Forestar (FOR) 10-Q 24 Jan 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2023	Jan. 19, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-33662
Entity Registrant Name	FORESTAR GROUP INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1336998
Entity Address, Address Line One	2221 E. Lamar Blvd.
Entity Address, Address Line Two	Suite 790
Entity Address, City or Town	Arlington
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76006
City Area Code	817
Local Phone Number	769-1860
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	FOR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,913,423
Current Fiscal Year End Date	--09-30
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001406587

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
ASSETS
Cash and Cash Equivalents, at Carrying Value	$ 458.9	$ 616
Real estate	2,009.8	1,790.3
Investment in unconsolidated ventures	0.5	0.5
Property and equipment, net	5.8	5.9
Other assets	58.8	58
Total assets	2,533.8	2,470.7
LIABILITIES
Accounts payable	65.3	68.4
Accrued development costs	99.9	104.1
Earnest money on sales contracts	140.9	121.4
Deferred tax liability, net	50.2	50.7
Accrued Liabilities	63.4	61.2
Long-Term Debt	705.3	695
Total liabilities	1,125	1,100.8
Commitments and contingencies (Note 11)
Forestar Group Inc. shareholders’ equity:
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 49,909,713 and 49,903,713 shares issued and outstanding at December 31, 2023 and September 30, 2023, respectively	49.9	49.9
Additional paid-in capital	644.9	644.2
Retained earnings	713	674.8
Stockholders' equity	1,407.8	1,368.9
Noncontrolling interests	1	1
Total equity	1,408.8	1,369.9
Total liabilities and equity	$ 2,533.8	$ 2,470.7

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Diluted [Abstract]
Revenues	$ 305.9	$ 216.7
Cost of sales	233	169.2
Selling, General and Administrative Expense	28	22.9
Gain on sale of assets	0	(1.6)
Interest and other income	(6.3)	(1.7)
Income before income taxes	51.2	27.9
Income tax expense	13	7.1
Net income	$ 38.2	$ 20.8
Basic net income per common share	$ 0.76	$ 0.42
Weighted average number of common shares	50,065,832	49,890,481
Diluted net income per common share	$ 0.76	$ 0.42
Adjusted weighted average number of common shares	50,462,082	49,899,022

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interest
Common Stock, Shares, Outstanding		49,761,480
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Sep. 30, 2022	$ 1,199.3	$ 49.8	$ 640.6	$ 507.9	$ 1
Net income	20.8	0	0	20.8	0
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	0	0	0	0	0
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	(0.1)	0	(0.1)	0	0
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	0.6	0	0.6	0	0
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2022	$ 1,220.6	$ 49.8	641.1	528.7	1
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		11,075
Common Stock, Shares, Outstanding		49,772,555
Common Stock, Shares, Outstanding	49,903,713	49,903,713
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Sep. 30, 2023	$ 1,369.9	$ 49.9	644.2	674.8	1
Net income	38.2	0	0	38.2	0
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	0	0	0	0	0
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	(0.2)	0	(0.2)	0	0
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	0.9	0	0.9	0	0
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2023	$ 1,408.8	$ 49.9	$ 644.9	$ 713	$ 1
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		6,000
Common Stock, Shares, Outstanding	49,909,713	49,909,713

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net income	$ 38.2	$ 20.8
Adjustments:
Depreciation and amortization	0.8	0.7
Deferred income taxes	(0.5)	(2.2)
Stock-based compensation expense	0.9	0.6
Impairments and land option charges	0.2	2.4
Gain on sale of assets	0	1.6
Changes in operating assets and liabilities:
Increase in real estate	(209.8)	(49.9)
(Increase) decrease in other assets	(0.9)	1.8
Decrease in accounts payable and other accrued liabilities	(0.9)	(8.6)
Decrease in accrued development costs	(4.2)	(24.3)
Increase in earnest money deposits on sales contracts	19.5	10.5
Net cash used in operating activities	(156.7)	(49.8)
INVESTING ACTIVITIES
Expenditures for property, equipment, software and other	(0.2)	(0.1)
Proceeds from sale of assets	0	1.6
Net cash (used in) provided by investing activities	(0.2)	1.5
FINANCING ACTIVITIES
Cash paid for shares withheld for taxes	(0.2)	(0.1)
Net cash used in financing activities	(0.2)	(0.1)
Decrease in cash and cash equivalents	(157.1)	(48.4)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	616	264.8
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	458.9	216.4
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES
Notes Issued	$ 9.9	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Sep. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 1	$ 1
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	49,909,713	49,903,713
Common Stock, Shares, Outstanding	49,909,713	49,903,713

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - shares	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Common Stock, Shares, Outstanding	49,909,713		49,903,713
Common Stock
Common Stock, Shares, Outstanding	49,909,713	49,772,555	49,903,713	49,761,480
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture	6,000	11,075

Accounting Policies

Accounting Policies	3 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and include the accounts of Forestar Group Inc. ("Forestar") and all of its 100% owned, majority-owned and controlled subsidiaries, which are collectively referred to as the Company unless the context otherwise requires. The Company accounts for its investment in other entities in which it has significant influence over operations and financial policies using the equity method. All intercompany accounts, transactions and balances have been eliminated in consolidation. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. Net income attributable to noncontrolling interests is zero for all periods presented in the Company's statements of operations. The transactions included in net income in the consolidated statements of operations are the same as those that would be presented in comprehensive income. Thus, the Company's net income equates to comprehensive income. In the opinion of management, these financial statements reflect all adjustments considered necessary to fairly state the results for the interim periods shown, including normal recurring accruals and other items. These financial statements, including the consolidated balance sheet as of September 30, 2023, which was derived from audited financial statements, do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2023. In October 2017, Forestar became a majority-owned subsidiary of D.R. Horton, Inc. ("D.R. Horton") by virtue of a merger with a wholly-owned subsidiary of D.R. Horton. Immediately following the merger, D.R. Horton owned 75% of the Company's outstanding common stock. In connection with the merger, the Company entered into certain agreements with D.R. Horton, including a Stockholder’s Agreement, a Master Supply Agreement and a Shared Services Agreement. D.R. Horton is considered a related party of Forestar under GAAP. As of December 31, 2023, D.R. Horton owned approximately 63% of the Company's outstanding common stock. 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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. 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 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The guidance is effective for the Company beginning October 1, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes - Improvements to Income Tax Disclosures,” which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax related disclosures. The guidance is effective for the Company beginning October 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Segment Information

Segment Information	3 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company manages its operations through its real estate segment, which is its core business and generates substantially all of its revenues. The real estate segment primarily acquires land and installs infrastructure for single-family residential communities, and its revenues generally come from sales of residential single-family finished lots to local, regional and national homebuilders. The Company has other business activities for which the related assets and operating results are immaterial and therefore are included within the Company's real estate segment.

Real Estate (Notes)

Real Estate (Notes)	3 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate	Real Estate Real estate consists of: December 31, 2023 September 30, 2023 (In millions) Developed and under development projects $ 1,895.7 $ 1,760.8 Land held for future development 114.1 29.5 $ 2,009.8 $ 1,790.3 In the three months ended December 31, 2023, the Company invested $228.0 million for the acquisition of residential real estate and $226.5 million for the development of residential real estate. At December 31, 2023 and September 30, 2023, land held for future development primarily consisted of undeveloped land which the Company has the contractual right to sell to D.R. Horton at a sales price equal to the carrying value of the land at the time of sale plus additional consideration of 12% to 16% per annum. Each quarter, the Company reviews the performance and outlook for all of its real estate for indicators of potential impairment and performs detailed impairment evaluations and analyses when necessary. As a result of this process, no impairment charges were recorded for either period presented in the consolidated statements of operations. In the three months ended December 31, 2023 and 2022, land purchase contract deposit and pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $0.2 million and $2.4 million, respectively. These land option charges are included in cost of sales in the consolidated statements of operations.

Revenue (Notes)

Revenue (Notes)	3 Months Ended
	Dec. 31, 2023
Revenues [Abstract]
Revenue from Contract with Customer [Text Block]	Revenues Revenues consist of: Three Months Ended December 31, 2023 2022 (In millions) Residential lot sales $ 304.2 $ 206.7 Deferred development lot sales 1.3 6.7 Tract sales and other 0.4 3.3 $ 305.9 $ 216.7 In the three months ended December 31, 2023 and 2022, the Company recognized $1.3 million and $6.7 million, respectively, in revenues as a result of its progress towards completion of its remaining unsatisfied performance obligations on deferred development projects.

Capitalized Interest

Capitalized Interest	3 Months Ended
	Dec. 31, 2023
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 2024 and fiscal 2023, 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, 2023 and 2022. Three Months Ended December 31, 2023 2022 (In millions) Capitalized interest, beginning of period $ 58.5 $ 52.5 Interest incurred 8.1 8.2 Interest charged to cost of sales (6.1) (5.0) Capitalized interest, end of period $ 60.5 $ 55.7

Other Assets, Accrued Expenses

Other Assets, Accrued Expenses and Other Liabilities (Notes)	3 Months Ended
	Dec. 31, 2023
Other Assets, Accrued Expenses and Other Liabilities [Abstract]
Other Assets And Other Liabilities [Text Block]	Other Assets, Accrued Expenses and Other Liabilities The Company's other assets at December 31, 2023 and September 30, 2023 were as follows: December 31, 2023 September 30, 2023 (In millions) Receivables, net $ 28.4 $ 25.7 Lease right of use assets 7.9 7.6 Prepaid expenses 12.5 15.7 Land purchase contract deposits 8.2 7.0 Other assets 1.8 2.0 $ 58.8 $ 58.0 The Company's accrued expenses and other liabilities at December 31, 2023 and September 30, 2023 were as follows: December 31, 2023 September 30, 2023 (In millions) Accrued employee compensation and benefits $ 5.6 $ 11.2 Accrued property taxes 2.3 7.9 Lease liabilities 8.4 8.1 Accrued interest 6.9 7.0 Contract liabilities 9.2 10.0 Deferred income 4.1 4.1 Income taxes payable 18.0 4.4 Other accrued expenses 5.2 4.8 Other liabilities 3.7 3.7 $ 63.4 $ 61.2

