D.R. Horton (DHI) 10-Q 25 Apr 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2016	Apr. 20, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	HORTON D R INC /DE/
Entity Central Index Key	882,184
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		370,925,400

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions		Mar. 31, 2016	Sep. 30, 2015
ASSETS
Cash and cash equivalents		$ 1,224.1	$ 1,383.8
Inventories:
Other assets		468.7	530.2
Total assets		11,300.2	11,151
LIABILITIES
Notes payable		3,662.7	3,811.5
Total liabilities		$ 5,051.2	$ 5,255.6
Commitments and contingencies
EQUITY
Preferred stock, $.10 par value, 30,000,000 shares authorized, no shares issued		$ 0	$ 0
Common stock, $.01 par value, 1,000,000,000 shares authorized, 377,931,164 shares issued and 370,731,093 shares outstanding at March 31, 2016 and 375,847,442 shares issued and 368,647,371 shares outstanding at September 30, 2015		3.8	3.8
Additional paid-in capital		2,795.6	2,733.8
Retained earnings		3,583.3	3,289.6
Treasury stock, 7,200,071 shares at March 31, 2016 and September 30, 2015, at cost		(134.3)	(134.3)
Accumulated other comprehensive income		0	1.4
Stockholders’ equity		6,248.4	5,894.3
Noncontrolling interests		0.6	1.1
Total equity		6,249	5,895.4
Total liabilities and equity		11,300.2	11,151
Homebuilding [Member]
ASSETS
Cash and cash equivalents		1,195.2	1,355.9
Restricted cash		11.4	9.7
Inventories:
Construction in progress and finished homes		4,153.8	3,501.2
Residential land and lots — developed and under development		3,829.3	4,065.3
Land held for development		194.3	202.3
Land held for sale		39.2	38.2
Total inventories	[1]	8,216.6	7,807
Deferred income taxes, net of valuation allowance of $10.1 million at March 31, 2016 and September 30, 2015		526.6	558.1
Property and equipment, net		149.5	144
Other assets		378.9	456.2
Goodwill		87.2	87.2
Total assets		10,565.4	10,418.1
LIABILITIES
Accounts payable		499.8	473
Accrued expenses and other liabilities		847	929.2
Notes payable		3,167.3	3,333.6
Total liabilities		4,514.1	4,735.8
Financial Services [Member]
ASSETS
Cash and cash equivalents		28.9	27.9
Inventories:
Mortgage loans held for sale		616.1	631
Other assets		89.8	74
Total assets		734.8	732.9
LIABILITIES
Accounts payable and other liabilities		41.7	41.9
Mortgage repurchase facility		495.4	477.9
Total liabilities		$ 537.1	$ 519.8
[1]	Homebuilding inventories are the only assets included in the measure of homebuilding segment assets used by the Company’s chief operating decision makers.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Mar. 31, 2016	Sep. 30, 2015
Statement of Financial Position [Abstract]
Valuation allowance for deferred income taxes	$ 10.1	$ 10.1
Preferred stock, par value	$ 0.1	$ 0.1
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	377,931,164	375,847,442
Common stock, shares outstanding	370,731,093	368,647,371
Treasury stock, shares	7,200,071	7,200,071

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Gross profit:
Income before income taxes	[1]	$ 300.5	$ 230.1	$ 541.8	$ 450.8
Income tax expense		105.4	82.2	189	160.4
Net income		195.1	147.9	352.8	290.4
Other comprehensive income, net of income tax:
Comprehensive income		$ 192.5	$ 147.9	$ 351.4	$ 290.4
Basic net income per common share (in dollars per share)		$ 0.53	$ 0.40	$ 0.95	$ 0.79
Net income per common share assuming dilution (in dollars per share)		0.52	0.40	0.94	0.79
Cash dividends declared per common share (in dollars per share)		$ 0.08	$ 0.0625	$ 0.16	$ 0.125
Homebuilding [Member]
Revenues:
Home sales		$ 2,686	$ 2,318.8	$ 5,026.9	$ 4,559.4
Land/lot sales and other		15	19.7	35.2	32.1
Total revenues		2,701	2,338.5	5,062.1	4,591.5
Cost of sales:
Home sales		2,151.3	1,861.9	4,025.6	3,659.9
Land/lot sales and other		12	17.6	27.9	28
Inventory and land option charges		6	12.5	7.9	18.6
Total cost of sales		2,169.3	1,892	4,061.4	3,706.5
Gross profit:
Home sales		534.7	456.9	1,001.3	899.5
Land/lot sales and other		3	2.1	7.3	4.1
Inventory and land option charges		(6)	(12.5)	(7.9)	(18.6)
Total gross profit		531.7	446.5	1,000.7	885
Selling, general and administrative expense		258.2	242.4	501.6	480.4
Other (income)		(9.6)	(4.5)	(13)	(10.1)
Income before income taxes		283.1	208.6	512.1	414.7
Financial Services [Member]
Gross profit:
Revenues		66.9	59.5	122.2	109.2
General and administrative expense		51	40.7	97.1	78.6
Interest and other (income)		(1.5)	(2.7)	(4.6)	(5.5)
Income before income taxes		17.4	21.5	29.7	36.1
Debt Securities [Member]
Other comprehensive income, net of income tax:
Net change in unrealized gain		0	0	1.2	0
Amount reclassified from accumulated other comprehensive income		$ (2.6)	$ 0	$ (2.6)	$ 0
[1]	Expenses maintained at the corporate level consist primarily of interest and property taxes, which are capitalized and amortized to cost of sales or expensed directly, and the expenses related to operating the Company’s corporate office. The amortization of capitalized interest and property taxes is allocated to each segment based on the segment’s cost of sales, while those expenses associated with the corporate office are allocated to each segment based on the segment’s inventory balances.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net income	$ 352.8	$ 290.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	27.6	25.4
Amortization of discounts and fees	2.8	2.7
Stock based compensation expense	24.3	22.4
Excess income tax benefit from employee stock awards	(3.9)	(6.7)
Deferred income taxes	29.6	17.4
Inventory and land option charges	7.9	18.6
Gain on sale of debt securities collateralized by residential real estate	(4.5)	0
Changes in operating assets and liabilities:
Increase in construction in progress and finished homes	(652.8)	(375.6)
Decrease (increase) in residential land and lots – developed, under development, held for development and held for sale	235.9	(71.2)
Decrease (increase) in other assets	36.6	(11.1)
Decrease (increase) in mortgage loans held for sale	14.9	(40.7)
Decrease in accounts payable, accrued expenses and other liabilities	(44.3)	(40.4)
Net cash provided by (used in) operating activities	26.9	(168.8)
INVESTING ACTIVITIES
Purchases of property and equipment	(40.4)	(24)
Increase in restricted cash	(1.7)	(0.4)
Net principal increase of other mortgage loans and real estate owned	(0.4)	(4.9)
Proceeds from sale of debt securities collateralized by residential real estate	35.8	0
Net cash used in investing activities	(6.7)	(29.3)
FINANCING ACTIVITIES
Proceeds from notes payable	17.6	1,350.3
Repayment of notes payable	(170.6)	(1,098.3)
Proceeds from stock associated with certain employee benefit plans	28.4	21
Excess income tax benefit from employee stock awards	3.9	6.7
Cash dividends paid	(59.2)	(45.7)
Net cash (used in) provided by financing activities	(179.9)	234
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(159.7)	35.9
Cash and cash equivalents at beginning of period	1,383.8	661.8
Cash and cash equivalents at end of period	1,224.1	697.7
Supplemental disclosures of non-cash activities:
Notes payable issued for inventory	2.9	8.1
Stock issued under employee incentive plans	$ 19.7	$ 8.3

