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Segment Information | 9 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company is a national homebuilder that is primarily engaged in the acquisition and development of land and the construction and sale of residential homes, with operations in 96 markets across 30 states. The Company’s operating segments are its 55 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, Kentucky, 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
The Company’s homebuilding divisions design, build and sell single-family detached homes on lots they develop and on fully developed lots purchased ready for home construction. To a lesser extent, the homebuilding divisions also build and sell attached homes, such as townhomes, duplexes and triplexes. 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. During fiscal 2020, the Company began constructing and leasing homes as income-producing single-family rental communities. After a rental community is constructed and achieves a stabilized level of leased occupancy, the Company generally markets the community for a bulk sale of homes. These operations are reported in the Company’s homebuilding segment. During the third quarter of fiscal 2021, the Company sold a single-family rental community for $23.1 million in revenues and $11.4 million of gross profit. In the first quarter of fiscal 2021, the Company sold a single-family rental community for $31.8 million and recorded a gain on sale of $14.0 million. At June 30, 2021, the Company’s homebuilding inventory included $303.1 million of assets related to 44 single-family rental communities compared to $87.2 million of assets included in property and equipment related to 10 single-family rental communities at September 30, 2020. At June 30, 2021, the Company’s single-family rental properties included 2,340 homes and finished lots, of which 680 homes were completed, compared to 740 homes and finished lots, of which 440 homes were completed at September 30, 2020. The Forestar segment is a residential lot development company with operations in 55 markets across 22 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 engages in other business activities through its subsidiaries. The Company conducts insurance-related operations, constructs, owns and sells income-producing multi-family rental properties, owns non-residential real estate including ranch land and improvements and owns and operates oil and gas related assets. The results of these operations are immaterial for separate reporting and therefore are grouped together and presented as other. The Company’s multi-family rental operations develop, construct, lease, own and sell multi-family rental properties, which are typically marketed for sale after achieving a stabilized level of leased occupancy. At June 30, 2021, the Company had eleven multi-family rental projects under active construction and four projects that were substantially complete and in the lease-up phase. These 15 projects represent 4,540 multi-family units, including 3,230 units under active construction and 1,310 completed units. At June 30, 2021, the consolidated balance sheet included $458.3 million of assets related to multi-family rental operations, which included $436.3 million of rental property inventory. At September 30, 2020, the consolidated balance sheet included $246.2 million of assets related to multi-family rental operations, which included $232.1 million of property and equipment. The accounting policies of the reporting segments are described throughout Note A included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2020. Financial information relating to the Company’s reporting segments is as follows:
|  | June 30, 2021
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other |  | Eliminations and Other Adjustments (2) |  | Consolidated
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,673.8 |  |  | $ | 116.0 |  |  | $ | 101.1 |  |  | $ | 51.8 |  |  | $ | — |  |  | $ | 1,942.7 |
Restricted cash |  | 11.5 |  |  | — |  |  | 14.6 |  |  | 0.3 |  |  | — |  |  | 26.4 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 7,837.8 |  |  | — |  |  | — |  |  | — |  |  | (93.7) |  |  | 7,744.1 |
Residential land and lots — developed and under development |  | 5,675.4 |  |  | 1,777.9 |  |  | — |  |  | — |  |  | (45.4) |  |  | 7,407.9 |
Land held for development |  | 30.4 |  |  | 83.5 |  |  | — |  |  | — |  |  | — |  |  | 113.9 |
Land held for sale |  | 23.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23.5 |
Rental properties |  | 303.1 |  |  | — |  |  | — |  |  | 436.3 |  |  | (17.1) |  |  | 722.3 |
|  | 13,870.2 |  |  | 1,861.4 |  |  | — |  |  | 436.3 |  |  | (156.2) |  |  | 16,011.7 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 1,644.1 |  |  | — |  |  | — |  |  | 1,644.1 |
Deferred income taxes, net |  | 152.5 |  |  | — |  |  | — |  |  | — |  |  | (5.4) |  |  | 147.1 |
Property and equipment, net |  | 280.3 |  |  | 2.2 |  |  | 3.4 |  |  | 81.1 |  |  | — |  |  | 367.0 |
Other assets |  | 1,381.5 |  |  | 35.4 |  |  | 122.6 |  |  | 62.7 |  |  | (111.2) |  |  | 1,491.0 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 17,504.1 |  |  | $ | 2,015.0 |  |  | $ | 1,885.8 |  |  | $ | 632.2 |  |  | $ | (243.6) |  |  | $ | 21,793.5 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,171.1 |  |  | $ | 45.6 |  |  | $ | — |  |  | $ | 34.2 |  |  | $ | — |  |  | $ | 1,250.9 |
Accrued expenses and other liabilities |  | 1,773.5 |  |  | 294.9 |  |  | 90.7 |  |  | 14.2 |  |  | (172.0) |  |  | 2,001.3 |
Notes payable |  | 2,620.0 |  |  | 704.1 |  |  | 1,093.6 |  |  | — |  |  | (1.4) |  |  | 4,416.3 |
|  | $ | 5,564.6 |  |  | $ | 1,044.6 |  |  | $ | 1,184.3 |  |  | $ | 48.4 |  |  | $ | (173.4) |  |  | $ | 7,668.5 |
______________ (1)Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2)Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition.
