XML 32 R20.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Information on Segments | 9 Months Ended
--- | ---
Jul. 31, 2024
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: •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; •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. 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 July 31, |  | Nine months ended July 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
North | $ | 375,119 |  |  | $ | 377,744 |  |  | $ | 982,991 |  |  | $ | 1,081,854 |
Mid-Atlantic | 335,721 |  |  | 288,480 |  |  | 975,985 |  |  | 787,184 |
South | 776,262 |  |  | 632,572 |  |  | 1,967,522 |  |  | 1,544,804 |
Mountain | 670,027 |  |  | 726,004 |  |  | 1,726,976 |  |  | 1,880,450 |
Pacific | 566,336 |  |  | 648,447 |  |  | 1,650,015 |  |  | 1,619,085 |
Total home building | 2,723,465 |  |  | 2,673,247 |  |  | 7,303,489 |  |  | 6,913,377 |
Corporate and other | 1,007 |  |  | 1,355 |  |  | (161) |  |  | 745 |
| 2,724,472 |  |  | 2,674,602 |  |  | 7,303,328 |  |  | 6,914,122 |
Land sales and other revenues (1) | 3,472 |  |  | 13,040 |  |  | 209,950 |  |  | 60,668 |
Total consolidated | $ | 2,727,944 |  |  | $ | 2,687,642 |  |  | $ | 7,513,278 |  |  | $ | 6,974,790 |
Income (loss) before income taxes: |  |  |  |  |  |  |
North | $ | 64,615 |  |  | $ | 49,087 |  |  | $ | 149,058 |  |  | $ | 136,643 |
Mid-Atlantic | 73,470 |  |  | 71,132 |  |  | 377,513 |  |  | 158,482 |
South | 161,177 |  |  | 126,861 |  |  | 386,072 |  |  | 268,028 |
Mountain | 113,785 |  |  | 146,757 |  |  | 275,899 |  |  | 368,003 |
Pacific | 145,911 |  |  | 183,371 |  |  | 420,445 |  |  | 419,872 |
Total home building | 558,958 |  |  | 577,208 |  |  | 1,608,987 |  |  | 1,351,028 |
Corporate and other | (55,331) |  |  | (24,191) |  |  | (144,420) |  |  | (113,623) |
Total consolidated | $ | 503,627 |  |  | $ | 553,017 |  |  | $ | 1,464,567 |  |  | $ | 1,237,405 |
(1) Included in the nine months ended July 31, 2024 is a $185.0 million land sale related to our Mid-Atlantic segment, as further discussed in Note 1, “Significant Accounting Policies”. “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, as of the dates indicated, are shown in the table below (amounts in thousands):
| July 31, 2024 |  | October 31, 2023
North | $ | 1,533,394 |  |  | $ | 1,281,479 |
Mid-Atlantic | 1,505,684 |  |  | 1,323,381 |
South | 2,627,920 |  |  | 2,399,055 |
Mountain | 3,038,021 |  |  | 2,666,874 |
Pacific | 2,345,041 |  |  | 2,175,776 |
Total home building | 11,050,060 |  |  | 9,846,565 |
Corporate and other | 2,309,651 |  |  | 2,680,453 |
Total consolidated | $ | 13,359,711 |  |  | $ | 12,527,018 |
“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 operations, 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 July 31, |  | Nine months ended July 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
North | $ | 390 |  |  | $ | 158 |  |  | $ | 923 |  |  | $ | 590 |
Mid-Atlantic | 2,690 |  |  | 2,225 |  |  | 5,585 |  |  | 8,545 |
South | 2,289 |  |  | 921 |  |  | 3,016 |  |  | 1,402 |
Mountain | 32 |  |  | 42 |  |  | 25,706 |  |  | 5,659 |
Pacific | 58 |  |  | 18 |  |  | 128 |  |  | 6,241 |
Total consolidated | $ | 5,459 |  |  | $ | 3,364 |  |  | $ | 35,358 |  |  | $ | 22,437 |
We have also recognized $3.8 million of land impairment charges included in land sales and other cost of revenues during the three-month period ended July 31, 2024, which was in our Corporate and other segment. No land impairment charges were recognized in land sales and other costs of revenues in the three-month period ended July 31, 2023. In the nine-month period ended July 31, 2024, we recognized land impairment charges of $4.4 million of which $3.8 million and $0.6 million were in our Corporate and other and Mid-Atlantic segments, respectively. In the nine-month period ended July 31, 2023, we recognized $17.7 million of similar charges 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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -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 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: 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 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: 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 22: 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 23: 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 24: 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 25: 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration