XML 46 R27.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Information (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Reporting segment results | The tables that follow present financial information pertaining to the Company’s reporting segments.
|  | September 30, 2025
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,210.5 |  |  | $ | 140.8 |  |  | $ | 379.2 |  |  | $ | 244.5 |  |  | $ | 10.4 |  |  | $ | 2,985.4 |
Restricted cash |  | 25.5 |  |  | 2.5 |  |  | — |  |  | 19.9 |  |  | — |  |  | 47.9 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 7,743.7 |  |  | — |  |  | — |  |  | — |  |  | (95.2) |  |  | 7,648.5 |
Residential land and lots — developed and under development |  | 12,513.1 |  |  | — |  |  | 2,465.1 |  |  | — |  |  | (282.4) |  |  | 14,695.8 |
Land held for development |  | 38.3 |  |  | — |  |  | 180.0 |  |  | — |  |  | — |  |  | 218.3 |
Land held for sale |  | 21.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21.4 |
Rental properties |  | — |  |  | 2,710.4 |  |  | — |  |  | — |  |  | (7.1) |  |  | 2,703.3 |
|  | 20,316.5 |  |  | 2,710.4 |  |  | 2,645.1 |  |  | — |  |  | (384.7) |  |  | 25,287.3 |
Mortgage loans held for sale |  | — |  |  | — |  |  | — |  |  | 2,566.5 |  |  | — |  |  | 2,566.5 |
Deferred income taxes, net |  | 125.7 |  |  | (42.2) |  |  | — |  |  | — |  |  | (39.0) |  |  | 44.5 |
Property and equipment, net |  | 543.0 |  |  | 0.6 |  |  | 8.1 |  |  | 4.3 |  |  | 22.9 |  |  | 578.9 |
Other assets |  | 3,344.1 |  |  | 38.9 |  |  | 104.6 |  |  | 220.6 |  |  | 89.0 |  |  | 3,797.2 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 26,699.6 |  |  | $ | 2,851.0 |  |  | $ | 3,137.0 |  |  | $ | 3,055.8 |  |  | $ | (272.2) |  |  | $ | 35,471.2 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,016.8 |  |  | $ | 230.6 |  |  | $ | 71.0 |  |  | $ | 0.7 |  |  | $ | (97.2) |  |  | $ | 1,221.9 |
Accrued expenses and other liabilities |  | 3,122.1 |  |  | 34.7 |  |  | 494.3 |  |  | 294.7 |  |  | (404.2) |  |  | 3,541.6 |
Notes payable |  | 3,154.4 |  |  | 600.0 |  |  | 802.8 |  |  | 1,408.3 |  |  | — |  |  | 5,965.5 |
|  | $ | 7,293.3 |  |  | $ | 865.3 |  |  | $ | 1,368.1 |  |  | $ | 1,703.7 |  |  | $ | (501.4) |  |  | $ | 10,729.0 |
_______________ (1)Amounts include the balances of the Company’s other businesses and the elimination of intercompany transactions.