|  | September 30, 2020
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other |  | Eliminations and Other Adjustments (2) |  | 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 |  |  | — |  |  | — |  |  | (33.9) |  |  | 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 |  |  | — |  |  | — |  |  | (87.3) |  |  | 12,237.4 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 1,529.0 |  |  | — |  |  | — |  |  | 1,529.0 |
Deferred income taxes, net |  | 142.3 |  |  | — |  |  | — |  |  | — |  |  | 2.6 |  |  | 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 |  |  | (96.1) |  |  | 1,113.7 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 15,221.4 |  |  | $ | 1,739.9 |  |  | $ | 1,726.2 |  |  | $ | 379.4 |  |  | $ | (154.6) |  |  | $ | 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 |  |  | (128.1) |  |  | 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 |  |  | $ | (132.9) |  |  | $ | 6,790.8 |
______________ (1)Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2)Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition.
|  | Three Months Ended June 30, 2021
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other |  | Eliminations and Other Adjustments (2) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 7,040.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,040.1 |
Land/lot sales and other (4) |  | 30.2 |  |  | 312.9 |  |  | — |  |  | 15.9 |  |  | (303.2) |  |  | 55.8 |
Financial services |  | — |  |  | — |  |  | 188.7 |  |  | — |  |  | — |  |  | 188.7 |
|  | 7,070.3 |  |  | 312.9 |  |  | 188.7 |  |  | 15.9 |  |  | (303.2) |  |  | 7,284.6 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Home sales (3) |  | 5,219.2 |  |  | — |  |  | — |  |  | — |  |  | (40.0) |  |  | 5,179.2 |
Land/lot sales and other (4) |  | 14.4 |  |  | 256.4 |  |  | — |  |  | — |  |  | (243.0) |  |  | 27.8 |
Inventory and land option charges |  | 4.9 |  |  | 0.7 |  |  | — |  |  | — |  |  | — |  |  | 5.6 |
|  | 5,238.5 |  |  | 257.1 |  |  | — |  |  | — |  |  | (283.0) |  |  | 5,212.6 |
Selling, general and administrative expense |  | 502.0 |  |  | 16.9 |  |  | 127.0 |  |  | 9.6 |  |  | 0.2 |  |  | 655.7 |
Loss on extinguishment of debt |  | — |  |  | 18.1 |  |  | — |  |  | — |  |  | — |  |  | 18.1 |
Other (income) expense |  | (7.1) |  |  | (0.3) |  |  | (8.6) |  |  | (1.4) |  |  | — |  |  | (17.4) |
Income before income taxes |  | $ | 1,336.9 |  |  | $ | 21.1 |  |  | $ | 70.3 |  |  | $ | 7.7 |  |  | $ | (20.4) |  |  | $ | 1,415.6 |
______________ (1)Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2)Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. (3)Amount in the Eliminations and Other Adjustments column represents the recognition of 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. (4)Homebuilding segment other revenues and other cost of sales include the sale of a single-family rental community for $23.1 million in revenues and $11.4 million of gross profit.
