Information on Segments

9 Months Ended

Jul. 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, 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 July 31,				Nine months ended July 31,
	2021		2020		2021		2020
Revenues:
Traditional Home Building:
North	$	402,885	$	290,399	$	1,106,189	$	840,481
Mid-Atlantic	276,853		201,279		659,128		556,655
South	291,725		276,319		788,785		690,809
Mountain	553,192		425,400		1,363,019		1,026,000
Pacific	523,995		406,424		1,313,758		1,225,072
Traditional Home Building	2,048,650		1,599,821		5,230,879		4,339,017
City Living	184,099		26,366		249,877		102,973
Corporate and other	1,616		1,625		573		(607)
Total home sales revenues	2,234,365		1,627,812		5,481,329		4,441,383
Land sales and other revenues	21,116		23,677		267,652		90,609
Total revenues	$	2,255,481	$	1,651,489	$	5,748,981	$	4,531,992
Income (loss) before income taxes:
Traditional Home Building:
North	$	39,700	$	13,722	$	97,802	$	33,249
Mid-Atlantic	25,347		13,356		68,127		20,189
South	41,439		32,422		101,190		61,612
Mountain	85,085		53,099		173,178		103,883
Pacific	85,029		76,808		206,750		207,867
Traditional Home Building	276,600		189,407		647,047		426,800
City Living (1)	65,912		9,543		111,084		27,789
Corporate and other	(39,117)		(47,085)		(157,505)		(134,679)
Total	$	303,395	$	151,865	$	600,626	$	319,910

(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):

	July 31, 2021		October 31, 2020
Traditional Home Building:
North	$	1,469,778	$	1,427,523
Mid-Atlantic	1,056,586		918,641
South	1,420,453		1,176,962
Mountain	2,293,469		1,961,348
Pacific	2,348,574		2,226,685
Traditional Home Building	8,588,860		7,711,159
City Living	402,596		539,750
Corporate and other	2,272,603		2,814,824
Total	$	11,264,059	$	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 July 31,				Nine months ended July 31,
	2021		2020		2021		2020
Traditional Home Building:
North	$	2,492	$	1,106	$	2,557	$	1,478
Mid-Atlantic	10,488		4,783		10,578		15,449
South	28		630		472		2,619
Mountain	68		167		88		427
Pacific	74		4		1,202		1,961
Total	13,150		6,690		14,897		21,934
City Living	—		—		1,100		—
	$	13,150	$	6,690	$	15,997	$	21,934