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Segment Information | 3 Months Ended
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Feb. 28, 2014
Segment Reporting [Abstract] |
Segment Information | Segment Information As of February 28, 2014, we had identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment, within our consolidated operations in accordance with Accounting Standards Codification Topic No. 280, “Segment Reporting.” As of February 28, 2014, our homebuilding reporting segments conducted ongoing operations in the following states: West Coast: California Southwest: Arizona and Nevada Central: Colorado, New Mexico and Texas Southeast: Florida, Maryland, North Carolina and Virginia Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, move-up and active adult homebuyers. Our homebuilding reporting segments were identified based primarily on similarities in economic and geographic characteristics, product types, regulatory environments, methods used to sell and construct homes and land acquisition characteristics. We evaluate segment performance primarily based on segment pretax results. Our financial services reporting segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to our homebuyers in the same markets as our homebuilding reporting segments, and provides title services in the majority of our markets within our Central and Southeast homebuilding reporting segments. This segment also earns revenues pursuant to the terms of a marketing services agreement with Nationstar Mortgage LLC (“Nationstar”), our preferred mortgage lender that offers mortgage banking services, including residential consumer mortgage loan (“mortgage loan”) originations, to our homebuyers who elect to use the lender. Our homebuyers are under no obligation to use our preferred mortgage lender and may select any lender of their choice to obtain mortgage financing for the purchase of a home. Except as discussed below, we have had no affiliation, ownership, joint venture or other interests in or with our preferred mortgage lender or its affiliates, or with respect to the revenues or income that may have been generated from their provision of mortgage banking services to, or origination of mortgage loans for, our homebuyers. On January 21, 2013, we entered into an agreement with Nationstar to form Home Community Mortgage, LLC (“Home Community Mortgage”), a mortgage banking company that will offer an array of mortgage banking services to our homebuyers. We have a 49.9% ownership interest and Nationstar has a 50.1% ownership interest in Home Community Mortgage, with Nationstar providing management oversight of Home Community Mortgage’s operations. Nationstar will continue as our preferred mortgage lender until Home Community Mortgage begins offering mortgage banking services. Home Community Mortgage is accounted for as an unconsolidated joint venture within our financial services reporting segment. Corporate and other is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as promotional marketing, legal, purchasing administration, architecture, accounting, treasury, insurance and risk management, information technology and human resources, to benefit from economies of scale. Corporate and other includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate and other is allocated to the homebuilding reporting segments. Our segments follow the same accounting policies used for our consolidated financial statements. The results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods. The following tables present financial information relating to our segments (in thousands):
| Three Months Ended February 28,
| 2014 |  | 2013
Revenues: |  |  |
West Coast | $ | 181,721 |  |  | $ | 206,104 |
Southwest | 46,115 |  |  | 31,831 |
Central | 125,162 |  |  | 106,492 |
Southeast | 95,269 |  |  | 58,389 |
Total homebuilding revenues | 448,267 |  |  | 402,816 |
Financial services | 2,420 |  |  | 2,403 |
Total | $ | 450,687 |  |  | $ | 405,219 |
Pretax income (loss): |  |  |
West Coast | $ | 18,365 |  |  | $ | 9,842 |
Southwest | 1,285 |  |  | (749 | )
Central | 2,776 |  |  | 136 |
Southeast | 3,841 |  |  | (8,324 | )
Corporate and other | (17,066 | ) |  | (15,922 | )
Total homebuilding pretax income (loss) | 9,201 |  |  | (15,017 | )
Financial services | 1,562 |  |  | 2,659 |
Total | $ | 10,763 |  |  | $ | (12,358 | )
Equity in income (loss) of unconsolidated joint ventures: |  |  |
West Coast | $ | (38 | ) |  | $ | (33 | )
Southwest | (663 | ) |  | (525 | )
Central | — |  |  | — |
Southeast | 3,291 |  |  | 123 |
Total | $ | 2,590 |  |  | $ | (435 | )
Land option contract abandonments: |  |  |
West Coast | $ | — |  |  | $ | — |
Southwest | — |  |  | — |
Central | 433 |  |  | — |
Southeast | — |  |  | — |
Total | $ | 433 |  |  | $ | — |
| February 28, 2014 |  | November 30, 2013
Inventories: |  |  |
Homes under construction |  |  |
West Coast | $ | 321,787 |  |  | $ | 275,516 |
Southwest | 34,278 |  |  | 39,661 |
Central | 173,194 |  |  | 157,572 |
Southeast | 104,137 |  |  | 113,690 |
Subtotal | 633,396 |  |  | 586,439 |
Land under development |  |  |
West Coast | 659,753 |  |  | 560,032 |
Southwest | 237,788 |  |  | 106,654 |
Central | 285,407 |  |  | 238,311 |
Southeast | 180,392 |  |  | 161,919 |
Subtotal | 1,363,340 |  |  | 1,066,916 |
Land held for future development |  |  |
West Coast | 306,902 |  |  | 308,636 |
Southwest | 147,865 |  |  | 157,924 |
Central | 23,746 |  |  | 15,193 |
Southeast | 159,695 |  |  | 163,469 |
Subtotal | 638,208 |  |  | 645,222 |
Total | $ | 2,634,944 |  |  | $ | 2,298,577 |
Investments in unconsolidated joint ventures: |  |  |
West Coast | $ | 44,598 |  |  | $ | 40,246 |
Southwest | 13,549 |  |  | 80,877 |
Central | — |  |  | — |
Southeast | 2,501 |  |  | 9,069 |
Total | $ | 60,648 |  |  | $ | 130,192 |
Assets: |  |  |
West Coast | $ | 1,395,759 |  |  | $ | 1,230,761 |
Southwest | 453,062 |  |  | 402,443 |
Central | 546,222 |  |  | 465,547 |
Southeast | 461,442 |  |  | 456,965 |
Corporate and other | 382,301 |  |  | 627,879 |
Total homebuilding assets | 3,238,786 |  |  | 3,183,595 |
Financial services | 9,386 |  |  | 10,040 |
Total | $ | 3,248,172 |  |  | $ | 3,193,635 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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