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Segment Information (Tables) | 9 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Schedule of segment reporting information, by segment | Financial information relating to the Company’s reporting segments is as follows:
|  | June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other (2) |  | Eliminations (3) |  | Other Adjustments (4) |  | Consolidated
|  | (In millions) |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,896.8 |  |  | $ | 355.6 |  |  | $ | 75.1 |  |  | $ | 26.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,353.5 |
Restricted cash |  | 9.0 |  |  | — |  |  | 10.0 |  |  | 0.2 |  |  | — |  |  | — |  |  | 19.2 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 5,886.0 |  |  | — |  |  | — |  |  | — |  |  | (38.7) |  |  | — |  |  | 5,847.3 |
Residential land and lots — developed and under development |  | 4,953.6 |  |  | 1,271.7 |  |  | — |  |  | — |  |  | (28.0) |  |  | 1.5 |  |  | 6,198.8 |
Land held for development |  | 49.1 |  |  | 15.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 64.5 |
Land held for sale |  | 28.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28.1 |
|  | 10,916.8 |  |  | 1,287.1 |  |  | — |  |  | — |  |  | (66.7) |  |  | 1.5 |  |  | 12,138.7 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 1,502.6 |  |  | — |  |  | — |  |  | — |  |  | 1,502.6 |
Deferred income taxes, net |  | 154.6 |  |  | — |  |  | — |  |  | — |  |  | 10.0 |  |  | (6.0) |  |  | 158.6 |
Property and equipment, net |  | 344.0 |  |  | 1.2 |  |  | 3.7 |  |  | 284.8 |  |  | (1.8) |  |  | — |  |  | 631.9 |
Other assets |  | 880.7 |  |  | 41.5 |  |  | 128.9 |  |  | 50.3 |  |  | (100.6) |  |  | 5.1 |  |  | 1,005.9 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 14,336.2 |  |  | $ | 1,685.4 |  |  | $ | 1,720.3 |  |  | $ | 361.3 |  |  | $ | (159.1) |  |  | $ | 29.8 |  |  | $ | 17,973.9 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 720.7 |  |  | $ | 26.0 |  |  | $ | 0.1 |  |  | $ | 14.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 761.2 |
Accrued expenses and other liabilities |  | 1,423.1 |  |  | 171.9 |  |  | 103.7 |  |  | 8.7 |  |  | (100.9) |  |  | (18.2) |  |  | 1,588.3 |
Notes payable |  | 2,490.3 |  |  | 640.6 |  |  | 1,172.9 |  |  | — |  |  | (6.5) |  |  | — |  |  | 4,297.3 |
|  | $ | 4,634.1 |  |  | $ | 838.5 |  |  | $ | 1,276.7 |  |  | $ | 23.1 |  |  | $ | (107.4) |  |  | $ | (18.2) |  |  | $ | 6,646.8 |
______________ (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.
|  | Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other (2) |  | Eliminations (3) |  | Other Adjustments (4) |  | Consolidated
|  | (In millions) |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 5,207.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,207.6 |
Land/lot sales and other |  | 14.5 |  |  | 177.9 |  |  | — |  |  | 8.9 |  |  | (175.5) |  |  | — |  |  | 25.8 |
Financial services |  | — |  |  | — |  |  | 156.6 |  |  | — |  |  | — |  |  | — |  |  | 156.6 |
|  | 5,222.1 |  |  | 177.9 |  |  | 156.6 |  |  | 8.9 |  |  | (175.5) |  |  | — |  |  | 5,390.0 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales (5) |  | 4,082.3 |  |  | — |  |  | — |  |  | — |  |  | (16.8) |  |  | — |  |  | 4,065.5 |
Land/lot sales and other |  | 10.2 |  |  | 157.0 |  |  | — |  |  | — |  |  | (152.7) |  |  | (0.3) |  |  | 14.2 |
Inventory and land option charges |  | 4.9 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5.0 |
|  | 4,097.4 |  |  | 157.1 |  |  | — |  |  | — |  |  | (169.5) |  |  | (0.3) |  |  | 4,084.7 |
Selling, general and administrative expense |  | 415.1 |  |  | 11.2 |  |  | 93.9 |  |  | 7.1 |  |  | — |  |  | 0.2 |  |  | 527.5 |
Other (income) expense |  | (0.2) |  |  | (0.7) |  |  | (6.1) |  |  | 2.4 |  |  | — |  |  | — |  |  | (4.6) |
Income (loss) before income taxes |  | $ | 709.8 |  |  | $ | 10.3 |  |  | $ | 68.8 |  |  | $ | (0.6) |  |  | $ | (6.0) |  |  | $ | 0.1 |  |  | $ | 782.4 |
