Information on Segments

6 Months Ended

Apr. 30, 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, with 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 April 30,				Six months ended April 30,
	2021		2020		2021		2020
Revenues:
Traditional Home Building:
North	$	390,665	$	296,023	$	703,304	$	550,082
Mid-Atlantic	218,291		192,900		382,275		355,376
South	280,176		230,860		497,060		414,490
Mountain	431,850		337,504		809,827		600,600
Pacific	458,605		423,292		789,763		818,648
Traditional Home Building	1,779,587		1,480,579		3,182,229		2,739,196
City Living	57,985		36,772		65,778		76,607
Corporate and other	(1,312)		(1,117)		(1,043)		(2,232)
Total home sales revenues	1,836,260		1,516,234		3,246,964		2,813,571
Land sales and other revenues	93,864		32,838		246,536		66,932
Total revenues	$	1,930,124	$	1,549,072	$	3,493,500	$	2,880,503
Income (loss) before income taxes:
Traditional Home Building:
North	$	39,220	$	16,996	$	58,102	$	19,527
Mid-Atlantic	23,967		(155)		42,780		6,833
South	38,268		20,113		59,751		29,190
Mountain	52,080		33,199		88,093		50,784
Pacific	74,167		67,737		121,721		131,059
Traditional Home Building	227,702		137,890		370,447		237,393
City Living (1)	12,480		8,698		45,172		18,247
Corporate and other	(70,356)		(44,475)		(118,388)		(87,595)
Total	$	169,826	$	102,113	$	297,231	$	168,045

(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):

	April 30, 2021		October 31, 2020
Traditional Home Building:
North	$	1,454,881	$	1,427,523
Mid-Atlantic	1,033,712		918,641
South	1,353,477		1,176,962
Mountain	2,211,927		1,961,348
Pacific	2,372,804		2,226,685
Traditional Home Building	8,426,801		7,711,159
City Living	519,912		539,750
Corporate and other	2,028,306		2,814,824
Total	$	10,975,019	$	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 April 30,				Six months ended April 30,
	2021		2020		2021		2020
Traditional Home Building:
North	$	31	$	278	$	65	$	372
Mid-Atlantic	59		10,666		90		10,667
South	419		1,243		444		1,990
Mountain	11		81		20		259
Pacific	1,061		1,946		1,128		1,957
Total	1,581		14,214		1,747		15,245
City Living	—		—		1,100		—
	$	1,581	$	14,214	$	2,847	$	15,245