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Segment Information
 12 Months Ended
Nov. 30, 2012
Segment Reporting [Abstract]  
Segment Information
2.
Segment Information
As of November 30, 2012, we had identified five reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment, within our consolidated operations in accordance with Accounting Standards Codification Topic No. 280, “Segment Reporting.” As of November 30, 2012, our homebuilding reporting segments conducted ongoing operations in the following states:
West Coast: California
Southwest: Arizona, Nevada and New Mexico
Central: Colorado and Texas
Southeast: Florida, Maryland, North Carolina and Virginia
Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, move-up and active adult homebuyers.
Our homebuilding reporting segments were identified based primarily on similarities in economic and geographic characteristics, product types, regulatory environments, methods used to sell and construct homes and land acquisition characteristics. We evaluate segment performance primarily based on segment pretax results.
Our financial services reporting segment provides insurance services to our homebuyers in the same markets as our homebuilding reporting segments and provides title services in the majority of our markets located within our Central and Southeast homebuilding reporting segments. In addition, since the third quarter of 2011, this segment has earned revenues pursuant to the terms of a marketing services agreement with a preferred mortgage lender that offers mortgage banking services, including mortgage loan originations, to our homebuyers who elect to use the lender. Our homebuyers are under no obligation to use our preferred mortgage lender and may select any lender of their choice to obtain mortgage financing for the purchase of a home. We make available to our homebuyers marketing materials and other information regarding our preferred mortgage lender’s financing options and mortgage loan products, and are compensated solely for the fair market value of these services. Prior to late June 2011, this segment provided mortgage banking services to our homebuyers indirectly through KBA Mortgage, a former unconsolidated joint venture of a subsidiary of ours and a subsidiary of Bank of America, N.A., with each partner having had a 50% interest in the venture.
Our reporting segments follow the same accounting policies used for our consolidated financial statements as described in Note 1. Summary of Significant Accounting Policies in this report. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods.
The following tables present financial information relating to our reporting segments (in thousands):
 
Years Ended November 30,
 
2012
 
2011
 
2010
Revenues:
 
 
 
 
 
West Coast
$
755,259

 
$
589,387

 
$
700,645

Southwest
132,438

 
139,872

 
187,736

Central
436,407

 
369,705

 
436,404

Southeast
224,328

 
206,598

 
256,978

Total homebuilding revenues
1,548,432

 
1,305,562

 
1,581,763

Financial services
11,683

 
10,304

 
8,233

Total
$
1,560,115

 
$
1,315,866

 
$
1,589,996

 
 
 
 
 
 
 
Years Ended November 30,
 
2012
 
2011
 
2010
Pretax income (loss):
 
 
 
 
 
West Coast
$
(10,467
)
 
$
19,639

 
$
60,250

Southwest
(10,194
)
 
(108,265
)
 
(15,802
)
Central
1,449

 
(12,924
)
 
(1,772
)
Southeast
(1,183
)
 
(37,983
)
 
(42,801
)
Corporate and other (a)
(69,541
)
 
(67,713
)
 
(88,386
)
Total homebuilding pretax loss
(89,936
)
 
(207,246
)
 
(88,511
)
Financial services
10,883

 
26,078

 
12,143

Total
$
(79,053
)
 
$
(181,168
)
 
$
(76,368
)
 
 
 
 
 
 
Equity in income (loss) of unconsolidated joint ventures:
 
 
 
 
 
West Coast
$
(174
)
 
$
68

 
$
1,476

Southwest
(811
)
 
(55,902
)
 
(8,631
)
Central
—

 
—

 
—

Southeast
591

 
(5
)
 
898

Total
$
(394
)
 
$
(55,839
)
 
$
(6,257
)
 
 
 
 
 
 
Inventory impairments:
 
 
 
 
 
West Coast
$
19,235

 
$
2,598

 
$
3,828

Southwest
2,135

 
18,715

 
962

Central
1,267

 
51

 
348

Southeast
5,470

 
1,366

 
4,677

Total
$
28,107

 
$
22,730

 
$
9,815

 
 
 
 
 
 
Land option contract abandonments:
 
 
 
 
 
West Coast
$
—

 
$
704

 
$
797

Southwest
—

 
296

 
—

Central
133

 
1,310

 
6,511

Southeast
293

 
751

 
2,802

Total
$
426

 
$
3,061

 
$
10,110

 
 
 
 
 
 
Joint venture impairments:
 
 
 
 
 
West Coast
$
—

 
$
—

 
$
—

Southwest
—

 
53,727

 
—

Central
—

 
—

 
—

Southeast
—

 
—

 
—

Total
$
—

 
$
53,727

 
$
—

 (a)
Corporate and other includes corporate general and administrative expenses.
 
November 30,
 
2012
 
2011
Assets:
 
 
 
West Coast
$
930,450

 
$
995,888

Southwest
319,863

 
338,586

Central
369,294

 
336,553

Southeast
341,460

 
317,308

Corporate and other
596,176

 
492,034

Total homebuilding assets
2,557,243

 
2,480,369

Financial services
4,455

 
32,173

Total assets
$
2,561,698

 
$
2,512,542

 
 
 
 
Investments in unconsolidated joint ventures:
 
 
 
West Coast
$
38,372

 
$
38,405

Southwest
75,920

 
80,194

Central
—

 
—

Southeast
9,382

 
9,327

Total
$
123,674

 
$
127,926