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Information on Segments | 6 Months Ended
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Apr. 30, 2023
Segment Reporting [Abstract] |
Information on Segments | Information on Segments We operate in the following five geographic segments, with current operations generally located in the states listed below: Eastern Region: •The North region: Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Jersey, New York and Pennsylvania; •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; •The Pacific region: California, Oregon and Washington. Our geographic reporting segments are consistent with how our chief operating decision makers are assessing operating performance and allocating capital. At October 31, 2022, we concluded that our City Living operations were no longer a reportable operating segment, primarily due to their insignificance as a result of the change in structure and shift in strategy. Amounts reported in prior periods have been restated to conform to the fiscal 2023 presentation. The realignment did not have any impact on our consolidated financial position, results of operations, earnings per share or cash flows for the periods presented. Revenues and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands):
| Three months ended April 30, |  | Six months ended April 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
|  |  | (restated) |  |  |  | (restated)
Revenues: |  |  |  |  |  |  |
North | $ | 381,316 |  |  | $ | 398,907 |  |  | $ | 704,110 |  |  | $ | 754,041 |
Mid-Atlantic | 309,587 |  |  | 268,250 |  |  | 498,704 |  |  | 511,127 |
South | 519,351 |  |  | 326,351 |  |  | 912,232 |  |  | 569,870 |
Mountain | 674,234 |  |  | 653,558 |  |  | 1,154,446 |  |  | 1,115,858 |
Pacific | 605,870 |  |  | 541,495 |  |  | 970,638 |  |  | 926,444 |
Total home building | 2,490,358 |  |  | 2,188,561 |  |  | 4,240,130 |  |  | 3,877,340 |
Corporate and other | (260) |  |  | (2,032) |  |  | (610) |  |  | (3,459) |
| 2,490,098 |  |  | 2,186,529 |  |  | 4,239,520 |  |  | 3,873,881 |
Land sales and other revenues | 16,881 |  |  | 91,012 |  |  | 47,628 |  |  | 194,741 |
Total consolidated | $ | 2,506,979 |  |  | $ | 2,277,541 |  |  | $ | 4,287,148 |  |  | $ | 4,068,622 |
Income (loss) before income taxes: |  |  |  |  |  |  |
North | $ | 50,922 |  |  | $ | 50,717 |  |  | $ | 87,556 |  |  | $ | 96,384 |
Mid-Atlantic | 64,428 |  |  | 43,837 |  |  | 87,351 |  |  | 77,285 |
South | 88,721 |  |  | 42,974 |  |  | 141,167 |  |  | 65,551 |
Mountain | 133,942 |  |  | 104,962 |  |  | 221,246 |  |  | 175,973 |
Pacific | 157,524 |  |  | 116,743 |  |  | 236,501 |  |  | 179,798 |
Total home building | 495,537 |  |  | 359,233 |  |  | 773,821 |  |  | 594,991 |
Corporate and other | (64,945) |  |  | (63,418) |  |  | (89,433) |  |  | (98,360) |
Total consolidated | $ | 430,592 |  |  | $ | 295,815 |  |  | $ | 684,388 |  |  | $ | 496,631 |
“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 business, 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):
| April 30, 2023 |  | October 31, 2022
North | $ | 1,394,986 |  |  | $ | 1,464,995 |
Mid-Atlantic | 1,143,351 |  |  | 1,049,043 |
South | 2,371,522 |  |  | 2,137,568 |
Mountain | 2,781,482 |  |  | 2,785,603 |
Pacific | 2,240,371 |  |  | 2,174,065 |
Total home building | 9,931,712 |  |  | 9,611,274 |
Corporate and other | 2,057,764 |  |  | 2,677,440 |
Total consolidated | $ | 11,989,476 |  |  | $ | 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, and our mortgage and title subsidiaries. The amounts we have provided for inventory impairment charges and the expensing of costs that we believe not to be recoverable, for the periods indicated, which are included in home sales cost of revenues, were as follows (amounts in thousands):
| Three months ended April 30, |  | Six months ended April 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
|  |  | (restated) |  |  |  | (restated)
North | $ | 290 |  |  | $ | 443 |  |  | $ | 431 |  |  | $ | 769 |
Mid-Atlantic | 5,080 |  |  | 706 |  |  | 6,320 |  |  | 1,145 |
South | 30 |  |  | 466 |  |  | 481 |  |  | 609 |
Mountain | 5,487 |  |  | 342 |  |  | 5,618 |  |  | 444 |
Pacific | 182 |  |  | 235 |  |  | 6,223 |  |  | 1,458 |
Total consolidated | $ | 11,069 |  |  | $ | 2,192 |  |  | $ | 19,073 |  |  | $ | 4,425 |
We have also recognized $4.7 million of land impairment charges included in land sales and other cost of revenues during the three-month period ended April 30, 2023, of which $2.2 million and $2.5 million were in our Pacific and Corporate and other segments, respectively. In the six-month period ended April 30, 2023, we recognized $17.7 million of land impairment charges included in land sales and other cost of revenues, of which $2.7 million, $10.3 million, $2.2 million, and $2.5 million were in our North, Mid-Atlantic, Pacific and Corporate and other segments, respectively. We recognized $5.2 million of similar charges in our North segment during the three-month or six-month periods ended April 30, 2022

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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