|  | September 30, 2024
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,623.0 |  |  | $ | 157.6 |  |  | $ | 481.2 |  |  | $ | 242.3 |  |  | $ | 12.3 |  |  | $ | 4,516.4 |
Restricted cash |  | 4.8 |  |  | 2.2 |  |  | — |  |  | 20.6 |  |  | — |  |  | 27.6 |
Inventories: |  |  |  |  |  |  |  |  |  |  |  |
Construction in progress and finished homes |  | 8,986.1 |  |  | — |  |  | — |  |  | — |  |  | (110.3) |  |  | 8,875.8 |
Residential land and lots — developed and under development |  | 11,011.7 |  |  | — |  |  | 2,126.1 |  |  | — |  |  | (189.7) |  |  | 12,948.1 |
Land held for development |  | 20.5 |  |  | — |  |  | 140.1 |  |  | — |  |  | — |  |  | 160.6 |
Land held for sale |  | 12.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12.7 |
Rental properties |  | — |  |  | 2,902.4 |  |  | — |  |  | — |  |  | 3.6 |  |  | 2,906.0 |
|  | 20,031.0 |  |  | 2,902.4 |  |  | 2,266.2 |  |  | — |  |  | (296.4) |  |  | 24,903.2 |
Mortgage loans held for sale |  | — |  |  | — |  |  | — |  |  | 2,477.5 |  |  | — |  |  | 2,477.5 |
Deferred income taxes, net |  | 211.6 |  |  | (14.7) |  |  | — |  |  | — |  |  | (29.4) |  |  | 167.5 |
Property and equipment, net |  | 500.2 |  |  | 1.1 |  |  | 7.1 |  |  | 4.0 |  |  | 18.6 |  |  | 531.0 |
Other assets |  | 2,976.5 |  |  | 74.5 |  |  | 85.6 |  |  | 212.3 |  |  | (31.3) |  |  | 3,317.6 |
Goodwill |  | 134.3 |  |  | — |  |  | — |  |  | — |  |  | 29.2 |  |  | 163.5 |
|  | $ | 27,481.4 |  |  | $ | 3,123.1 |  |  | $ | 2,840.1 |  |  | $ | 2,956.7 |  |  | $ | (297.0) |  |  | $ | 36,104.3 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,046.1 |  |  | $ | 474.2 |  |  | $ | 85.9 |  |  | $ | 0.8 |  |  | $ | (261.5) |  |  | $ | 1,345.5 |
Accrued expenses and other liabilities |  | 2,552.0 |  |  | 67.8 |  |  | 452.8 |  |  | 234.6 |  |  | (290.5) |  |  | 3,016.7 |
Notes payable |  | 2,926.8 |  |  | 750.7 |  |  | 706.4 |  |  | 1,533.8 |  |  | — |  |  | 5,917.7 |
|  | $ | 6,524.9 |  |  | $ | 1,292.7 |  |  | $ | 1,245.1 |  |  | $ | 1,769.2 |  |  | $ | (552.0) |  |  | $ | 10,279.9 |
_______________ (1)Amounts include the balances of the Company’s other businesses and the elimination of intercompany transactions.
|  | Year Ended September 30, 2025
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 31,432.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31,432.0 |
Land/lot sales and other |  | 83.5 |  |  | — |  |  | 1,662.4 |  |  | — |  |  | (1,409.1) |  |  | 336.8 |
Rental property sales |  | — |  |  | 1,640.4 |  |  | — |  |  | — |  |  | — |  |  | 1,640.4 |
Financial services |  | — |  |  | — |  |  | — |  |  | 841.2 |  |  | — |  |  | 841.2 |
|  | 31,515.5 |  |  | 1,640.4 |  |  | 1,662.4 |  |  | 841.2 |  |  | (1,409.1) |  |  | 34,250.4 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Home sales (2) |  | 24,664.9 |  |  | — |  |  | — |  |  | — |  |  | (227.3) |  |  | 24,437.6 |
Land/lot sales and other |  | 50.1 |  |  | — |  |  | 1,291.7 |  |  | — |  |  | (1,132.5) |  |  | 209.3 |
Rental property sales |  | — |  |  | 1,333.4 |  |  | — |  |  | — |  |  | (4.2) |  |  | 1,329.2 |
Inventory and land option charges |  | 144.2 |  |  | 7.3 |  |  | 7.2 |  |  | — |  |  | (0.6) |  |  | 158.1 |
|  | 24,859.2 |  |  | 1,340.7 |  |  | 1,298.9 |  |  | — |  |  | (1,364.6) |  |  | 26,134.2 |
Selling, general and administrative expense |  | 2,623.1 |  |  | 245.2 |  |  | 154.4 |  |  | 651.4 |  |  | 17.9 |  |  | 3,692.0 |
Other (income) expense (3) |  | (101.7) |  |  | (115.5) |  |  | (10.2) |  |  | (88.9) |  |  | 0.6 |  |  | (315.7) |
Income before income taxes |  | $ | 4,134.9 |  |  | $ | 170.0 |  |  | $ | 219.3 |  |  | $ | 278.7 |  |  | $ | (63.0) |  |  | $ | 4,739.9 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 93.4 |  |  | $ | 2.0 |  |  | $ | 3.5 |  |  | $ | 1.8 |  |  | $ | 0.6 |  |  | $ | 101.3 |
Cash provided by (used in) operating activities |  | $ | 3,407.6 |  |  | $ | 105.5 |  |  | $ | (197.7) |  |  | $ | 173.2 |  |  | $ | (67.7) |  |  | $ | 3,420.9 |
_______________ (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. (3)Other (income) expense primarily includes interest income but also consists of various other types of ancillary income, gains, expenses and losses not directly associated with sales of homes, land and lots.
