XML 37 R24.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Segment Information (Tables)

6 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

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

						March 31, 2024
						Homebuilding						Rental						Forestar						Financial Services						Eliminations and Other (1)						Consolidated
						(In millions)
Assets
Cash and cash equivalents						$	2,192.6					$	117.0					$	416.2					$	315.2					$	22.1					$	3,063.1
Restricted cash						6.7						2.5						—						21.1						—						30.3
Inventories:
Construction in progress and finished homes						9,847.5						—						—						—						(139.0)						9,708.5
Residential land and lots — developed and under development						10,053.1						—						1,981.1						—						(144.3)						11,889.9
Land held for development						20.4						—						134.8						—						—						155.2
Land held for sale						8.8						—						—						—						—						8.8
Rental properties						—						3,092.8						—						—						(15.2)						3,077.6
						19,929.8						3,092.8						2,115.9						—						(298.5)						24,840.0
Mortgage loans held for sale						—						—						—						2,672.4						—						2,672.4
Deferred income taxes, net						209.1						(19.9)						—						—						(22.7)						166.5
Property and equipment, net						449.8						2.0						6.1						3.9						18.1						479.9
Other assets						2,630.1						33.6						60.5						200.7						57.6						2,982.5
Goodwill						134.3						—						—						—						29.2						163.5
						$	25,552.4					$	3,228.0					$	2,598.7					$	3,213.3					$	(194.2)					$	34,398.2
Liabilities
Accounts payable						$	1,120.0					$	387.1					$	61.7					$	0.1					$	(182.4)					$	1,386.5
Accrued expenses and other liabilities						2,434.5						36.4						358.3						227.8						(279.6)						2,777.4
Notes payable						2,363.2						985.0						705.7						1,884.0						—						5,937.9
						$	5,917.7					$	1,408.5					$	1,125.7					$	2,111.9					$	(462.0)					$	10,101.8

______________

(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 March 31, 2024
						Homebuilding						Rental						Forestar						Financial Services						Eliminations and Other (1)						Consolidated
						(In millions)
Revenues
Home sales						$	8,466.7					$	—					$	—					$	—					$	—					$	8,466.7
Land/lot sales and other						6.9						—						333.8						—						(297.1)						43.6
Rental property sales						—						371.3						—						—						—						371.3
Financial services						—						—						—						225.6						—						225.6
						8,473.6						371.3						333.8						225.6						(297.1)						9,107.2
Cost of sales
Home sales (2)						6,505.6						—						—						—						(68.3)						6,437.3
Land/lot sales and other						4.2						—						250.5						—						(234.1)						20.6
Rental property sales						—						302.8						—						—						—						302.8
Inventory and land option charges						13.1						0.3						0.2						—						—						13.6
						6,522.9						303.1						250.7						—						(302.4)						6,774.3
Selling, general and administrative expense						614.1						61.4						29.2						171.2						4.7						880.6
Other (income) expense						(21.0)						(26.5)						(5.0)						(23.6)						(0.1)						(76.2)
Income before income taxes						$	1,357.6					$	33.3					$	58.9					$	78.0					$	0.7					$	1,528.5

______________

(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.

						Six Months Ended March 31, 2024
						Homebuilding						Rental						Forestar						Financial Services						Eliminations and Other (1)						Consolidated
						(In millions)
Revenues
Home sales						$	15,743.1					$	—					$	—					$	—					$	—					$	15,743.1
Land/lot sales and other						27.2						—						639.7						—						(561.6)						105.3
Rental property sales						—						566.5						—						—						—						566.5
Financial services						—						—						—						418.2						—						418.2
						15,770.3						566.5						639.7						418.2						(561.6)						16,833.1
Cost of sales
Home sales (2)						12,113.6						—						—						—						(122.5)						11,991.1
Land/lot sales and other						17.3						—						483.4						—						(456.7)						44.0
Rental property sales						—						444.1						—						—						(4.8)						439.3
Inventory and land option charges						18.6						0.6						0.4						—						—						19.6
						12,149.5						444.7						483.8						—						(584.0)						12,494.0
Selling, general and administrative expense						1,217.5						108.8						57.2						322.7						9.4						1,715.6
Other (income) expense						(50.4)						(51.6)						(11.4)						(48.5)						9.4						(152.5)
Income before income taxes						$	2,453.7					$	64.6					$	110.1					$	144.0					$	3.6					$	2,776.0
Summary Cash Flow Information
Depreciation and amortization						$	37.2					$	1.3					$	1.4					$	0.9					$	0.3					$	41.1
Cash provided by (used in) operating activities						$	408.3					$	(653.9)					$	(216.0)					$	(40.7)					$	32.2					$	(470.1)

