Segment Information

3 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company is a national homebuilder that is engaged in the acquisition and development of land and the construction and sale of residential homes on the land, with operations in 77 markets in 27 states across the United States. The Company designs, builds and sells single-family detached homes on lots it develops and on finished lots purchased ready for home construction. To a lesser extent, the Company also builds and sells attached homes, such as town homes, duplexes, triplexes and condominiums. Periodically, the Company sells land and lots to other developers and homebuilders where it has excess land and lot positions. 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 also provides mortgage financing and title agency services, primarily to its homebuilding customers, and generally sells 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 Company’s 35 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

The accounting policies of the reporting segments are described throughout Note A included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2013. Financial information relating to the Company's reporting segments is as follows:

	Three Months Ended December 31,
	2013		2012
	(In millions)
Revenues
Homebuilding revenues:
East	$	190.1	$	137.4
Midwest	105.8		89.4
Southeast	447.3		291.5
South Central	421.1		310.5
Southwest	70.7		76.0
West	400.6		328.4
Homebuilding revenues	1,635.6		1,233.2
Financial services revenues	35.0		41.9
Total revenues	$	1,670.6	$	1,275.1
Income Before Income Taxes (1)
Homebuilding pre-tax income (loss):
East	$	11.5	$	7.0
Midwest	10.0		(2.0		)
Southeast	51.5		19.4
South Central	42.4		25.2
Southwest	6.0		9.8
West	60.5		30.8
Homebuilding pre-tax income	181.9		90.2
Financial services pre-tax income	7.8		17.7
Income before income taxes	$	189.7	$	107.9

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(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 those expenses associated with the corporate office are allocated to each segment based on the segment’s inventory balances.

	December 31, 2013		September 30, 2013
	(In millions)
Homebuilding Inventories (1)
East	$	781.8	$	742.9
Midwest	440.2		412.2
Southeast	1,605.9		1,508.5
South Central	1,475.7		1,443.6
Southwest	266.5		262.4
West	1,739.4		1,668.2
Corporate and unallocated (2)	186.6		159.6
Total homebuilding inventory	$	6,496.1	$	6,197.4

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(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.