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Segment Information (Tables) | 3 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of segment reporting information, by segment | Financial information relating to the Company’s reporting segments is as follows:
|  | December 31, 2023
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,504.1 |  |  | $ | 117.7 |  |  | $ | 458.9 |  |  | $ | 226.9 |  |  | $ | 15.8 |  |  | $ | 3,323.4 |
Restricted cash |  | 6.0 |  |  | 2.2 |  |  | — |  |  | 13.0 |  |  | — |  |  | 21.2 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 9,602.5 |  |  | — |  |  | — |  |  | — |  |  | (134.8) |  |  | 9,467.7 |
Residential land and lots — developed and under development |  | 9,740.5 |  |  | — |  |  | 1,895.7 |  |  | — |  |  | (139.1) |  |  | 11,497.1 |
Land held for development |  | 20.4 |  |  | — |  |  | 114.1 |  |  | — |  |  | — |  |  | 134.5 |
Land held for sale |  | 3.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3.5 |
Rental properties |  | — |  |  | 2,962.7 |  |  | — |  |  | — |  |  | (15.2) |  |  | 2,947.5 |
|  | 19,366.9 |  |  | 2,962.7 |  |  | 2,009.8 |  |  | — |  |  | (289.1) |  |  | 24,050.3 |
Mortgage loans held for sale |  | — |  |  | — |  |  | — |  |  | 2,044.1 |  |  | — |  |  | 2,044.1 |
Deferred income taxes, net |  | 218.0 |  |  | (19.9) |  |  | — |  |  | — |  |  | (22.2) |  |  | 175.9 |
Property and equipment, net |  | 444.8 |  |  | 2.4 |  |  | 5.8 |  |  | 4.3 |  |  | 18.2 |  |  | 475.5 |
Other assets |  | 2,670.6 |  |  | 35.6 |  |  | 59.3 |  |  | 386.9 |  |  | (24.7) |  |  | 3,127.7 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 25,344.7 |  |  | $ | 3,100.7 |  |  | $ | 2,533.8 |  |  | $ | 2,675.2 |  |  | $ | (272.8) |  |  | $ | 33,381.6 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,017.0 |  |  | $ | 424.0 |  |  | $ | 65.3 |  |  | $ | — |  |  | $ | (246.0) |  |  | $ | 1,260.3 |
Accrued expenses and other liabilities |  | 2,761.4 |  |  | 34.6 |  |  | 354.4 |  |  | 354.4 |  |  | (277.4) |  |  | 3,227.4 |
Notes payable |  | 2,355.4 |  |  | 950.0 |  |  | 705.3 |  |  | 1,279.7 |  |  | — |  |  | 5,290.4 |
|  | $ | 6,133.8 |  |  | $ | 1,408.6 |  |  | $ | 1,125.0 |  |  | $ | 1,634.1 |  |  | $ | (523.4) |  |  | $ | 9,778.1 |
______________ (1)Amounts include the balances of the Company’s other businesses and the elimination of intercompany transactions.
