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Inventory Impairments and Land Option Cost Write-Offs
12 Months Ended
Sep. 30, 2013
Inventory Impairments and Land Option Cost Write-Offs [Abstract]  
INVENTORY IMPAIRMENTS AND LAND OPTION COST WRITE-OFFS
INVENTORY

The Company reviewed the performance and outlook for all of its land inventories and communities each quarter for indicators of potential impairment and performed detailed impairment evaluations and analyses when necessary. As of September 30, 2013, the Company performed detailed impairment evaluations of communities with a combined carrying value of $165.9 million and determined that communities with a carrying value of $32.6 million were impaired. As a result, during the three months ended September 30, 2013, impairment charges of $21.3 million were recorded to reduce the carrying value of the impaired communities to their estimated fair value. During fiscal 2013, 2012 and 2011, impairment charges totaled $21.3 million, $3.2 million and $37.3 million, respectively.

During fiscal 2013, 2012 and 2011, the Company wrote off $9.8 million, $3.0 million and $8.1 million, respectively, of earnest money deposits and land option costs related to land option contracts which are expected to be terminated.

At September 30, 2013 and 2012, the Company had $34.0 million and $32.6 million, respectively, of inventories that met the criteria of land held for sale, which is primarily included in land held for development and residential land and lots developed and under development in the Company’s consolidated balance sheets.