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Capitalized Interest | 3 Months Ended
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Dec. 31, 2022
Interest Costs Incurred [Abstract] |
CAPITALIZED INTEREST | CAPITALIZED INTEREST The Company capitalizes interest costs incurred to inventory during active development and construction (active inventory). Capitalized interest is charged to cost of sales as the related inventory is delivered to the buyer. During periods in which the Company’s active inventory is lower than its debt level, a portion of the interest incurred is reflected as interest expense in the period incurred. During the first three months of fiscal 2023 and fiscal 2022, the Company’s active inventory exceeded its debt level, and all interest incurred was capitalized to inventory. The following table summarizes the Company’s interest costs incurred, capitalized and expensed during the three months ended December 31, 2022 and 2021:
|  | Three Months Ended December 31, |  |
|  | 2022 |  | 2021 |  |  |  |
|  | (In millions)
Capitalized interest, beginning of period |  | $ | 237.4 |  |  | $ | 217.7 |  |  |  |  |
Interest incurred (1) |  | 46.2 |  |  | 36.9 |  |  |  |  |
Interest charged to cost of sales |  | (28.5) |  |  | (33.3) |  |  |  |  |
Capitalized interest, end of period |  | $ | 255.1 |  |  | $ | 221.3 |  |  |  |  |
__________________ (1) Interest incurred in the three months ended December 31, 2022 and 2021 includes interest on the Company's mortgage repurchase facility of $8.1 million and $4.0 million, respectively, and Forestar interest of $8.2 million and $8.1 million respectively. Interest incurred in the three months ended December 31, 2022 also includes interest on DRH Rental’s revolving credit facility of $9.0 million.

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