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited, consolidated financial statements include the accounts of D.R. Horton, Inc. and all of its 100% owned, majority-owned and controlled subsidiaries (which are collectively referred to as the Company, unless the context otherwise requires). All intercompany accounts, transactions and balances have been eliminated in consolidation. The 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. In the opinion of management, these financial statements reflect all adjustments considered necessary to present fairly 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, 2015 , 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, 2015 . 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. Cash and Cash Equivalents The Company considers all highly liquid investments with an initial maturity of three months or less when purchased to be cash equivalents. Proceeds from home closings held for the Company’s benefit at title companies are included in homebuilding cash and cash equivalents in the consolidated balance sheets. Cash balances of the Company’s captive insurance subsidiary, which are expected to be used to fund the subsidiary’s operations and pay future anticipated legal claims, were $40.2 million and $40.5 million at March 31, 2016 and September 30, 2015 , respectively, and are included in homebuilding cash and cash equivalents in the consolidated balance sheets. Seasonality Historically, the homebuilding industry has experienced seasonal fluctuations; therefore, the operating results for the three and six months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2016 or subsequent periods. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which is a comprehensive new revenue recognition model that will replace most existing revenue recognition guidance. The core principle of this guidance is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The guidance is effective for the Company beginning October 1, 2018 and allows for full retrospective or modified retrospective methods of adoption. The Company is currently evaluating the impact of this guidance on its consolidated financial position, results of operations and cash flows. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern,” which provides guidance about management’s responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and to provide related footnote disclosures. This guidance is intended to reduce the diversity in the timing and content of footnote disclosures. The guidance is effective for the Company in its fiscal year ending September 30, 2017 and is not expected to have any impact on its consolidated financial position, results of operations or cash flows. In February 2015, the FASB issued ASU 2015-02, “Consolidation,” which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance is effective for the Company beginning October 1, 2016 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which simplifies the subsequent measurement of inventory, excluding inventory measured using the last-in, first-out or retail inventory methods. The guidance specifies that inventory currently measured at the lower of cost or market, where market could be determined with different methods, should now be measured at the lower of cost or net realizable value. The guidance is effective for the Company beginning October 1, 2017 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments,” which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance is effective for the Company beginning October 1, 2016 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires that lease assets and liabilities be recognized on the balance sheet, and that key information about leasing arrangements be disclosed. The guidance is effective for the Company beginning October 1, 2019, although early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation,” which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance is effective for the Company beginning October 1, 2017, although early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial position, results of operations and cash flows.

Segment Information

Segment Information	6 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company is a national homebuilder that is primarily engaged in the acquisition and development of land and the construction and sale of residential homes, with operations in 79 markets in 26 states across the United States. The Company designs, builds and sells single-family detached homes on lots it develops and on fully developed lots purchased ready for home construction. To a lesser extent, the Company also builds and sells attached homes, such as town homes, duplexes, triplexes and condominiums. Periodically, the Company sells land and lots to other developers and homebuilders where it has excess land and lot positions or for other strategic reasons. The homebuilding segments generate most of their revenues from the sale of completed homes, and to a lesser extent from the sale of land and lots. The Company’s financial services segment primarily provides mortgage financing and title agency services to homebuyers in many of the Company’s homebuilding markets. The Company sells substantially all of the mortgages it originates and the related servicing rights to third-party purchasers. The financial services segment primarily generates its revenues from originating and selling mortgages and collecting fees for title insurance agency and closing services. The Company’s 39 homebuilding operating divisions and its financial services operations are its operating segments. The homebuilding operating segments are aggregated into six reporting segments and the financial services operating segment is its own reporting segment. The Company’s reportable homebuilding segments are: East, Midwest, Southeast, South Central, Southwest and West. These reporting segments have homebuilding operations located in the following states: East: Delaware, Georgia (Savannah only), Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina and Virginia Midwest: Colorado, Illinois and Minnesota Southeast: Alabama, Florida, Georgia, Mississippi and Tennessee South Central: Louisiana, Oklahoma and Texas Southwest: Arizona and New Mexico West: California, Hawaii, Nevada, Oregon, Utah and Washington The accounting policies of the reporting segments are described throughout Note A included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2015 . Financial information relating to the Company’s reporting segments is as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In millions) Revenues Homebuilding revenues: East $ 309.0 $ 280.7 $ 607.2 $ 579.5 Midwest 162.1 145.0 285.4 274.9 Southeast 812.0 646.1 1,523.6 1,265.5 South Central 694.7 628.2 1,307.2 1,207.9 Southwest 79.9 70.9 153.8 146.3 West 643.3 567.6 1,184.9 1,117.4 Homebuilding revenues 2,701.0 2,338.5 5,062.1 4,591.5 Financial services revenues 66.9 59.5 122.2 109.2 Total revenues $ 2,767.9 $ 2,398.0 $ 5,184.3 $ 4,700.7 Inventory Impairments East $ 3.2 $ — $ 3.2 $ — Midwest — — — — Southeast — 7.3 0.2 7.3 South Central — 0.7 — 0.7 Southwest — — — — West — 0.1 0.3 4.0 Total inventory impairments $ 3.2 $ 8.1 $ 3.7 $ 12.0 Income Before Income Taxes (1) Homebuilding pre-tax income: East $ 22.8 $ 13.0 $ 50.5 $ 39.4 Midwest 9.0 10.2 16.0 15.0 Southeast 94.8 58.7 171.7 116.7 South Central 89.0 65.1 153.7 126.2 Southwest 2.0 1.2 4.7 3.1 West 65.5 60.4 115.5 114.3 Homebuilding pre-tax income 283.1 208.6 512.1 414.7 Financial services pre-tax income 17.4 21.5 29.7 36.1 Income before income taxes $ 300.5 $ 230.1 $ 541.8 $ 450.8 ________________ (1) Expenses maintained at the corporate level consist primarily of interest and property taxes, which are capitalized and amortized to cost of sales or expensed directly, and the expenses related to operating the Company’s corporate office. The amortization of capitalized interest and property taxes is allocated to each segment based on the segment’s cost of sales, while those expenses associated with the corporate office are allocated to each segment based on the segment’s inventory balances. March 31, September 30, (In millions) Homebuilding Inventories (1) East $ 837.6 $ 817.3 Midwest 451.5 474.5 Southeast 1,973.1 1,876.7 South Central 2,111.3 1,909.0 Southwest 346.0 312.4 West 2,233.1 2,165.3 Corporate and unallocated (2) 264.0 251.8 Total homebuilding inventories $ 8,216.6 $ 7,807.0 ________________ (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 capitalized interest and property taxes.

Inventory

Inventory	6 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY At March 31, 2016 , the Company reviewed the performance and outlook for all of its land inventories and communities for indicators of potential impairment and performed detailed impairment evaluations and analyses when necessary. The Company performed detailed impairment evaluations of communities and land inventories with a combined carrying value of $216.5 million and recorded an impairment charge of $3.2 million during the three months ended March 31, 2016 to reduce the carrying value of an inactive parcel of land that was sold in the current quarter. During the six months ended March 31, 2016 , impairment charges totaled $3.7 million . There were $8.1 million and $12.0 million of impairment charges recorded in the three and six months ended March 31, 2015 , respectively. During the three and six months ended March 31, 2016 , the Company wrote off $2.8 million and $4.2 million , respectively, of earnest money deposits and pre-acquisition costs related to land option contracts that the Company expects to terminate. During the three and six months ended March 31, 2015 , the Company wrote off $4.4 million and $6.6 million , respectively, of these deposits and costs.

