Segment Information (Tables)

12 Months Ended

Sep. 30, 2016

The accounting policies of the reporting segments are described throughout Note A. Financial information relating to the Company’s reporting segments is as follows:



	Year Ended September 30,
	2016			2015		2014
				(In millions)
Revenues
Homebuilding revenues:
East	$	1,446.5		$	1,333.6	$	954.7
Midwest	651.7			666.1		483.5
Southeast	3,463.5			2,890.6		2,167.0
South Central	2,995.1			2,725.2		1,971.2
Southwest	388.1			336.1		285.2
West	2,916.9			2,607.4		1,996.9
Homebuilding revenues	11,861.8			10,559.0		7,858.5
Financial services revenues	295.6			265.0		166.4
Total revenues	$	12,157.4		$	10,824.0	$	8,024.9
Inventory Impairments
East	$	12.3		$	14.3	$	17.7
Midwest	—			—		49.3
Southeast	0.7			8.8		3.1
South Central	1.0			1.4		—
Southwest	6.0			—		—
West	0.3			20.4		5.1
Total inventory impairments	$	20.3		$	44.9	$	75.2
Income Before Income Taxes (1) (2)
Homebuilding pre-tax income (loss):
East	$	138.7		$	94.2	$	45.2
Midwest	44.3			49.8		(9.6		)
Southeast	388.4			278.7		217.9
South Central	374.8			296.6		207.9
Southwest	7.3			13.1		25.5
West	310.9			285.9		281.6
Homebuilding pre-tax income	1,264.4			1,018.3		768.5
Financial services pre-tax income	98.1			105.1		45.4
Homebuilding and financial services pre-tax income	1,362.5			1,123.4		813.9
Other pre-tax income (loss)	(9.0		)	—		0.3
Income before income taxes	$	1,353.5		$	1,123.4	$	814.2

_____________

(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 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 and are immaterial for separate reporting, are now grouped together and presented as other. The prior year amounts have been reclassified to conform to the current year presentation.



	September 30,
	2016		2015
	(In millions)
Homebuilding Inventories (1):
East	$	891.1	$	817.3
Midwest	441.2		474.5
Southeast	2,070.3		1,876.7
South Central	2,075.6		1,909.0
Southwest	371.1		312.4
West	2,247.6		2,165.3
Corporate and unallocated (2)	244.0		251.8
Total homebuilding inventories	$	8,340.9	$	7,807.0

_____________


(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.