福里斯特 2025年季度报告

FORM10-Q (Mark One) FORESTAR GROUP INC. (Exact Name of Registrant as Specified in Its Charter) FORESTAR GROUP INC.TABLE OF CONTENTS FORESTAR GROUP INC.CONSOLIDATED BALANCE SHEETS FORESTAR GROUP INC.Notes to Consolidated Financial Statements Note 1 —Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. Generally AcceptedAccounting Principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 ofRegulation S-X and include the accounts of Forestar Group Inc. ("Forestar") and all of its 100% owned, majority-owned andcontrolled subsidiaries, which are collectively referred to as the Company unless the context otherwise requires. The Companyaccounts for its investment in other entities in which it has significant influence over operations and financial policies using the equity In the opinion of management, these financial statements reflect all adjustments considered necessary to fairly state the resultsfor the interim periods shown, including normal recurring accruals and other items. These financial statements, including theconsolidated balance sheet as of September30, 2024, which was derived from audited financial statements, do not include all of the In October 2017, Forestar became a majority-owned subsidiary of D.R. Horton, Inc. ("D.R. Horton") by virtue of a merger with awholly-owned subsidiary of D.R. Horton. Immediately following the merger, D.R. Horton owned 75% of the Company's outstandingcommon stock. In connection with the merger, the Company entered into certain agreements with D.R. Horton, including a Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions.These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities Seasonality Although the growth of the Company's business and significant changes in market conditions have impacted its seasonal patternsin the past and could do so again in the future, the Company generally delivers more lots and generates greater revenues and pre-tax Table of Contents Pending Accounting Standards In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, "Segment Reporting -Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosures. The ASU expandspublic entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chiefoperating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the In December 2023, the FASB issued ASU 2023-09, "Income Taxes - Improvements to Income Tax Disclosures," which requiresdisclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax ratereconciliation and modifies other income tax related disclosures. The guidance is effective for the Company beginning October 1, In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - ExpenseDisaggregation Disclosures," which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to thefinancial statements. The standard is effective for the Company's annual periods beginning in fiscal 2028 and interim periods Note 2 —Segment Information The Company manages its operations through its real estate segment, which is its core business and generates substantially all ofits revenues. The real estate segment primarily acquires land and installs infrastructure for single-family residential communities, andits revenues generally come from sales of residential single-family finished lots to local, regional and national homebuilders. The Note 3 —Real Estate In the six months ended March31, 2025, the Company invested $460.4million for the acquisition of residential real estate and$564.2million for the development of residential real estate. At March31, 2025 and September30, 2024, land held for futuredevelopment primarily consisted of undeveloped land which the Company has under contract to sell to D.R. Horton at a sales price Each quarter, the Company reviews the performance and outlook for all of its real estate for indicators of potential impairmentand performs detailed impairment evaluations and analyses when necessary. As a result of this process,noimpairment charges were In the three and six months ended March31, 2025, land purchase contract deposit and pre-acquisition cost write-offs related toland purchase contracts that the Company has terminated or expects to terminate were $0.9million and $2.0million, respectively, Note 4 —Revenues Note 5 —Capitalized Interest The Company capitalizes interest costs to real estate throughout the development period (active real estate). Capitalized