______________

(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 March 31, 2023
						Homebuilding						Rental						Forestar						Financial Services						Eliminations and Other (1)						Consolidated
						(In millions)
Revenues
Home sales						$	7,449.7					$	—					$	—					$	—					$	—					$	7,449.7
Land/lot sales and other						19.9						—						301.5						—						(238.7)						82.7
Rental property sales						—						224.1						—						—						—						224.1
Financial services						—						—						—						216.4						—						216.4
						7,469.6						224.1						301.5						216.4						(238.7)						7,972.9
Cost of sales
Home sales (2)						5,843.0						—						—						—						(61.8)						5,781.2
Land/lot sales and other						13.4						—						225.3						—						(204.3)						34.4
Rental property sales						—						157.6						—						—						(0.8)						156.8
Inventory and land option charges						14.2						0.4						20.3						—						(11.1)						23.8
						5,870.6						158.0						245.6						—						(278.0)						5,996.2
Selling, general and administrative expense						545.6						53.5						22.0						146.9						5.6						773.6
Other (income) expense						(14.5)						(22.0)						(2.0)						(16.1)						12.4						(42.2)
Income before income taxes						$	1,067.9					$	34.6					$	35.9					$	85.6					$	21.3					$	1,245.3

______________

(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.

						Six Months Ended March 31, 2023
						Homebuilding						Rental						Forestar						Financial Services						Eliminations and Other (1)						Consolidated
						(In millions)
Revenues
Home sales						$	14,158.9					$	—					$	—					$	—					$	—					$	14,158.9
Land/lot sales and other						54.7						—						518.2						—						(406.2)						166.7
Rental property sales						—						551.6						—						—						—						551.6
Financial services						—						—						—						353.4						—						353.4
						14,213.6						551.6						518.2						353.4						(406.2)						15,230.6
Cost of sales
Home sales (2)						10,949.7						—						—						—						(110.9)						10,838.8
Land/lot sales and other						18.3						—						392.1						—						(352.1)						58.3
Rental property sales						—						341.4						—						—						(2.4)						339.0
Inventory and land option charges						38.4						1.4						22.7						—						(11.1)						51.4
						11,006.4						342.8						414.8						—						(476.5)						11,287.5
Selling, general and administrative expense						1,072.6						101.0						44.9						281.0						11.0						1,510.5
Other (income) expense						(27.7)						(37.1)						(5.3)						(31.4)						21.6						(79.9)
Income before income taxes						$	2,162.3					$	144.9					$	63.8					$	103.8					$	37.7					$	2,512.5
Summary Cash Flow Information
Depreciation and amortization						$	30.7					$	1.0					$	1.5					$	1.1					$	12.2					$	46.5
Cash provided by (used in) operating activities						$	1,456.4					$	(263.3)					$	21.3					$	232.2					$	27.0					$	1,473.6

______________

(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)						March 31, 2024						September 30, 2023
						(In millions)
Northwest						$	1,972.1					$	1,907.5
Southwest						3,274.0						3,133.0
South Central						4,085.6						3,810.5
Southeast						4,378.5						3,958.5
East						3,597.6						3,024.7
North						2,363.5						2,078.0
Corporate and unallocated (2)						258.5						243.6
						$	19,929.8					$	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 March 31,												Six Months Ended March 31,
						2024						2023						2024						2023
						(In millions)
Revenues
Northwest						$	742.1					$	691.1					$	1,320.0					$	1,211.5
Southwest						1,283.4						920.9						2,334.8						1,723.9
South Central						1,961.1						1,805.8						3,630.3						3,447.9
Southeast						2,185.8						2,106.1						4,185.4						4,102.4
East						1,441.8						1,206.9						2,710.1						2,350.8
North						859.4						738.8						1,589.7						1,377.1
						$	8,473.6					$	7,469.6					$	15,770.3					$	14,213.6
Income before Income Taxes
Northwest						$	109.3					$	96.4					$	178.8					$	155.0
Southwest						171.0						81.7						305.9						165.7
South Central						346.6						267.9						618.2						549.5
Southeast						361.5						381.7						690.9						793.0
East						254.5						183.5						459.1						373.0
North						114.7						56.7						200.8						126.1
						$	1,357.6					$	1,067.9					$	2,453.7					$	2,162.3

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
-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 2: 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 3: 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

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