Notes Payable

Notes Payable	6 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The Company’s notes payable at their principal amounts, net of any unamortized discounts and debt issuance costs, consist of the following: March 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility, maturing 2020 $ — $ — 5.625% senior notes due 2016 — 170.1 6.5% senior notes due 2016 372.7 372.5 4.75% senior notes due 2017 349.1 348.7 3.625% senior notes due 2018 398.6 398.2 3.75% senior notes due 2019 497.6 497.3 4.0% senior notes due 2020 496.8 496.4 4.375% senior notes due 2022 347.5 347.4 4.75% senior notes due 2023 298.0 297.9 5.75% senior notes due 2023 397.2 397.0 Other secured notes 9.8 8.1 $ 3,167.3 $ 3,333.6 Financial Services: Mortgage repurchase facility, maturing 2017 $ 495.4 $ 477.9 Debt issuance costs that were deducted from the carrying amounts of the senior notes totaled $15.2 million and $17.3 million at March 31, 2016 and September 30, 2015 , respectively. Homebuilding: The Company has a $975 million senior unsecured revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $1.25 billion , 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 approximately 50% of the revolving credit commitment. Letters of credit issued under the facility reduce the available borrowing capacity. The interest rate on borrowings under the revolving credit facility may be based on either the Prime Rate or London Interbank Offered Rate (LIBOR) plus an applicable margin, as defined in the credit agreement governing the facility. The maturity date of the facility is September 7, 2020 . At March 31, 2016 , there were no borrowings outstanding and $91.1 million of letters of credit issued under the revolving credit facility. The Company’s revolving credit facility imposes restrictions on its operations and activities, including requiring the maintenance of a minimum level of tangible net worth, a maximum allowable ratio of debt to tangible net worth and a borrowing base restriction if the Company’s ratio of debt to tangible net worth exceeds a certain level. 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. In addition, the credit agreement governing the facility and the indentures governing the senior notes impose restrictions on the creation of secured debt and liens. At March 31, 2016 , the Company was in compliance with all of the covenants, limitations and restrictions of its revolving credit facility and public debt obligations. The Company has an automatically effective universal shelf registration statement, filed with the Securities and Exchange Commission (SEC) in August 2015, registering debt and equity securities that the Company may issue from time to time in amounts to be determined. On January 15, 2016 , the Company repaid the $170.2 million principal amount of its 5.625% senior notes, which were due on that date. On April 15, 2016 , the Company repaid the $372.7 million principal amount of its 6.5% senior notes, which were due on that date. Effective August 1, 2015 , the Board of Directors authorized the repurchase of up to $500 million of the Company’s debt securities effective through July 31, 2016 . All of the $500 million authorization was remaining at March 31, 2016 . Financial Services: The Company’s mortgage subsidiary, DHI Mortgage, has a mortgage repurchase facility that is accounted for as a secured financing. The mortgage repurchase facility provides financing and liquidity to DHI Mortgage by facilitating purchase transactions in which DHI Mortgage transfers eligible loans to the counterparties against the transfer of funds by the counterparties, thereby becoming purchased loans. DHI Mortgage then has the right and obligation to repurchase the purchased loans upon their sale to third-party purchasers in the secondary market or within specified time frames from 45 to 60 days in accordance with the terms of the mortgage repurchase facility. In February 2016, the mortgage repurchase facility was amended and its maturity date was extended to February 24, 2017 . Additionally, new commitments were obtained from banks that increased the total capacity of the facility to $475 million . The amendment allows for the capacity to be increased further, without requiring additional commitments, from $475 million to $550 million during the last five days of any fiscal quarter and the first twenty-five days of the following fiscal quarter. The capacity of the facility can also be increased to $650 million subject to the availability of additional commitments. As of March 31, 2016 , $564.7 million of mortgage loans held for sale with a collateral value of $545.8 million were pledged under the mortgage repurchase facility. As a result of advance paydowns totaling $50.4 million , DHI Mortgage had an obligation of $495.4 million outstanding under the mortgage repurchase facility at March 31, 2016 at a 2.6% annual interest rate. The mortgage repurchase facility is not guaranteed by D.R. Horton, Inc. or any of the subsidiaries that guarantee the Company’s homebuilding debt. The facility contains financial covenants as to the mortgage subsidiary’s minimum required tangible net worth, its maximum allowable ratio of debt to tangible net worth and its minimum required liquidity. These covenants are measured and reported to the lenders monthly. At March 31, 2016 , DHI Mortgage was in compliance with all of the conditions and covenants of the mortgage repurchase facility.

Capitalized Interest

Capitalized Interest	6 Months Ended
	Mar. 31, 2016
Interest Costs Incurred [Abstract]
CAPITALIZED INTEREST	CAPITALIZED INTEREST The Company capitalizes interest costs incurred to inventory during active development and construction (active inventory). Capitalized interest is charged to cost of sales as the related inventory is delivered to the buyer. During periods in which the Company’s active inventory is lower than its debt level, a portion of the interest incurred is reflected as interest expense in the period incurred. During the first half of fiscal 2016 and in fiscal 2015, the Company’s active inventory exceeded its debt level and all interest incurred was capitalized to inventory. The following table summarizes the Company’s interest costs incurred, capitalized and expensed during the three and six months ended March 31, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (In millions) Capitalized interest, beginning of period $ 215.0 $ 205.2 $ 208.0 $ 198.5 Interest incurred (1) 40.4 42.6 82.6 83.0 Interest expensed: Charged to cost of sales (40.9 ) (35.6 ) (76.1 ) (69.2 ) Written off with inventory impairments — — — (0.1 ) Capitalized interest, end of period $ 214.5 $ 212.2 $ 214.5 $ 212.2 _______________ (1) Interest incurred includes interest incurred on the Company's financial services mortgage repurchase facility of $1.9 million and $3.5 million in the three and six months ended March 31, 2016 , respectively, and $1.6 million and $3.1 million in the same periods of 2015 .

Mortgage Loans

Mortgage Loans	6 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOANS	MORTGAGE LOANS Mortgage Loans Held for Sale Mortgage loans held for sale consist primarily of single-family residential loans collateralized by the underlying property. At March 31, 2016 , mortgage loans held for sale had an aggregate fair value of $616.1 million and an aggregate outstanding principal balance of $593.4 million . At September 30, 2015 , mortgage loans held for sale had an aggregate fair value of $631.0 million and an aggregate outstanding principal balance of $608.9 million . During the six months ended March 31, 2016 and 2015 , mortgage loans originated totaled $2.4 billion and $2.2 billion , respectively, and mortgage loans sold totaled $2.4 billion and $2.2 billion , respectively. The Company had gains on sales of loans and servicing rights of $46.6 million and $83.8 million during the three and six months ended March 31, 2016 , respectively, compared to $40.8 million and $73.6 million in the prior year periods. Net gains on sales of loans and servicing rights are included in financial services revenues in the consolidated statements of operations. Approximately 72% of the mortgage loans sold by DHI Mortgage during the six months ended March 31, 2016 were sold to three major financial entities, one of which purchased 25% of the total loans sold. To manage the interest rate risk inherent in its mortgage operations, the Company hedges its risk using derivative instruments, generally forward sales of mortgage-backed securities (MBS), which are referred to as “hedging instruments” in the following discussion. The Company does not enter into or hold derivatives for trading or speculative purposes. Newly originated loans that have been closed but not committed to third-party purchasers are hedged to mitigate the risk of changes in their fair value. Hedged loans are committed to third-party purchasers typically within three days after origination. The notional amounts of the hedging instruments used to hedge mortgage loans held for sale vary in relationship to the underlying loan amounts, depending on the movements in the value of each hedging instrument relative to the value of the underlying mortgage loans. The fair value change related to the hedging instruments generally offsets the fair value change in the mortgage loans held for sale. The net fair value change, which for the three and six months ended March 31, 2016 and 2015 was not significant, is recognized in financial services revenues in the consolidated statements of operations. At March 31, 2016 and September 30, 2015 , the Company’s mortgage loans held for sale that were not committed to third-party purchasers totaled $371.0 million and $385.3 million , respectively, and the notional amounts of the hedging instruments related to those loans totaled $370.2 million and $383.8 million , respectively. Other Mortgage Loans and Loss Reserves Mortgage loans are sold with limited recourse provisions derived from industry-standard representations and warranties in the relevant agreements. These representations and warranties primarily involve the absence of misrepresentations by the borrower or other parties, the appropriate underwriting of the loan and in some cases, a required minimum number of payments to be made by the borrower. The Company generally does not retain any other continuing interest related to mortgage loans sold in the secondary market. The majority of other mortgage loans consists of loans repurchased due to these limited recourse obligations. Typically, these loans are impaired and some become real estate owned through the foreclosure process. At March 31, 2016 and September 30, 2015 , the Company’s total other mortgage loans and real estate owned, before loss reserves, were as follows: March 31, September 30, (In millions) Other mortgage loans $ 47.7 $ 49.0 Real estate owned 0.3 0.6 $ 48.0 $ 49.6 The Company has recorded reserves for estimated losses on other mortgage loans, real estate owned and future loan repurchase obligations due to the limited recourse provisions, all of which are recorded as reductions of financial services revenue. The loss reserve for loan repurchase and settlement obligations is estimated based on an analysis of loan repurchase requests received, actual repurchases and losses through the disposition of such loans or requests, discussions with mortgage purchasers and analysis of mortgages originated. The reserve balances at March 31, 2016 and September 30, 2015 were as follows: March 31, September 30, (In millions) Loss reserves related to: Other mortgage loans $ 3.5 $ 1.5 Real estate owned 0.1 0.1 Loan repurchase and settlement obligations – known and expected 8.8 9.8 $ 12.4 $ 11.4 Other mortgage loans and real estate owned net of the related loss reserves are included in financial services other assets, while loan repurchase obligations are included in financial services accounts payable and other liabilities in the accompanying consolidated balance sheets. Loan Commitments and Related Derivatives The Company is party to interest rate lock commitments (IRLCs), which are extended to borrowers who have applied for loan funding and meet defined credit and underwriting criteria. At March 31, 2016 and September 30, 2015 , the notional amount of IRLCs, which are accounted for as derivative instruments recorded at fair value, totaled $499.7 million and $370.9 million , respectively. The Company manages interest rate risk related to its IRLCs through the use of best-efforts whole loan delivery commitments and hedging instruments. These instruments are considered derivatives in an economic hedge and are accounted for at fair value with gains and losses recognized in financial services revenues in the consolidated statements of operations. At March 31, 2016 and September 30, 2015 , the notional amount of best-efforts whole loan delivery commitments totaled $33.6 million and $37.7 million , respectively, and the notional amount of hedging instruments related to IRLCs not yet committed to purchasers totaled $412.8 million and $297.2 million , respectively.

