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v3.23.1

Information on Segments (Tables) | 6 Months Ended
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Apr. 30, 2023
Segment Reporting [Abstract] |
Revenue and income (loss) before income taxes and total assets | 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.
Schedule of inventory impairments by segment | 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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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