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Information on Segments | 12 Months Ended
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Oct. 31, 2023
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, 2023, 2022, and 2021 (amounts in thousands).
| Revenue |  | Income (loss) before income taxes
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
North | $ | 1,494,127 |  |  | $ | 1,853,720 |  |  | $ | 2,011,896 |  |  | $ | 197,414 |  |  | $ | 280,829 |  |  | $ | 313,694 |
Mid-Atlantic | 1,175,348 |  |  | 1,148,966 |  |  | 1,076,900 |  |  | 243,464 |  |  | 189,485 |  |  | 128,494 |
South | 2,204,763 |  |  | 1,519,600 |  |  | 1,183,272 |  |  | 416,711 |  |  | 249,665 |  |  | 153,799 |
Mountain | 2,660,746 |  |  | 2,747,783 |  |  | 2,003,045 |  |  | 517,080 |  |  | 509,512 |  |  | 276,360 |
Pacific | 2,329,365 |  |  | 2,441,959 |  |  | 2,156,114 |  |  | 610,126 |  |  | 572,844 |  |  | 382,855 |
Total home building | 9,864,349 |  |  | 9,712,028 |  |  | 8,431,227 |  |  | 1,984,795 |  |  | 1,802,335 |  |  | 1,255,202 |
Corporate and other (1) | 1,677 |  |  | (858) |  |  | 519 |  |  | (142,424) |  |  | (98,609) |  |  | (154,887) |
| 9,866,026 |  |  | 9,711,170 |  |  | 8,431,746 |  |  | 1,842,371 |  |  | 1,703,726 |  |  | 1,100,315 |
Land sales and other revenue | 128,911 |  |  | 564,388 |  |  | 358,615 |  |  |  |  |  |  |
Total consolidated | $ | 9,994,937 |  |  | $ | 10,275,558 |  |  | $ | 8,790,361 |  |  | $ | 1,842,371 |  |  | $ | 1,703,726 |  |  | $ | 1,100,315 |
(1) Included in our fourth quarter of fiscal 2022 is a $141.2 million net gain related to a favorable litigation settlement as further discussed in Note 15, “Other Income - Net”. “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 at October 31, 2023 and 2022, are shown in the table below (amounts in thousands):
| 2023 |  | 2022
North | $ | 1,281,479 |  |  | $ | 1,464,995 |
Mid-Atlantic | 1,323,381 |  |  | 1,049,043 |
South | 2,399,055 |  |  | 2,137,568 |
Mountain | 2,666,874 |  |  | 2,785,603 |
Pacific | 2,175,776 |  |  | 2,174,065 |
Total home building | 9,846,565 |  |  | 9,611,274 |
Corporate and other | 2,680,453 |  |  | 2,677,440 |
Total consolidated | $ | 12,527,018 |  |  | $ | 12,288,714 |
“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 businesses, 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 communities |  | Land owned for future communities |  | Operating communities |  | Total
Balances at October 31, 2023 |  |  |  |  |  |  |
North | $ | 32,762 |  |  | $ | 31,253 |  |  | $ | 1,031,625 |  |  | $ | 1,095,640 |
Mid-Atlantic | 34,175 |  |  | 135,042 |  |  | 1,089,270 |  |  | 1,258,487 |
South | 40,335 |  |  | 198,467 |  |  | 1,908,468 |  |  | 2,147,270 |
Mountain | 12,443 |  |  | 129,326 |  |  | 2,426,113 |  |  | 2,567,882 |
Pacific | 53,460 |  |  | 169,325 |  |  | 1,765,514 |  |  | 1,988,299 |
Total consolidated | $ | 173,175 |  |  | $ | 663,413 |  |  | $ | 8,220,990 |  |  | $ | 9,057,578 |
Balances at October 31, 2022 |  |  |  |  |  |  |
North | $ | 25,876 |  |  | $ | 125,762 |  |  | $ | 1,142,060 |  |  | $ | 1,293,698 |
Mid-Atlantic | 50,425 |  |  | 245,208 |  |  | 700,844 |  |  | 996,477 |
South | 67,173 |  |  | 190,081 |  |  | 1,570,059 |  |  | 1,827,313 |
Mountain | 15,890 |  |  | 119,315 |  |  | 2,523,027 |  |  | 2,658,232 |
Pacific | 81,387 |  |  | 128,485 |  |  | 1,747,734 |  |  | 1,957,606 |
Total consolidated | $ | 240,751 |  |  | $ | 808,851 |  |  | $ | 7,683,724 |  |  | $ | 8,733,326 |
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, 2023, 2022, and 2021, are shown in the table below (amounts in thousands):
| 2023 |  | 2022 |  | 2021
North | $ | 677 |  |  | $ | 11,860 |  |  | $ | 12,194 |
Mid-Atlantic | 15,898 |  |  | 3,369 |  |  | 12,022 |
South | 1,766 |  |  | 3,391 |  |  | 662 |
Mountain | 5,662 |  |  | 4,091 |  |  | 379 |
Pacific | 6,703 |  |  | 10,030 |  |  | 1,278 |
Total consolidated | $ | 30,706 |  |  | $ | 32,741 |  |  | $ | 26,535 |
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 entities |  | Equity in earnings (losses) from unconsolidated entities
|  | At October 31, |  | Year ended October 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2021
North |  | $ | 65,285 |  |  | $ | 49,385 |  |  | $ | 972 |  |  | $ | 1,068 |  |  | $ | (641) |
Mid-Atlantic |  | 19,807 |  |  | 26,171 |  |  | 283 |  |  | (405) |  |  | 5,953 |
South |  | 169,004 |  |  | 174,901 |  |  | 13,520 |  |  | 20,065 |  |  | 12,619 |
Mountain |  | 61,363 |  |  | 53,046 |  |  | (211) |  |  | 494 |  |  | — |
Pacific |  | 100,980 |  |  | 89,196 |  |  | (414) |  |  | 248 |  |  | (17) |
Total home building |  | 416,439 |  |  | 392,699 |  |  | 14,150 |  |  | 21,470 |  |  | 17,914 |
Corporate and other |  | 542,602 |  |  | 459,615 |  |  | 35,948 |  |  | 2,253 |  |  | 56,121 |
Total consolidated |  | $ | 959,041 |  |  | $ | 852,314 |  |  | $ | 50,098 |  |  | $ | 23,723 |  |  | $ | 74,035 |
“Corporate and other” is comprised of our investments in the Rental Property Joint Ventures and the Gibraltar Joint Ventures.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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