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax expense for the three and six months ended March 31, 2016 was $105.4 million and $189.0 million , respectively, compared to $82.2 million and $160.4 million , respectively, in the same periods of fiscal 2015 . The effective tax rate was 35.1% and 34.9% for the three and six months ended March 31, 2016 , respectively, compared to 35.7% and 35.6% in the prior year periods. The effective tax rates for all periods include an expense for state income taxes that was reduced by a tax benefit for the domestic production activities deduction. In addition, the income tax expense for the six months ended March 31, 2016 and 2015 includes a tax benefit related to the retroactive application of new tax legislation. At March 31, 2016 and September 30, 2015 , the Company had deferred tax assets, net of deferred tax liabilities, of $536.7 million and $568.2 million , respectively, partially offset by a valuation allowance of $10.1 million . The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation of the Company’s deferred tax assets. When assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income in future periods. The Company records a valuation allowance when it determines it is more likely than not that a portion of the deferred tax assets will not be realized. The valuation allowance for both periods relates to the Company’s state deferred tax assets for net operating loss (NOL) carryforwards and tax credit carryforwards. The Company believes it is more likely than not that a portion of its state NOL carryforwards and state tax credit carryforwards will not be realized because some state NOL and tax credit carryforward periods are too brief to realize the related deferred tax assets. The Company will continue to evaluate both the positive and negative evidence in determining the need for a valuation allowance with respect to its remaining state NOL carryforwards and state tax credit carryforwards.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the numerators and denominators used in the computation of basic and diluted earnings per share. Options to purchase 6.4 million and 8.7 million shares of common stock were excluded from the computation of diluted earnings per share for the 2016 and 2015 periods, respectively, because their effect would have been antidilutive. Three Months Ended Six Months Ended 2016 2015 2016 2015 (In millions) Numerator: Net income $ 195.1 $ 147.9 $ 352.8 $ 290.4 Denominator: Denominator for basic earnings per share — weighted average common shares 370.2 365.8 369.7 365.4 Effect of dilutive securities: Employee stock awards 3.5 3.6 3.9 3.4 Denominator for diluted earnings per share — adjusted weighted average common shares 373.7 369.4 373.6 368.8 Basic net income per common share $ 0.53 $ 0.40 $ 0.95 $ 0.79 Net income per common share assuming dilution $ 0.52 $ 0.40 $ 0.94 $ 0.79

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Mar. 31, 2016
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY The Company has an automatically effective universal shelf registration statement, filed with the SEC in August 2015, registering debt and equity securities that it may issue from time to time in amounts to be determined. Effective August 1, 2015 , the Board of Directors authorized the repurchase of up to $100 million of the Company’s common stock effective through July 31, 2016 . All of the $100 million authorization was remaining at March 31, 2016 , and no common stock has been repurchased subsequent to March 31, 2016 . During the three months ended March 31, 2016 , the Board of Directors approved a quarterly cash dividend of $0.08 per common share, which was paid on February 17, 2016 to stockholders of record on February 5, 2016 . In April 2016 , the Board of Directors approved a quarterly cash dividend of $0.08 per common share, payable on May 27, 2016 to stockholders of record on May 13, 2016 . Quarterly cash dividends of $0.0625 per common share were approved and paid in the comparable quarters of fiscal 2015.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Mar. 31, 2016
Compensation Related Costs [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS 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). Performance-based and 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 dividend or voting rights until vested. In November 2015 , a total of 330,000 performance-based RSU equity awards were granted to the Company’s Chairman, its Chief Executive Officer and its Chief Operating Officer. These awards vest at the end of a three-year performance period ending September 30, 2018 . The number of units that ultimately vest depends on the Company’s relative position as compared to its peers at the end of the three-year period in achieving certain performance criteria and can range from 0% to 200% of the number of units granted. The performance criteria are total shareholder return; return on investment; selling, general and administrative expense containment; and gross profit. The grant date fair value of these equity awards was $30.81 per unit. Compensation expense related to these grants was $1.2 million and $2.3 million , respectively, in the three and six months ended March 31, 2016 based on the Company’s performance against the peer group, the elapsed portion of the performance period and the grant date fair value of the award. During the six months ended March 31, 2016 , a total of 2.1 million time-based RSUs were granted to the Company’s executive officers, other key employees and non-management directors (collectively, approximately 570 recipients). The weighted average grant date fair value of these equity awards was $23.14 per unit, and they vest annually in equal installments over periods of three to five years. Compensation expense related to these grants was $3.8 million and $3.9 million , respectively, in the three and six months ended March 31, 2016 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Warranty Claims The Company typically provides its homebuyers with a ten-year limited warranty for major defects in structural elements such as framing components and foundation systems, a two-year limited warranty on major mechanical systems, and a one-year limited warranty on other construction components. The Company’s warranty liability is based upon historical warranty cost experience in each market in which it operates and is adjusted as appropriate to reflect qualitative risks associated with the types of homes built and the geographic areas in which they are built. Changes in the Company’s warranty liability during the three and six months ended March 31, 2016 and 2015 were as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In millions) Warranty liability, beginning of period $ 84.1 $ 65.9 $ 82.0 $ 65.7 Warranties issued 12.3 10.4 22.9 20.5 Changes in liability for pre-existing warranties 2.0 2.8 3.2 0.6 Settlements made (10.5 ) (7.5 ) (20.2 ) (15.2 ) Warranty liability, end of period $ 87.9 $ 71.6 $ 87.9 $ 71.6 Legal Claims and Insurance The Company is named as a defendant in various claims, complaints and other legal actions in the ordinary course of business. At any point in time, the Company is managing several hundred individual claims related to construction defect matters, personal injury claims, employment matters, land development issues and contract disputes. The Company has established reserves for these contingencies based on the estimated costs of pending claims and the estimated costs of anticipated future claims related to previously closed homes. The estimated liabilities for these contingencies were $426.2 million and $451.0 million at March 31, 2016 and September 30, 2015 , respectively, and are included in homebuilding accrued expenses and other liabilities in the consolidated balance sheets. At both March 31, 2016 and September 30, 2015 , approximately 99% of these reserves related to construction defect matters. Expenses related to the Company’s legal contingencies were $19.9 million and $20.4 million in the six months ended March 31, 2016 and 2015 , respectively. The Company’s reserves for construction defect claims include the estimated costs of both known claims and anticipated future claims. As of March 31, 2016 , no individual existing claim was material to the Company’s financial statements, and the majority of the Company’s total construction defect reserves consisted of the estimated exposure to future claims on previously closed homes. The Company has closed a significant number of homes during recent years and may be subject to future construction defect claims on these homes. Although regulations vary from state to state, construction defect issues can generally be reported for up to ten years after the home has closed in many states in which the Company operates. Historical data and trends regarding the frequency of claims incurred and the costs to resolve claims relative to the types of products and markets where the Company operates are used to estimate the construction defect liabilities for both existing and anticipated future claims. These estimates are subject to ongoing revision as the circumstances of individual pending claims and historical data and trends change. Adjustments to estimated reserves are recorded in the accounting period in which the change in estimate occurs. Historical trends in construction defect claims have been inconsistent, and the Company believes they may continue to fluctuate over the next several years. Housing market conditions have been volatile across most of the Company’s markets over the past ten years, and the Company believes such conditions can affect the frequency and cost of construction defect claims. The Company closed a significant number of homes over the past ten years. If the ultimate resolution of construction defect claims resulting from the Company’s home closings in prior years varies from current expectations, it could significantly change the Company’s estimates regarding the frequency and timing of claims incurred and the costs to resolve existing and anticipated future claims, which would impact the construction defect reserves in the future. If the frequency of claims incurred or costs of existing and future legal claims significantly exceed the Company’s current estimates, they will have a significant negative impact on its future earnings and liquidity. The Company’s reserves for legal claims decreased from $451.0 million at September 30, 2015 to $426.2 million at March 31, 2016 due to payments made for legal claims during the period, net of reimbursements received from subcontractors. Changes in the Company’s legal claims reserves during the six months ended March 31, 2016 and 2015 were as follows: Six Months Ended 2016 2015 (In millions) Reserves for legal claims, beginning of period $ 451.0 $ 456.9 Increase in reserves 0.5 20.8 Payments (25.3 ) (28.3 ) Reserves for legal claims, end of period $ 426.2 $ 449.4 The Company estimates and records receivables under its applicable insurance policies related to its estimated contingencies for known claims and anticipated future construction defect claims on previously closed homes and other legal claims and lawsuits incurred in the ordinary course of business when recovery is probable. Additionally, the Company may have the ability to recover a portion of its losses from its subcontractors and their insurance carriers when the Company has been named as an additional insured on their insurance policies. The Company’s receivables related to its estimates of insurance recoveries from estimated losses for pending legal claims and anticipated future claims related to previously closed homes totaled $100.5 million , $126.5 million and $134.1 million at March 31, 2016 , September 30, 2015 and March 31, 2015 , respectively, and are included in homebuilding other assets in the consolidated balance sheets. The estimation of losses related to these reserves and the related estimates of recoveries from insurance policies are subject to a high degree of variability due to uncertainties such as trends in construction defect claims relative to the Company’s markets and the types of products built, claim frequency, claim settlement costs and patterns, insurance industry practices and legal interpretations, among others. Due to the high degree of judgment required in establishing reserves for these contingencies, actual future costs and recoveries from insurance could differ significantly from current estimated amounts, and it is not possible for the Company to make a reasonable estimate of the possible loss or range of loss in excess of its reserves. Land and Lot Option Purchase Contracts The Company enters into land and lot option purchase contracts to acquire land or lots for the construction of homes. 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 option purchase contracts, the option deposits are not refundable in the event the Company elects to terminate the contract. Option deposits are included in homebuilding other assets in the consolidated balance sheets. At March 31, 2016 , the Company had total deposits of $108.7 million , consisting of cash deposits of $104.6 million and promissory notes and letters of credit of $4.1 million , to purchase land and lots with a total remaining purchase price of approximately $3.0 billion . The majority of land and lots under contract are currently expected to be purchased within three years. A limited number of the land and lot option purchase contracts at March 31, 2016 , representing $33.0 million of remaining purchase price, were subject to specific performance provisions which may require the Company to purchase the land or lots upon the land sellers meeting their contractual obligations. Option purchase contracts can result in the creation of a variable interest in the entity holding the land parcel under option. There were no variable interest entities reported in the consolidated balance sheets at March 31, 2016 and September 30, 2015 because the Company determined it did not control the activities that most significantly impact the variable interest entity’s economic performance, and it did not have an obligation to absorb losses of or the right to receive benefits from the entity. The maximum exposure to losses related to the Company’s variable interest entities is limited to the amounts of the Company’s related option deposits. At March 31, 2016 and September 30, 2015 , the option deposits related to these contracts totaled $103.2 million and $74.4 million , respectively. Other Commitments At March 31, 2016 , the Company had outstanding surety bonds of $1.0 billion and letters of credit of $94.2 million to secure performance under various contracts. Of the total letters of credit, $91.1 million were issued under the Company’s revolving credit facility and were cash collateralized to receive better pricing. This unrestricted cash can be withdrawn by the Company at its discretion. The remaining $3.1 million of letters of credit were issued under a secured letter of credit agreement requiring the Company to deposit cash as collateral with the issuing bank, and the cash restricted for this purpose is included in homebuilding restricted cash in the consolidated balance sheets.

