Information on Segments

9 Months Ended

Jul. 31, 2022

Segment Reporting [Abstract]

Information on Segments

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 generally located in the states listed below:

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

•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,
	2022		2021		2022		2021
Revenues:
Traditional Home Building:
North	$	478,652	$	402,885	$	1,174,919	$	1,106,189
Mid-Atlantic	253,973		276,853		765,100		659,128
South	352,674		291,725		922,544		788,785
Mountain	660,517		553,192		1,776,375		1,363,019
Pacific	506,597		523,995		1,433,041		1,313,758
Traditional Home Building	2,252,413		2,048,650		6,071,979		5,230,879
City Living	2,857		184,099		60,631		249,877
Corporate and other	1,067		1,616		(2,392)		573
Total home sales revenues	2,256,337		2,234,365		6,130,218		5,481,329
Land sales and other revenues	238,465		21,116		433,206		267,652
Total revenues	$	2,494,802	$	2,255,481	$	6,563,424	$	5,748,981
Income (loss) before income taxes:
Traditional Home Building:
North	$	80,543	$	39,700	$	162,812	$	97,802
Mid-Atlantic	40,129		25,347		117,361		68,127
South	56,334		41,439		121,845		101,190
Mountain	120,606		85,085		296,579		173,178
Pacific	125,257		85,029		306,810		206,750
Traditional Home Building	422,869		276,600		1,005,407		647,047
City Living (1)	(4,564)		65,912		7,889		111,084
Corporate and other	(52,354)		(39,117)		(150,714)		(157,505)
Total	$	365,951	$	303,395	$	862,582	$	600,626

(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 our apartment rental development business; 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, 2022		October 31, 2021
Traditional Home Building:
North	$	1,415,913	$	1,357,168
Mid-Atlantic	1,072,498		976,887
South	2,116,511		1,421,612
Mountain	2,888,093		2,397,484
Pacific	2,464,769		2,174,997
Traditional Home Building	9,957,784		8,328,148
City Living	275,313		332,972
Corporate and other	1,510,156		2,876,730
Total	$	11,743,253	$	11,537,850

“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,
	2022		2021		2022		2021
Traditional Home Building:
North	$	387	$	2,492	$	1,156	$	2,557
Mid-Atlantic	1,200		10,488		2,346		10,578
South	405		28		1,014		472
Mountain	1,421		68		1,865		88
Pacific	435		74		692		1,202
Traditional Home Building	3,848		13,150		7,073		14,897
City Living	2,400		—		3,600		1,100
Total	$	6,248	$	13,150	$	10,673	$	15,997