|  | September 30, 2023
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,920.2 |  |  | $ | 136.1 |  |  | $ | 616.0 |  |  | $ | 189.1 |  |  | $ | 12.2 |  |  | $ | 3,873.6 |
Restricted cash |  | 6.5 |  |  | 3.3 |  |  | — |  |  | 16.7 |  |  | — |  |  | 26.5 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 9,134.3 |  |  | — |  |  | — |  |  | — |  |  | (132.9) |  |  | 9,001.4 |
Residential land and lots — developed and under development |  | 8,992.3 |  |  | — |  |  | 1,760.8 |  |  | — |  |  | (131.2) |  |  | 10,621.9 |
Land held for development |  | 20.5 |  |  | — |  |  | 29.5 |  |  | — |  |  | — |  |  | 50.0 |
Land held for sale |  | 8.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8.7 |
Rental properties |  | — |  |  | 2,708.4 |  |  | — |  |  | — |  |  | (17.1) |  |  | 2,691.3 |
|  | 18,155.8 |  |  | 2,708.4 |  |  | 1,790.3 |  |  | — |  |  | (281.2) |  |  | 22,373.3 |
Mortgage loans held for sale |  | — |  |  | — |  |  | — |  |  | 2,519.9 |  |  | — |  |  | 2,519.9 |
Deferred income taxes, net |  | 229.8 |  |  | (19.9) |  |  | — |  |  | — |  |  | (22.7) |  |  | 187.2 |
Property and equipment, net |  | 415.0 |  |  | 2.4 |  |  | 5.9 |  |  | 4.1 |  |  | 18.0 |  |  | 445.4 |
Other assets |  | 2,838.5 |  |  | 29.8 |  |  | 58.5 |  |  | 250.3 |  |  | (184.1) |  |  | 2,993.0 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 24,700.1 |  |  | $ | 2,860.1 |  |  | $ | 2,470.7 |  |  | $ | 2,980.1 |  |  | $ | (428.6) |  |  | $ | 32,582.4 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,033.7 |  |  | $ | 698.6 |  |  | $ | 68.4 |  |  | $ | 0.1 |  |  | $ | (554.6) |  |  | $ | 1,246.2 |
Accrued expenses and other liabilities |  | 2,585.5 |  |  | 43.2 |  |  | 337.4 |  |  | 280.4 |  |  | (142.7) |  |  | 3,103.8 |
Notes payable |  | 2,329.9 |  |  | 400.0 |  |  | 695.0 |  |  | 1,669.6 |  |  | — |  |  | 5,094.5 |
|  | $ | 5,949.1 |  |  | $ | 1,141.8 |  |  | $ | 1,100.8 |  |  | $ | 1,950.1 |  |  | $ | (697.3) |  |  | $ | 9,444.5 |
______________ (1)Amounts include the balances of the Company’s other businesses and the elimination of intercompany transactions.
|  | Three Months Ended December 31, 2023
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 7,276.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,276.4 |
Land/lot sales and other |  | 20.3 |  |  | — |  |  | 305.9 |  |  | — |  |  | (264.5) |  |  | 61.7 |
Rental property sales |  | — |  |  | 195.3 |  |  | — |  |  | — |  |  | — |  |  | 195.3 |
Financial services |  | — |  |  | — |  |  | — |  |  | 192.6 |  |  | — |  |  | 192.6 |
|  | 7,296.7 |  |  | 195.3 |  |  | 305.9 |  |  | 192.6 |  |  | (264.5) |  |  | 7,726.0 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Home sales (2) |  | 5,608.0 |  |  | — |  |  | — |  |  | — |  |  | (54.2) |  |  | 5,553.8 |
Land/lot sales and other |  | 13.2 |  |  | — |  |  | 232.8 |  |  | — |  |  | (222.6) |  |  | 23.4 |
Rental property sales |  | — |  |  | 141.3 |  |  | — |  |  | — |  |  | (4.8) |  |  | 136.5 |
Inventory and land option charges |  | 5.5 |  |  | 0.4 |  |  | 0.2 |  |  | — |  |  | — |  |  | 6.1 |
|  | 5,626.7 |  |  | 141.7 |  |  | 233.0 |  |  | — |  |  | (281.6) |  |  | 5,719.8 |
Selling, general and administrative expense |  | 603.4 |  |  | 47.4 |  |  | 28.0 |  |  | 151.5 |  |  | 4.7 |  |  | 835.0 |