Other Assets and Accrued Expens

Other Assets and Accrued Expenses and Other Liabilities	6 Months Ended
	Mar. 31, 2016
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES	OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES The Company’s homebuilding other assets at March 31, 2016 and September 30, 2015 were as follows: March 31, September 30, (In millions) Insurance receivables $ 100.5 $ 126.5 Earnest money and refundable deposits 163.2 137.2 Accounts and notes receivable 24.5 49.2 Prepaid assets 25.7 40.9 Rental properties 46.5 47.1 Debt securities collateralized by residential real estate — 33.9 Other assets 18.5 21.4 $ 378.9 $ 456.2 The Company’s homebuilding accrued expenses and other liabilities at March 31, 2016 and September 30, 2015 were as follows: March 31, September 30, (In millions) Reserves for legal claims $ 426.2 $ 451.0 Employee compensation and related liabilities 151.3 172.7 Warranty liability 87.9 82.0 Accrued interest 28.8 30.7 Federal and state income tax liabilities 15.2 36.1 Inventory related accruals 23.3 30.0 Homebuyer deposits 64.4 58.9 Accrued property taxes 18.4 32.0 Other liabilities 31.5 35.8 $ 847.0 $ 929.2

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value measurements are used for the Company’s mortgage loans held for sale, debt securities collateralized by residential real estate, IRLCs and other derivative instruments on a recurring basis, and are used for inventories, other mortgage loans, rental properties and real estate owned on a nonrecurring basis, when events and circumstances indicate that the carrying value may not be recoverable. The fair value hierarchy and its application to the Company’s assets and liabilities is as follows: • Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. • Level 2 – Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market. The Company’s assets and liabilities measured at fair value using Level 2 inputs on a recurring basis are as follows: ▪ mortgage loans held for sale; ▪ IRLCs; and ▪ loan sale commitments and hedging instruments. • Level 3 – Valuation is typically derived from model-based techniques in which at least one significant input is unobservable and based on the Company’s own estimates about the assumptions that market participants would use to value the asset or liability. The Company’s assets measured at fair value using Level 3 inputs on a recurring basis are as follows: ▪ debt securities collateralized by residential real estate; and ▪ a limited number of mortgage loans held for sale with some degree of impairment affecting their marketability. The Company’s assets measured at fair value using Level 3 inputs that are typically reported at the lower of carrying value or fair value on a nonrecurring basis are as follows: ▪ inventory held and used; ▪ inventory available for sale; ▪ certain other mortgage loans; and ▪ rental properties and real estate owned. The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2016 and September 30, 2015 , and the changes in the fair value of the Level 3 assets during the six months ended March 31, 2016 and 2015 . Fair Value at March 31, 2016 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Financial Services: Mortgage loans held for sale (b) Mortgage loans held for sale $ — $ 600.8 $ 15.3 $ 616.1 Derivatives not designated as hedging instruments (c): Interest rate lock commitments Other assets — 10.9 — 10.9 Forward sales of MBS Other liabilities — (5.5 ) — (5.5 ) Best-efforts and mandatory commitments Other liabilities — (1.2 ) — (1.2 ) Fair Value at September 30, 2015 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Homebuilding: Debt securities collateralized by residential real estate (a) Other assets $ — $ — $ 33.9 $ 33.9 Financial Services: Mortgage loans held for sale (b) Mortgage loans held for sale — 617.1 13.9 631.0 Derivatives not designated as hedging instruments (c): Interest rate lock commitments Other assets — 3.6 — 3.6 Forward sales of MBS Other liabilities — (6.0 ) — (6.0 ) Best-efforts and mandatory commitments Other liabilities — (1.1 ) — (1.1 ) Level 3 Assets at Fair Value for the Six Months Ended March 31, 2016 Balance at Net realized and unrealized gains (losses) Sales and Settlements Principal Reductions Net transfers in (out) of Level 3 Balance at (In millions) Debt securities collateralized by residential real estate (a) $ 33.9 $ 2.2 $ (35.8 ) $ (0.3 ) $ — $ — Mortgage loans held for sale (b) 13.9 1.0 (10.2 ) — 10.6 15.3 Level 3 Assets at Fair Value for the Six Months Ended March 31, 2015 Balance at Net realized and unrealized gains (losses) Sales and Settlements Principal Reductions Net transfers in (out) of Level 3 Balance at (In millions) Debt securities collateralized by residential real estate (a) $ 20.8 $ — $ — $ — $ — $ 20.8 Mortgage loans held for sale (b) 12.0 0.4 (0.7 ) — 1.7 13.4 (a) In October 2012, the Company purchased defaulted debt securities, which were secured by residential real estate, for $18.6 million in cash. In fiscal 2015, the Company purchased the residential real estate parcel and all additional defaulted debt securities associated with the parcel for $19.9 million in cash, of which $5.1 million was allocated to the land and $14.8 million was allocated to the debt securities. The Company is developing the property to build and sell homes and sold the debt securities to a third party for $35.8 million in January 2016. The resulting gain of $4.5 million on the sale is included in homebuilding other income in the consolidated statement of operations. (b) Mortgage loans held for sale are reflected at fair value. Interest income earned on mortgage loans held for sale is based on contractual interest rates and included in financial services interest and other income. Mortgage loans held for sale at March 31, 2016 includes $15.3 million of loans for which the Company elected the fair value option upon origination and which the Company did not sell into the secondary market due to unfavorable pricing. Of this amount, $10.6 million of the loans were transferred to Level 3 during the current period due to significant unobservable inputs used in determining the fair value of the loans. The Company plans to sell these loans as market conditions permit. The fair value of these mortgage loans held for sale is generally calculated considering the secondary market and adjusted for the value of the underlying collateral, including interest rate risk, liquidity risk and prepayment risk. (c) Fair value measurements of these derivatives represent changes in fair value, as calculated by reference to quoted prices for similar assets, and are reflected in the balance sheet. Changes in these fair values during the periods presented are included in financial services revenues in the consolidated statements of operations. The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at March 31, 2016 and September 30, 2015 : Fair Value at Fair Value at Balance Sheet Location Level 3 Level 3 (In millions) Homebuilding: Inventory held and used (a) (b) Inventories $ — $ 10.1 Inventory available for sale (a) (c) Inventories — 2.8 Financial Services: Other mortgage loans (a) (d) Other assets 34.3 15.2 Real estate owned (a) (d) Other assets — 0.5 ___________________________ (a) The fair values included in the table above represent only those assets whose carrying values were adjusted to fair value in the respective period and were held at the end of the period. (b) In performing its impairment analysis of communities, discount rates ranging from 12% to 14% were used in the periods presented. (c) The fair value of inventory available for sale was determined based on recent offers received from outside third parties, comparable sales or actual contracts. (d) The fair values of other mortgage loans and real estate owned are determined based on the value of the underlying collateral. 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 March 31, 2016 and September 30, 2015 : Carrying Value Fair Value at March 31, 2016 Level 1 Level 2 Level 3 Total (In millions) Homebuilding: Cash and cash equivalents (a) $ 1,195.2 $ 1,195.2 $ — $ — $ 1,195.2 Restricted cash (a) 11.4 11.4 — — 11.4 Senior notes (b) 3,157.5 — 3,232.7 — 3,232.7 Other secured notes (a) 9.8 — — 9.8 9.8 Financial Services: Cash and cash equivalents (a) 28.9 28.9 — — 28.9 Mortgage repurchase facility (a) 495.4 — — 495.4 495.4 Carrying Value Fair Value at September 30, 2015 Level 1 Level 2 Level 3 Total (In millions) Homebuilding: Cash and cash equivalents (a) $ 1,355.9 $ 1,355.9 $ — $ — $ 1,355.9 Restricted cash (a) 9.7 9.7 — — 9.7 Senior notes (b) 3,325.5 — 3,405.9 — 3,405.9 Other secured notes (a) 8.1 — — 8.1 8.1 Financial Services: Cash and cash equivalents (a) 27.9 27.9 — — 27.9 Mortgage repurchase facility (a) 477.9 — — 477.9 477.9 ___________________________ (a) The fair value approximates carrying value due to its short-term nature, short maturity or floating interest rate terms, as applicable. (b) The fair value is determined based on quoted market prices of recent transactions of the notes, which is classified as Level 2 within the fair value hierarchy.

