiscal 2021, we sold certain commercial assets associated with our Hoboken, New Jersey condominium projects for $82.4 million which is included in Land sales and other revenues above. City Living recognized net gains of $38.3 million from these sales.

“Corporate and other” is comprised principally of general corporate expenses such as our executive offices; 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, 2021		October 31, 2020
Traditional Home Building:
North	$	1,415,114	$	1,427,523
Mid-Atlantic	984,134		918,641
South	1,289,620		1,176,962
Mountain	2,053,597		1,961,348
Pacific	2,343,787		2,226,685
Traditional Home Building	8,086,252		7,711,159
City Living	542,763		539,750
Corporate and other	2,234,978		2,814,824
Total	$	10,863,993	$	11,065,733

“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.

The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable for each of our segments, for the periods indicated, were as follows (amounts in thousands):

	Three months ended January 31,
	2021		2020
Traditional Home Building:
North	$	35	$	94
Mid-Atlantic	32		1
South	25		747
Mountain	9		178
Pacific	66		11
Total	167		1,031
City Living	1,100		—
	$	1,267	$	1,031