Debt (Notes)

Debt (Notes)	3 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company's notes payable at their carrying amounts consist of the following: December 31, 2023 September 30, 2023 (In millions) Unsecured: Revolving credit facility $ — $ — 3.85% senior notes due 2026 (1) 397.7 397.4 5.0% senior notes due 2028 (1) 297.7 297.6 Other note payable 9.9 — $ 705.3 $ 695.0 ______________ (1) Unamortized debt issuance costs that were deducted from the carrying amounts of the senior notes totaled $4.6 million and $5.0 million at December 31, 2023 and September 30, 2023, respectively. Bank Credit Facility The Company has a $410 million senior unsecured revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $600 million, subject to certain conditions and availability of additional bank commitments. The facility also provides for the issuance of letters of credit with a sublimit equal to the greater of $100 million and 50% of the total revolving credit commitments. Borrowings under the revolving credit facility are subject to a borrowing base calculation based on the book value of the Company's real estate assets and unrestricted cash. Letters of credit issued under the facility reduce the available borrowing capacity. The maturity date of the facility is October 28, 2026. At December 31, 2023, there were no borrowings outstanding and $24.3 million of letters of credit issued under the revolving credit facility, resulting in available capacity of $385.7 million. The revolving credit facility is guaranteed by the Company’s wholly-owned subsidiaries that are not immaterial subsidiaries or have not been designated as unrestricted subsidiaries. The revolving credit facility includes customary affirmative and negative covenants, events of default and financial covenants. The financial covenants require a minimum level of tangible net worth, a minimum level of liquidity and a maximum allowable leverage ratio. These covenants are measured as defined in the credit agreement governing the facility and are reported to the lenders quarterly. A failure to comply with these financial covenants could allow the lending banks to terminate the availability of funds under the revolving credit facility or cause any outstanding borrowings to become due and payable prior to maturity. At December 31, 2023, the Company was in compliance with all of the covenants, limitations and restrictions of its revolving credit facility. Senior Notes The Company has outstanding senior notes as described below that were issued pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). The notes represent senior unsecured obligations that rank equally in right of payment to all existing and future senior unsecured indebtedness and may be redeemed prior to maturity, subject to certain limitations and premiums defined in the indenture agreements. The notes are guaranteed by each of the Company's subsidiaries to the extent such subsidiaries guarantee the Company's revolving credit facility. The Company's $400 million principal amount of 3.85% senior notes (the "2026 notes") mature May 15, 2026 with interest payable semi-annually. On or after May 15, 2023, the 2026 notes may be redeemed at 101.925% of their principal amount plus any accrued and unpaid interest. In accordance with the indenture, the redemption price decreases annually thereafter and the 2026 notes can be redeemed at par on or after May 15, 2025 through maturity. The annual effective interest rate of the 2026 notes after giving effect to the amortization of financing costs is 4.1%. The Company's $300 million principal amount of 5.0% senior notes (the "2028 notes") mature March 1, 2028 with interest payable semi-annually. On or after March 1, 2023, the 2028 notes may be redeemed at 102.5% of their principal amount plus any accrued and unpaid interest. In accordance with the indenture, the redemption price decreases annually thereafter and the 2028 notes can be redeemed at par on or after March 1, 2026 through maturity. The annual effective interest rate of the 2028 notes after giving effect to the amortization of financing costs is 5.2%. The indentures governing the senior notes require that, upon the occurrence of both a change of control and a rating decline (as defined in each indenture), the Company offer to purchase the applicable series of notes at 101% of their principal amount. If the Company or its restricted subsidiaries dispose of assets, under certain circumstances, the Company will be required to either invest the net cash proceeds from such asset sales in its business within a specified period of time, repay certain senior secured debt or debt of its non-guarantor subsidiaries, or make an offer to purchase a principal amount of such notes equal to the excess net cash proceeds at a purchase price of 100% of their principal amount. The indentures contain covenants that, among other things, restrict the ability of the Company and its restricted subsidiaries to pay dividends or distributions, repurchase equity, prepay subordinated debt and make certain investments; incur additional debt or issue mandatorily redeemable equity; incur liens on assets; merge or consolidate with another company or sell or otherwise dispose of all or substantially all of the Company’s assets; enter into transactions with affiliates; and allow to exist certain restrictions on the ability of subsidiaries to pay dividends or make other payments. At December 31, 2023, the Company was in compliance with all of the limitations and restrictions associated with its senior note obligations. Effective April 30, 2020, the Board of Directors authorized the repurchase of up to $30 million of the Company’s debt securities. The authorization has no expiration date. All of the $30 million authorization was remaining at December 31, 2023. Other Note Payable In December 2023, the Company issued a note payable of $9.9 million as part of a transaction to acquire real estate for development. The note is non-recourse and is secured by the underlying real estate, accrues interest at 4.0% per annum and matures in December 2025.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share The computations of basic and diluted earnings per share are as follows: Three Months Ended December 31, 2023 2022 (In millions, except share and per share amounts) Numerator: Net income $ 38.2 $ 20.8 Denominator: Weighted average common shares outstanding — basic 50,065,832 49,890,481 Dilutive effect of stock-based compensation 396,250 8,541 Total weighted average shares outstanding — diluted 50,462,082 49,899,022 Basic net income per common share $ 0.76 $ 0.42 Diluted net income per common share $ 0.76 $ 0.42

