XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Segment Information (Tables) | 3 Months Ended
--- | ---
Dec. 31, 2021
Segment Reporting [Abstract] |
Schedule of segment reporting information, by segment | Financial information relating to the Company’s reporting segments is as follows:
|  | December 31, 2021
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Rental |  | Eliminations and Other (2) |  | Consolidated
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,133.4 |  |  | $ | 162.5 |  |  | $ | 88.2 |  |  | $ | 44.2 |  |  | $ | 13.8 |  |  | $ | 2,442.1 |
Restricted cash |  | 12.4 |  |  | — |  |  | 9.5 |  |  | 0.6 |  |  | — |  |  | 22.5 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 8,879.5 |  |  | — |  |  | — |  |  | — |  |  | (136.6) |  |  | 8,742.9 |
Residential land and lots — developed and under development |  | 6,366.7 |  |  | 1,854.6 |  |  | — |  |  | — |  |  | (58.9) |  |  | 8,162.4 |
Land held for development |  | 25.9 |  |  | 105.5 |  |  | — |  |  | — |  |  | — |  |  | 131.4 |
Land held for sale |  | 24.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24.8 |
Rental properties |  | — |  |  | — |  |  | — |  |  | 1,161.1 |  |  | (20.1) |  |  | 1,141.0 |
|  | 15,296.9 |  |  | 1,960.1 |  |  | — |  |  | 1,161.1 |  |  | (215.6) |  |  | 18,202.5 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 1,833.3 |  |  | — |  |  | — |  |  | 1,833.3 |
Deferred income taxes, net |  | 141.6 |  |  | — |  |  | — |  |  | — |  |  | (4.0) |  |  | 137.6 |
Property and equipment, net |  | 315.5 |  |  | 4.2 |  |  | 3.3 |  |  | 0.7 |  |  | 86.7 |  |  | 410.4 |
Other assets |  | 1,689.3 |  |  | 35.7 |  |  | 93.3 |  |  | 9.0 |  |  | (39.8) |  |  | 1,787.5 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 19,723.4 |  |  | $ | 2,162.5 |  |  | $ | 2,027.6 |  |  | $ | 1,215.6 |  |  | $ | (129.7) |  |  | $ | 24,999.4 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,021.5 |  |  | $ | 53.5 |  |  | $ | — |  |  | $ | 75.7 |  |  | $ | — |  |  | $ | 1,150.7 |
Accrued expenses and other liabilities |  | 2,316.4 |  |  | 345.7 |  |  | 75.7 |  |  | 8.9 |  |  | (166.7) |  |  | 2,580.0 |
Notes payable |  | 3,291.0 |  |  | 704.9 |  |  | 1,260.0 |  |  | — |  |  | (0.6) |  |  | 5,255.3 |
|  | $ | 6,628.9 |  |  | $ | 1,104.1 |  |  | $ | 1,335.7 |  |  | $ | 84.6 |  |  | $ | (167.3) |  |  | $ | 8,986.0 |
______________ (1)Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2)Amounts include the balances of the Company’s other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition.
|  | September 30, 2021
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Rental |  | Eliminations and Other (2) |  | Consolidated
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,950.1 |  |  | $ | 153.6 |  |  | $ | 79.0 |  |  | $ | 16.8 |  |  | $ | 10.9 |  |  | $ | 3,210.4 |
Restricted cash |  | 8.4 |  |  | — |  |  | 18.0 |  |  | 0.4 |  |  | — |  |  | 26.8 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 7,848.0 |  |  | — |  |  | — |  |  | — |  |  | (108.8) |  |  | 7,739.2 |
Residential land and lots — developed and under development |  | 6,004.0 |  |  | 1,824.7 |  |  | — |  |  | — |  |  | (46.9) |  |  | 7,781.8 |
Land held for development |  | 30.4 |  |  | 80.5 |  |  | — |  |  | — |  |  | — |  |  | 110.9 |
Land held for sale |  | 25.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25.4 |
Rental properties |  | — |  |  | — |  |  | — |  |  | 840.9 |  |  | (19.1) |  |  | 821.8 |
