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Capitalized Interest
 3 Months Ended
Dec. 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 three months of fiscal 2026 and fiscal 2025, 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 months ended December 31, 2025 and 2024.

Three Months Ended December 31,
 20252024
 (In millions)
Capitalized interest, beginning of period$77.8 $63.0 
Interest incurred12.5 8.3 
Interest charged to cost of sales(4.3)(3.5)
Capitalized interest, end of period$86.0 $67.8