Income Taxes (Notes)

Income Taxes (Notes)	3 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax expense for the three months ended December 31, 2023 was $13.0 million compared to $7.1 million in the prior year period. The effective tax rate for both periods was 25.4% and included an expense for state income taxes and nondeductible expenses. At December 31, 2023, the Company had deferred tax liabilities, net of deferred tax assets , of $49.3 million. The deferred tax assets were partially offset by a valuation allowance of $0.9 million, resulting in a net deferred tax liability of $50.2 million. At September 30, 2023, deferred tax liabilities, net of deferred tax assets , were $49.8 million. The deferred tax assets were partially offset by a valuation allowance of $0.9 million, resulting in a net deferred tax liability of $50.7 million. The valuation allowance for both periods was recorded because it is more likely than not that a portion of the Company's state deferred tax assets, primarily net operating loss (NOL) carryforwards, will not be realized because the Company is no longer operating in some states or the NOL carryforward periods are too brief to realize the related deferred tax asset. The Company will continue to evaluate both the positive and negative evidence in determining the need for a valuation allowance on its deferred tax assets. Any reversal of the valuation allowance in future periods will impact the effective tax rate.

Stockholders' Equity (Notes)

Stockholders' Equity (Notes)	3 Months Ended
	Dec. 31, 2023
Equity, Attributable to Parent [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Stockholders' Equity and Stock-Based Compensation Stockholders' Equity The Company has an effective shelf registration statement, filed with the Securities and Exchange Commission in October 2021, registering $750 million of equity securities, of which $300 million was reserved for sales under the at-the-market equity offering program that became effective in November 2021. In the three months ended December 31, 2023, there were no shares of common stock issued under the Company's at-the-market equity offering program. At December 31, 2023, $748.2 million remained available for issuance under the shelf registration statement, of which $298.2 million was reserved for sales under the at-the-market equity offering program. Restricted Stock Units (RSUs) The Company’s Stock Incentive Plan provides for the granting of stock options and restricted stock units to executive officers, other key employees and non-management directors. Restricted stock unit awards may be based on performance (performance-based) or on service over a requisite time period (time-based). RSU equity awards represent the contingent right to receive one share of the Company’s common stock per RSU if the vesting conditions and/or performance criteria are satisfied. The RSUs have no voting rights until vested.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Other Contingencies	Commitments and Contingencies Contractual Obligations and Off-Balance Sheet Arrangements In support of the Company's residential lot development business, it issues letters of credit under the revolving credit facility and has a surety bond program that provides financial assurance to beneficiaries related to the execution and performance of certain development obligations. At December 31, 2023, the Company had outstanding letters of credit of $24.3 million under the revolving credit facility and surety bonds of $669.1 million issued by third parties to secure performance under various contracts. The Company expects that its performance obligations secured by these letters of credit and bonds will generally be completed in the ordinary course of business and in accordance with the applicable contractual terms. When the Company completes its performance obligations, the related letters of credit and bonds are generally released shortly thereafter, leaving the Company with no continuing obligations. The Company has no material third-party guarantees. Litigation The Company is involved in various legal proceedings that arise from time to time in the ordinary course of business and believes that adequate reserves have been established for any probable losses. The Company does not believe that the outcome of any of these proceedings will have a significant adverse effect on its financial position, long-term results of operations or cash flows. It is possible, however, that charges related to these matters could be significant to the Company's results or cash flows in any one accounting period. Land Purchase Contracts The Company enters into land purchase contracts to acquire land for the development of residential lots. Under these contracts, the Company will fund a stated deposit in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms. Under the terms of many of the purchase contracts, the deposits are not refundable in the event the Company elects to terminate the contract. Land purchase contract deposits and capitalized pre-acquisition costs are expensed to inventory and land option charges when the Company believes it is probable that it will not acquire the property under contract and will not be able to recover these costs through other means. At December 31, 2023, the Company had total deposits of $8.2 million related to contracts to purchase land with a total remaining purchase price of approximately $483.9 million. At December 31, 2023, none of the land purchase contracts were subject to specific performance provisions.

