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Segment Information | 12 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION The Company’s operating segments are its 53 homebuilding divisions, its majority-owned Forestar residential lot development operations, its financial services operations and its other business activities. The Company’s reporting segments are its homebuilding reporting segments, its Forestar lot development segment and its financial services segment. The homebuilding operating segments are aggregated into the following six reporting segments: 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, Iowa, Minnesota and Ohio
| 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
Homebuilding is the Company’s core business, generating 97% of consolidated revenues in fiscal 2020, 2019 and 2018. The Company’s homebuilding divisions are primarily engaged in the acquisition and development of land and the construction and sale of residential homes, with operations in 88 markets across 29 states. Most of the revenue generated by the Company’s homebuilding operations is from the sale of completed homes and to a lesser extent from the sale of land and lots. The Forestar segment is a residential lot development company with operations in 49 markets across 21 states. Forestar has made significant investments in land acquisition and development to expand its business across the United States. The homebuilding divisions acquire finished lots from Forestar in accordance with the master supply agreement between the two companies. Forestar’s segment results are presented on their historical cost basis, consistent with the manner in which management evaluates segment performance. 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 majority of the related servicing rights to third-party purchasers. In addition to its homebuilding, Forestar 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 multi-family rental properties, own non-residential real estate including ranch land and improvements and own and operate oil and gas related assets. The operating results of these subsidiaries are immaterial for separate reporting and therefore are grouped together and presented as other. One of these subsidiaries, DHI Communities, constructs multi-family rental properties and had five projects under active construction and one project that was substantially complete at September 30, 2020. These six projects represent 1,730 multi-family units, including 1,430 units under active construction and 300 completed units. During fiscal 2020 and 2019, DHI Communities sold two properties each year representing 540 and 820 multi-family rental units, respectively, for $128.5 million and $133.4 million, and recorded gains on sale totaling $59.4 million and $51.9 million. At September 30, 2020 and 2019, the consolidated balance sheets included $246.2 million and $204.0 million, respectively, of assets related to DHI Communities. The accounting policies of the reporting segments are described throughout Note A. Financial information relating to the Company’s reporting segments is as follows:
|  | September 30, 2020
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other (2) |  | Eliminations (3) |  | Other Adjustments (4) |  | Consolidated
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,551.1 |  |  | $ | 394.3 |  |  | $ | 55.6 |  |  | $ | 17.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,018.5 |
Restricted cash |  | 9.5 |  |  | — |  |  | 11.9 |  |  | 0.2 |  |  | — |  |  | — |  |  | 21.6 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 6,037.5 |  |  | — |  |  | — |  |  | — |  |  | (53.4) |  |  | — |  |  | 5,984.1 |
Residential land and lots — developed and under development |  | 4,901.4 |  |  | 1,304.3 |  |  | — |  |  | — |  |  | (34.3) |  |  | 0.4 |  |  | 6,171.8 |
Land held for development |  | 47.8 |  |  | 5.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 53.2 |
Land held for sale |  | 28.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28.3 |
|  | 11,015.0 |  |  | 1,309.7 |  |  | — |  |  | — |  |  | (87.7) |  |  | 0.4 |  |  | 12,237.4 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 1,529.0 |  |  | — |  |  | — |  |  | — |  |  | 1,529.0 |
Deferred income taxes, net |  | 142.3 |  |  | — |  |  | — |  |  | — |  |  | 8.4 |  |  | (5.8) |  |  | 144.9 |
Property and equipment, net |  | 372.8 |  |  | 1.1 |  |  | 3.9 |  |  | 308.9 |  |  | (3.0) |  |  | — |  |  | 683.7 |
Other assets |  | 996.4 |  |  | 34.8 |  |  | 125.8 |  |  | 52.8 |  |  | (103.6) |  |  | 7.5 |  |  | 1,113.7 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 15,221.4 |  |  | $ | 1,739.9 |  |  | $ | 1,726.2 |  |  | $ | 379.4 |  |  | $ | (185.9) |  |  | $ | 31.3 |  |  | $ | 18,912.3 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 859.3 |  |  | $ | 29.2 |  |  | $ | — |  |  | $ | 12.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 900.5 |
Accrued expenses and other liabilities |  | 1,438.3 |  |  | 197.8 |  |  | 86.8 |  |  | 12.2 |  |  | (112.4) |  |  | (15.7) |  |  | 1,607.0 |
Notes payable |  | 2,514.4 |  |  | 641.1 |  |  | 1,132.6 |  |  | — |  |  | (4.8) |  |  | — |  |  | 4,283.3 |
|  | $ | 4,812.0 |  |  | $ | 868.1 |  |  | $ | 1,219.4 |  |  | $ | 24.2 |  |  | $ | (117.2) |  |  | $ | (15.7) |  |  | $ | 6,790.8 |
_____________ (1)Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2)Amounts represent the aggregate balances of certain subsidiaries that are immaterial for separate reporting. (3)Amounts represent the elimination of intercompany transactions. (4)Amounts represent purchase accounting adjustments related to the Forestar acquisition.