|  | Year Ended September 30, 2024
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 33,903.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 33,903.6 |
Land/lot sales and other |  | 58.2 |  |  | — |  |  | 1,509.4 |  |  | — |  |  | (1,237.4) |  |  | 330.2 |
Rental property sales |  | — |  |  | 1,685.1 |  |  | — |  |  | — |  |  | — |  |  | 1,685.1 |
Financial services |  | — |  |  | — |  |  | — |  |  | 882.5 |  |  | — |  |  | 882.5 |
|  | 33,961.8 |  |  | 1,685.1 |  |  | 1,509.4 |  |  | 882.5 |  |  | (1,237.4) |  |  | 36,801.4 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Home sales (2) |  | 25,952.1 |  |  | — |  |  | — |  |  | — |  |  | (262.9) |  |  | 25,689.2 |
Land/lot sales and other |  | 40.0 |  |  | — |  |  | 1,145.9 |  |  | — |  |  | (989.8) |  |  | 196.1 |
Rental property sales |  | — |  |  | 1,315.9 |  |  | — |  |  | — |  |  | (14.0) |  |  | 1,301.9 |
Inventory and land option charges |  | 68.9 |  |  | 5.8 |  |  | 4.1 |  |  | — |  |  | — |  |  | 78.8 |
|  | 26,061.0 |  |  | 1,321.7 |  |  | 1,150.0 |  |  | — |  |  | (1,266.7) |  |  | 27,266.0 |
Selling, general and administrative expense |  | 2,553.3 |  |  | 236.2 |  |  | 118.5 |  |  | 672.4 |  |  | 19.1 |  |  | 3,599.5 |
Other (income) expense (3) |  | (107.6) |  |  | (101.5) |  |  | (29.2) |  |  | (101.1) |  |  | (9.4) |  |  | (348.8) |
Income before income taxes |  | $ | 5,455.1 |  |  | $ | 228.7 |  |  | $ | 270.1 |  |  | $ | 311.2 |  |  | $ | 19.6 |  |  | $ | 6,284.7 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 79.4 |  |  | $ | 2.4 |  |  | $ | 3.0 |  |  | $ | 1.8 |  |  | $ | 0.5 |  |  | $ | 87.1 |
Cash provided by (used in) operating activities |  | $ | 2,239.0 |  |  | $ | (231.0) |  |  | $ | (158.6) |  |  | $ | 281.6 |  |  | $ | 58.8 |  |  | $ | 2,189.8 |
_______________ (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. (3)Other (income) expense primarily includes interest income but also consists of various other types of ancillary income, gains, expenses and losses not directly associated with sales of homes, land and lots.