Related Party Disclosures

Related Party Disclosures	3 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party Transactions D.R. Horton The Company has a Shared Services Agreement with D.R. Horton whereby D.R. Horton provides the Company with certain administrative, compliance, operational and procurement services. In the three months ended December 31, 2023 and 2022, selling, general and administrative expense in the consolidated statements of operations included $1.3 million and $0.9 million for these shared services, $2.4 million and $2.3 million reimbursed to D.R. Horton for the cost of health insurance and other employee benefits and $0.3 million and $0.6 million for other corporate and administrative expenses paid by D.R. Horton on behalf of the Company. Under the terms of the Master Supply Agreement with D.R. Horton, both companies identify land development opportunities to expand Forestar's portfolio of assets. At December 31, 2023 and September 30, 2023, the Company owned approximately 55,400 and 52,400 residential lots, respectively, of which D.R. Horton had the following involvement. December 31, 2023 September 30, 2023 (Dollars in millions) Residential lots under contract to sell to D.R. Horton 16,200 14,400 Owned lots subject to right of first offer with D.R. Horton based on executed purchase and sale agreements 17,500 17,000 Earnest money deposits from D.R. Horton for lots under contract $ 136.1 $ 117.1 Remaining sales price of lots under contract with D.R. Horton $ 1,500.8 $ 1,319.2 Lot and land sales to D.R. Horton in the three months ended December 31, 2023 and 2022 were as follows: Three Months Ended December 31, 2023 2022 (Dollars in millions) Residential lots sold to D.R. Horton 2,834 2,094 Residential lot sales revenues from sales to D.R. Horton $ 272.8 $ 187.1 Decrease in contract liabilities on lot sales to D.R. Horton $ 0.7 $ 2.7 In the three months ended December 31, 2023, the Company reimbursed D.R. Horton approximately $4.6 million for pre-acquisition and other due diligence and development costs related to land purchase contracts identified by D.R. Horton that the Company independently underwrote and closed compared to reimbursements of $4.7 million in the prior year period. In the three months ended December 31, 2023, the Company reimbursed D.R. Horton approximately $13.3 million for previously paid earnest money related to those land purchase contracts compared to reimbursements of $0.1 million in the prior year period. In the three months ended December 31, 2023 and 2022, the Company paid D.R. Horton $0.5 million and $0.2 million, respectively, for land development services. These amounts are included in cost of sales in the Company’s consolidated statements of operations. At December 31, 2023 and September 30, 2023, land held for future development primarily consisted of undeveloped land which the Company has the contractual right to sell to D.R. Horton at a sales price equal to the carrying value of the land at the time of sale plus additional consideration of 12% to 16% per annum.

Fair Value

Fair Value	3 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. In arriving at a fair value measurement, the Company uses a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. The three levels of inputs used to establish fair value are the following: • Level 1 — Quoted prices in active markets for identical assets or liabilities; • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company elected not to use the fair value option for cash and cash equivalents and debt. For the financial assets and liabilities that the Company does not reflect at fair value, the following tables present both their respective carrying value and fair value at December 31, 2023 and September 30, 2023. Fair Value at December 31, 2023 Carrying Value Level 1 Level 2 Level 3 Total (in millions) Cash and cash equivalents (a) $ 458.9 $ 458.9 $ — $ — $ 458.9 Debt (b) (c) 705.3 — 673.5 9.9 683.4 Fair Value at September 30, 2023 Carrying Value Level 1 Level 2 Level 3 Total (in millions) Cash and cash equivalents (a) $ 616.0 $ 616.0 $ — $ — $ 616.0 Debt (b) 695.0 — 633.2 — 633.2 _____________________ (a) The fair values of cash and cash equivalents approximate their carrying values due to their short-term nature and are classified as Level 1 within the fair value hierarchy. (b) At December 31, 2023 and September 30, 2023, debt primarily consisted of the Company's senior notes. The fair value of the senior notes is determined based on quoted market prices in markets that are not active, which is classified as Level 2 within the fair value hierarchy.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 38.2	$ 20.8

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	3 Months Ended
	Dec. 31, 2023
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	false
Insider Trading Policies and Procedures Not Adopted	Item 5. Other Information. (c) Trading Plans

