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Information on Segments
 12 Months Ended
Oct. 31, 2024
Segment Reporting [Abstract]  
Information on Segments Information on Segments
The table below summarizes revenue and income (loss) before income taxes for our segments for each of the fiscal years ended October 31, 2024, 2023, and 2022 (amounts in thousands):
 RevenueIncome (loss) before income taxes
 202420232022202420232022
North$1,484,267 $1,494,127 $1,853,720 $252,739 $197,414 $280,829 
Mid-Atlantic1,422,018 1,175,348 1,148,966 471,478 243,464 189,485 
South2,787,459 2,204,763 1,519,600 578,022 416,711 249,665 
Mountain2,590,445 2,660,746 2,747,783 446,168 517,080 509,512 
Pacific2,279,083 2,329,365 2,441,959 541,789 610,126 572,844 
Total home building10,563,272 9,864,349 9,712,028 2,290,196 1,984,795 1,802,335 
Corporate and other (1)
60 1,677 (858)(204,556)(142,424)(98,609)
10,563,332 9,866,026 9,711,170 2,085,640 1,842,371 1,703,726 
Land sales and other revenue (2)
283,408 128,911 564,388 
Total consolidated$10,846,740 $9,994,937 $10,275,558 $2,085,640 $1,842,371 $1,703,726 
(1) Included in fiscal 2022 is a $141.2 million net gain related to a favorable litigation settlement as further discussed in Note 15, “Other Income - Net”.
(2) Land sales and other revenues by segment has been provided in the table below.
“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 Other Joint Ventures.
Land sales and other revenues for each of the fiscal years ended October 31, 2024, 2023, and 2022 are shown in the table below (amounts in thousands):
202420232022
North$4,486 $32,620 $139,439 
Mid-Atlantic (1)
208,436 13,169 38,423 
South25,930 19,014 24,415 
Mountain28,277 1,140 8,897 
Pacific1,365 8,705 30,900 
Total home building268,494 74,648 242,074 
Corporate and other14,914 54,263 322,314 
Total consolidated$283,408 $128,911 $564,388 
(1) Included in the year ended October 31, 2024 is a $185.0 million land sale to a commercial developer in February 2024, which is further discussed in Note 1, “Significant Accounting Policies”.
“Corporate and other” is comprised principally of activities from our apartment rental development business.
Total assets for each of our segments at October 31, 2024 and 2023, are shown in the table below (amounts in thousands):
20242023
North$1,425,738 $1,281,479 
Mid-Atlantic1,444,951 1,323,381 
South2,514,446 2,399,055 
Mountain2,950,806 2,666,874 
Pacific2,266,829 2,175,776 
Total home building10,602,770 9,846,565 
Corporate and other2,765,162 2,680,453 
Total consolidated$13,367,932 $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, manufacturing facilities, our apartment rental development operations, and our mortgage and title subsidiaries.
Inventory for each of our segments, as of the dates indicated, is shown in the table below (amounts in thousands):
Land controlled for future communitiesLand owned for future communitiesOperating communitiesTotal
Balances at October 31, 2024
North$30,597 $38,920 $1,169,490 $1,239,007 
Mid-Atlantic51,400 50,762 1,297,021 1,399,183 
South43,571 89,145 2,100,079 2,232,795 
Mountain10,868 94,103 2,705,213 2,810,184 
Pacific63,730 80,100 1,887,926 2,031,756 
Total consolidated$200,166 $353,030 $9,159,729 $9,712,925 
Balances at October 31, 2023
North$32,762 $31,253 $1,031,625 $1,095,640 
Mid-Atlantic34,175 135,042 1,089,270 1,258,487 
South40,335 198,467 1,908,468 2,147,270 
Mountain12,443 129,326 2,426,113 2,567,882 
Pacific53,460 169,325 1,765,514 1,988,299 
Total consolidated$173,175 $663,413 $8,220,990 $9,057,578 
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 years ended October 31, 2024, 2023, and 2022, are shown in the table below (amounts in thousands):
 202420232022
North$1,098 $677 $11,860 
Mid-Atlantic15,214 15,898 3,369 
South3,404 1,766 3,391 
Mountain26,032 5,662 4,091 
Pacific13,693 6,703 10,030 
Total consolidated$59,441 $30,706 $32,741 
In the year ended October 31, 2024, we recognized $4.4 million of land impairment charges included in land sales and other cost of revenues, of which $0.6 million and $3.8 million were in our Mid-Atlantic and Corporate and other segments, respectively. In the year ended October 31, 2023 we recognized $30.6 million of land impairment charges included in land sales and other cost of revenues, of which $15.6 million, $10.3 million, $2.2 million, and $2.5 million were in our North, Mid-Atlantic, Pacific and Corporate and other segments, respectively. In the year ended October 31, 2022 we recognized $6.8 million of land impairment charges included in land sales and other cost of revenues in our North segment.
The net carrying value of our investments in unconsolidated entities and our equity in earnings (losses) from such investments, for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands):
Investments in unconsolidated entitiesEquity in earnings (losses) from
unconsolidated entities
At October 31,Year ended October 31,
20242023202420232022
North$58,403 $65,285 $(6,324)$972 $1,068 
Mid-Atlantic12,647 19,807 (243)283 (405)
South168,042 169,004 10,590 13,520 20,065 
Mountain74,909 61,363 688 (211)494 
Pacific132,952 100,980 (311)(414)248 
Total home building446,953 416,439 4,400 14,150 21,470 
Corporate and other560,464 542,602 (28,243)35,948 2,253 
Total consolidated$1,007,417 $959,041 $(23,843)$50,098 $23,723 
“Corporate and other” is comprised of our investments in the Rental Property Joint Ventures and Other Joint Ventures.