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Segment Information
3 Months Ended
Feb. 29, 2020
Segment Reporting [Abstract]  
Segment Information
Segment Information
We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of February 29, 2020, our homebuilding reporting segments conducted ongoing operations in the following states:
West Coast: California and Washington
Southwest: Arizona and Nevada
Central: Colorado and Texas
Southeast: Florida and North Carolina
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, first move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land.
Our financial services reporting segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance 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 Southwest, Central and Southeast homebuilding reporting segments. Our financial services reporting segment earns revenues primarily from insurance commissions and from the provision of title services.
We offer mortgage banking services, including residential consumer mortgage loan (“mortgage loan”) originations, to our homebuyers indirectly through KBHS Home Loans, LLC (“KBHS”), an unconsolidated joint venture we formed with Stearns Ventures, LLC (“Stearns”). We and Stearns each have a 50.0% ownership interest, with Stearns providing management oversight of KBHS’ operations. The financial services reporting segment is separately reported in our consolidated financial statements.
Our reporting segments follow the same accounting policies used for our consolidated financial statements. The results of each reporting 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 homebuilding reporting segments (in thousands):
 
Three Months Ended
 
February 29, 2020
 
February 28, 2019
Revenues:
 
 
 
West Coast
$
484,497

 
$
305,810

Southwest
191,318

 
157,656

Central
283,513

 
241,592

Southeast
113,054

 
103,730

Total
$
1,072,382

 
$
808,788

 
 
 
 
Pretax income (loss):
 
 
 
West Coast
$
34,029

 
$
17,916

Southwest
32,112

 
22,072

Central
22,678

 
18,583

Southeast
2,630

 
(545
)
Corporate and other
(28,414
)
 
(25,988
)
Total
$
63,035

 
$
32,038


Inventory impairment and land option contract abandonment charges:
 
 
 
West Coast
$
4,392

 
$
3,251

Southwest
171

 
59

Central
984

 
245

Southeast
125

 

Total
$
5,672

 
$
3,555


 
February 29,
2020
 
November 30,
2019
Assets:
 
 
 
West Coast
$
1,936,066

 
$
1,925,192

Southwest
732,656

 
674,310

Central
1,045,352

 
1,035,563

Southeast
438,274

 
441,451

Corporate and other
866,674

 
900,570

Total
$
5,019,022

 
$
4,977,086