|  | Year Ended September 30, 2023
|  | Homebuilding |  | Rental |  | Forestar |  | Financial Services |  | Eliminations and Other (1) |  | Consolidated
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 31,641.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31,641.0 |
Land/lot sales and other |  | 102.2 |  |  | — |  |  | 1,436.9 |  |  | — |  |  | (1,126.7) |  |  | 412.4 |
Rental property sales |  | — |  |  | 2,605.5 |  |  | — |  |  | — |  |  | — |  |  | 2,605.5 |
Financial services |  | — |  |  | — |  |  | — |  |  | 801.5 |  |  | — |  |  | 801.5 |
|  | 31,743.2 |  |  | 2,605.5 |  |  | 1,436.9 |  |  | 801.5 |  |  | (1,126.7) |  |  | 35,460.4 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Home sales (2) |  | 24,201.3 |  |  | — |  |  | — |  |  | — |  |  | (248.5) |  |  | 23,952.8 |
Land/lot sales and other |  | 53.8 |  |  | — |  |  | 1,108.9 |  |  | — |  |  | (959.9) |  |  | 202.8 |
Rental property sales |  | — |  |  | 1,886.8 |  |  | — |  |  | — |  |  | (12.7) |  |  | 1,874.1 |
Inventory and land option charges |  | 60.7 |  |  | 6.7 |  |  | 24.0 |  |  | — |  |  | (11.1) |  |  | 80.3 |
|  | 24,315.8 |  |  | 1,893.5 |  |  | 1,132.9 |  |  | — |  |  | (1,232.2) |  |  | 26,110.0 |
Selling, general and administrative expense |  | 2,239.9 |  |  | 290.2 |  |  | 97.7 |  |  | 594.9 |  |  | 26.1 |  |  | 3,248.8 |
Other (income) expense (3) |  | (78.8) |  |  | (102.4) |  |  | (15.3) |  |  | (76.7) |  |  | 60.1 |  |  | (213.1) |
Income before income taxes |  | $ | 5,266.3 |  |  | $ | 524.2 |  |  | $ | 221.6 |  |  | $ | 283.3 |  |  | $ | 19.3 |  |  | $ | 6,314.7 |
Summary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 64.0 |  |  | $ | 2.4 |  |  | $ | 3.0 |  |  | $ | 2.1 |  |  | $ | 20.1 |  |  | $ | 91.6 |
Cash provided by operating activities |  | $ | 3,078.4 |  |  | $ | 739.2 |  |  | $ | 364.1 |  |  | $ | 13.2 |  |  | $ | 109.2 |  |  | $ | 4,304.1 |
_______________ (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. (3)Other (income) expense primarily includes interest income but also consists of various other types of ancillary income, gains, expenses and losses not directly associated with sales of homes, land and lots. Revenues, expenses and pre-tax income of the Company’s homebuilding segment are disaggregated into the individual homebuilding reporting segments in the tables below. Expenses maintained at the corporate level consist primarily of homebuilding interest and property taxes, which are capitalized and amortized to cost of sales or expensed directly, and the expenses related to operating the Company’s corporate office. The amortization of capitalized interest and property taxes is allocated to each homebuilding segment based on the segment’s cost of sales, while expenses associated with the corporate office are allocated to each homebuilding segment based on the segment’s inventory balances.
