Segment Information (Tables)

3 Months Ended

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