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Segment Information | 9 Months Ended
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Jun. 30, 2017
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION The Company is a national homebuilder that is primarily engaged in the acquisition and development of land and the construction and sale of residential homes, with operations in 79 markets in 26 states across the United States. The Company designs, builds and sells single-family detached homes on lots it develops and on fully developed lots purchased ready for home construction. To a lesser extent, the Company also builds and sells attached homes, such as townhomes, duplexes, triplexes and condominiums. Periodically, the Company sells land and lots to other developers and homebuilders where it has excess land and lot positions or for other strategic reasons. The homebuilding operations generate most of their revenues from the sale of completed homes, with a lesser amount from the sale of land and lots. The Company’s financial services segment provides mortgage financing and title agency services to homebuyers in many of the Company’s homebuilding markets. The segment generates the substantial majority of its revenues from originating and selling mortgages and collecting fees for title insurance agency and closing services. The Company sells substantially all of the mortgages it originates and the related servicing rights to third-party purchasers. In addition to its core homebuilding and financial services operations, the Company has subsidiaries that engage in other business activities. These subsidiaries conduct insurance-related operations, construct and own income-producing rental properties, own non-residential real estate including ranch land and improvements and own and operate oil and gas related assets. The Company’s operating segments are its 41 homebuilding divisions, its financial services operations and its other business activities. The homebuilding operating segments are aggregated into six reporting segments and the financial services 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 and Minnesota
| Southeast: |  | Alabama, Florida, Georgia, Mississippi and Tennessee
| South Central: |  | Louisiana, 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, 2016. Financial information relating to the Company’s reporting segments is as follows:
|  | Three Months Ended June 30, |  | Nine Months Ended June 30,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
|  | (In millions)
Revenues |  |  |  |  |  |  |  |
Homebuilding revenues: |  |  |  |  |  |  |  |
East |  | $ | 482.2 |  |  | $ | 391.2 |  |  | $ | 1,160.7 |  |  | $ | 998.3 |
Midwest |  | 202.2 |  |  | 179.9 |  |  | 522.0 |  |  | 465.2 |
Southeast |  | 1,136.3 |  |  | 913.3 |  |  | 2,988.7 |  |  | 2,436.9 |
South Central |  | 924.8 |  |  | 816.1 |  |  | 2,497.1 |  |  | 2,123.4 |
Southwest |  | 152.6 |  |  | 93.0 |  |  | 387.8 |  |  | 246.8 |
West |  | 786.4 |  |  | 755.3 |  |  | 2,118.7 |  |  | 1,940.2 |
Homebuilding revenues |  | 3,684.5 |  |  | 3,148.8 |  |  | 9,675.0 |  |  | 8,210.8 |
Financial services revenues |  | 91.9 |  |  | 83.1 |  |  | 256.9 |  |  | 205.4 |
Total revenues |  | $ | 3,776.4 |  |  | $ | 3,231.9 |  |  | $ | 9,931.9 |  |  | $ | 8,416.2 |
Inventory Impairments |  |  |  |  |  |  |  |
East |  | $ | — |  |  | $ | 4.2 |  |  | $ | 5.8 |  |  | $ | 7.4 |
Midwest |  | 1.0 |  |  | — |  |  | 1.0 |  |  | — |
Southeast |  | — |  |  | — |  |  | — |  |  | 0.2 |
South Central |  | — |  |  | 1.0 |  |  | 1.4 |  |  | 1.0 |
Southwest |  | — |  |  | — |  |  | — |  |  | — |
West |  | — |  |  | — |  |  | 2.2 |  |  | 0.3 |
Total inventory impairments |  | $ | 1.0 |  |  | $ | 5.2 |  |  | $ | 10.4 |  |  | $ | 8.9 |
Income Before Income Taxes (1) (2) |  |  |  |  |  |  |  |
Homebuilding pre-tax income: |  |  |  |  |  |  |  |
East |  | $ | 54.2 |  |  | $ | 40.3 |  |  | $ | 106.4 |  |  | $ | 90.6 |
Midwest |  | 17.9 |  |  | 13.4 |  |  | 28.8 |  |  | 29.4 |
Southeast |  | 128.6 |  |  | 107.6 |  |  | 341.3 |  |  | 279.0 |
South Central |  | 119.1 |  |  | 109.3 |  |  | 321.4 |  |  | 262.6 |
Southwest |  | 14.8 |  |  | 0.9 |  |  | 26.0 |  |  | 5.6 |
West |  | 80.6 |  |  | 76.9 |  |  | 207.6 |  |  | 192.1 |
Homebuilding pre-tax income |  | 415.2 |  |  | 348.4 |  |  | 1,031.5 |  |  | 859.3 |
Financial services pre-tax income |  | 33.9 |  |  | 31.3 |  |  | 92.7 |  |  | 64.6 |
Homebuilding and financial services pre-tax income |  | 449.1 |  |  | 379.7 |  |  | 1,124.2 |  |  | 923.9 |
Other pre-tax loss |  | (4.6 | ) |  | (1.1 | ) |  | (7.7 | ) |  | (3.5 | )
Income before income taxes |  | $ | 444.5 |  |  | $ | 378.6 |  |  | $ | 1,116.5 |  |  | $ | 920.4 |
___________________
(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 cost of sales, while expenses associated with the corporate office are allocated to each segment based on the segment’s inventory balances.
(2) | The operating results of certain subsidiaries that were previously included with the Company’s homebuilding operations are now grouped together and presented as other. The operating results of these subsidiaries are immaterial for separate reporting. The prior year amounts have been reclassified to conform to the current year presentation.
|  | June 30, 2017 |  | September 30, 2016
|  | (In millions)
Homebuilding Inventories (1) |  |  |  |
East |  | $ | 1,077.1 |  |  | $ | 891.1 |
Midwest |  | 483.2 |  |  | 441.2 |
Southeast |  | 2,370.3 |  |  | 2,070.3 |
South Central |  | 2,227.6 |  |  | 2,075.6 |
Southwest |  | 547.9 |  |  | 371.1 |
West |  | 2,611.2 |  |  | 2,247.6 |
Corporate and unallocated (2) |  | 236.7 |  |  | 244.0 |
Total homebuilding inventories |  | $ | 9,554.0 |  |  | $ | 8,340.9 |
______________
(1) | Homebuilding inventories are the only assets included in the measure of homebuilding segment assets used by the Company’s chief operating decision makers.
(2) | Corporate and unallocated consists primarily of capitalized interest and property taxes.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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