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Segment Information | 3 Months Ended
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Dec. 31, 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 102 markets across 32 states. The Company’s operating segments are its 77 homebuilding divisions, its majority-owned Forestar residential lot development operations, its financial services operations, its rental operations and its other business activities. The Company’s reporting segments are its homebuilding reporting segments, its Forestar lot development segment, its financial services segment and its rental operations segment. During the fourth quarter of fiscal 2021, the Company changed its internal organization and reporting of its operating segments and reportable segments to combine its single-family rental operations and its multi-family rental operations into a new reporting segment to reflect the method by which the chief operating decision makers manage the business, evaluate internal results and allocate financial resources. Additionally, during the fourth quarter of fiscal 2021, the Company realigned the aggregation of its homebuilding operating segments into six new reportable segments to better allocate its homebuilding operating segments across geographic reporting regions. Segment information for the three months ended December 31, 2020 has been reclassified to conform to the current presentation. Homebuilding Based on the aggregation of the homebuilding operating segments, the Company’s six reporting segments and the states in which it has homebuilding operations are as follows:
| Northwest: |  | Colorado, Oregon, Utah and Washington
| Southwest: |  | Arizona, California, Hawaii, Nevada and New Mexico
| South Central: |  | Oklahoma and Texas
| Southeast: |  | Alabama, Florida, Louisiana and Mississippi
| East: |  | Georgia, North Carolina, South Carolina and Tennessee
| North: |  | Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Minnesota, Nebraska, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia
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. Forestar The Forestar segment is a residential lot development company with operations in 55 markets across 23 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. Financial Services 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 related servicing rights to third-party purchasers. Rental The Company’s rental segment consists of multi-family and single-family rental operations. The multi-family rental operations develop, construct, lease and sell residential rental properties. The single-family rental operations primarily construct and lease single-family homes and then market the community for a bulk sale of rental homes. Other In addition to its homebuilding, Forestar, financial services and rental operations, the Company engages in other business activities through its subsidiaries. The Company conducts insurance-related operations, owns non-residential real estate including ranch land and improvements and owns and operates energy-related assets. The results of these operations are immaterial for separate reporting and therefore are grouped together and presented as other within the Eliminations and Other column in the tables that follow. 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, 2021. 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 |  |  |  |  |

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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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