Homebuilding Results by Reporting Segment |  | Year Ended September 30, 2025
| Northwest |  | Southwest |  | South Central |  | Southeast |  | East |  | North |  | Total
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 2,685.7 |  |  | $ | 4,573.7 |  |  | $ | 6,885.4 |  |  | $ | 6,939.4 |  |  | $ | 6,131.1 |  |  | $ | 4,216.7 |  |  | $ | 31,432.0 |
Land/lot sales and other |  | 0.5 |  |  | 21.6 |  |  | 13.9 |  |  | 31.8 |  |  | 6.9 |  |  | 8.8 |  |  | 83.5 |
|  | 2,686.2 |  |  | 4,595.3 |  |  | 6,899.3 |  |  | 6,971.2 |  |  | 6,138.0 |  |  | 4,225.5 |  |  | 31,515.5 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | 2,075.7 |  |  | 3,695.4 |  |  | 5,350.7 |  |  | 5,510.1 |  |  | 4,768.1 |  |  | 3,264.9 |  |  | 24,664.9 |
Land/lot sales and other |  | 0.2 |  |  | 19.9 |  |  | 10.0 |  |  | 9.0 |  |  | 4.8 |  |  | 6.2 |  |  | 50.1 |
Inventory and land option charges |  | 3.8 |  |  | 16.7 |  |  | 36.7 |  |  | 45.4 |  |  | 29.2 |  |  | 12.4 |  |  | 144.2 |
|  | 2,079.7 |  |  | 3,732.0 |  |  | 5,397.4 |  |  | 5,564.5 |  |  | 4,802.1 |  |  | 3,283.5 |  |  | 24,859.2 |
Selling, general and administrative expense |  | 220.0 |  |  | 361.9 |  |  | 558.3 |  |  | 587.8 |  |  | 522.1 |  |  | 373.0 |  |  | 2,623.1 |
Other (income) expense |  | (9.2) |  |  | (15.7) |  |  | (21.0) |  |  | (21.0) |  |  | (20.2) |  |  | (14.6) |  |  | (101.7) |
Income before income taxes |  | $ | 395.7 |  |  | $ | 517.1 |  |  | $ | 964.6 |  |  | $ | 839.9 |  |  | $ | 834.0 |  |  | $ | 583.6 |  |  | $ | 4,134.9 |
Homebuilding Results by Reporting Segment |  | Year Ended September 30, 2024
| Northwest |  | Southwest |  | South Central |  | Southeast |  | East |  | North |  | Total
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 2,744.6 |  |  | $ | 4,913.3 |  |  | $ | 7,639.6 |  |  | $ | 8,853.4 |  |  | $ | 6,070.9 |  |  | $ | 3,681.8 |  |  | $ | 33,903.6 |
Land/lot sales and other |  | 17.1 |  |  | 1.4 |  |  | 12.5 |  |  | 23.4 |  |  | 2.2 |  |  | 1.6 |  |  | 58.2 |
|  | 2,761.7 |  |  | 4,914.7 |  |  | 7,652.1 |  |  | 8,876.8 |  |  | 6,073.1 |  |  | 3,683.4 |  |  | 33,961.8 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | 2,121.2 |  |  | 3,862.5 |  |  | 5,765.4 |  |  | 6,790.5 |  |  | 4,534.8 |  |  | 2,877.7 |  |  | 25,952.1 |
Land/lot sales and other |  | 14.8 |  |  | 0.1 |  |  | 8.1 |  |  | 15.9 |  |  | 0.6 |  |  | 0.5 |  |  | 40.0 |
Inventory and land option charges |  | 4.4 |  |  | 12.7 |  |  | 11.4 |  |  | 18.4 |  |  | 11.9 |  |  | 10.1 |  |  | 68.9 |
|  | 2,140.4 |  |  | 3,875.3 |  |  | 5,784.9 |  |  | 6,824.8 |  |  | 4,547.3 |  |  | 2,888.3 |  |  | 26,061.0 |
Selling, general and administrative expense |  | 211.1 |  |  | 354.1 |  |  | 557.0 |  |  | 634.4 |  |  | 484.6 |  |  | 312.1 |  |  | 2,553.3 |
Other (income) expense |  | (10.6) |  |  | (18.2) |  |  | (21.2) |  |  | (23.8) |  |  | (18.4) |  |  | (15.4) |  |  | (107.6) |
Income before income taxes |  | $ | 420.8 |  |  | $ | 703.5 |  |  | $ | 1,331.4 |  |  | $ | 1,441.4 |  |  | $ | 1,059.6 |  |  | $ | 498.4 |  |  | $ | 5,455.1 |
