Segment Information

12 Months Ended

Nov. 30, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

As of November 30, 2015, we had identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment, within our consolidated operations. As of November 30, 2015, our homebuilding reporting segments conducted ongoing operations in the following states:

West Coast: California

Southwest: Arizona and Nevada

Central: Colorado and Texas

Southeast: Florida, Maryland, North Carolina and Virginia

Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land.

Our homebuilding reporting segments were identified based primarily on similarities in economic and geographic characteristics, product types, regulatory environments, methods used to sell and construct homes and land acquisition characteristics. We evaluate segment performance primarily based on segment pretax results.

Our financial services reporting segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to our homebuyersin the same markets as our homebuilding reporting segments,and provides title services in the majority of our markets located within our Central and Southeast homebuilding reporting segments. This segment earns revenues primarily from insurance commissions and from the provision of title services. Prior to July 21, 2014, this segment also earned revenues pursuant to the terms of a marketing services agreement with Nationstar, under which Nationstar was our preferred mortgage lender and offered mortgage banking services, including mortgage loan originations, to our homebuyers who elected to use the lender. Since July 21, 2014, we have offered mortgage banking services, including mortgage loan originations, to our homebuyers indirectly through HCM, a joint venture of a subsidiary of ours and a subsidiary of Nationstar. Through these respective subsidiaries, we have a 49.9% ownership interest and Nationstar has a 50.1% ownership interest in HCM, with Nationstar providing management oversight of HCM’s operations. Our homebuyers may select any lender of their choice to obtain mortgage financing for the purchase of a home.

Corporate and other is a non-operating segment that develops and oversees the implementation of company-wide strategic initiatives and provides support to our reporting segments by centralizing certain administrative functions. Corporate and other includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate and other is allocated to our homebuilding reporting segments.

Our segments follow the same accounting policies used for our consolidated financial statements as described in Note 1. Summary of Significant Accounting Policies. The results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods.

The following tables present financial information relating to our segments (in thousands):

	Years Ended November 30,
	2015		2014		2013
Revenues:
West Coast	$	1,402,264	$	1,089,857	$	1,020,218
Southwest	398,242		199,504		175,252
Central	809,738		698,429		565,120
Southeast	410,743		401,853		324,388
Total homebuilding revenues	3,020,987		2,389,643		2,084,978
Financial services	11,043		11,306		12,152
Total	$	3,032,030	$	2,400,949	$	2,097,130

Pretax income (loss):
West Coast	$	127,946		$	116,325		$	118,264
Southwest	31,718			6,015			2,903
Central	70,959			47,214			22,275
Southeast	(22,758		)	(11,158		)	(45,992		)
Corporate and other	(92,446		)	(71,993		)	(69,271		)
Total homebuilding pretax income	115,419			86,403			28,179
Financial services	11,624			8,546			10,184
Total	$	127,043		$	94,949		$	38,363
Equity in income (loss) of unconsolidated joint ventures:
West Coast	$	(1,106	)	$	(374	)	$	(148	)
Southwest	(696		)	(2,176		)	(2,355		)
Central	—			—			—
Southeast	(2		)	3,291			496
Total	$	(1,804	)	$	741		$	(2,007	)
Inventory impairment charges:
West Coast	$	645		$	27,285		$	—
Southwest	3,253			6,392			—
Central	—			—			—
Southeast	4,132			3,951			391
Total	$	8,030		$	37,628		$	391

	Years Ended November 30,
	2015		2014		2013
Land option contract abandonments:
West Coast	$	352	$	554	$	3,190
Southwest	—		—		—
Central	225		995		—
Southeast	984		254		—
Total	$	1,561	$	1,803	$	3,190

	November 30,
	2015		2014
Inventories:
Homes under construction
West Coast	$	535,795	$	536,843
Southwest	112,032		65,647
Central	263,345		201,164
Southeast	120,184		124,618
Subtotal	1,031,356		928,272
Land under development
West Coast	788,607		765,577
Southwest	317,331		334,691
Central	421,783		363,933
Southeast	238,324		245,948
Subtotal	1,766,045		1,710,149
Land held for future development
West Coast	277,954		294,060
Southwest	104,677		138,367
Central	22,082		22,957
Southeast	111,633		124,582
Subtotal	516,346		579,966
Total	$	3,313,747	$	3,218,387
Investments in unconsolidated joint ventures:
West Coast	$	54,360	$	59,552
Southwest	14,697		17,388
Central	—		—
Southeast	2,501		2,501
Total	$	71,558	$	79,441

	November 30,
	2015		2014
Assets:
West Coast	$	1,740,299	$	1,695,753
Southwest	582,030		579,201
Central	829,811		678,139
Southeast	507,844		531,011
Corporate and other	1,341,359		1,262,960
Total homebuilding assets	5,001,343		4,747,064
Financial services	14,028		10,486
Total	$	5,015,371	$	4,757,550