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Mar. 31, 2016
Supplemental Guarantor Information [Abstract]
SUPPLEMENTAL GUARANTOR INFORMATION	SUPPLEMENTAL GUARANTOR INFORMATION All of the Company’s senior notes and the unsecured revolving credit facility are fully and unconditionally guaranteed, on a joint and several basis, by substantially all of the Company’s homebuilding subsidiaries (collectively, Guarantor Subsidiaries). Each of the Guarantor Subsidiaries is 100% owned, directly or indirectly, by the Company. The Company’s subsidiaries engaged in the financial services segment and certain other subsidiaries do not guarantee the Company’s senior notes and the unsecured revolving credit facility (collectively, Non-Guarantor Subsidiaries). In lieu of providing separate financial statements for the Guarantor Subsidiaries, consolidating condensed financial statements are presented below. Separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented because management has determined that they are not material to investors. The guarantees by a Guarantor Subsidiary will be automatically and unconditionally released and discharged upon: (1) the sale or other disposition of its common stock whereby it is no longer a subsidiary of the Company; (2) the sale or other disposition of all or substantially all of its assets (other than to the Company or another Guarantor); (3) its merger or consolidation with an entity other than the Company or another Guarantor; or (4) depending on the provisions of the applicable indenture, either (a) its proper designation as an unrestricted subsidiary, (b) its ceasing to guarantee any of the Company’s publicly traded debt securities, or (c) its ceasing to guarantee any of the Company’s obligations under the revolving credit facility. Consolidating Balance Sheet March 31, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 1,036.3 $ 114.0 $ 73.8 $ — $ 1,224.1 Restricted cash 8.6 2.8 — — 11.4 Investments in subsidiaries 3,727.7 — — (3,727.7 ) — Inventories 2,780.0 5,408.4 28.2 — 8,216.6 Deferred income taxes 173.8 347.6 5.2 — 526.6 Property and equipment, net 61.9 50.2 37.4 — 149.5 Other assets 128.1 236.6 106.5 (2.5 ) 468.7 Mortgage loans held for sale — — 616.1 — 616.1 Goodwill — 87.2 — — 87.2 Intercompany receivables 1,888.2 — — (1,888.2 ) — Total Assets $ 9,804.6 $ 6,246.8 $ 867.2 $ (5,618.4 ) $ 11,300.2 LIABILITIES & EQUITY Accounts payable and other liabilities $ 394.7 $ 875.6 $ 118.2 $ — $ 1,388.5 Intercompany payables — 1,798.6 89.6 (1,888.2 ) — Notes payable 3,159.0 8.3 495.4 — 3,662.7 Total Liabilities 3,553.7 2,682.5 703.2 (1,888.2 ) 5,051.2 Stockholders’ equity 6,250.9 3,564.3 163.4 (3,730.2 ) 6,248.4 Noncontrolling interests — — 0.6 — 0.6 Total Equity 6,250.9 3,564.3 164.0 (3,730.2 ) 6,249.0 Total Liabilities & Equity $ 9,804.6 $ 6,246.8 $ 867.2 $ (5,618.4 ) $ 11,300.2 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet September 30, 2015 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 1,217.7 $ 94.6 $ 71.5 $ — $ 1,383.8 Restricted cash 7.4 2.3 — — 9.7 Investments in subsidiaries 3,479.7 — — (3,479.7 ) — Inventories 2,597.3 5,184.3 25.4 — 7,807.0 Deferred income taxes 179.9 373.0 5.2 — 558.1 Property and equipment, net 54.6 52.7 36.7 — 144.0 Other assets 199.5 240.4 90.3 — 530.2 Mortgage loans held for sale — — 631.0 — 631.0 Goodwill — 87.2 — — 87.2 Intercompany receivables 1,932.2 — — (1,932.2 ) — Total Assets $ 9,668.3 $ 6,034.5 $ 860.1 $ (5,411.9 ) $ 11,151.0 LIABILITIES & EQUITY Accounts payable and other liabilities $ 447.2 $ 872.8 $ 124.1 $ — $ 1,444.1 Intercompany payables — 1,856.7 75.5 (1,932.2 ) — Notes payable 3,326.8 6.8 477.9 — 3,811.5 Total Liabilities 3,774.0 2,736.3 677.5 (1,932.2 ) 5,255.6 Stockholders’ equity 5,894.3 3,298.2 181.5 (3,479.7 ) 5,894.3 Noncontrolling interests — — 1.1 — 1.1 Total Equity 5,894.3 3,298.2 182.6 (3,479.7 ) 5,895.4 Total Liabilities & Equity $ 9,668.3 $ 6,034.5 $ 860.1 $ (5,411.9 ) $ 11,151.0 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended March 31, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Homebuilding: Revenues $ 864.4 $ 1,836.6 $ — $ — $ 2,701.0 Cost of sales 694.9 1,482.3 (7.9 ) — 2,169.3 Gross profit 169.5 354.3 7.9 — 531.7 Selling, general and administrative expense 118.8 137.7 1.7 — 258.2 Equity in (income) of subsidiaries (244.4 ) — — 244.4 — Other (income) (5.4 ) (2.1 ) (2.1 ) — (9.6 ) Homebuilding pre-tax income 300.5 218.7 8.3 (244.4 ) 283.1 Financial Services: Revenues — — 66.9 — 66.9 General and administrative expense — — 51.0 — 51.0 Interest and other (income) — — (1.5 ) — (1.5 ) Financial services pre-tax income — — 17.4 — 17.4 Income before income taxes 300.5 218.7 25.7 (244.4 ) 300.5 Income tax expense 105.4 76.4 9.4 (85.8 ) 105.4 Net income $ 195.1 $ 142.3 $ 16.3 $ (158.6 ) $ 195.1 Comprehensive income $ 192.5 $ 142.3 $ 16.3 $ (158.6 ) $ 192.5 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Six Months Ended March 31, 2016 D.R. Guarantor Non-Guarantor Eliminations Total (In millions) Homebuilding: Revenues $ 1,660.0 $ 3,407.5 $ — $ (5.4 ) $ 5,062.1 Cost of sales 1,333.7 2,736.1 (5.5 ) (2.9 ) 4,061.4 Gross profit 326.3 671.4 