|  | September 30, 2019
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other (2) |  | Eliminations (3) |  | Other Adjustments (4) |  | Consolidated
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,043.0 |  |  | $ | 382.8 |  |  | $ | 43.4 |  |  | $ | 25.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,494.3 |
Restricted cash |  | 8.0 |  |  | — |  |  | 11.6 |  |  | 0.1 |  |  | — |  |  | — |  |  | 19.7 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 5,249.0 |  |  | — |  |  | — |  |  | — |  |  | (4.0) |  |  | — |  |  | 5,245.0 |
Residential land and lots — developed and under development |  | 4,956.1 |  |  | 1,011.8 |  |  | — |  |  | — |  |  | (31.4) |  |  | 2.9 |  |  | 5,939.4 |
Land held for development |  | 60.7 |  |  | 17.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 77.8 |
Land held for sale |  | 19.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19.8 |
|  | 10,285.6 |  |  | 1,028.9 |  |  | — |  |  | — |  |  | (35.4) |  |  | 2.9 |  |  | 11,282.0 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 1,072.0 |  |  | — |  |  | — |  |  | — |  |  | 1,072.0 |
Deferred income taxes, net |  | 146.4 |  |  | 17.4 |  |  | — |  |  | — |  |  | 5.1 |  |  | (5.8) |  |  | 163.1 |
Property and equipment, net |  | 272.4 |  |  | 2.4 |  |  | 3.2 |  |  | 221.2 |  |  | — |  |  | — |  |  | 499.2 |
Other assets |  | 826.2 |  |  | 24.2 |  |  | 68.3 |  |  | 71.5 |  |  | (88.5) |  |  | 11.1 |  |  | 912.8 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 12,715.9 |  |  | $ | 1,455.7 |  |  | $ | 1,198.5 |  |  | $ | 317.9 |  |  | $ | (118.8) |  |  | $ | 37.4 |  |  | $ | 15,606.6 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 598.6 |  |  | $ | 16.8 |  |  | $ | 7.0 |  |  | $ | 11.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 634.0 |
Accrued expenses and other liabilities |  | 1,152.5 |  |  | 169.5 |  |  | 53.0 |  |  | 9.3 |  |  | (93.6) |  |  | (12.6) |  |  | 1,278.1 |
Notes payable |  | 2,047.6 |  |  | 460.5 |  |  | 888.9 |  |  | — |  |  | — |  |  | 2.4 |  |  | 3,399.4 |
|  | $ | 3,798.7 |  |  | $ | 646.8 |  |  | $ | 948.9 |  |  | $ | 20.9 |  |  | $ | (93.6) |  |  | $ | (10.2) |  |  | $ | 5,311.5 |
______________ (1)Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2)Amounts represent the aggregate balances of certain subsidiaries that are immaterial for separate reporting. (3)Amounts represent the elimination of intercompany transactions. (4)Amounts represent purchase accounting adjustments related to the Forestar acquisition.