|  | 13,907.8 |  |  | 1,905.2 |  |  | — |  |  | 840.9 |  |  | (174.8) |  |  | 16,479.1 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 2,027.3 |  |  | — |  |  | — |  |  | 2,027.3 |
Deferred income taxes, net |  | 159.2 |  |  | — |  |  | — |  |  | — |  |  | (3.9) |  |  | 155.3 |
Property and equipment, net |  | 303.3 |  |  | 2.9 |  |  | 3.5 |  |  | 0.6 |  |  | 82.6 |  |  | 392.9 |
Other assets |  | 1,468.7 |  |  | 40.0 |  |  | 107.6 |  |  | 6.3 |  |  | (62.0) |  |  | 1,560.6 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 18,931.8 |  |  | $ | 2,101.7 |  |  | $ | 2,235.4 |  |  | $ | 865.0 |  |  | $ | (118.0) |  |  | $ | 24,015.9 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,073.7 |  |  | $ | 47.4 |  |  | $ | — |  |  | $ | 55.9 |  |  | $ | — |  |  | $ | 1,177.0 |
Accrued expenses and other liabilities |  | 1,941.3 |  |  | 333.9 |  |  | 88.6 |  |  | 15.0 |  |  | (168.5) |  |  | 2,210.3 |
Notes payable |  | 3,214.0 |  |  | 704.5 |  |  | 1,494.6 |  |  | — |  |  | (0.7) |  |  | 5,412.4 |
|  | $ | 6,229.0 |  |  | $ | 1,085.8 |  |  | $ | 1,583.2 |  |  | $ | 70.9 |  |  | $ | (169.2) |  |  | $ | 8,799.7 |
______________ (1)Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2)Amounts include the balances of the Company’s other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition.
|  | Three Months Ended December 31, 2021
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Rental |  | Eliminations and Other (2) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 6,656.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,656.4 |
Land/lot sales and other |  | 23.0 |  |  | 407.6 |  |  | — |  |  | — |  |  | (374.4) |  |  | 56.2 |
Rental property sales |  | — |  |  | — |  |  | — |  |  | 156.5 |  |  | — |  |  | 156.5 |
Financial services |  | — |  |  | — |  |  | 184.3 |  |  | — |  |  | — |  |  | 184.3 |
|  | 6,679.4 |  |  | 407.6 |  |  | 184.3 |  |  | 156.5 |  |  | (374.4) |  |  | 7,053.4 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Home sales (3) |  | 4,833.9 |  |  | — |  |  | — |  |  | — |  |  | (37.7) |  |  | 4,796.2 |
Land/lot sales and other |  | 17.1 |  |  | 333.6 |  |  | — |  |  | — |  |  | (317.7) |  |  | 33.0 |
Rental property sales |  | — |  |  | — |  |  | — |  |  | 72.5 |  |  | (0.8) |  |  | 71.7 |
Inventory and land option charges |  | 3.9 |  |  | 0.6 |  |  | — |  |  | 0.3 |  |  | — |  |  | 4.8 |
|  | 4,854.9 |  |  | 334.2 |  |  | — |  |  | 72.8 |  |  | (356.2) |  |  | 4,905.7 |
Selling, general and administrative expense |  | 497.7 |  |  | 21.5 |  |  | 125.3 |  |  | 18.5 |  |  | 2.9 |  |  | 665.9 |
Other (income) expense |  | (6.2) |  |  | (1.6) |  |  | (8.1) |  |  | (4.9) |  |  | 5.3 |  |  | (15.5) |
Income before income taxes |  | $ | 1,333.0 |  |  | $ | 53.5 |  |  | $ | 67.1 |  |  | $ | 70.1 |  |  | $ | (26.4) |  |  | $ | 1,497.3 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 15.4 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 0.1 |  |  | $ | 3.0 |  |  | $ | 19.4 |
Cash (used in) provided by operating activities |  | $ | (114.7) |  |  | $ | 5.8 |  |  | $ | 247.5 |  |  | $ | (255.9) |  |  | $ | (56.8) |  |  | $ | (174.1) |
______________ (1)Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2)Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions. (3)Amount in the Eliminations and Other 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.