5.5 (2.5 ) 1,000.7 Selling, general and administrative expense 230.8 266.9 3.9 — 501.6 Equity in (income) of subsidiaries (442.6 ) — — 442.6 — Other (income) (6.2 ) (2.8 ) (4.0 ) — (13.0 ) Homebuilding pre-tax income 544.3 407.3 5.6 (445.1 ) 512.1 Financial Services: Revenues — — 122.2 — 122.2 General and administrative expense — — 97.1 — 97.1 Interest and other (income) — — (4.6 ) — (4.6 ) Financial services pre-tax income — — 29.7 — 29.7 Income before income taxes 544.3 407.3 35.3 (445.1 ) 541.8 Income tax expense 189.0 141.5 13.1 (154.6 ) 189.0 Net income $ 355.3 $ 265.8 $ 22.2 $ (290.5 ) $ 352.8 Comprehensive income $ 353.9 $ 265.8 $ 22.2 $ (290.5 ) $ 351.4 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended March 31, 2015 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Homebuilding: Revenues $ 727.0 $ 1,611.5 $ — $ — $ 2,338.5 Cost of sales 593.7 1,297.8 0.5 — 1,892.0 Gross profit (loss) 133.3 313.7 (0.5 ) — 446.5 Selling, general and administrative expense 112.4 124.4 5.6 — 242.4 Equity in (income) of subsidiaries (208.5 ) — — 208.5 — Other (income) (0.7 ) (1.1 ) (2.7 ) — (4.5 ) Homebuilding pre-tax income (loss) 230.1 190.4 (3.4 ) (208.5 ) 208.6 Financial Services: Revenues — — 59.5 — 59.5 General and administrative expense — — 40.7 — 40.7 Interest and other (income) — — (2.7 ) — (2.7 ) Financial services pre-tax income — — 21.5 — 21.5 Income before income taxes 230.1 190.4 18.1 (208.5 ) 230.1 Income tax expense 82.2 67.7 6.9 (74.6 ) 82.2 Net income $ 147.9 $ 122.7 $ 11.2 $ (133.9 ) $ 147.9 Comprehensive income $ 147.9 $ 122.7 $ 11.2 $ (133.9 ) $ 147.9 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Six Months Ended March 31, 2015 D.R. Guarantor Non-Guarantor Eliminations Total (In millions) Homebuilding: Revenues $ 1,423.8 $ 3,167.7 $ — $ — $ 4,591.5 Cost of sales 1,147.7 2,554.9 3.9 — 3,706.5 Gross profit (loss) 276.1 612.8 (3.9 ) — 885.0 Selling, general and administrative expense 222.6 245.6 12.2 — 480.4 Equity in (income) of subsidiaries (396.3 ) — — 396.3 — Other (income) (1.0 ) (2.5 ) (6.6 ) — (10.1 ) Homebuilding pre-tax income (loss) 450.8 369.7 (9.5 ) (396.3 ) 414.7 Financial Services: Revenues — — 109.2 — 109.2 General and administrative expense — — 78.6 — 78.6 Interest and other (income) — — (5.5 ) — (5.5 ) Financial services pre-tax income — — 36.1 — 36.1 Income before income taxes 450.8 369.7 26.6 (396.3 ) 450.8 Income tax expense 160.4 130.9 10.3 (141.2 ) 160.4 Net income $ 290.4 $ 238.8 $ 16.3 $ (255.1 ) $ 290.4 Comprehensive income $ 290.4 $ 238.8 $ 16.3 $ (255.1 ) $ 290.4 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Six Months Ended March 31, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ (42.4 ) $ 84.0 $ 30.7 $ (45.4 ) $ 26.9 INVESTING ACTIVITIES Purchases of property and equipment (20.5 ) (6.1 ) (19.2 ) 5.4 (40.4 ) Increase in restricted cash (1.2 ) (0.5 ) — — (1.7 ) Net principal increase of other mortgage loans and real estate owned — — (0.4 ) — (0.4 ) Proceeds from sale of debt securities collateralized by residential real estate 35.8 — — — 35.8 Intercompany advances 43.9 — — (43.9 ) — Net cash provided by (used in) investing activities 58.0 (6.6 ) (19.6 ) (38.5 ) (6.7 ) FINANCING ACTIVITIES Proceeds from notes payable — — 17.6 — 17.6 Repayment of notes payable (170.1 ) (0.5 ) — — (170.6 ) Intercompany advances — (57.5 ) 13.6 43.9 — Proceeds from stock associated with certain employee benefit plans 28.4 — — — 28.4 Excess income tax benefit from employee stock awards 3.9 — — — 3.9 Cash dividends paid (59.2 ) — (40.0 ) 40.0 (59.2 ) Net cash used in financing activities (197.0 ) (58.0 ) (8.8 ) 83.9 (179.9 ) (Decrease) increase in cash and cash equivalents (181.4 ) 19.4 2.3 — (159.7 ) Cash and cash equivalents at beginning of period 1,217.7 94.6 71.5 — 1,383.8 Cash and cash equivalents at end of period $ 1,036.3 $ 114.0 $ 73.8 $ — $ 1,224.1 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Six Months Ended March 31, 2015 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) OPERATING ACTIVITIES Net cash used in operating activities $ (35.5 ) $ (74.0 ) $ (44.3 ) $ (15.0 ) $ (168.8 ) INVESTING ACTIVITIES (Purchases of) proceeds from sale of property and equipment (15.0 ) (11.0 ) 2.0 — (24.0 ) Increase in restricted cash (0.2 ) (0.2 ) — — (0.4 ) Net principal increase of other mortgage loans and real estate owned — — (4.9 ) — (4.9 ) Intercompany advances (120.9 ) — — 120.9 — Net cash used in investing activities (136.1 ) (11.2 ) (2.9 ) 120.9 (29.3 ) FINANCING ACTIVITIES Proceeds from notes payable 1,312.0 — 38.3 — 1,350.3 Repayment of notes payable (1,097.7 ) (0.3 ) (0.3 ) — (1,098.3 ) Intercompany advances — 92.0 28.9 (120.9 ) — Proceeds from stock associated with certain employee benefit plans 21.0 — — — 21.0 Excess income tax benefit from employee stock awards 6.7 — — — 6.7 Cash dividends paid (45.7 ) — (15.0 ) 15.0 (45.7 ) Net cash provided by financing activities 196.3 91.7 51.9 (105.9 ) 234.0 Increase in cash and cash equivalents 24.7 6.5 4.7 — 35.9 Cash and cash equivalents at beginning of period 497.4 89.5 74.9 — 661.8 Cash and cash equivalents at end of period $ 522.1 $ 96.0 $ 79.6 $ — $ 697.7

