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Segment Information (Tables)

3 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

Financial information relating to the Company’s reporting segments is as follows:

						December 31, 2022
						Homebuilding						Forestar						Financial Services						Rental						Eliminations and Other (1)						Consolidated
						(In millions)
Assets
Cash and cash equivalents						$	2,039.4					$	216.4					$	198.4					$	111.4					$	25.5					$	2,591.1
Restricted cash						7.4						—						12.2						1.8						—						21.4
Inventories:
Construction in progress and finished homes						9,657.4						—						—						—						(149.4)						9,508.0
Residential land and lots — developed and under development						7,997.8						1,980.2						—						—						(79.1)						9,898.9
Land held for development						21.1						87.5						—						—						—						108.6
Land held for sale						29.5						—						—						—						—						29.5
Rental properties						—						—						—						2,925.5						(25.2)						2,900.3
						17,705.8						2,067.7						—						2,925.5						(253.7)						22,445.3
Mortgage loans held for sale						—						—						1,782.7						—						—						1,782.7
Deferred income taxes, net						140.4						—						—						(7.1)						4.6						137.9
Property and equipment, net						372.6						5.6						4.2						2.2						117.1						501.7
Other assets						2,549.4						51.4						143.1						25.6						(148.6)						2,620.9
Goodwill						134.3						—						—						—						29.2						163.5
						$	22,949.3					$	2,341.1					$	2,140.6					$	3,059.4					$	(225.9)					$	30,264.5
Liabilities
Accounts payable						$	994.3					$	73.0					$	—					$	559.8					$	(422.1)					$	1,205.0
Accrued expenses and other liabilities						2,494.8						341.1						123.7						24.5						(167.3)						2,816.8
Notes payable						2,970.0						706.4						1,213.9						800.0						—						5,690.3
						$	6,459.1					$	1,120.5					$	1,337.6					$	1,384.3					$	(589.4)					$	9,712.1

______________

(1)Amounts include the balances of the Company’s other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments.

						September 30, 2022
						Homebuilding						Forestar						Financial Services						Rental						Eliminations and Other (1)						Consolidated
						(In millions)
Assets
Cash and cash equivalents						$	2,040.7					$	264.8					$	103.3					$	109.9					$	21.8					$	2,540.5
Restricted cash						11.3						—						19.7						1.4						—						32.4
Inventories:
Construction in progress and finished homes						9,951.5						—						—						—						(153.3)						9,798.2
Residential land and lots — developed and under development						7,322.5						1,932.6						—						—						(82.0)						9,173.1
Land held for development						21.0						89.8						—						—						—						110.8
Land held for sale						29.4						—						—						—						—						29.4
Rental properties						—						—						—						2,572.1						(27.9)						2,544.2
						17,324.4						2,022.4						—						2,572.1						(263.2)						21,655.7
Mortgage loans held for sale						—						—						2,386.0						—						—						2,386.0
Deferred income taxes, net						146.3						—						—						(7.1)						1.9						141.1
Property and equipment, net						361.8						5.7						4.3						2.0						97.8						471.6
Other assets						2,266.5						50.1						492.5						18.4						132.8						2,960.3
Goodwill						134.3						—						—						—						29.2						163.5
						$	22,285.3					$	2,343.0					$	3,005.8					$	2,696.7					$	20.3					$	30,351.1
Liabilities
Accounts payable						$	1,149.1					$	72.2					$	0.2					$	233.6					$	(94.8)					$	1,360.3
Accrued expenses and other liabilities						2,365.7						365.4						596.2						25.0						(214.0)						3,138.3
Notes payable						2,942.6						706.0						1,618.3						800.0						—						6,066.9
						$	6,457.4					$	1,143.6					$	2,214.7					$	1,058.6					$	(308.8)					$	10,565.5

______________

(1)Amounts include the balances of the Company’s other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments.

						Three Months Ended December 31, 2022
						Homebuilding						Forestar						Financial Services						Rental						Eliminations and Other (1)						Consolidated
						(In millions)
Revenues
Home sales						$	6,709.2					$	—					$	—					$	—					$	—					$	6,709.2
Land/lot sales and other						34.8						216.7						—						—						(167.4)						84.1
Rental property sales						—						—						—						327.5						—						327.5
Financial services						—						—						137.0						—						—						137.0
						6,744.0						216.7						137.0						327.5						(167.4)						7,257.8
Cost of sales
Home sales (2)						5,106.7						—						—						—						(49.0)						5,057.7
Land/lot sales and other						4.9						166.8						—						—						(147.7)						24.0
Rental property sales						—						—						—						183.8						(1.7)						182.1
Inventory and land option charges						24.2						2.4						—						0.9						—						27.5
						5,135.8						169.2						—						184.7						(198.4)						5,291.3
Selling, general and administrative expense						527.1						22.9						134.1						47.5						5.4						737.0
Other (income) expense						(13.3)						(3.3)						(15.3)						(15.0)						9.2						(37.7)
Income before income taxes						$	1,094.4					$	27.9					$	18.2					$	110.3					$	16.4					$	1,267.2
Summary Cash Flow Information
Depreciation and amortization						$	15.2					$	0.7					$	0.5					$	0.5					$	2.9					$	19.8
Cash provided by (used in) operating activities						$	313.9					$	(49.8)					$	493.1					$	49.4					$	22.5					$	829.1

______________

(1)Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions.

(2)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, 2021
						Homebuilding						Forestar						Financial Services						Rental						Eliminations and Other (1)						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 (2)						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)Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions.

(2)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, 2022						September 30, 2022
						(In millions)
Northwest						$	1,873.2					$	1,802.2
Southwest						2,941.9						2,801.7
South Central						3,921.2						3,931.7
Southeast						4,056.6						4,091.1
East						2,632.0						2,542.7
North						2,050.3						1,935.7
Corporate and unallocated (2)						230.6						219.3
						$	17,705.8					$	17,324.4

____________________________

(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,
						2022						2021
						(In millions)
Revenues
Northwest						$	520.4					$	569.0
Southwest						803.0						911.6
South Central						1,642.1						1,694.3
Southeast						1,996.3						1,810.9
East						1,143.9						1,074.9
North						638.3						618.7
						$	6,744.0					$	6,679.4
Income before Income Taxes
Northwest						$	58.7					$	111.8
Southwest						84.0						159.3
South Central						281.6						354.3
Southeast						411.3						415.4
East						189.4						202.3
North						69.4						89.9
						$	1,094.4					$	1,333.0

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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

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- References

No definition available.

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