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Information on Segments | 6 Months Ended
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Apr. 30, 2025
Segment Reporting [Abstract] |
Information on Segments | Information on Segments We operate in the following five geographic segments, with 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 April 30, |  | Six months ended April 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
North | $ | 378,489 |  |  | $ | 335,215 |  |  | $ | 633,201 |  |  | $ | 607,872 |
Mid-Atlantic | 321,757 |  |  | 376,110 |  |  | 557,997 |  |  | 640,264 |
South | 758,635 |  |  | 658,374 |  |  | 1,264,908 |  |  | 1,191,260 |
Mountain | 755,874 |  |  | 603,568 |  |  | 1,312,578 |  |  | 1,056,949 |
Pacific | 492,184 |  |  | 674,687 |  |  | 779,348 |  |  | 1,083,679 |
Total home building | 2,706,939 |  |  | 2,647,954 |  |  | 4,548,032 |  |  | 4,580,024 |
Corporate and other | (486) |  |  | (934) |  |  | (803) |  |  | (1,168) |
| 2,706,453 |  |  | 2,647,020 |  |  | 4,547,229 |  |  | 4,578,856 |
Land sales and other revenues (1) | 32,624 |  |  | 190,466 |  |  | 50,979 |  |  | 206,478 |
Total consolidated | $ | 2,739,077 |  |  | $ | 2,837,486 |  |  | $ | 4,598,208 |  |  | $ | 4,785,334 |
Income (loss) before income taxes: |  |  |  |  |  |  |
North | $ | 82,168 |  |  | $ | 51,422 |  |  | $ | 110,361 |  |  | $ | 84,443 |
Mid-Atlantic | 63,228 |  |  | 254,525 |  |  | 96,657 |  |  | 304,043 |
South | 162,842 |  |  | 126,465 |  |  | 253,258 |  |  | 224,895 |
Mountain | 137,928 |  |  | 81,950 |  |  | 218,668 |  |  | 162,114 |
Pacific | 89,703 |  |  | 170,881 |  |  | 127,816 |  |  | 274,534 |
Total home building | 535,869 |  |  | 685,243 |  |  | 806,760 |  |  | 1,050,029 |
Corporate and other | (58,366) |  |  | (35,464) |  |  | (107,875) |  |  | (89,089) |
Total consolidated | $ | 477,503 |  |  | $ | 649,779 |  |  | $ | 698,885 |  |  | $ | 960,940 |
(1) Included in the three and six months ended April 30, 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 Other Joint Ventures. Land sales and other revenues 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,
| 2025 |  | 2024 |  | 2025 |  | 2024
North | $ | — |  |  | $ | 140 |  |  | 17,155 |  |  | 140 |
Mid-Atlantic | 23,427 |  |  | 185,176 |  |  | 23,683 |  |  | 192,971 |
South | 640 |  |  | 2,745 |  |  | 1,477 |  |  | 6,385 |
Mountain | — |  |  | — |  |  | — |  |  | 4,577 |
Pacific | — |  |  | — |  |  | 107 |  |  | — |
Total home building | 24,067 |  |  | 188,061 |  |  | 42,422 |  |  | 204,073 |
Corporate and other | 8,557 |  |  | 2,405 |  |  | 8,557 |  |  | 2,405 |
Total consolidated | $ | 32,624 |  |  | $ | 190,466 |  |  | $ | 50,979 |  |  | $ | 206,478 |
“Corporate and other” is comprised principally of activities from our apartment rental development business. Total assets for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands):
| April 30, 2025 |  | October 31, 2024
North | $ | 1,526,124 |  |  | $ | 1,425,738 |
Mid-Atlantic | 1,623,888 |  |  | 1,444,951 |
South | 2,996,835 |  |  | 2,514,446 |
Mountain | 3,162,007 |  |  | 2,950,806 |
Pacific | 2,720,556 |  |  | 2,266,829 |
Total home building | 12,029,410 |  |  | 10,602,770 |
Corporate and other | 2,166,414 |  |  | 2,765,162 |
Total consolidated | $ | 14,195,824 |  |  | $ | 13,367,932 |
“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, 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 April 30, |  | Six months ended April 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
North | $ | 580 |  |  | $ | 38 |  |  | $ | 785 |  |  | $ | 533 |
Mid-Atlantic | 298 |  |  | 2,703 |  |  | 4,065 |  |  | 2,895 |
South | 620 |  |  | 647 |  |  | 4,979 |  |  | 727 |
Mountain | 7,301 |  |  | 25,000 |  |  | 14,795 |  |  | 25,674 |
Pacific | 1,000 |  |  | 40 |  |  | 1,592 |  |  | 70 |
Total consolidated | $ | 9,799 |  |  | $ | 28,428 |  |  | $ | 26,216 |  |  | $ | 29,899 |
We have also recognized $1.8 million of land impairment charges included in land sales and other cost of revenues during the six-month period ended April 30, 2025. No similar charges were incurred during the three-month period ended April 30, 2025. We recognized $0.6 million of similar charges during the three-month and six-month periods ended April 30, 2024, which was in our Mid-Atlantic segment.

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- Definition The entire disclosure for reporting segments including data and tables. 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