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Segment Information
9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Segment Information

4.

Segment Information

Our operations consist of six homebuilding companies that 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 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.

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 before taxes for each of our reportable segments were as follows (in thousands):

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Total revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maracay Homes

 

$

50,505

 

 

$

37,301

 

 

$

116,556

 

 

$

107,576

 

Pardee Homes

 

 

172,957

 

 

 

134,409

 

 

 

424,680

 

 

 

352,118

 

Quadrant Homes

 

 

48,173

 

 

 

32,919

 

 

 

132,698

 

 

 

96,958

 

Trendmaker Homes

 

 

81,044

 

 

 

69,711

 

 

 

203,235

 

 

 

198,867

 

TRI Pointe Homes

 

 

224,544

 

 

 

123,445

 

 

 

462,136

 

 

 

123,445

 

Winchester Homes

 

 

70,918

 

 

 

80,135

 

 

 

181,611

 

 

 

189,651

 

Total

 

$

648,141

 

 

$

477,920

 

 

$

1,520,916

 

 

$

1,068,615

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maracay Homes

 

$

3,750

 

 

$

2,212

 

 

$

5,858

 

 

$

8,222

 

Pardee Homes

 

 

39,749

 

 

 

21,787

 

 

 

121,041

 

 

 

47,580

 

Quadrant Homes

 

 

3,982

 

 

 

649

 

 

 

6,329

 

 

 

6,889

 

Trendmaker Homes

 

 

7,496

 

 

 

7,327

 

 

 

17,896

 

 

 

21,529

 

TRI Pointe Homes

 

 

29,556

 

 

 

8,685

 

 

 

55,251

 

 

 

8,685

 

Winchester Homes

 

 

1,726

 

 

 

6,941

 

 

 

8,064

 

 

 

17,978

 

Corporate

 

 

(8,469

)

 

 

(30,615

)

 

 

(26,523

)

 

 

(51,760

)

Total

 

$

77,790

 

 

$

16,986

 

 

$

187,916

 

 

$

59,123

 

 

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

 

 

 

September 30,

 

 

December 31,

 

 

 

2015

 

 

2014

 

Real estate inventories

 

 

 

 

 

 

 

 

Maracay Homes

 

$

205,432

 

 

$

153,577

 

Pardee Homes

 

 

1,013,792

 

 

 

924,362

 

Quadrant Homes

 

 

193,374

 

 

 

153,493

 

Trendmaker Homes

 

 

191,803

 

 

 

176,696

 

TRI Pointe Homes

 

 

678,564

 

 

 

613,666

 

Winchester Homes

 

 

293,437

 

 

 

258,389

 

Total

 

$

2,576,402

 

 

$

2,280,183

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

 

 

Maracay Homes

 

$

221,190

 

 

$

170,932

 

Pardee Homes

 

 

1,080,599

 

 

 

1,000,489

 

Quadrant Homes

 

 

206,986

 

 

 

167,796

 

Trendmaker Homes

 

 

219,869

 

 

 

195,829

 

TRI Pointe Homes

 

 

847,013

 

 

 

781,301

 

Winchester Homes

 

 

312,932

 

 

 

281,547

 

Corporate

 

 

223,224

 

 

 

315,630

 

Total

 

$

3,111,813

 

 

$

2,913,524