Segment Information
 12 Months Ended
Nov. 30, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
An operating segment is defined as a component of an enterprise for which separate financial information is available and for which segment results are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. We have identified each of our homebuilding divisions as an operating segment. Our homebuilding operating segments have been aggregated into four homebuilding reporting segments 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 also have one financial services reporting segment. Management evaluates segment performance primarily based on segment pretax results.
As of November 30, 2021, our homebuilding reporting segments conducted ongoing operations in the following states:
West Coast:California, Idaho 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 segment earns revenues primarily from insurance commissions and from the provision of title services.
We offer mortgage banking services, including mortgage loan originations, to our homebuyers indirectly through KBHS, an unconsolidated joint venture we initially formed with Stearns, with each party having a 50.0% ownership interest and Stearns providing management oversight of KBHS’ operations. On March 1, 2021, Guaranteed Rate acquired the parent company of Stearns. In October 2021, Stearns was renamed as GR Alliance. We are not aware of any significant changes with respect to GR Alliance or its operations as a result of the transaction being completed. The financial services reporting segment is separately reported in our consolidated financial statements.
Corporate and other is a non-operating segment that develops and oversees the implementation of company-wide strategic initiatives and provides support to our reporting segments by centralizing certain administrative functions. Corporate management is responsible for, among other things, evaluating and selecting the geographic markets in which we operate, consistent with our overall business strategy; allocating capital resources to markets for land acquisition and development activities; making major personnel decisions related to employee compensation and benefits; and monitoring the financial and operational performance of our divisions. Corporate and other includes general and administrative expenses related to
operating our corporate headquarters. A portion of the expenses incurred by Corporate and other is allocated to our homebuilding reporting segments.
Our reporting segments follow the same accounting policies used for our consolidated financial statements as described in Note 1 – Summary of Significant Accounting Policies. 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):
 Years Ended November 30,
 202120202019
Revenues:
West Coast$2,552,382 $1,748,582 $1,912,146 
Southwest965,139 796,810 764,816 
Central1,503,857 1,192,869 1,267,892 
Southeast683,651 429,441 592,804 
Total
$5,705,029 $4,167,702 $4,537,658 
Pretax income (loss):
West Coast$345,714 $151,039 $178,078 
Southwest186,351 133,386 111,016 
Central200,159 128,802 126,304 
Southeast77,663 22,950 18,550 
Corporate and other(152,976)(104,677)(108,759)
Total $656,911 $331,500 $325,189 
Equity in income (loss) of unconsolidated joint ventures:
West Coast$62 $12,972 $(851)
Southwest(466)(497)(697)
Central— — — 
Southeast(1)(1)(1)
Total$(405)$12,474 $(1,549)
Inventory impairment and land option contract abandonment charges:
West Coast$11,046 $21,941 $15,567 
Southwest536 570 408 
Central131 5,520 848 
Southeast240 638 468 
Total$11,953 $28,669 $17,291 
 November 30,
 20212020
Inventories:
West Coast$2,300,096 $1,928,500 
Southwest875,438 688,807 
Central995,811 867,170 
Southeast631,484 413,005 
Total$4,802,829 $3,897,482 
 November 30,
 20212020
Investments in unconsolidated joint ventures:
West Coast$33,576 $42,762 
Southwest— 1,516 
Central— — 
Southeast2,512 2,507 
Total$36,088 $46,785 
Assets:
West Coast$2,520,374 $2,057,362 
Southwest938,300 738,765 
Central1,168,242 998,612 
Southeast684,752 448,388 
Corporate and other480,048 1,077,113 
Total$5,791,716 $5,320,240