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Segment Information
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Segment Information

4.

Segment Information

Our operations consist of six homebuilding companies where we acquire and develop land and construct and sell single-family homes. In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based on our aggregation analysis, we have not exercised any aggregation of our operating segments, which are represented by the following six reportable segments: Maracay, consisting of operations in Arizona; Pardee, consisting of operations in California and Nevada; Quadrant, consisting of operations in Washington; Trendmaker, consisting of operations in Texas; TRI Pointe, consisting of operations in California and Colorado; and Winchester, consisting of operations in Maryland and Virginia.

Corporate 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 marketing, legal, accounting, treasury, insurance and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. A portion of the expenses incurred by Corporate is allocated to the homebuilding reporting segments.

The reportable segments follow the same accounting policies as our consolidated financial statements described in Note 1. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.

Total revenues and income from continuing operations before income taxes for each of our reportable segments were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

Total revenues

 

 

 

 

 

 

 

 

 

 

 

 

Maracay

 

$

150,689

 

 

$

145,822

 

 

$

103,222

 

Pardee

 

 

525,381

 

 

 

519,074

 

 

 

356,489

 

Quadrant

 

 

145,377

 

 

 

127,237

 

 

 

127,785

 

Trendmaker

 

 

281,270

 

 

 

260,566

 

 

 

298,396

 

TRI Pointe

 

 

324,208

 

 

 

—

 

 

 

—

 

Winchester

 

 

276,691

 

 

 

222,013

 

 

 

184,414

 

 

 

$

1,703,616

 

 

$

1,274,712

 

 

$

1,070,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before taxes

 

 

 

 

 

 

 

 

 

 

 

 

Maracay

 

$

10,845

 

 

$

10,438

 

 

$

5,347

 

Pardee

 

 

74,898

 

 

 

(258,138

)

 

 

87,691

 

Quadrant

 

 

9,028

 

 

 

1,504

 

 

 

(2,851

)

Trendmaker

 

 

31,684

 

 

 

28,452

 

 

 

29,472

 

TRI Pointe

 

 

19,272

 

 

 

—

 

 

 

—

 

Winchester

 

 

24,612

 

 

 

24,561

 

 

 

18,537

 

Corporate (1)

 

 

(42,375

)

 

 

(44,271

)

 

 

(38,567

)

 

 

$

127,964

 

 

$

(237,454

)

 

$

99,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairments and lot option abandonments

 

 

 

 

 

 

 

 

 

 

 

 

Maracay

 

$

443

 

 

$

203

 

 

$

181

 

Pardee

 

 

306

 

 

 

343,661

 

 

 

133

 

Quadrant

 

 

1,059

 

 

 

1,146

 

 

 

2,575

 

Trendmaker

 

 

45

 

 

 

7

 

 

 

—

 

TRI Pointe

 

 

49

 

 

 

—

 

 

 

—

 

Winchester

 

 

613

 

 

 

431

 

 

 

702

 

Corporate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

$

2,515

 

 

$

345,448

 

 

$

3,591

 

 

(1)

Includes $18.0 million of Merger related transaction costs and $5.5 million of restructuring charges for the year ended December 31, 2014.

 

Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

 

 

Real estate inventories

 

 

 

 

 

 

 

 

Maracay

 

$

153,577

 

 

$

131,380

 

Pardee

 

 

924,362

 

 

 

875,618

 

Quadrant

 

 

153,493

 

 

 

113,088

 

Trendmaker

 

 

176,696

 

 

 

130,973

 

TRI Pointe

 

 

613,666

 

 

 

—

 

Winchester

 

 

258,389

 

 

 

214,467

 

 

 

$

2,280,183

 

 

$

1,465,526

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

 

 

Maracay

 

$

170,932

 

 

$

138,552

 

Pardee

 

 

1,000,489

 

 

 

976,262

 

Quadrant

 

 

167,796

 

 

 

125,456

 

Trendmaker

 

 

195,829

 

 

 

134,628

 

TRI Pointe

 

 

764,001

 

 

 

—

 

Winchester

 

 

281,547

 

 

 

234,419

 

Corporate and Other

 

 

332,930

 

 

 

301,147

 

 

 

$

2,913,524

 

 

$

1,910,464