|  | Nine Months Ended June 30, 2021
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other |  | Eliminations and Other Adjustments (2) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 18,909.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18,909.2 |
Land/lot sales and other (4) |  | 67.4 |  |  | 907.1 |  |  | — |  |  | 45.9 |  |  | (865.8) |  |  | 154.6 |
Financial services |  | — |  |  | — |  |  | 601.1 |  |  | — |  |  | — |  |  | 601.1 |
|  | 18,976.6 |  |  | 907.1 |  |  | 601.1 |  |  | 45.9 |  |  | (865.8) |  |  | 19,664.9 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Home sales (3) |  | 14,196.3 |  |  | — |  |  | — |  |  | — |  |  | (103.3) |  |  | 14,093.0 |
Land/lot sales and other (4) |  | 40.9 |  |  | 752.2 |  |  | — |  |  | — |  |  | (707.7) |  |  | 85.4 |
Inventory and land option charges |  | 16.0 |  |  | 1.6 |  |  | — |  |  | — |  |  | — |  |  | 17.6 |
|  | 14,253.2 |  |  | 753.8 |  |  | — |  |  | — |  |  | (811.0) |  |  | 14,196.0 |
Selling, general and administrative expense |  | 1,422.7 |  |  | 48.7 |  |  | 360.4 |  |  | 30.9 |  |  | 0.5 |  |  | 1,863.2 |
Gain on sale of assets (5) |  | (13.1) |  |  | — |  |  | — |  |  | (0.9) |  |  | — |  |  | (14.0) |
Loss on extinguishment of debt |  | — |  |  | 18.1 |  |  | — |  |  | — |  |  | — |  |  | 18.1 |
Other (income) expense |  | (10.4) |  |  | (1.4) |  |  | (21.4) |  |  | 5.8 |  |  | (0.8) |  |  | (28.2) |
Income before income taxes |  | $ | 3,324.2 |  |  | $ | 87.9 |  |  | $ | 262.1 |  |  | $ | 10.1 |  |  | $ | (54.5) |  |  | $ | 3,629.8 |
Summary Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 44.2 |  |  | $ | 0.3 |  |  | $ | 1.3 |  |  | $ | 10.5 |  |  | $ | 0.4 |  |  | $ | 56.7 |
Cash provided by (used in) operating activities |  | $ | 276.1 |  |  | $ | (340.6) |  |  | $ | 96.2 |  |  | $ | (58.2) |  |  | $ | (8.0) |  |  | $ | (34.5) |
______________ (1)Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2)Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. (3)Amount in the Eliminations and Other Adjustments column represents the recognition of 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. (4)Homebuilding segment other revenues and other cost of sales include the third quarter sale of a single-family rental community for $23.1 million in revenues and $11.4 million of gross profit. (5)In December 2020, the Company sold a single-family rental community for $31.8 million, which resulted in a gain on sale of $13.1 million in the homebuilding segment and $0.9 million in the other businesses.
|  | Three Months Ended June 30, 2020
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Other |  | Eliminations and Other Adjustments (2) |  | 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 (3) |  | 4,082.3 |  |  | — |  |  | — |  |  | — |  |  | (16.8) |  |  | 4,065.5 |
Land/lot sales and other |  | 10.2 |  |  | 157.0 |  |  | — |  |  | — |  |  | (153.0) |  |  | 14.2 |
Inventory and land option charges |  | 4.9 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 5.0 |
|  | 4,097.4 |  |  | 157.1 |  |  | — |  |  | — |  |  | (169.8) |  |  | 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) |  |  | $ | (5.9) |  |  | $ | 782.4 |
______________ (1)Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2)Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. (3)Amount in the Eliminations and Other Adjustments column represents the recognition of 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 |  | Eliminations and Other Adjustments (2) |  | 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 (3) |  | 10,569.2 |  |  | — |  |  | — |  |  | — |  |  | (34.4) |  |  | 10,534.8 |
Land/lot sales and other |  | 34.9 |  |  | 509.8 |  |  | — |  |  | — |  |  | (477.6) |  |  | 67.1 |
Inventory and land option charges |  | 17.3 |  |  | 0.5 |  |  | — |  |  | — |  |  | — |  |  | 17.8 |
|  | 10,621.4 |  |  | 510.3 |  |  | — |  |  | — |  |  | (512.0) |  |  | 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 (4) |  | — |  |  | (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 |  |  | $ | (37.0) |  |  | $ | 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. (2)Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. (3)Amount in the Eliminations and Other Adjustments column represents the recognition of 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. (4)In the nine months ended June 30, 2020, the Company sold two multi-family rental properties for a total of $128.5 million, which resulted in gains on sale totaling $59.4 million in the other businesses.
