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Inventory Impairments and Land Option Cost Write-Offs
6 Months Ended
Mar. 31, 2014
Inventory Impairments and Land Option Cost Write-Offs [Abstract]  
INVENTORY IMPAIRMENTS AND LAND OPTION COST WRITE-OFFS
INVENTORY

At March 31, 2014, the Company reviewed the performance and outlook for all of its land inventories and communities for indicators of potential impairment and performed detailed impairment evaluations and analyses when necessary. The Company performed detailed impairment evaluations of communities with a combined carrying value of $173.4 million and recorded impairment charges of $2.3 million to reduce the carrying value of impaired communities to their estimated fair value. Of the total impairment charges, $2.1 million related to the Southeast region and $0.2 million related to the West region. During the six months ended March 31, 2014, impairment charges totaled $2.3 million. There were no impairment charges recorded in the comparable periods of 2013.

During the three months ended March 31, 2014 and 2013, the Company wrote off $2.1 million and $1.8 million, respectively, of earnest money deposits and pre-acquisition costs related to land option contracts that are expected to be terminated. During the six months ended March 31, 2014 and 2013, the Company wrote off $4.8 million and $3.2 million, respectively, of these deposits and costs.

At March 31, 2014 and September 30, 2013, the Company had $23.4 million and $34.0 million, respectively, of inventories that met the criteria of land held for sale, which is primarily included in land held for development and residential land and lots developed and under development in the consolidated balance sheets.