______________ (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.
|  | Nine Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other (2) |  | Eliminations (3) |  | Other Adjustments (4) |  | Consolidated
|  | (In millions) |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 13,434.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,434.2 |
Land/lot sales and other |  | 49.7 |  |  | 584.3 |  |  | — |  |  | 27.2 |  |  | (548.6) |  |  | — |  |  | 112.6 |
Financial services |  | — |  |  | — |  |  | 364.0 |  |  | — |  |  | — |  |  | — |  |  | 364.0 |
|  | 13,483.9 |  |  | 584.3 |  |  | 364.0 |  |  | 27.2 |  |  | (548.6) |  |  | — |  |  | 13,910.8 |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales (5) |  | 10,569.2 |  |  | — |  |  | — |  |  | — |  |  | (34.4) |  |  | — |  |  | 10,534.8 |
Land/lot sales and other |  | 34.9 |  |  | 509.8 |  |  | — |  |  | — |  |  | (476.6) |  |  | (1.0) |  |  | 67.1 |
Inventory and land option charges |  | 17.3 |  |  | 0.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17.8 |
|  | 10,621.4 |  |  | 510.3 |  |  | — |  |  | — |  |  | (511.0) |  |  | (1.0) |  |  | 10,619.7 |
Selling, general and administrative expense |  | 1,135.3 |  |  | 32.8 |  |  | 257.7 |  |  | 23.9 |  |  | — |  |  | 0.4 |  |  | 1,450.1 |
Gain on sale of assets |  | — |  |  | (0.1) |  |  | — |  |  | (59.4) |  |  | — |  |  | — |  |  | (59.5) |
Other (income) expense |  | (9.7) |  |  | (4.8) |  |  | (17.7) |  |  | 5.8 |  |  | — |  |  | — |  |  | (26.4) |
Income before income taxes |  | $ | 1,736.9 |  |  | $ | 46.1 |  |  | $ | 124.0 |  |  | $ | 56.9 |  |  | $ | (37.6) |  |  | $ | 0.6 |  |  | $ | 1,926.9 |
Summary Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 49.8 |  |  | $ | 0.2 |  |  | $ | 1.2 |  |  | $ | 5.8 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 57.4 |
Cash provided by (used in) operating activities |  | $ | 1,157.0 |  |  | $ | (205.7) |  |  | $ | (347.7) |  |  | $ | 2.1 |  |  | $ | (16.8) |  |  | $ | — |  |  | $ | 588.9 |
______________ (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.
|  | Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other (2) |  | Eliminations (3) |  | Other Adjustments (4) |  | Consolidated
|  | (In millions) |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 4,734.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,734.6 |
Land/lot sales and other |  | 27.5 |  |  | 88.2 |  |  | — |  |  | 9.6 |  |  | (73.2) |  |  | — |  |  | 52.1 |
Financial services |  | — |  |  | — |  |  | 119.6 |  |  | — |  |  | — |  |  | — |  |  | 119.6 |
|  | 4,762.1 |  |  | 88.2 |  |  | 119.6 |  |  | 9.6 |  |  | (73.2) |  |  | — |  |  | 4,906.3 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales (5) |  | 3,773.0 |  |  | — |  |  | — |  |  | — |  |  | (1.3) |  |  | — |  |  | 3,771.7 |
Land/lot sales and other |  | 23.2 |  |  | 75.3 |  |  | — |  |  | — |  |  | (66.0) |  |  | 8.2 |  |  | 40.7 |
Inventory and land option charges |  | 19.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19.2 |
|  | 3,815.4 |  |  | 75.3 |  |  | — |  |  | — |  |  | (67.3) |  |  | 8.2 |  |  | 3,831.6 |
Selling, general and administrative expense |  | 387.4 |  |  | 7.9 |  |  | 76.4 |  |  | 8.2 |  |  | — |  |  | 0.1 |  |  | 480.0 |
Gain on sale of assets |  | — |  |  | (1.5) |  |  | — |  |  | (22.6) |  |  | — |  |  | 1.5 |  |  | (22.6) |
Other (income) expense |  | (2.5) |  |  | (1.9) |  |  | (4.9) |  |  | (0.1) |  |  | — |  |  | — |  |  | (9.4) |
Income before income taxes |  | $ | 561.8 |  |  | $ | 8.4 |  |  | $ | 48.1 |  |  | $ | 24.1 |  |  | $ | (5.9) |  |  | $ | (9.8) |  |  | $ | 626.7 |