|  | Three Months Ended December 31, 2020
|  | Homebuilding |  | Forestar (1) |  | Financial Services |  | Rental |  | Eliminations and Other (2) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 5,698.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,698.7 |
Land/lot sales and other |  | 17.9 |  |  | 307.1 |  |  | — |  |  | — |  |  | (277.5) |  |  | 47.5 |
Rental property sales |  | — |  |  | — |  |  | — |  |  | 31.8 |  |  | (31.8) |  |  | — |
Financial services |  | — |  |  | — |  |  | 187.2 |  |  | — |  |  | — |  |  | 187.2 |
|  | 5,716.6 |  |  | 307.1 |  |  | 187.2 |  |  | 31.8 |  |  | (309.3) |  |  | 5,933.4 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Home sales (3) |  | 4,325.1 |  |  | — |  |  | — |  |  | — |  |  | (27.7) |  |  | 4,297.4 |
Land/lot sales and other |  | 13.7 |  |  | 262.5 |  |  | — |  |  | — |  |  | (249.4) |  |  | 26.8 |
Rental property sales |  | — |  |  | — |  |  | — |  |  | 17.8 |  |  | (17.8) |  |  | — |
Inventory and land option charges |  | 7.9 |  |  | 0.4 |  |  | — |  |  | — |  |  | — |  |  | 8.3 |
|  | 4,346.7 |  |  | 262.9 |  |  | — |  |  | 17.8 |  |  | (294.9) |  |  | 4,332.5 |
Selling, general and administrative expense |  | 449.4 |  |  | 15.5 |  |  | 109.5 |  |  | 9.3 |  |  | 2.2 |  |  | 585.9 |
Gain on sale of assets |  | — |  |  | — |  |  | — |  |  | — |  |  | (14.0) |  |  | (14.0) |
Other (income) expense |  | (2.1) |  |  | (0.5) |  |  | (6.4) |  |  | (3.9) |  |  | 7.6 |  |  | (5.3) |
Income before income taxes |  | $ | 922.6 |  |  | $ | 29.2 |  |  | $ | 84.1 |  |  | $ | 8.6 |  |  | $ | (10.2) |  |  | $ | 1,034.3 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 16.4 |  |  | $ | 0.7 |  |  | $ | 0.4 |  |  | $ | 2.7 |  |  | $ | 2.7 |  |  | $ | 22.9 |
Cash (used in) provided by operating activities |  | $ | (269.6) |  |  | $ | (158.7) |  |  | $ | 173.1 |  |  | $ | (58.9) |  |  | $ | 62.0 |  |  | $ | (252.1) |
______________ (1)Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2)Amounts include the results of the Company’s other businesses, reconciling amounts between segment and consolidated balances and the elimination of intercompany transactions. (3)Amount in the Eliminations and Other 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.
Homebuilding Inventories by Reporting Segment (1) |  | December 31, 2021 |  | September 30, 2021
|  | (In millions)
Northwest |  | $ | 1,450.8 |  |  | $ | 1,307.5 |
Southwest |  | 2,743.3 |  |  | 2,445.6 |
South Central |  | 3,772.2 |  |  | 3,479.3 |
Southeast |  | 3,444.9 |  |  | 3,178.6 |
East |  | 2,118.3 |  |  | 1,919.6 |
North |  | 1,558.4 |  |  | 1,368.9 |
Corporate and unallocated (2) |  | 209.0 |  |  | 208.3 |
|  | $ | 15,296.9 |  |  | $ | 13,907.8 |
____________________________ (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 homebuilding capitalized interest and property taxes.
Homebuilding Results by Reporting Segment |  | Three Months Ended December 31, |  |
|  | 2021 |  | 2020 |  |  |  |
|  | (In millions)
Revenues |  |  |  |  |  |  |  |
Northwest |  | $ | 569.0 |  |  | $ | 548.0 |  |  |  |  |
Southwest |  | 911.6 |  |  | 838.6 |  |  |  |  |
South Central |  | 1,694.3 |  |  | 1,363.5 |  |  |  |  |
Southeast |  | 1,810.9 |  |  | 1,465.0 |  |  |  |  |
East |  | 1,074.9 |  |  | 1,007.7 |  |  |  |  |
North |  | 618.7 |  |  | 493.8 |  |  |  |  |
|  | $ | 6,679.4 |  |  | $ | 5,716.6 |  |  |  |  |
Income before Income Taxes |  |  |  |  |  |  |  |
Northwest |  | $ | 111.8 |  |  | $ | 86.8 |  |  |  |  |
Southwest |  | 159.3 |  |  | 115.2 |  |  |  |  |
South Central |  | 354.3 |  |  | 240.0 |  |  |  |  |
Southeast |  | 415.4 |  |  | 247.2 |  |  |  |  |
East |  | 202.3 |  |  | 170.7 |  |  |  |  |
North |  | 89.9 |  |  | 62.7 |  |  |  |  |
|  | $ | 1,333.0 |  |  | $ | 922.6 |  |  |  |  |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration