XML 24 R12.htm IDEA: XBRL DOCUMENT v3.25.1
Capitalized Interest
 6 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Capitalized Interest Capitalized Interest
The Company capitalizes interest costs to real estate throughout the development period (active real estate). Capitalized interest is charged to cost of sales as the related real estate is sold. During periods in which the Company’s active real estate is lower than its debt level, a portion of the interest incurred is reflected as interest expense in the period incurred. In the first six months of fiscal 2025 and fiscal 2024, the Company’s active real estate exceeded its debt level, and all interest incurred was capitalized to real estate.

The following table summarizes the Company’s interest costs incurred, capitalized and expensed in the three and six months ended March 31, 2025 and 2024.

Three Months Ended March 31,Six Months Ended March 31,
 2025202420252024
 (In millions)
Capitalized interest, beginning of period$67.7 $60.5 $63.0 $58.5 
Interest incurred10.6 8.2 18.8 16.3
Interest charged to cost of sales(6.4)(6.5)(9.9)(12.6)
Capitalized interest, end of period$71.9 $62.2 $71.9 $62.2