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Segment Information
 12 Months Ended
Nov. 30, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
An operating segment is defined as a component of an enterprise for which separate financial information is available and for which segment results are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. We have identified each of our homebuilding divisions as an operating segment. Our homebuilding operating segments have been aggregated into four homebuilding reporting segments 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 also have one financial services reporting segment. Management evaluates segment performance primarily based on segment pretax results.
As of November 30, 2022, our homebuilding reporting segments conducted ongoing operations in the following states:
West Coast:California, Idaho and Washington
Southwest:Arizona and Nevada
Central:Colorado and Texas
Southeast:Florida and North Carolina
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, first move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land.
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 located within our Southwest, Central and Southeast homebuilding reporting segments. Our financial services segment earns revenues primarily from insurance commissions and from the provision of title services.
We offer mortgage banking services, including mortgage loan originations, to our homebuyers indirectly through KBHS, our unconsolidated joint venture with GR Alliance. We and GR Alliance each have a 50.0% ownership interest, with GR Alliance providing management oversight of KBHS’ operations. The financial services reporting segment is separately reported in our consolidated financial statements.
Corporate and other is a non-operating segment that develops and oversees the implementation of company-wide strategic initiatives and provides support to our reporting segments by centralizing certain administrative functions. Corporate management is responsible for, among other things, evaluating and selecting the geographic markets in which we operate, consistent with our overall business strategy; allocating capital resources to markets for land acquisition and development activities; making major personnel decisions related to employee compensation and benefits; and monitoring the financial and operational performance of our divisions. 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 our homebuilding reporting segments.
Our reporting segments follow the same accounting policies used for our consolidated financial statements as described in Note 1 – Summary of Significant Accounting Policies. The results of each reporting 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 homebuilding reporting segments (in thousands):
 Years Ended November 30,
 202220212020
Revenues:
West Coast$3,050,506 $2,552,382 $1,748,582 
Southwest1,110,045 965,139 796,810 
Central1,749,231 1,503,857 1,192,869 
Southeast970,580 683,651 429,441 
Total
$6,880,362 $5,705,029 $4,167,702 
Pretax income (loss):
West Coast$519,524 $345,714 $151,039 
Southwest238,143 186,351 133,386 
Central272,002 200,159 128,802 
Southeast152,178 77,663 22,950 
Corporate and other(148,232)(152,976)(104,677)
Total $1,033,615 $656,911 $331,500 
Equity in income (loss) of unconsolidated joint ventures:
West Coast$(612)$62 $12,972 
Southwest(249)(466)(497)
Central— — — 
Southeast(4)(1)(1)
Total$(865)$(405)$12,474 
Inventory impairment and land option contract abandonment charges:
West Coast$27,354 $11,046 $21,941 
Southwest900 536 570 
Central3,318 131 5,520 
Southeast5,729 240 638 
Total$37,301 $11,953 $28,669 
 November 30,
 20222021
Inventories:
West Coast$2,425,141 $2,300,096 
Southwest993,059 875,438 
Central1,278,420 995,811 
Southeast846,556 631,484 
Total$5,543,176 $4,802,829 
 November 30,
 20222021
Investments in unconsolidated joint ventures:
West Coast$41,597 $33,576 
Southwest2,680 — 
Central— — 
Southeast2,508 2,512 
Total$46,785 $36,088 
Assets:
West Coast$2,631,598 $2,520,374 
Southwest1,074,912 938,300 
Central1,493,486 1,168,242 
Southeast929,208 684,752 
Corporate and other463,194 480,048 
Total$6,592,398 $5,791,716