Information on Segments

We operate in two segments: traditional home building and urban infill. We build and sell detached and attached homes in luxury residential communities located in affluent suburban markets that cater to move-up, empty-nester, active-adult, age-qualified, and second-home buyers in the United States (“Traditional Home Building”). We also build and sell homes in urban infill markets through City Living.

We have determined that our Traditional Home Building operations operate in five geographic segments: North, Mid-Atlantic, South, West, and California. 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, and Texas

West: Arizona, Colorado, Idaho, Nevada, Utah, and Washington

California: California

In the first quarter of fiscal 2018, we acquired our first parcel of land in Salt Lake City, Utah. We commenced operations in Utah in the third quarter of fiscal 2018.

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



	Nine months ended July 31,						Three months ended July 31,
	2018			2017			2018			2017
Revenues:
Traditional Home Building:
North	$	626,719		$	560,812		$	266,226		$	225,829
Mid-Atlantic	765,925			692,457			304,060			281,915
South	711,466			591,211			299,259			253,904
West	989,877			821,241			382,455			307,406
California	1,336,183			928,303			610,737			335,224
Traditional Home Building	4,430,170			3,594,024			1,862,737			1,404,278
City Living	257,850			193,127			50,616			98,631
Total	$	4,688,020		$	3,787,151		$	1,913,353		$	1,502,909

Income (loss) before income taxes:
Traditional Home Building:
North	$	23,276		$	37,042		$	21,240		$	16,436
Mid-Atlantic	54,958			69,171			20,614			35,628
South	74,006			67,496			34,729			33,566
West	138,773			111,002			60,120			43,180
California	286,797			199,232			140,278			72,703
Traditional Home Building	577,810			483,943			276,981			201,513
City Living	60,266			131,782			13,617			46,750
Corporate and other	(100,633		)	(103,161		)	(37,501		)	(44,689		)
Total	$	537,443		$	512,564		$	253,097		$	203,574

“Corporate and other” is comprised principally of general corporate expenses such as the offices of our executive officers; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including Gibraltar; and income from our Rental Property Joint Ventures and Gibraltar Joint Ventures.

Total assets for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands):



	July 31, 2018		October 31, 2017
Traditional Home Building:
North	$	1,062,941	$	1,074,969
Mid-Atlantic	1,216,005		1,121,013
South	1,291,591		1,184,956
West	1,561,175		1,275,298
California	2,908,607		2,630,041
Traditional Home Building	8,040,319		7,286,277
City Living	540,532		647,174
Corporate and other	1,368,369		1,511,774
Total	$	9,949,220	$	9,445,225

“Corporate and other” is comprised principally of cash and cash equivalents, restricted cash, deferred tax assets, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments and operations, manufacturing facilities, and our mortgage and title subsidiaries.