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Inventory Impairments and Land Option Cost Write-Offs
12 Months Ended
Sep. 30, 2014
Inventory Impairments and Land Option Cost Write-Offs [Abstract]  
INVENTORY IMPAIRMENTS AND LAND OPTION COST WRITE-OFFS
INVENTORY

The Company reviewed the performance and outlook for all of its land inventories and communities each quarter for indicators of potential impairment and performed detailed impairment evaluations and analyses when necessary. As of September 30, 2014, the Company performed detailed impairment evaluations of communities with a combined carrying value of $359.8 million and recorded impairment charges of $18.1 million during the fourth quarter to reduce the carrying value of impaired communities to their estimated fair value. Total impairment charges during fiscal 2014, 2013 and 2012 were $75.2 million, $21.3 million and $3.2 million, respectively.

Of the total impairment charges in fiscal 2014, $49.3 million occurred in the Midwest region, primarily related to communities in Chicago that were purchased predominantly in 2004 through 2007 and had been previously impaired. In contrast to most of the Company's markets, the Chicago housing market remains weak with sales absorptions and returns in these communities performing below management’s expectations given the size of the Company's investments. During the year, the Company reduced home prices and identified land parcels it intends to sell in these communities in an effort to increase sales pace, reduce inventories and improve cash flows and returns.

Also during fiscal 2014, $17.7 million of impairment charges occurred in the East region. These impairments primarily related to long-held inactive and underperforming projects in the suburban Washington, D.C. market that the Company intends to sell to reduce inventories and improve cash flows and returns.

During fiscal 2014, 2013 and 2012, the Company wrote off $10.0 million, $9.8 million and $3.0 million, respectively, of earnest money deposits and pre-acquisition costs related to land option contracts that are expected to be terminated.