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Segment Information
 12 Months Ended
Sep. 30, 2013
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION

The Company’s 34 homebuilding operating divisions and its financial services operation are its operating segments. The homebuilding operating segments are aggregated into six reporting segments and the financial services operating segment is its own reporting segment. The Company’s reportable homebuilding segments are: East, Midwest, Southeast, South Central, Southwest and West. These reporting segments have homebuilding operations located in the following states:
 
East:
 
Delaware, Georgia (Savannah only), Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina and Virginia
 
Midwest:
 
Colorado, Illinois, Indiana and Minnesota
 
Southeast:
 
Alabama, Florida, Georgia, Mississippi and Tennessee
 
South Central:
 
Louisiana, New Mexico (Las Cruces only), Oklahoma and Texas
 
Southwest:
 
Arizona and New Mexico
 
West:
 
California, Hawaii, Nevada, Oregon, Utah and Washington

Homebuilding is the Company’s core business, generating 97% of consolidated revenues in fiscal 2013 and 2012 and 98% of consolidated revenues in fiscal 2011. The Company’s homebuilding segments are primarily engaged in the acquisition and development of land and the construction and sale of residential homes in 27 states and 78 markets in the United States. The homebuilding segments generate most of their revenues from the sale of completed homes, and to a lesser extent from the sale of land and lots.

The Company’s financial services segment provides mortgage financing and title agency services primarily to the Company’s homebuilding customers. The Company sells substantially all of the mortgages it originates and the related servicing rights to third-party purchasers. The financial services segment generates its revenues from originating and selling mortgages and collecting fees for title insurance agency and closing services.
The accounting policies of the reporting segments are described throughout Note A. Financial information relating to the Company's reporting segments is as follows:
 
Year Ended September 30,
 
2013
 
2012
 
2011
 
 
 
(In millions)
 
 
Revenues
 

 
 

 
 

Homebuilding revenues:
 

 
 

 
 

East
$
686.3

 
$
542.4

 
$
438.5

Midwest
471.5

 
339.3

 
261.5

Southeast
1,520.7

 
934.6

 
696.8

South Central
1,526.2

 
1,158.4

 
1,081.0

Southwest
327.7

 
270.7

 
234.8

West
1,553.5

 
990.8

 
837.0

Homebuilding revenues
6,085.9

 
4,236.2

 
3,549.6

Financial services revenues
173.4

 
117.8

 
87.2

Total revenues
$
6,259.3

 
$
4,354.0

 
$
3,636.8

Inventory Impairments
 

 
 

 
 

East
$
0.1

 
$
1.0

 
$
3.5

Midwest
—

 
—

 
0.1

Southeast
—

 
1.6

 
15.8

South Central
1.0

 
0.1

 
0.2

Southwest
—

 
0.5

 
4.4

West
20.2

 
—

 
13.3

Total inventory impairments
$
21.3

 
$
3.2

 
$
37.3

Income (Loss) Before Income Taxes (1)
 

 
 

 
 

Homebuilding pre-tax income (loss):
 

 
 

 
 

East
$
48.3

 
$
16.0

 
$
(13.5
)
Midwest
38.9

 
1.1

 
(13.7
)
Southeast
148.4

 
38.0

 
(19.9
)
South Central
149.0

 
80.6

 
52.4

Southwest
26.3

 
16.8

 
(3.8
)
West
181.4

 
51.2

 
(8.5
)
Homebuilding pre-tax income (loss)
592.3

 
203.7

 
(7.0
)
Financial services pre-tax income
65.5

 
39.2

 
19.1

Income before income taxes
$
657.8

 
$
242.9

 
$
12.1

____________
(1)
Expenses maintained at the corporate level consist primarily of interest and property taxes, which are capitalized and amortized to cost of sales or expensed directly, and the expenses related to operating the Company’s corporate office. The amortization of capitalized interest and property taxes is allocated to each segment based on the segment’s revenue, while interest expense and those expenses associated with the corporate office are allocated to each segment based on the segment’s inventory balances.
 
September 30,
 
2013
 
2012
 
(In millions)
Homebuilding Inventories (1):
 

 
 

East
$
742.9

 
$
572.7

Midwest
412.2

 
318.1

Southeast
1,508.5

 
905.0

South Central
1,443.6

 
935.2

Southwest
262.4

 
188.6

West
1,668.2

 
1,151.3

Corporate and unallocated (2)
159.6

 
94.3

Total homebuilding inventories
$
6,197.4

 
$
4,165.2

____________
(1)
Homebuilding inventories are the only assets included in the measure of homebuilding segment assets used by the Company’s chief operating decision maker.
(2)
Corporate and unallocated consists primarily of capitalized interest and property taxes.