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and include the accounts of Forestar Group Inc. ("Forestar") and all of its 100% owned, majority-owned and controlled subsidiaries, which are collectively referred to as the Company unless the context otherwise requires. The Company accounts for its investment in other entities in which it has significant influence over operations and financial policies using the equity method. All intercompany accounts, transactions and balances have been eliminated in consolidation. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. Net income attributable to noncontrolling interests is zero for all periods presented in the Company's statements of operations. The transactions included in net income in the consolidated statements of operations are the same as those that would be presented in comprehensive income. Thus, the Company's net income equates to comprehensive income. In the opinion of management, these financial statements reflect all adjustments considered necessary to fairly state the results for the interim periods shown, including normal recurring accruals and other items. These financial statements, including the consolidated balance sheet as of September 30, 2023, which was derived from audited financial statements, do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2023. In October 2017, Forestar became a majority-owned subsidiary of D.R. Horton, Inc. ("D.R. Horton") by virtue of a merger with a wholly-owned subsidiary of D.R. Horton. Immediately following the merger, D.R. Horton owned 75% of the Company's outstanding common stock. In connection with the merger, the Company entered into certain agreements with D.R. Horton, including a Stockholder’s Agreement, a Master Supply Agreement and a Shared Services Agreement. D.R. Horton is considered a related party of Forestar under GAAP. As of December 31, 2023, D.R. Horton owned approximately 63% of the Company's outstanding common stock.
Use of Estimates, Policy [Policy Text Block]	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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	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 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The guidance is effective for the Company beginning October 1, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes - Improvements to Income Tax Disclosures,” which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax related disclosures. The guidance is effective for the Company beginning October 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate	Real estate consists of: December 31, 2023 September 30, 2023 (In millions) Developed and under development projects $ 1,895.7 $ 1,760.8 Land held for future development 114.1 29.5 $ 2,009.8 $ 1,790.3

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Dec. 31, 2023
Revenues [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]	Revenues consist of: Three Months Ended December 31, 2023 2022 (In millions) Residential lot sales $ 304.2 $ 206.7 Deferred development lot sales 1.3 6.7 Tract sales and other 0.4 3.3 $ 305.9 $ 216.7

Capitalized Interest (Tables)

Capitalized Interest (Tables)	3 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Inventory, Interest Capitalization Policy [Table Text Block]	The following table summarizes the Company’s interest costs incurred, capitalized and expensed in the three months ended December 31, 2023 and 2022. Three Months Ended December 31, 2023 2022 (In millions) Capitalized interest, beginning of period $ 58.5 $ 52.5 Interest incurred 8.1 8.2 Interest charged to cost of sales (6.1) (5.0) Capitalized interest, end of period $ 60.5 $ 55.7

Other Assets, Accrued Expense_2

Other Assets, Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Dec. 31, 2023
Other Assets, Accrued Expenses and Other Liabilities [Abstract]
Schedule of Other Assets and Other Liabilities [Table Text Block]	The Company's other assets at December 31, 2023 and September 30, 2023 were as follows: December 31, 2023 September 30, 2023 (In millions) Receivables, net $ 28.4 $ 25.7 Lease right of use assets 7.9 7.6 Prepaid expenses 12.5 15.7 Land purchase contract deposits 8.2 7.0 Other assets 1.8 2.0 $ 58.8 $ 58.0 The Company's accrued expenses and other liabilities at December 31, 2023 and September 30, 2023 were as follows: December 31, 2023 September 30, 2023 (In millions) Accrued employee compensation and benefits $ 5.6 $ 11.2 Accrued property taxes 2.3 7.9 Lease liabilities 8.4 8.1 Accrued interest 6.9 7.0 Contract liabilities 9.2 10.0 Deferred income 4.1 4.1 Income taxes payable 18.0 4.4 Other accrued expenses 5.2 4.8 Other liabilities 3.7 3.7 $ 63.4 $ 61.2

Debt - Schedule of Debt (Tables

Debt - Schedule of Debt (Tables) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Long-term Debt	$ 705.3	$ 695
Long-term Line of Credit	$ 0	0
Schedule of Long-term Debt Instruments	The Company's notes payable at their carrying amounts consist of the following: December 31, 2023 September 30, 2023 (In millions) Unsecured: Revolving credit facility $ — $ — 3.85% senior notes due 2026 (1) 397.7 397.4 5.0% senior notes due 2028 (1) 297.7 297.6 Other note payable 9.9 — $ 705.3 $ 695.0 ______________ (1) Unamortized debt issuance costs that were deducted from the carrying amounts of the senior notes totaled $4.6 million and $5.0 million at December 31, 2023 and September 30, 2023, respectively.
Senior Notes 3.85% [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 397.7	397.4
Debt Instrument, Interest Rate, Stated Percentage	3.85%
Senior Notes 5.0% [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 297.7	297.6
Debt Instrument, Interest Rate, Stated Percentage	5%
Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9.9	$ 0
Debt Instrument, Interest Rate, Stated Percentage	4%

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computations of basic and diluted earnings per share are as follows: Three Months Ended December 31, 2023 2022 (In millions, except share and per share amounts) Numerator: Net income $ 38.2 $ 20.8 Denominator: Weighted average common shares outstanding — basic 50,065,832 49,890,481 Dilutive effect of stock-based compensation 396,250 8,541 Total weighted average shares outstanding — diluted 50,462,082 49,899,022 Basic net income per common share $ 0.76 $ 0.42 Diluted net income per common share $ 0.76 $ 0.42

