Information on Segments

3 Months Ended

Jan. 31, 2024

Segment Reporting [Abstract]

Information on Segments

Information on Segments

We operate in the following five geographic segments, with current operations generally located in the states listed below:

Eastern Region:

•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;

Western Region:

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

•The Pacific region: California, Oregon and Washington.

Our geographic reporting segments are consistent with how our chief operating decision makers are assessing operating performance and allocating capital.

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,
	2024		2023
Revenues:
North	$	272,657	$	322,794
Mid-Atlantic	264,154		189,117
South	532,886		392,881
Mountain	453,381		480,212
Pacific	408,991		364,768
Total home building	1,932,069		1,749,772
Corporate and other	(233)		(350)
	1,931,836		1,749,422
Land sales and other revenues	16,012		30,747
Total consolidated	$	1,947,848	$	1,780,169
Income (loss) before income taxes:
North	$	33,021	$	36,634
Mid-Atlantic	49,518		22,923
South	98,430		52,446
Mountain	80,164		87,304
Pacific	103,653		78,978
Total home building	364,786		278,285
Corporate and other	(53,625)		(24,489)
Total consolidated	$	311,161	$	253,796

“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 operations, 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, 2024		October 31, 2023
North	$	1,292,864	$	1,281,479
Mid-Atlantic	1,381,599		1,323,381
South	2,526,180		2,399,055
Mountain	2,869,825		2,666,874
Pacific	2,309,586		2,175,776
Total home building	10,380,054		9,846,565
Corporate and other	2,141,901		2,680,453
Total consolidated	$	12,521,955	$	12,527,018

“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 operations, and our mortgage and title subsidiaries.

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 January 31,
	2024		2023
North	$	495	$	141
Mid-Atlantic	192		1,240
South	80		451
Mountain	674		131
Pacific	30		6,041
Total consolidated	$	1,471	$	8,004

We also recognized $13.0 million of land impairment charges included in land sales and other cost of revenues during the three-month period ended January 31, 2023, of which $2.7 million and $10.3 million were in our North and Mid-Atlantic segments, respectively. No similar charges were recognized during the three-month period ended January 31, 2024.