Segment Information

6 Months Ended

May 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of May 31, 2022, our homebuilding reporting segments conducted ongoing operations in the following states:

West Coast:	California, Idaho and Washington
Southwest:	Arizona and Nevada
Central:	Colorado and Texas
Southeast:	Florida and North Carolina

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, first 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 financial services reporting segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to our homebuyers in the same markets as our homebuilding reporting segments, and provides title services in the majority of our markets located within our Southwest, Central and Southeast homebuilding reporting segments. Our financial services reporting segment earns revenues primarily from insurance commissions and from the provision of title services.

We offer mortgage banking services, including residential consumer mortgage loan (“mortgage loan”) originations, to our homebuyers indirectly through KBHS Home Loans, LLC (“KBHS”), our unconsolidated joint venture with GR Alliance Ventures, LLC (“GR Alliance”). We and GR Alliance each have a 50.0% ownership interest, with GR Alliance providing management oversight of KBHS’ operations.

Our reporting segments follow the same accounting policies used for our consolidated financial statements. The results of each reporting 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 homebuilding reporting segments (in thousands):

	Three Months Ended May 31,				Six Months Ended May 31,
	2022		2021		2022		2021
Revenues:
West Coast	$	761,217	$	625,690	$	1,420,091	$	1,140,206
Southwest	290,924		258,061		500,691		445,746
Central	433,046		390,555		788,368		700,263
Southeast	229,639		161,729		399,830		287,828
Total	$	1,714,826	$	1,436,035	$	3,108,980	$	2,574,043
Pretax income (loss):
West Coast	$	137,518	$	76,630	$	247,552	$	135,261
Southwest	64,635		48,909		100,540		81,964
Central	66,200		56,283		104,316		97,275
Southeast	39,059		18,861		59,325		30,976
Corporate and other	(43,223)		(37,667)		(77,923)		(67,409)
Total	$	264,189	$	163,016	$	433,810	$	278,067

	Three Months Ended May 31,				Six Months Ended May 31,
	2022		2021		2022		2021
Inventory impairment and land option contract abandonment charges:
West Coast	$	157	$	117	$	157	$	3,918
Southwest	55		165		164		293
Central	520		70		586		70
Southeast	—		105		—		240
Total	$	732	$	457	$	907	$	4,521

	May 31, 2022		November 30, 2021
Assets:
West Coast	$	2,749,595	$	2,520,374
Southwest	1,057,421		938,300
Central	1,383,349		1,168,242
Southeast	848,379		684,752
Corporate and other	482,967		480,048
Total	$	6,521,711	$	5,791,716