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Segment Information | 12 Months Ended
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Nov. 30, 2024
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, 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 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, 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. 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 perio d s. The following tables present financial information relating to our homebuilding reporting segments (in thousands):
| Years Ended November 30,
| 2024 |  | 2023 |  | 2022
Revenues: |  |  |  |  |
West Coast | $2,932,058 |  | $2,321,093 |  | $3,050,506
Southwest | 1,309,950 |  | 1,169,948 |  | 1,110,045
Central | 1,452,794 |  | 1,831,914 |  | 1,749,231
Southeast | 1,207,437 |  | 1,058,151 |  | 970,580
Total | $6,902,239 |  | $6,381,106 |  | $6,880,362
| Years Ended November 30,
| 2024 |  | 2023 |  | 2022
Pretax income (loss): |  |  |  |  |
West Coast | $375,866 |  | $266,229 |  | $519,524
Southwest | 228,540 |  | 188,497 |  | 238,143
Central | 171,463 |  | 258,623 |  | 272,002
Southeast | 143,135 |  | 147,274 |  | 152,178
Corporate and other | (116,976) |  | (128,840) |  | (148,232)
Total | $802,028 |  | $731,783 |  | $1,033,615
Equity in income (loss) of unconsolidated joint ventures: |  |  |  |  |
West Coast | $6,241 |  | $(731) |  | $(612)
Southwest | (244) |  | (127) |  | (249)
Central | — |  | — |  | —
Southeast | 22 |  | 145 |  | (4)
Total | $6,019 |  | $(713) |  | $(865)
Inventory impairment and land option contract abandonment charges: |  |  |  |  |
West Coast | $2,941 |  | $4,902 |  | $27,354
Southwest | 267 |  | 57 |  | 900
Central | 843 |  | 2,461 |  | 3,318
Southeast | 546 |  | 4,004 |  | 5,729
Total | $4,597 |  | $11,424 |  | $37,301
| November 30,
| 2024 |  | 2023
Inventories: |  |  |
West Coast | $2,915,543 |  | $2,455,336
Southwest | 845,910 |  | 830,514
Central | 839,920 |  | 942,168
Southeast | 926,647 |  | 905,628
Total | $5,528,020 |  | $5,133,646
Investments in unconsolidated joint ventures: |  |  |
West Coast | $59,286 |  | $49,829
Southwest | 5,209 |  | 6,796
Central | — |  | —
Southeast | 2,525 |  | 2,503
Total | $67,020 |  | $59,128
Assets: |  |  |
West Coast | $3,178,188 |  | $2,638,455
Southwest | 915,072 |  | 908,578
Central | 1,001,393 |  | 1,158,949
Southeast | 972,993 |  | 939,997
Corporate and other | 801,600 |  | 945,504
Total | $6,869,246 |  | $6,591,483

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