Related Party Disclosures (Tabl

Related Party Disclosures (Tables)	3 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	December 31, 2023 September 30, 2023 (Dollars in millions) Residential lots under contract to sell to D.R. Horton 16,200 14,400 Owned lots subject to right of first offer with D.R. Horton based on executed purchase and sale agreements 17,500 17,000 Earnest money deposits from D.R. Horton for lots under contract $ 136.1 $ 117.1 Remaining sales price of lots under contract with D.R. Horton $ 1,500.8 $ 1,319.2 Lot and land sales to D.R. Horton in the three months ended December 31, 2023 and 2022 were as follows: Three Months Ended December 31, 2023 2022 (Dollars in millions) Residential lots sold to D.R. Horton 2,834 2,094 Residential lot sales revenues from sales to D.R. Horton $ 272.8 $ 187.1 Decrease in contract liabilities on lot sales to D.R. Horton $ 0.7 $ 2.7

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping [Table Text Block]
Fair Value, by Balance Sheet Grouping [Table Text Block]	Fair Value at December 31, 2023 Carrying Value Level 1 Level 2 Level 3 Total (in millions) Cash and cash equivalents (a) $ 458.9 $ 458.9 $ — $ — $ 458.9 Debt (b) (c) 705.3 — 673.5 9.9 683.4 Fair Value at September 30, 2023 Carrying Value Level 1 Level 2 Level 3 Total (in millions) Cash and cash equivalents (a) $ 616.0 $ 616.0 $ — $ — $ 616.0 Debt (b) 695.0 — 633.2 — 633.2

Basis of Presentation Details (

Basis of Presentation Details (Details)	Jun. 30, 2023
Majority Shareholder [Member] | D.R. Horton, Inc. [Member]
Entity Information [Line Items]
Sale of Stock, Percentage of Ownership after Transaction	63%

Real Estate - Text (Detail)

Real Estate - Text (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Real Estate Properties [Line Items]
Real estate	$ 2,009.8		$ 1,790.3
Payments to Acquire Residential Real Estate	228
Payments to Develop Real Estate Assets	226.5
Asset Impairment Charges	0	$ 0
Due Diligence Write-Offs	0.2	$ 2.4
Developed and under development projects
Real Estate Properties [Line Items]
Real estate	1,895.7		1,760.8
Land held for future development
Real Estate Properties [Line Items]
Real estate	$ 114.1		$ 29.5
D.R. Horton, Inc. [Member] | Maximum
Real Estate Properties [Line Items]
Related Party Transaction, Rate	16%
D.R. Horton, Inc. [Member] | Minimum
Real Estate Properties [Line Items]
Related Party Transaction, Rate	12%

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Deferred development lot sales	$ 1.3	$ 6.7
Tract sales and other	0.4	3.3
Revenues	305.9	216.7
Real Estate | Residential Real Estate [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 304.2	$ 206.7

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement [Line Items]
Real Estate Inventory, Capitalized Interest Costs	$ 60.5	$ 55.7	$ 58.5	$ 52.5
Interest incurred	8.1	8.2
Interest charged to cost of sales	$ (6.1)	$ (5)

Other Assets, Accrued Expense_3

Other Assets, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Schedule of Other Assets, Accrued Expenses and Other Liabilities [Line Items]
Receivables, net	$ 28.4	$ 25.7
Lease right of use assets	7.9	7.6
Prepaid expenses	12.5	15.7
Land purchase contract deposits	8.2	7
Other assets	$ 1.8	$ 2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Other assets	$ 58.8	$ 58
Accrued employee compensation and benefits	5.6	11.2
Accrued property taxes	2.3	7.9
Lease liabilities	8.4	8.1
Accrued interest	6.9	7
Contract liabilities	9.2	10
Deferred income	4.1	4.1
Income taxes payable	18	4.4
Other accrued expenses	5.2	4.8
Other liabilities	$ 3.7	$ 3.7
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Accrued Liabilities	$ 63.4	$ 61.2
Deferred Development Project
Schedule of Other Assets, Accrued Expenses and Other Liabilities [Line Items]
Contract liabilities	$ 3.4	$ 3.5

Debt - Text (Detail)