|  | Year Ended September 30, 2020
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other (2) |  | Eliminations (3) |  | Other Adjustments (4) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 19,560.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,560.8 |
Land/lot sales and other |  | 83.1 |  |  | 931.8 |  |  | — |  |  | 37.9 |  |  | (887.4) |  |  | — |  |  | 165.4 |
Financial services |  | — |  |  | — |  |  | 584.9 |  |  | — |  |  | — |  |  | — |  |  | 584.9 |
|  | 19,643.9 |  |  | 931.8 |  |  | 584.9 |  |  | 37.9 |  |  | (887.4) |  |  | — |  |  | 20,311.1 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales (5) |  | 15,305.8 |  |  | — |  |  | — |  |  | — |  |  | (58.6) |  |  | — |  |  | 15,247.2 |
Land/lot sales and other |  | 58.3 |  |  | 812.8 |  |  | — |  |  | — |  |  | (769.0) |  |  | 0.1 |  |  | 102.2 |
Inventory and land option charges |  | 22.9 |  |  | 0.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23.8 |
|  | 15,387.0 |  |  | 813.7 |  |  | — |  |  | — |  |  | (827.6) |  |  | 0.1 |  |  | 15,373.2 |
Selling, general and administrative expense |  | 1,603.6 |  |  | 45.7 |  |  | 364.7 |  |  | 33.3 |  |  | — |  |  | 0.5 |  |  | 2,047.8 |
Equity in earnings of unconsolidated entities |  | — |  |  | (0.7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.7) |
Gain on sale of assets |  | — |  |  | (0.1) |  |  | — |  |  | (59.4) |  |  | — |  |  | — |  |  | (59.5) |
Other (income) expense |  | (11.7) |  |  | (4.9) |  |  | (25.0) |  |  | 8.9 |  |  | — |  |  | — |  |  | (32.7) |
Income before income taxes |  | $ | 2,665.0 |  |  | $ | 78.1 |  |  | $ | 245.2 |  |  | $ | 55.1 |  |  | $ | (59.8) |  |  | $ | (0.6) |  |  | $ | 2,983.0 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 68.2 |  |  | $ | 0.3 |  |  | $ | 1.6 |  |  | $ | 9.8 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 80.4 |
Cash provided by (used in) operating activities |  | $ | 1,904.2 |  |  | $ | (168.5) |  |  | $ | (292.8) |  |  | $ | (4.5) |  |  | $ | (16.8) |  |  | $ | — |  |  | $ | 1,421.6 |
_____________ (1)Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2)Amounts represent the aggregate results of certain subsidiaries that are immaterial for separate reporting. (3)Amounts represent the elimination of intercompany transactions. (4)Amounts represent purchase accounting adjustments related to the Forestar acquisition. (5)Amount in the Eliminations column represents the profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.