______________ (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.
|  | Nine Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other (2) |  | Eliminations (3) |  | Other Adjustments (4) |  | Consolidated
|  | (In millions) |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 12,125.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,125.8 |
Land/lot sales and other |  | 49.2 |  |  | 192.0 |  |  | — |  |  | 22.4 |  |  | (141.8) |  |  | — |  |  | 121.8 |
Financial services |  | — |  |  | — |  |  | 306.4 |  |  | — |  |  | — |  |  | — |  |  | 306.4 |
|  | 12,175.0 |  |  | 192.0 |  |  | 306.4 |  |  | 22.4 |  |  | (141.8) |  |  | — |  |  | 12,554.0 |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales (5) |  | 9,716.5 |  |  | — |  |  | — |  |  | — |  |  | (3.1) |  |  | — |  |  | 9,713.4 |
Land/lot sales and other |  | 37.6 |  |  | 149.6 |  |  | — |  |  | — |  |  | (122.2) |  |  | 20.0 |  |  | 85.0 |
Inventory and land option charges |  | 41.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 41.0 |
|  | 9,795.1 |  |  | 149.6 |  |  | — |  |  | — |  |  | (125.3) |  |  | 20.0 |  |  | 9,839.4 |
Selling, general and administrative expense |  | 1,071.4 |  |  | 19.8 |  |  | 213.4 |  |  | 22.1 |  |  | — |  |  | 0.3 |  |  | 1,327.0 |
Gain on sale of assets |  | (2.0) |  |  | (2.4) |  |  | — |  |  | (51.9) |  |  | — |  |  | 2.4 |  |  | (53.9) |
Other (income) expense |  | (6.1) |  |  | (4.6) |  |  | (12.6) |  |  | (0.4) |  |  | — |  |  | — |  |  | (23.7) |
Income before income taxes |  | $ | 1,316.6 |  |  | $ | 29.6 |  |  | $ | 105.6 |  |  | $ | 52.6 |  |  | $ | (16.5) |  |  | $ | (22.7) |  |  | $ | 1,465.2 |
Summary Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 46.4 |  |  | $ | 0.2 |  |  | $ | 1.1 |  |  | $ | 4.3 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 52.4 |
Cash provided by (used in) operating activities |  | $ | 605.7 |  |  | $ | (450.1) |  |  | $ | (65.5) |  |  | $ | (2.5) |  |  | $ | (2.5) |  |  | $ | (4.4) |  |  | $ | 80.7 |
______________ (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.
Homebuilding Inventories by Reporting Segment (1) |  | June 30, 2020 |  | September 30, 2019
|  | (In millions) |  |
East |  | $ | 1,262.3 |  |  | $ | 1,288.8 |
Midwest |  | 917.8 |  |  | 836.8 |
Southeast |  | 2,805.1 |  |  | 2,768.0 |
South Central |  | 2,903.2 |  |  | 2,533.2 |
Southwest |  | 669.6 |  |  | 574.4 |
West |  | 2,129.0 |  |  | 2,056.0 |
Corporate and unallocated (2) |  | 229.8 |  |  | 228.4 |
|  | $ | 10,916.8 |  |  | $ | 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 |  | Three Months Ended June 30, |  |  |  | Nine Months Ended June 30, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (In millions) |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |
East |  | $ | 736.3 |  |  | $ | 675.2 |  |  | $ | 1,836.5 |  |  | $ | 1,640.9 |
Midwest |  | 373.3 |  |  | 303.3 |  |  | 964.6 |  |  | 800.5 |
Southeast |  | 1,629.1 |  |  | 1,388.1 |  |  | 4,096.4 |  |  | 3,607.2 |
South Central |  | 1,376.4 |  |  | 1,178.0 |  |  | 3,401.5 |  |  | 3,040.8 |
Southwest |  | 216.1 |  |  | 240.6 |  |  | 626.8 |  |  | 557.5 |
West |  | 890.9 |  |  | 976.9 |  |  | 2,558.1 |  |  | 2,528.1 |
|  | $ | 5,222.1 |  |  | $ | 4,762.1 |  |  | $ | 13,483.9 |  |  | $ | 12,175.0 |
Inventory and Land Option Charges |  |  |  |  |  |  |  |
East |  | $ | 0.2 |  |  | $ | 0.6 |  |  | $ | (0.1) |  |  | $ | 2.3 |
Midwest |  | 0.4 |  |  | 1.3 |  |  | 1.9 |  |  | 1.8 |
Southeast |  | 2.0 |  |  | 5.1 |  |  | 6.3 |  |  | 8.6 |
South Central |  | 1.9 |  |  | 3.0 |  |  | 6.3 |  |  | 4.9 |
Southwest |  | 0.1 |  |  | 0.3 |  |  | 0.1 |  |  | 0.5 |
West |  | 0.3 |  |  | 8.9 |  |  | 2.8 |  |  | 22.9 |
|  | $ | 4.9 |  |  | $ | 19.2 |  |  | $ | 17.3 |  |  | $ | 41.0 |
Income before Income Taxes (1) |  |  |  |  |  |  |  |
East |  | $ | 106.9 |  |  | $ | 74.1 |  |  | $ | 240.1 |  |  | $ | 158.0 |
Midwest |  | 34.1 |  |  | 18.7 |  |  | 76.4 |  |  | 38.8 |
Southeast |  | 233.5 |  |  | 168.4 |  |  | 567.4 |  |  | 411.6 |
South Central |  | 201.8 |  |  | 164.3 |  |  | 490.7 |  |  | 389.6 |
Southwest |  | 29.7 |  |  | 33.5 |  |  | 95.0 |  |  | 69.8 |
West |  | 103.8 |  |  | 102.8 |  |  | 267.3 |  |  | 248.8 |
|  | $ | 709.8 |  |  | $ | 561.8 |  |  | $ | 1,736.9 |  |  | $ | 1,316.6 |
_________________ (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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