Information on Segments

12 Months Ended

Oct. 31, 2022

Segment Reporting [Abstract]

Information on Segments

Information on Segments

The table below summarizes revenue and income (loss) before income taxes for our segments for each of the fiscal years ended October 31, 2022, 2021, and 2020 (amounts in thousands). At October 31, 2022, we concluded that our City Living operations were no longer a reportable operating segment, primarily due to its insignificance as a result of the change in structure and shift in strategy for its operations. Therefore, we concluded we have five operating segments as reflected below. Amounts reported in prior periods have been restated to conform to the fiscal 2022 presentation.

	Revenue						Income (loss) before income taxes
	2022		2021		2020		2022		2021		2020
			(restated)		(restated)				(restated)		(restated)
North	$	1,853,720	$	2,011,896	$	1,480,187	$	280,829	$	313,694	$	87,576
Mid-Atlantic	1,148,966		1,076,900		851,106		189,485		128,494		52,024
South	1,519,600		1,183,272		1,041,204		249,665		153,799		108,396
Mountain	2,747,783		2,003,045		1,535,757		509,512		276,360		167,554
Pacific	2,441,959		2,156,114		2,029,851		572,844		382,855		351,493
Total home building	9,712,028		8,431,227		6,938,105		1,802,335		1,255,202		767,043
Corporate and other (1)	(858)		519		(748)		(98,609)		(154,887)		(180,142)
	9,711,170		8,431,746		6,937,357		1,703,726		1,100,315		586,901
Land sales and other revenue	564,388		358,615		140,302
Total consolidated	$	10,275,558	$	8,790,361	$	7,077,659	$	1,703,726	$	1,100,315	$	586,901

(1) Included in our fourth quarter of fiscal 2022 is a $141.2 million net gain related to a favorable litigation settlement as further discussed in Note 15, “Other Income - Net”.

“Corporate and other” is comprised principally of general corporate expenses such as our executive offices; 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 our apartment rental development business; and income from our Rental Property Joint Ventures and Gibraltar Joint Ventures.

Total assets for each of our segments at October 31, 2022 and 2021, are shown in the table below (amounts in thousands):

	2022		2021
			(restated)
North	$	1,464,995	$	1,624,420
Mid-Atlantic	1,049,043		995,852
South	2,137,568		1,421,612
Mountain	2,785,603		2,397,484
Pacific	2,174,065		2,221,752
Total home building	9,611,274		8,661,120
Corporate and other	2,677,440		2,876,730
Total consolidated	$	12,288,714	$	11,537,850

“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.

Inventory for each of our segments, as of the dates indicated, is shown in the table below (amounts in thousands):

	Land controlled for future communities		Land owned for future communities		Operating communities		Total
Balances at October 31, 2022
North	$	25,876	$	125,762	$	1,142,060	$	1,293,698
Mid-Atlantic	50,425		245,208		700,844		996,477
South	67,173		190,081		1,570,059		1,827,313
Mountain	15,890		119,315		2,523,027		2,658,232
Pacific	81,387		128,485		1,747,734		1,957,606
Total consolidated	$	240,751	$	808,851	$	7,683,724	$	8,733,326
Balances at October 31, 2021			(restated)		(restated)		(restated)
North	$	24,791	$	202,273	$	1,229,298	$	1,456,362
Mid-Atlantic	51,267		109,693		776,746		937,706
South	34,567		44,304		1,135,370		1,214,241
Mountain	40,483		85,631		2,126,863		2,252,977
Pacific	34,548		122,836		1,897,214		2,054,598
Total consolidated	$	185,656	$	564,737	$	7,165,491	$	7,915,884

The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable for each of our segments, for the years ended October 31, 2022, 2021, and 2020, are shown in the table below (amounts in thousands):

	2022		2021		2020
			(restated)
North	$	11,860	$	12,194	$	28,352
Mid-Atlantic	3,369		12,022		17,905
South	3,391		662		2,869
Mountain	4,091		379		790
Pacific	10,030		1,278		5,967
Total consolidated	$	32,741	$	26,535	$	55,883

The net carrying value of our investments in unconsolidated entities and our equity in earnings (losses) from such investments, for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands):

	Investments in unconsolidated entities				Equity in earnings (losses) from unconsolidated entities
	At October 31,				Year ended October 31,
	2022		2021		2022		2021		2020
			(restated)				(restated)		(restated)
North	$	49,385	$	12,944	$	1,068	$	(641)	$	(7,674)
Mid-Atlantic	26,171		27,313		(405)		5,953		(11)
South	174,901		128,777		20,065		12,619		14,012
Mountain	53,046		14,612		494		—		381
Pacific	89,196		73,066		248		(17)		1,280
Total home building	392,699		256,712		21,470		17,914		7,988
Corporate and other	459,615		342,389		2,253		56,121		(7,040)
Total consolidated	$	852,314	$	599,101	$	23,723	$	74,035	$	948

“Corporate and other” is comprised of our investments in the Rental Property Joint Ventures and the Gibraltar Joint Ventures.