Homebuilding Inventories by Reporting Segment (1) |  | June 30, 2021 |  | September 30, 2020
|  | (In millions)
East (2) |  | $ | 1,605.6 |  |  | $ | 1,328.3 |
Midwest (2) |  | 1,225.9 |  |  | 958.5 |
Southeast (2) |  | 3,510.6 |  |  | 2,919.9 |
South Central (2) |  | 3,824.6 |  |  | 2,879.9 |
Southwest (2) |  | 955.7 |  |  | 695.8 |
West (2) |  | 2,536.6 |  |  | 2,009.1 |
Corporate and unallocated (3) |  | 211.2 |  |  | 223.5 |
|  | $ | 13,870.2 |  |  | $ | 11,015.0 |
____________________________ (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)Single-family rental properties included in homebuilding inventories at June 30, 2021 totaled $303.1 million, of which $31.7 million were in the East region, $20.2 million were in the Midwest region, $156.3 million were in the Southeast region, $33.5 million were in the South Central region, $25.5 million were in the Southwest region and $35.9 million were in the West region. (3)Corporate and unallocated consists primarily of homebuilding capitalized interest and property taxes.
Homebuilding Results by Reporting Segment |  | Three Months Ended June 30, |  | Nine Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
|  | (In millions)
Revenues |  |  |  |  |  |  |  |
East |  | $ | 1,032.7 |  |  | $ | 736.3 |  |  | $ | 2,703.4 |  |  | $ | 1,836.5 |
Midwest |  | 514.6 |  |  | 373.3 |  |  | 1,396.1 |  |  | 964.6 |
Southeast |  | 2,300.1 |  |  | 1,629.1 |  |  | 6,133.4 |  |  | 4,096.4 |
South Central |  | 1,709.8 |  |  | 1,376.4 |  |  | 4,688.8 |  |  | 3,401.5 |
Southwest |  | 291.0 |  |  | 216.1 |  |  | 766.7 |  |  | 626.8 |
West |  | 1,222.1 |  |  | 890.9 |  |  | 3,288.2 |  |  | 2,558.1 |
|  | $ | 7,070.3 |  |  | $ | 5,222.1 |  |  | $ | 18,976.6 |  |  | $ | 13,483.9 |
Inventory and Land Option Charges |  |  |  |  |  |  |  |
East |  | $ | 1.4 |  |  | $ | 0.2 |  |  | $ | 2.7 |  |  | $ | (0.1) |
Midwest |  | 0.5 |  |  | 0.4 |  |  | 0.7 |  |  | 1.9 |
Southeast |  | 1.0 |  |  | 2.0 |  |  | 8.8 |  |  | 6.3 |
South Central |  | 1.5 |  |  | 1.9 |  |  | 2.1 |  |  | 6.3 |
Southwest |  | — |  |  | 0.1 |  |  | 0.4 |  |  | 0.1 |
West |  | 0.5 |  |  | 0.3 |  |  | 1.3 |  |  | 2.8 |
|  | $ | 4.9 |  |  | $ | 4.9 |  |  | $ | 16.0 |  |  | $ | 17.3 |
Income before Income Taxes |  |  |  |  |  |  |  |
East |  | $ | 190.3 |  |  | $ | 106.9 |  |  | $ | 468.8 |  |  | $ | 240.1 |
Midwest |  | 67.2 |  |  | 34.1 |  |  | 177.3 |  |  | 76.4 |
Southeast |  | 465.3 |  |  | 233.5 |  |  | 1,147.8 |  |  | 567.4 |
South Central |  | 323.1 |  |  | 201.8 |  |  | 854.6 |  |  | 490.7 |
Southwest |  | 46.7 |  |  | 29.7 |  |  | 124.8 |  |  | 95.0 |
West |  | 244.3 |  |  | 103.8 |  |  | 550.9 |  |  | 267.3 |
|  | $ | 1,336.9 |  |  | $ | 709.8 |  |  | $ | 3,324.2 |  |  | $ | 1,736.9 |

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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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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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