Information on Operating Segments

6 Months Ended

Apr. 30, 2014

Geographic Segments [Abstract]

Segment Reporting Disclosure [Text Block]

Information on Operating Segments

At October 31, 2013, the Company determined that it operates in two segments: Traditional Home Building and Urban Infill (“City Living”). Amounts reported in the prior period have been reclassified to conform to the current period.

The Company has determined that its Traditional Home Building operations operate in four geographic segments: North, Mid-Atlantic, South and West. The states comprising each geographic segment are as follows:

North:    Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York

Mid-Atlantic:    Delaware, Maryland, Pennsylvania and Virginia

South:    Florida, North Carolina, South Carolina and Texas

West:    Arizona, California, Colorado, Nevada and Washington

Revenue and income (loss) before income taxes for each of the Company’s reportable segments, for the periods indicated, were as follows (amounts in thousands):

	Six months ended April 30,						Three months ended April 30,
	2014			2013			2014			2013
Revenues:
Traditional Home Building:
North	$	264,885		$	174,567		$	137,241		$	92,248
Mid-Atlantic	349,571			270,110			180,475			140,519
South	336,688			222,742			186,129			135,557
West	507,835			241,216			321,609			128,621
Traditional Home Building	1,458,979			908,635			825,454			496,945
City Living	45,076			31,970			34,920			19,059
Total	$	1,504,055		$	940,605		$	860,374		$	516,004
Income (loss) before income taxes:
Traditional Home Building:
North	$	17,152		$	7,915		$	8,806		$	3,195
Mid-Atlantic	45,909			31,990			24,358			17,140
South	40,952			17,013			23,584			14,199
West	78,714			21,055			44,844			13,008
Traditional Home Building	182,727			77,973			101,592			47,542
City Living	8,964			8,336			10,022			5,639
Corporate and other	(26,972		)	(37,015		)	(18,130		)	(12,213		)
Total	$	164,719		$	49,294		$	93,484		$	40,968

“Corporate and other” is comprised principally of general corporate expenses such as the offices of the Executive Officers of the Company and the corporate finance, accounting, audit, tax, human resources, risk management, marketing and legal groups; interest income and income from certain of the Company’s ancillary businesses, including Gibraltar; and income from a number of the Company’s unconsolidated entities.

Total assets for each of the Company’s geographic segments, as of the date indicated, are shown in the table below (amounts in thousands).

	April 30, 2014		October 31, 2013
Traditional Home Building:
North	$	1,004,364	$	963,597
Mid-Atlantic	1,254,364		1,231,438
South	1,157,627		953,955
West	2,831,037		1,290,388
Traditional Home Building	6,247,392		4,439,378
City Living	817,287		674,302
Corporate and other	1,180,387		1,713,779
Total	$	8,245,066	$	6,827,459

“Corporate and other” is comprised principally of cash and cash equivalents, marketable securities, restricted cash, deferred tax assets and the assets of the Company’s Gibraltar investments, manufacturing facilities and mortgage subsidiary.

The Company provided for inventory impairment charges and the expensing of costs that it believed not to be recoverable and recoveries of prior charges for the periods indicated, as shown in the table below; the net carrying value of inventory and investments in and advances to unconsolidated entities for each of the Company’s geographic segments, as of the dates indicated, are also shown in the table below (amounts in thousands):

	Net Carrying Value				Impairments
	At April 30,		At October 31,		Six months ended April 30,					Three months ended April 30,
	2014		2013		2014		2013			2014		2013
Inventory:
Land controlled for future communities:
Traditional Home Building:
North	$	16,783	$	16,267	$	247	$	799		$	67	$	712
Mid-Atlantic	29,987		29,423		326		17			81		1
South	29,813		14,606		339		361			90		5
West	14,274		13,371		94		(479		)	86		(29		)
Traditional Home Building	90,857		73,667		1,006		698			324		689
City Living	49,104		26,135
	139,961		99,802		1,006		698			324		689
Land owned for future communities:
Traditional Home Building:
North	155,192		135,282
Mid-Atlantic	226,783		308,585
South	257,587		158,457
West	1,428,525		448,125
Traditional Home Building	2,068,087		1,050,449		—		—			—		—
City Living	317,147		237,181
	2,385,234		1,287,630		—		—			—		—
Operating communities:
Traditional Home Building:
North	800,837		785,175		2,900		840			1,600		340
Mid-Atlantic	958,435		866,256
South	735,898		690,302
West	1,287,375		697,573				200
Traditional Home Building	3,782,545		3,039,306		2,900		1,040			1,600		340
City Living	240,284		223,674
	4,022,829		3,262,980		2,900		1,040			1,600		340
Total	$	6,548,024	$	4,650,412	$	3,906	$	1,738		$	1,924	$	1,029
Investments in and advances to unconsolidated entities:
Traditional Home Building:
Mid-Atlantic	$	11,850	$	11,850
South	98,409		50,452
West	83,851		110,467
Traditional Home Building	194,110		172,769		—		—			—		—
City Living	149,374		135,950
Corporate and other	98,358		94,414
Total	$	441,842	$	403,133	$	—	$	—		$	—	$	—