Capitalized Interest (Tables)

9 Months Ended

Jun. 30, 2025

Interest Costs Incurred [Abstract]

Rollforward of capitalized interest

The following table summarizes the Company’s interest costs incurred, capitalized and expensed during the three and nine months ended June 30, 2025 and 2024:

	Three Months Ended June 30,				Nine Months Ended June 30,
	2025		2024		2025		2024
	(In millions)
Capitalized interest, beginning of period	$	394.5	$	318.7	$	355.1	$	286.4
Interest incurred (1)	71.3		54.5		173.2		147.6
Interest charged to cost of sales	(38.4)		(35.3)		(100.9)		(96.1)
Capitalized interest, end of period	$	427.4	$	337.9	$	427.4	$	337.9

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(1)    Interest incurred includes (a) interest on the Company’s mortgage repurchase facilities of $10.3 million and $25.8 million in the three and nine months ended June 30, 2025, respectively, and $16.0 million and $44.3 million in the prior year periods; (b) Forestar interest of $13.4 million and $32.3 million in the three and nine months ended June 30, 2025, respectively, and $8.2 million and $24.5 million in the prior year periods; and (c) interest on the rental revolving credit facility of $16.6 million and $45.3 million in the three and nine months ended June 30, 2025, respectively, and $18.8 million and $44.6 million in the prior year periods.