Homebuilding Results by Reporting Segment |  | Year Ended September 30, 2023
| Northwest |  | Southwest |  | South Central |  | Southeast |  | East |  | North |  | Total
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | $ | 2,574.1 |  |  | $ | 4,246.7 |  |  | $ | 7,598.1 |  |  | $ | 8,756.5 |  |  | $ | 5,323.9 |  |  | $ | 3,141.7 |  |  | $ | 31,641.0 |
Land/lot sales and other |  | 8.3 |  |  | 36.1 |  |  | 14.5 |  |  | 4.3 |  |  | 1.4 |  |  | 37.6 |  |  | 102.2 |
|  | 2,582.4 |  |  | 4,282.8 |  |  | 7,612.6 |  |  | 8,760.8 |  |  | 5,325.3 |  |  | 3,179.3 |  |  | 31,743.2 |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home sales |  | 2,003.6 |  |  | 3,451.2 |  |  | 5,721.6 |  |  | 6,485.5 |  |  | 3,992.7 |  |  | 2,546.7 |  |  | 24,201.3 |
Land/lot sales and other |  | 7.1 |  |  | 28.8 |  |  | 10.7 |  |  | (5.1) |  |  | 0.2 |  |  | 12.1 |  |  | 53.8 |
Inventory and land option charges |  | 6.6 |  |  | 11.3 |  |  | 7.6 |  |  | 14.6 |  |  | 8.4 |  |  | 12.2 |  |  | 60.7 |
|  | 2,017.3 |  |  | 3,491.3 |  |  | 5,739.9 |  |  | 6,495.0 |  |  | 4,001.3 |  |  | 2,571.0 |  |  | 24,315.8 |
Selling, general and administrative expense |  | 182.2 |  |  | 315.3 |  |  | 500.9 |  |  | 574.7 |  |  | 399.5 |  |  | 267.3 |  |  | 2,239.9 |
Other (income) expense |  | (8.2) |  |  | (13.1) |  |  | (16.5) |  |  | (20.0) |  |  | (11.2) |  |  | (9.8) |  |  | (78.8) |
Income before income taxes |  | $ | 391.1 |  |  | $ | 489.3 |  |  | $ | 1,388.3 |  |  | $ | 1,711.1 |  |  | $ | 935.7 |  |  | $ | 350.8 |  |  | $ | 5,266.3 |
The Company’s total inventories are disaggregated into the individual reporting segments in the table below. Inventories are the only assets included in the measure of segment assets used by the Company’s chief operating decision makers.
Inventories by Reporting Segment | September 30,
2025 |  | 2024 |  | 2023
| (In millions)
Homebuilding |  |  |  |  |
Northwest | $ | 1,891.8 |  |  | $ | 1,935.2 |  |  | $ | 1,907.5 |
Southwest | 3,068.5 |  |  | 3,278.9 |  |  | 3,133.0 |
South Central | 3,931.9 |  |  | 3,728.0 |  |  | 3,810.5 |
Southeast | 4,061.8 |  |  | 4,284.5 |  |  | 3,958.5 |
East | 4,397.7 |  |  | 3,978.2 |  |  | 3,024.7 |
North | 2,637.6 |  |  | 2,551.2 |  |  | 2,078.0 |
Corporate and unallocated (1) | 327.2 |  |  | 275.0 |  |  | 243.6 |
Total Homebuilding | 20,316.5 |  |  | 20,031.0 |  |  | 18,155.8 |
Rental | 2,710.4 |  |  | 2,902.4 |  |  | 2,708.4 |
Forestar | 2,645.1 |  |  | 2,266.2 |  |  | 1,790.3 |
Eliminations and other (2) | (384.7) |  |  | (296.4) |  |  | (281.2) |
Consolidated inventories | $ | 25,287.3 |  |  | $ | 24,903.2 |  |  | $ | 22,373.3 |
_______________ (1)Corporate and unallocated consists primarily of homebuilding capitalized interest and property taxes. (2)Amounts include the balances of the Company’s other businesses and the elimination of intercompany transactions.

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