|  | Year Ended September 30, 2019
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other (2) |  | Eliminations (3) |  | Other Adjustments (4) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 16,925.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,925.0 |
Land/lot sales and other |  | 91.9 |  |  | 428.3 |  |  | — |  |  | 32.6 |  |  | (326.6) |  |  | — |  |  | 226.2 |
Financial services |  | — |  |  | — |  |  | 441.7 |  |  | — |  |  | — |  |  | — |  |  | 441.7 |
|  | 17,016.9 |  |  | 428.3 |  |  | 441.7 |  |  | 32.6 |  |  | (326.6) |  |  | — |  |  | 17,592.9 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales (5) |  | 13,507.1 |  |  | — |  |  | — |  |  | — |  |  | (8.3) |  |  | — |  |  | 13,498.8 |
Land/lot sales and other |  | 75.1 |  |  | 361.9 |  |  | — |  |  | — |  |  | (287.4) |  |  | 18.5 |  |  | 168.1 |
Inventory and land option charges |  | 53.2 |  |  | 0.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 54.0 |
|  | 13,635.4 |  |  | 362.7 |  |  | — |  |  | — |  |  | (295.7) |  |  | 18.5 |  |  | 13,720.9 |
Selling, general and administrative expense |  | 1,482.3 |  |  | 28.9 |  |  | 293.0 |  |  | 27.8 |  |  | — |  |  | 0.5 |  |  | 1,832.5 |
Equity in earnings of unconsolidated entities |  | — |  |  | (0.5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.5) |
Gain on sale of assets |  | (2.0) |  |  | (3.0) |  |  | — |  |  | (51.9) |  |  | — |  |  | 3.0 |  |  | (53.9) |
Other (income) expense |  | (9.5) |  |  | (5.5) |  |  | (17.6) |  |  | 1.2 |  |  | — |  |  | — |  |  | (31.4) |
Income before income taxes |  | $ | 1,910.7 |  |  | $ | 45.7 |  |  | $ | 166.3 |  |  | $ | 55.5 |  |  | $ | (30.9) |  |  | $ | (22.0) |  |  | $ | 2,125.3 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 63.7 |  |  | $ | 0.2 |  |  | $ | 1.5 |  |  | $ | 6.1 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 72.0 |
Cash provided by (used in) operating activities |  | $ | 1,438.0 |  |  | $ | (391.3) |  |  | $ | (150.2) |  |  | $ | 2.5 |  |  | $ | (2.5) |  |  | $ | (4.4) |  |  | $ | 892.1 |
_____________ (1)Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2)Amounts represent the aggregate results of certain subsidiaries that are immaterial for separate reporting. (3)Amounts represent the elimination of intercompany transactions. (4)Amounts represent purchase accounting adjustments related to the Forestar acquisition. (5)Amount in the Eliminations column represents the profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.
|  | Year Ended September 30, 2018
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other (2) |  | Eliminations (3) |  | Other Adjustments (4) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 15,502.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,502.0 |
Land/lot sales and other |  | 121.8 |  |  | 109.2 |  |  | — |  |  | — |  |  | (39.1) |  |  | (1.2) |  |  | 190.7 |
Financial services |  | — |  |  | — |  |  | 375.3 |  |  | — |  |  | — |  |  | — |  |  | 375.3 |
|  | 15,623.8 |  |  | 109.2 |  |  | 375.3 |  |  | — |  |  | (39.1) |  |  | (1.2) |  |  | 16,068.0 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales (5) |  | 12,195.5 |  |  | — |  |  | — |  |  | — |  |  | (1.2) |  |  | — |  |  | 12,194.3 |
Land/lot sales and other |  | 99.1 |  |  | 68.0 |  |  | — |  |  | — |  |  | (30.1) |  |  | 16.4 |  |  | 153.4 |
Inventory and land option charges |  | 48.8 |  |  | 1.0 |  |  | — |  |  | — |  |  | — |  |  | 0.6 |  |  | 50.4 |
|  | 12,343.4 |  |  | 69.0 |  |  | — |  |  | — |  |  | (31.3) |  |  | 17.0 |  |  | 12,398.1 |
Selling, general and administrative expense |  | 1,346.2 |  |  | 32.8 |  |  | 272.6 |  |  | 24.7 |  |  | — |  |  | 0.5 |  |  | 1,676.8 |
Equity in earnings of unconsolidated entities |  | — |  |  | (12.4) |  |  | — |  |  | — |  |  | 2.5 |  |  | 7.1 |  |  | (2.8) |
Gain on sale of assets |  | (15.8) |  |  | (27.7) |  |  | — |  |  | — |  |  | — |  |  | 24.7 |  |  | (18.8) |
Interest expense |  | — |  |  | 5.8 |  |  | — |  |  | — |  |  | (5.8) |  |  | — |  |  | — |
Other (income) expense |  | (7.2) |  |  | (7.0) |  |  | (15.1) |  |  | (17.0) |  |  | — |  |  | 1.0 |  |  | (45.3) |
Income (loss) before income taxes |  | $ | 1,957.2 |  |  | $ | 48.7 |  |  | $ | 117.8 |  |  | $ | (7.7) |  |  | $ | (4.5) |  |  | $ | (51.5) |  |  | $ | 2,060.0 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 53.4 |  |  | $ | 0.3 |  |  | $ | 1.4 |  |  | $ | 6.8 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 62.4 |
Cash provided by (used in) operating activities |  | $ | 1,001.7 |  |  | $ | (320.3) |  |  | $ | (116.6) |  |  | $ | 0.8 |  |  | $ | (10.5) |  |  | $ | (9.9) |  |  | $ | 545.2 |
______________ (1)Results are presented from the date of acquisition and on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2)Amounts represent the aggregate results of certain subsidiaries that are immaterial for separate reporting. (3)Amounts represent the elimination of intercompany transactions and the reclassification of Forestar interest expense to inventory. (4)Amounts represent purchase accounting adjustments related to the Forestar acquisition. (5)Amount in the Eliminations column represents the profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.