Other (income) expense |  | (29.5) |  |  | (25.1) |  |  | (6.3) |  |  | (24.9) |  |  | 9.5 |  |  | (76.3) |
Income before income taxes |  | $ | 1,096.1 |  |  | $ | 31.3 |  |  | $ | 51.2 |  |  | $ | 66.0 |  |  | $ | 2.9 |  |  | $ | 1,247.5 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 18.0 |  |  | $ | 0.6 |  |  | $ | 0.8 |  |  | $ | 0.5 |  |  | $ | 0.1 |  |  | $ | 20.0 |
Cash provided by (used in) operating activities |  | $ | 31.2 |  |  | $ | (516.2) |  |  | $ | (156.7) |  |  | $ | 464.7 |  |  | $ | 23.6 |  |  | $ | (153.4) |
______________ (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, 2022
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | 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 |  |  | 327.5 |  |  | 216.7 |  |  | 137.0 |  |  | (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 |  |  | 0.9 |  |  | 2.4 |  |  | — |  |  | — |  |  | 27.5 |
|  | 5,135.8 |  |  | 184.7 |  |  | 169.2 |  |  | — |  |  | (198.4) |  |  | 5,291.3 |
Selling, general and administrative expense |  | 527.1 |  |  | 47.5 |  |  | 22.9 |  |  | 134.1 |  |  | 5.4 |  |  | 737.0 |
Other (income) expense |  | (13.3) |  |  | (15.0) |  |  | (3.3) |  |  | (15.3) |  |  | 9.2 |  |  | (37.7) |
Income before income taxes |  | $ | 1,094.4 |  |  | $ | 110.3 |  |  | $ | 27.9 |  |  | $ | 18.2 |  |  | $ | 16.4 |  |  | $ | 1,267.2 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 15.2 |  |  | $ | 0.5 |  |  | $ | 0.7 |  |  | $ | 0.5 |  |  | $ | 2.9 |  |  | $ | 19.8 |
Cash provided by (used in) operating activities |  | $ | 313.9 |  |  | $ | 49.4 |  |  | $ | (49.8) |  |  | $ | 493.1 |  |  | $ | 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.
Homebuilding Inventories by Reporting Segment (1) |  | December 31, 2023 |  | September 30, 2023
|  | (In millions)
Northwest |  | $ | 1,990.0 |  |  | $ | 1,907.5 |
Southwest |  | 3,311.4 |  |  | 3,133.0 |
South Central |  | 3,950.6 |  |  | 3,810.5 |
Southeast |  | 4,186.5 |  |  | 3,958.5 |
East |  | 3,367.4 |  |  | 3,024.7 |
North |  | 2,302.3 |  |  | 2,078.0 |
Corporate and unallocated (2) |  | 258.7 |  |  | 243.6 |
|  | $ | 19,366.9 |  |  | $ | 18,155.8 |
____________________________ (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, |  |
|  | 2023 |  | 2022 |  |  |  |
|  | (In millions)
Revenues |  |  |  |  |  |  |  |
Northwest |  | $ | 577.9 |  |  | $ | 520.4 |  |  |  |  |
Southwest |  | 1,051.4 |  |  | 803.0 |  |  |  |  |
South Central |  | 1,669.2 |  |  | 1,642.1 |  |  |  |  |
Southeast |  | 1,999.6 |  |  | 1,996.3 |  |  |  |  |
East |  | 1,268.3 |  |  | 1,143.9 |  |  |  |  |
North |  | 730.3 |  |  | 638.3 |  |  |  |  |
|  | $ | 7,296.7 |  |  | $ | 6,744.0 |  |  |  |  |
Income before Income Taxes |  |  |  |  |  |  |  |
Northwest |  | $ | 69.5 |  |  | $ | 58.7 |  |  |  |  |
Southwest |  | 134.9 |  |  | 84.0 |  |  |  |  |
South Central |  | 271.6 |  |  | 281.6 |  |  |  |  |
Southeast |  | 329.4 |  |  | 411.3 |  |  |  |  |
East |  | 204.6 |  |  | 189.4 |  |  |  |  |
North |  | 86.1 |  |  | 69.4 |  |  |  |  |
|  | $ | 1,096.1 |  |  | $ | 1,094.4 |  |  |  |  |

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- 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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