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Segment Information
12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment Information
Segment Information

We operate two principal businesses: homebuilding and financial services.
Our homebuilding operations consist of six homebuilding companies, each operating under different brand names, where we acquire and develop land and construct and sell single-family detached and attached 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, brand names, and underlying demand and supply. Based upon the above factors, our homebuilding operations are comprised of the following six reportable segments: Maracay Homes, consisting of operations in Arizona; Pardee Homes, consisting of operations in California and Nevada; Quadrant Homes, consisting of operations in Washington; Trendmaker Homes, consisting of operations in Texas; TRI Pointe Homes, consisting of operations in California and Colorado; and Winchester Homes, consisting of operations in Maryland and Virginia.
Our financial services reportable segment (“TRI Pointe Solutions”) is comprised of mortgage financing operations and title services operations.  Our mortgage financing operation (“TRI Pointe Connect”) provides mortgage financing to our homebuyers in all of the markets in which we operate.  TRI Pointe Connect was formed as a joint venture with imortgage and is accounted for under the equity method of accounting.  Our title services operation (“TRI Pointe Assurance”) provides title examinations for our homebuyers in our Trendmaker Homes and Winchester Homes brands.  TRI Pointe Assurance is a wholly owned subsidiary of TRI Pointe Group and acts as a title agency for First American Title Insurance Company.
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, internal audit 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, Organization and Summary of Significant Accounting Policies. 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 before income taxes for each of our reportable segments were as follows (in thousands):
 
 
2016
 
2015
 
2014
Revenues
 
 
 
 
 
Maracay Homes
$
255,253

 
$
185,645

 
$
150,689

Pardee Homes
730,848

 
670,063

 
525,381

Quadrant Homes
213,221

 
189,401

 
145,377

Trendmaker Homes
244,001

 
278,759

 
281,270

TRI Pointe Homes
723,186

 
774,005

 
324,208

Winchester Homes
237,413

 
302,276

 
276,691

Total homebuilding revenues
2,403,922

 
2,400,149

 
1,703,616

Financial services
1,220

 
1,010

 

Total
$
2,405,142

 
$
2,401,159

 
$
1,703,616

Income before taxes
 

 
 

 
 

Maracay Homes
$
17,189

 
$
9,849

 
$
10,845

Pardee Homes
204,237

 
183,077

 
74,898

Quadrant Homes
21,209

 
10,478

 
9,028

Trendmaker Homes
15,353

 
25,004

 
31,684

TRI Pointe Homes
62,013

 
104,970

 
19,272

Winchester Homes
16,147

 
22,411

 
24,612

Corporate (1)
(39,698
)
 
(38,589
)
 
(42,350
)
Total homebuilding income before income taxes
296,450

 
317,200

 
127,989

Financial services
5,777

 
2,060

 
(25
)
Total
$
302,227

 
$
319,260

 
$
127,964

 
(1) 
Includes $18.0 million of Merger related transaction costs and $5.5 million of restructuring charges for the year ended December 31, 2014.  No similar costs were incurred for the years ended December 31, 2016 or 2015, respectively.

Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):
 
 
December 31, 2016
 
December 31, 2015
Real estate inventories
 

 
 

Maracay Homes
$
228,965

 
$
206,912

Pardee Homes
1,098,608

 
1,011,982

Quadrant Homes
221,386

 
190,038

Trendmaker Homes
211,035

 
199,398

TRI Pointe Homes
868,088

 
659,130

Winchester Homes
282,545

 
251,813

Total
$
2,910,627

 
$
2,519,273

Total assets
 

 
 

Maracay Homes
$
255,466

 
$
227,857

Pardee Homes
1,201,302

 
1,089,586

Quadrant Homes
242,208

 
202,024

Trendmaker Homes
225,025

 
213,562

TRI Pointe Homes
1,052,400

 
832,423

Winchester Homes
305,379

 
278,374

Corporate
275,923

 
292,169

Total homebuilding assets
3,557,703

 
3,135,995

Financial services
6,937

 
2,076

Total
$
3,564,640

 
$
3,138,071