Homebuilding Inventories by Reporting Segment (1) | September 30,
2020 |  | 2019
| (In millions)
East | $ | 1,328.3 |  |  | $ | 1,288.8 |
Midwest | 958.5 |  |  | 836.8 |
Southeast | 2,919.9 |  |  | 2,768.0 |
South Central | 2,879.9 |  |  | 2,533.2 |
Southwest | 695.8 |  |  | 574.4 |
West | 2,009.1 |  |  | 2,056.0 |
Corporate and unallocated (2) | 223.5 |  |  | 228.4 |
| $ | 11,015.0 |  |  | $ | 10,285.6 |
________________________ (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.
Homebuilding Results by Reporting Segment | Year Ended September 30,
2020 |  | 2019 |  | 2018
| (In millions)
Revenues |  |  |  |  |
East | $ | 2,642.3 |  |  | $ | 2,290.2 |  |  | $ | 1,893.4 |
Midwest | 1,429.0 |  |  | 1,123.1 |  |  | 858.9 |
Southeast | 5,845.2 |  |  | 4,977.8 |  |  | 4,578.6 |
South Central | 4,998.1 |  |  | 4,202.4 |  |  | 3,769.9 |
Southwest | 881.6 |  |  | 772.6 |  |  | 768.7 |
West | 3,847.7 |  |  | 3,650.8 |  |  | 3,754.3 |
| $ | 19,643.9 |  |  | $ | 17,016.9 |  |  | $ | 15,623.8 |
Inventory and Land Option Charges |  |  |  |  |
East | $ | 1.8 |  |  | $ | 2.7 |  |  | $ | 2.3 |
Midwest | 2.2 |  |  | 3.5 |  |  | 5.1 |
Southeast | 7.8 |  |  | 10.7 |  |  | 28.8 |
South Central | 6.7 |  |  | 11.6 |  |  | 4.6 |
Southwest | 0.1 |  |  | 0.5 |  |  | 0.9 |
West | 4.3 |  |  | 24.2 |  |  | 7.1 |
| $ | 22.9 |  |  | $ | 53.2 |  |  | $ | 48.8 |
Income Before Income Taxes (1) |  |  |  |  |
East | $ | 357.0 |  |  | $ | 238.8 |  |  | $ | 217.3 |
Midwest | 128.8 |  |  | 57.7 |  |  | 77.5 |
Southeast | 841.0 |  |  | 584.7 |  |  | 536.0 |
South Central | 758.0 |  |  | 551.1 |  |  | 506.1 |
Southwest | 136.9 |  |  | 100.4 |  |  | 97.4 |
West | 443.3 |  |  | 378.0 |  |  | 522.9 |
| $ | 2,665.0 |  |  | $ | 1,910.7 |  |  | $ | 1,957.2 |
________________________ (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 homebuilding segment based on the segment’s cost of sales, while expenses associated with the corporate office are allocated to each homebuilding segment based on the segment’s inventory balances.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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