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Homebuilding Interest
 3 Months Ended
Mar. 31, 2013
Interest Costs Incurred [Abstract]  
HOMEBUILDING INTEREST
CAPITALIZED INTEREST

The Company capitalizes interest costs incurred to inventory during active development and construction. Capitalized interest is charged to cost of sales as the related inventory is delivered to the buyer. The Company’s inventory under active development and construction was lower than its debt level during the periods; therefore, a portion of the interest incurred was reflected as interest expense.

The following table summarizes the Company’s interest costs incurred, capitalized, expensed as interest expense and charged to cost of sales during the three and six months ended March 31, 2013 and 2012:
 
 
Three Months Ended
March 31,
 
Six Months Ended
March 31,
 
 
2013
 
2012
 
2013
 
2012
 
 
(In millions)
Capitalized interest, beginning of period
 
$
91.3

 
$
79.8

 
$
82.3

 
$
79.2

Interest incurred
 
43.1

 
28.9

 
81.1

 
57.8

Interest expensed:
 
 
 
 
 
 
 
 
Directly to interest expense
 
(3.0
)
 
(6.3
)
 
(7.1
)
 
(14.2
)
Amortized to cost of sales
 
(27.6
)
 
(21.3
)
 
(52.5
)
 
(41.7
)
Capitalized interest, end of period
 
$
103.8

 
$
81.1

 
$
103.8

 
$
81.1