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Segment Information | 9 Months Ended
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Aug. 31, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of August 31, 2024, 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 reporting segment earns revenues primarily from insurance commissions and from the provision of title services. We offer mortgage banking services, including residential consumer mortgage loan (“mortgage loan”) originations, to our homebuyers indirectly through KBHS Home Loans, LLC (“KBHS”), our unconsolidated joint venture with GR Alliance Ventures, LLC (“GR Alliance”), a subsidiary of Guaranteed Rate, Inc. We and GR Alliance each have a 50.0% ownership interest, with GR Alliance providing management oversight of KBHS’ operations. Our reporting segments follow the same accounting policies used for our consolidated financial statements. 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):
| Three Months Ended August 31, |  | Nine Months Ended August 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
West Coast | $ | 760,617 |  |  | $ | 506,802 |  |  | $ | 2,017,336 |  |  | $ | 1,611,171 |
Southwest | 312,812 |  |  | 306,284 |  |  | 954,602 |  |  | 881,699 |
Central | 372,862 |  |  | 506,640 |  |  | 1,069,136 |  |  | 1,441,805 |
Southeast | 299,688 |  |  | 259,993 |  |  | 868,115 |  |  | 781,427 |
Total | $ | 1,745,979 |  |  | $ | 1,579,719 |  |  | $ | 4,909,189 |  |  | $ | 4,716,102 |
Pretax income (loss): |  |  |  |  |  |  |
West Coast | $ | 99,222 |  |  | $ | 55,034 |  |  | $ | 252,099 |  |  | $ | 169,683 |
Southwest | 54,826 |  |  | 46,193 |  |  | 165,302 |  |  | 147,341 |
Central | 43,304 |  |  | 75,421 |  |  | 128,446 |  |  | 213,239 |
Southeast | 33,003 |  |  | 38,495 |  |  | 103,827 |  |  | 110,951 |
Corporate and other | (33,879) |  |  | (30,521) |  |  | (82,254) |  |  | (96,875) |
Total | $ | 196,476 |  |  | $ | 184,622 |  |  | $ | 567,420 |  |  | $ | 544,339 |
|  | Three Months Ended August 31, |  | Nine Months Ended August 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Inventory impairment and land option contract abandonment charges: |  |  |  |  |  |  |  |
West Coast |  | $ | 496 |  |  | $ | 400 |  |  | $ | 2,441 |  |  | $ | 4,348 |
Southwest |  | — |  |  | — |  |  | 116 |  |  | — |
Central |  | 469 |  |  | 231 |  |  | 725 |  |  | 2,310 |
Southeast |  | 212 |  |  | — |  |  | 403 |  |  | 3,549 |
Total |  | $ | 1,177 |  |  | $ | 631 |  |  | $ | 3,685 |  |  | $ | 10,207 |
| August 31, 2024 |  | November 30, 2023
Assets: |  |  |
West Coast | $ | 3,117,670 |  |  | $ | 2,638,455 |
Southwest | 962,585 |  |  | 908,578 |
Central | 1,068,714 |  |  | 1,158,949 |
Southeast | 1,041,912 |  |  | 939,997 |
Corporate and other | 586,220 |  |  | 945,504 |
Total | $ | 6,777,101 |  |  | $ | 6,591,483 |

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