Information on Segments (Tables)

9 Months Ended

Jul. 31, 2023

Revenue and income (loss) before income taxes and total assets

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,
	2023		2022		2023		2022
			(restated)				(restated)
Revenues:
North	$	377,744	$	481,509	$	1,081,854	$	1,235,550
Mid-Atlantic	288,480		253,973		787,184		765,100
South	632,572		352,674		1,544,804		922,544
Mountain	726,004		660,517		1,880,450		1,776,375
Pacific	648,447		506,597		1,619,085		1,433,041
Total home building	2,673,247		2,255,270		6,913,377		6,132,610
Corporate and other	1,355		1,067		745		(2,392)
	2,674,602		2,256,337		6,914,122		6,130,218
Land sales and other revenues	13,040		238,465		60,668		433,206
Total consolidated	$	2,687,642	$	2,494,802	$	6,974,790	$	6,563,424

Income (loss) before income taxes:
North	$	49,087	$	81,440	$	136,643	$	177,824
Mid-Atlantic	71,132		39,841		158,482		117,126
South	126,861		56,293		268,028		121,844
Mountain	146,757		120,606		368,003		296,579
Pacific	183,371		120,125		419,872		299,923
Total home building	577,208		418,305		1,351,028		1,013,296
Corporate and other	(24,191)		(52,354)		(113,623)		(150,714)
Total consolidated	$	553,017	$	365,951	$	1,237,405	$	862,582

“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 our high-rise urban luxury condominium 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, 2023		October 31, 2022
North	$	1,368,192	$	1,464,995
Mid-Atlantic	1,291,556		1,049,043
South	2,387,503		2,137,568
Mountain	2,778,107		2,785,603
Pacific	2,236,004		2,174,065
Total home building	10,061,362		9,611,274
Corporate and other	2,292,312		2,677,440
Total consolidated	$	12,353,674	$	12,288,714

“Corporate and other” is comprised principally of cash and cash equivalents, restricted cash, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments and operations, manufacturing facilities, our apartment rental development and high-rise urban luxury condominium businesses, and our mortgage and title subsidiaries.

Schedule of inventory impairments by segment

The amounts we have provided for inventory impairment charges and the expensing of costs that we believe not to be recoverable, for the periods indicated, which are included in home sales cost of revenues, were as follows (amounts in thousands):


	Three months ended July 31,				Nine months ended July 31,
	2023		2022		2023		2022
			(restated)				(restated)
North	$	158	$	387	$	590	$	1,156
Mid-Atlantic	2,225		1,200		8,545		2,345
South	921		405		1,402		1,014
Mountain	42		1,421		5,659		1,865
Pacific	18		2,835		6,241		4,293
Total consolidated	$	3,364	$	6,248	$	22,437	$	10,673

In the nine-month period ended July 31, 2023, we recognized $17.7 million of land impairment charges included in land sales and other cost of revenues, of which $2.7 million, $10.3 million, $2.2 million, and $2.5 million were in our North, Mid-Atlantic, Pacific and Corporate and other segments, respectively. No land impairment charges were recognized in land sales and other costs of revenues in the three-month period ended July 31, 2023. We recognized $1.4 million and $6.6 million of similar charges in our North segment during the three-month and nine-month periods ended July 31, 2022, respectively