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Information on Segments | 9 Months Ended
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Jul. 31, 2020
Segment Reporting [Abstract] |
Segment Reporting Disclosure | Information on Segments We operate in two segments: traditional home building and urban infill. We build and sell detached and attached homes in luxury residential communities located in affluent suburban markets that cater to move-up, empty-nester, active-adult, affordable luxury, age-qualified, and second-home buyers in the United States (“Traditional Home Building”). We also build and sell homes in urban infill markets through City Living. Our Traditional Home Building segment operates in five geographic segments. In the first quarter of fiscal 2020, we made certain changes to our Traditional Home Building regional management structure and realigned certain of the states falling among our five geographic segments, as follows: Eastern Region: •The North region: Connecticut, Delaware, Illinois, Massachusetts, Michigan, Pennsylvania, New Jersey and New York; •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; and •The Pacific region: California, Oregon and Washington. Previously, our geographic segments were: •North: Connecticut, Illinois, Massachusetts, Michigan, New Jersey and New York; •Mid-Atlantic: Delaware, Maryland, Pennsylvania and Virginia; •South: Florida, Georgia, North Carolina, South Carolina and Texas; •West: Arizona, Colorado, Idaho, Nevada, Oregon, Utah and Washington; and •California: California. Our new geographic reporting segments are consistent with how our chief operating decision makers are assessing operating performance and allocating capital following the realignment of the regional management structure. The realignment did not have any impact on our consolidated financial position, results of operations, earnings per share or cash flows. Prior period segment information was restated to conform to the new reporting structure. Revenues and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands):
| Nine months ended July 31, |  |  |  | Three months ended July 31, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
|  |  | (Restated) |  |  |  | (Restated)
Revenues: |  |  |  |  |  |  |
Traditional Home Building: |  |  |  |  |  |  |
North | $ | 840,481 |  |  | $ | 976,616 |  |  | $ | 290,399 |  |  | $ | 360,008 |
Mid-Atlantic | 556,655 |  |  | 522,703 |  |  | 201,279 |  |  | 213,716 |
South | 690,809 |  |  | 663,109 |  |  | 276,319 |  |  | 243,420 |
Mountain | 1,026,000 |  |  | 804,901 |  |  | 425,400 |  |  | 292,693 |
Pacific | 1,225,072 |  |  | 1,597,157 |  |  | 406,424 |  |  | 573,492 |
Traditional Home Building | 4,339,017 |  |  | 4,564,486 |  |  | 1,599,821 |  |  | 1,683,329 |
City Living | 102,973 |  |  | 224,560 |  |  | 26,366 |  |  | 71,892 |
Corporate and other | (607) |  |  | (711) |  |  | 1,625 |  |  | 1,749 |
Total home sales revenues | 4,441,383 |  |  | 4,788,335 |  |  | 1,627,812 |  |  | 1,756,970 |
Land sales revenues | 90,609 |  |  | 56,631 |  |  | 23,677 |  |  | 8,721 |
Total revenues | $ | 4,531,992 |  |  | $ | 4,844,966 |  |  | $ | 1,651,489 |  |  | $ | 1,765,691 |
Income (loss) before income taxes: |  |  |  |  |  |  |
Traditional Home Building: |  |  |  |  |  |  |
North | $ | 33,249 |  |  | $ | 47,483 |  |  | $ | 13,722 |  |  | $ | 25,126 |
Mid-Atlantic | 20,189 |  |  | 29,571 |  |  | 13,356 |  |  | 11,968 |
South | 61,612 |  |  | 68,711 |  |  | 32,422 |  |  | 24,397 |
Mountain | 103,883 |  |  | 85,172 |  |  | 53,099 |  |  | 32,192 |
Pacific | 207,867 |  |  | 336,412 |  |  | 76,808 |  |  | 121,798 |
Traditional Home Building | 426,800 |  |  | 567,349 |  |  | 189,407 |  |  | 215,481 |
City Living | 27,789 |  |  | 59,661 |  |  | 9,543 |  |  | 19,185 |
Corporate and other | (134,679) |  |  | (112,489) |  |  | (47,085) |  |  | (47,750) |
Total | $ | 319,910 |  |  | $ | 514,521 |  |  | $ | 151,865 |  |  | $ | 186,916 |
“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 Gibraltar; 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, 2020 |  | October 31, 2019
|  |  | (Restated)
Traditional Home Building: |  |  |
North | $ | 1,526,703 |  |  | $ | 1,487,012 |
Mid-Atlantic | 946,295 |  |  | 854,470 |
South | 1,232,172 |  |  | 1,165,974 |
Mountain | 1,961,496 |  |  | 1,769,649 |
Pacific | 2,475,221 |  |  | 2,627,417 |
Traditional Home Building | 8,141,887 |  |  | 7,904,522 |
City Living | 537,855 |  |  | 529,507 |
Corporate and other | 1,857,689 |  |  | 2,394,109 |
Total | $ | 10,537,431 |  |  | $ | 10,828,138 |
“Corporate and other” is comprised principally of cash and cash equivalents, restricted cash, deferred tax assets, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments and operations, manufacturing facilities, and our mortgage and title subsidiaries. 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 periods indicated, were as follows (amounts in thousands):
| Nine months ended July 31, |  |  |  | Three months ended July 31, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Traditional Home Building: |  |  |  |  |  |  |
North | $ | 1,478 |  |  | $ | 17,860 |  |  | $ | 1,106 |  |  | $ | 212 |
Mid-Atlantic | 15,449 |  |  | 1,380 |  |  | 4,783 |  |  | 1,277 |
South | 2,619 |  |  | 7,418 |  |  | 630 |  |  | 3,072 |
Mountain | 427 |  |  | 102 |  |  | 167 |  |  | 87 |
Pacific | 1,961 |  |  | 76 |  |  | 4 |  |  | 31 |
Total | 21,934 |  |  | 26,836 |  |  | 6,690 |  |  | 4,679 |
City Living |  |  | 4,800 |  |  |  |  | — |
| $ | 21,934 |  |  | $ | 31,636 |  |  | $ | 6,690 |  |  | $ | 4,679 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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