Debt - Text (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Apr. 30, 2020
Debt Instrument [Line Items]
Long-term Line of Credit	$ 0	$ 0
Long-Term Debt	705.3	695
Line of Credit Facility, Current Borrowing Capacity	410
Line of Credit Facility, Maximum Borrowing Capacity	600
Letter of Credit, Maximum Borrowing Capacity	$ 100
Letter of Credit, Maximum Borrowing Capacity, Percentage of Revolving Credit Commitment	50%
Letters of Credit Outstanding, Amount	$ 24.3
Line of Credit Facility, Remaining Borrowing Capacity	385.7
Debt Repurchase Program, Authorized Amount	30		$ 30
Secured Debt [Member]
Debt Instrument [Line Items]
Long-Term Debt	$ 9.9	0
Debt Instrument, Interest Rate, Stated Percentage	4%
Other Notes Payable	$ 9.9
Senior Notes 3.85% [Member]
Debt Instrument [Line Items]
Long-Term Debt	$ 397.7	397.4
Debt Instrument, Interest Rate, Stated Percentage	3.85%
Debt Instrument, Face Amount	$ 400
Debt Instrument, Redemption Price, Percentage	101.925%
Debt Instrument, Frequency of Periodic Payment	semi-annually
Debt Instrument, Interest Rate, Effective Percentage	4.10%
Senior Notes 5.0% [Member]
Debt Instrument [Line Items]
Long-Term Debt	$ 297.7	297.6
Debt Instrument, Interest Rate, Stated Percentage	5%
Debt Instrument, Face Amount	$ 300
Debt Instrument, Redemption Price, Percentage	102.50%
Debt Instrument, Frequency of Periodic Payment	semi-annually
Debt Instrument, Interest Rate, Effective Percentage	5.20%
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 4.6	$ 5

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 38.2	$ 20.8
Weighted average number of common shares	50,065,832	49,890,481
Dilutive effect of stock-based compensation	396,250	8,541
Adjusted weighted average number of common shares	50,462,082	49,899,022
Basic net income per common share	$ 0.76	$ 0.42
Diluted net income per common share	$ 0.76	$ 0.42

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 13	$ 7.1
Effective Income Tax Rate Reconciliation, Percent	25.40%	25.40%
Deferred Tax Liabilities, Gross	$ 49.3		$ 49.8
Deferred Tax Assets, Valuation Allowance	0.9		0.9
Deferred tax liability, net	$ 50.2		$ 50.7

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Nov. 18, 2021	Oct. 08, 2021
Class of Stock [Line Items]
Equity Securities Registered, Value				$ 750
At-the-market Equity Offering Program, Common Stock Available for Issuance	$ 298.2		$ 300
At-the-market Equity Offering Program, Common Stock Issued	0
Common Stock, Shares Authorized	$ 748.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	24,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 23.47
Stock-based compensation expense	$ 0.9	$ 0.6

Commitments and Contingencies (

Commitments and Contingencies (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Letters of Credit Outstanding, Amount	$ 24.3
Special Assessment Bond	669.1
Land purchase contract deposits	8.2	$ 7
Purchase Obligation	$ 483.9

Related Party Disclosures (Deta

Related Party Disclosures (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($) Lot	Dec. 31, 2022 USD ($) Lot	Sep. 30, 2023 USD ($) Lot
Related Party Transaction [Line Items]
Selling, General and Administrative Expense	$ 28	$ 22.9
Costs and Expenses, Related Party	$ 0.3	0.6
Number of Units in Real Estate Property | Lot	55,400		52,400
Revenues	$ 305.9	216.7
D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Selling, General and Administrative Expense	1.3	0.9
Employee Benefits and Share-Based Compensation	2.4	2.3
Deferred Revenue, Period Increase (Decrease)	0.7	2.7
Related Party Transaction, Purchases from Related Party	0.5	0.2
Accrued Liabilities and Other Liabilities	3.5		$ 3.2
D.R. Horton, Inc. [Member] | Deposits [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		0.1
D.R. Horton, Inc. [Member] | Other Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	4.6	4.7
Residential Real Estate [Member] | Real Estate
Related Party Transaction [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 304.2	$ 206.7
D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Number of Lots Sold | Lot	2,834	2,094
Revenues	$ 272.8	$ 187.1
D.R. Horton, Inc. [Member] | Under Contract [Member]
Related Party Transaction [Line Items]
Number of Units in Real Estate Property | Lot	16,200		14,400
Related Party Transaction, Purchase Obligation from Parent	$ 1,500.8		$ 1,319.2
D.R. Horton, Inc. [Member] | Under Contract [Member] | Cash [Member]
Related Party Transaction [Line Items]
Related Party Deposit Liabilities	$ 136.1		$ 117.1
D.R. Horton, Inc. [Member] | Right of First Offer [Member]
Related Party Transaction [Line Items]
Number of Units in Real Estate Property | Lot	17,500		17,000

Fair Value, Not Measured at Fai

Fair Value, Not Measured at Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt	$ 705.3	$ 695
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	458.9	616
Long-term Debt, Fair Value	683.4	633.2
Cash and Cash Equivalents, at Carrying Value	458.9	616
Long-Term Debt	705.3	695
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	458.9	616
Long-term Debt, Fair Value	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Long-term Debt, Fair Value	673.5	633.2
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Long-term Debt, Fair Value	$ 9.9	$ 0