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an initial maturity of three months or less when purchased to be cash equivalents. Proceeds from home closings held for the Company’s benefit at title companies are included in homebuilding cash and cash equivalents in the consolidated balance sheets. Cash balances of the Company’s captive insurance subsidiary, which are expected to be used to fund the subsidiary’s operations and pay future anticipated legal claims, were $40.2 million and $40.5 million at March 31, 2016 and September 30, 2015 , respectively, and are included in homebuilding cash and cash equivalents in the consolidated balance sheets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which is a comprehensive new revenue recognition model that will replace most existing revenue recognition guidance. The core principle of this guidance is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The guidance is effective for the Company beginning October 1, 2018 and allows for full retrospective or modified retrospective methods of adoption. The Company is currently evaluating the impact of this guidance on its consolidated financial position, results of operations and cash flows. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern,” which provides guidance about management’s responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and to provide related footnote disclosures. This guidance is intended to reduce the diversity in the timing and content of footnote disclosures. The guidance is effective for the Company in its fiscal year ending September 30, 2017 and is not expected to have any impact on its consolidated financial position, results of operations or cash flows. In February 2015, the FASB issued ASU 2015-02, “Consolidation,” which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance is effective for the Company beginning October 1, 2016 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which simplifies the subsequent measurement of inventory, excluding inventory measured using the last-in, first-out or retail inventory methods. The guidance specifies that inventory currently measured at the lower of cost or market, where market could be determined with different methods, should now be measured at the lower of cost or net realizable value. The guidance is effective for the Company beginning October 1, 2017 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments,” which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance is effective for the Company beginning October 1, 2016 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires that lease assets and liabilities be recognized on the balance sheet, and that key information about leasing arrangements be disclosed. The guidance is effective for the Company beginning October 1, 2019, although early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation,” which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance is effective for the Company beginning October 1, 2017, although early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial position, results of operations and cash flows.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The accounting policies of the reporting segments are described throughout Note A included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2015 . Financial information relating to the Company’s reporting segments is as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In millions) Revenues Homebuilding revenues: East $ 309.0 $ 280.7 $ 607.2 $ 579.5 Midwest 162.1 145.0 285.4 274.9 Southeast 812.0 646.1 1,523.6 1,265.5 South Central 694.7 628.2 1,307.2 1,207.9 Southwest 79.9 70.9 153.8 146.3 West 643.3 567.6 1,184.9 1,117.4 Homebuilding revenues 2,701.0 2,338.5 5,062.1 4,591.5 Financial services revenues 66.9 59.5 122.2 109.2 Total revenues $ 2,767.9 $ 2,398.0 $ 5,184.3 $ 4,700.7 Inventory Impairments East $ 3.2 $ — $ 3.2 $ — Midwest — — — — Southeast — 7.3 0.2 7.3 South Central — 0.7 — 0.7 Southwest — — — — West — 0.1 0.3 4.0 Total inventory impairments $ 3.2 $ 8.1 $ 3.7 $ 12.0 Income Before Income Taxes (1) Homebuilding pre-tax income: East $ 22.8 $ 13.0 $ 50.5 $ 39.4 Midwest 9.0 10.2 16.0 15.0 Southeast 94.8 58.7 171.7 116.7 South Central 89.0 65.1 153.7 126.2 Southwest 2.0 1.2 4.7 3.1 West 65.5 60.4 115.5 114.3 Homebuilding pre-tax income 283.1 208.6 512.1 414.7 Financial services pre-tax income 17.4 21.5 29.7 36.1 Income before income taxes $ 300.5 $ 230.1 $ 541.8 $ 450.8 ________________ (1) Expenses maintained at the corporate level consist primarily of interest and property taxes, which are capitalized and amortized to cost of sales or expensed directly, and the expenses related to operating the Company’s corporate office. The amortization of capitalized interest and property taxes is allocated to each segment based on the segment’s cost of sales, while those expenses associated with the corporate office are allocated to each segment based on the segment’s inventory balances. March 31, September 30, (In millions) Homebuilding Inventories (1) East $ 837.6 $ 817.3 Midwest 451.5 474.5 Southeast 1,973.1 1,876.7 South Central 2,111.3 1,909.0 Southwest 346.0 312.4 West 2,233.1 2,165.3 Corporate and unallocated (2) 264.0 251.8 Total homebuilding inventories $ 8,216.6 $ 7,807.0 ________________ (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 capitalized interest and property taxes.

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Summary of notes payable at principal amounts, net of unamortized discounts	The Company’s notes payable at their principal amounts, net of any unamortized discounts and debt issuance costs, consist of the following: March 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility, maturing 2020 $ — $ — 5.625% senior notes due 2016 — 170.1 6.5% senior notes due 2016 372.7 372.5 4.75% senior notes due 2017 349.1 348.7 3.625% senior notes due 2018 398.6 398.2 3.75% senior notes due 2019 497.6 497.3 4.0% senior notes due 2020 496.8 496.4 4.375% senior notes due 2022 347.5 347.4 4.75% senior notes due 2023 298.0 297.9 5.75% senior notes due 2023 397.2 397.0 Other secured notes 9.8 8.1 $ 3,167.3 $ 3,333.6 Financial Services: Mortgage repurchase facility, maturing 2017 $ 495.4 $ 477.9

Capitalized Interest (Tables)

Capitalized Interest (Tables)	6 Months Ended
	Mar. 31, 2016
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 six months ended March 31, 2016 and 2015 : Three Months Ended Six Months Ended 2016 2015 2016 2015 (In millions) Capitalized interest, beginning of period $ 215.0 $ 205.2 $ 208.0 $ 198.5 Interest incurred (1) 40.4 42.6 82.6 83.0 Interest expensed: Charged to cost of sales (40.9 ) (35.6 ) (76.1 ) (69.2 ) Written off with inventory impairments — — — (0.1 ) Capitalized interest, end of period $ 214.5 $ 212.2 $ 214.5 $ 212.2 _______________ (1) Interest incurred includes interest incurred on the Company's financial services mortgage repurchase facility of $1.9 million and $3.5 million in the three and six months ended March 31, 2016 , respectively, and $1.6 million and $3.1 million in the same periods of 2015 .

Mortgage Loans (Tables)

Mortgage Loans (Tables)	6 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule of other mortgage loans and real estate owned	At March 31, 2016 and September 30, 2015 , the Company’s total other mortgage loans and real estate owned, before loss reserves, were as follows: March 31, September 30, (In millions) Other mortgage loans $ 47.7 $ 49.0 Real estate owned 0.3 0.6 $ 48.0 $ 49.6
Schedule of mortgage loss reserves	The reserve balances at March 31, 2016 and September 30, 2015 were as follows: March 31, September 30, (In millions) Loss reserves related to: Other mortgage loans $ 3.5 $ 1.5 Real estate owned 0.1 0.1 Loan repurchase and settlement obligations – known and expected 8.8 9.8 $ 12.4 $ 11.4

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Numerator and denominator used to compute basic and diluted earnings per share	The following table sets forth the numerators and denominators used in the computation of basic and diluted earnings per share. Options to purchase 6.4 million and 8.7 million shares of common stock were excluded from the computation of diluted earnings per share for the 2016 and 2015 periods, respectively, because their effect would have been antidilutive. Three Months Ended Six Months Ended 2016 2015 2016 2015 (In millions) Numerator: Net income $ 195.1 $ 147.9 $ 352.8 $ 290.4 Denominator: Denominator for basic earnings per share — weighted average common shares 370.2 365.8 369.7 365.4 Effect of dilutive securities: Employee stock awards 3.5 3.6 3.9 3.4 Denominator for diluted earnings per share — adjusted weighted average common shares 373.7 369.4 373.6 368.8 Basic net income per common share $ 0.53 $ 0.40 $ 0.95 $ 0.79 Net income per common share assuming dilution $ 0.52 $ 0.40 $ 0.94 $ 0.79

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Changes in warranty liability	Changes in the Company’s warranty liability during the three and six months ended March 31, 2016 and 2015 were as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In millions) Warranty liability, beginning of period $ 84.1 $ 65.9 $ 82.0 $ 65.7 Warranties issued 12.3 10.4 22.9 20.5 Changes in liability for pre-existing warranties 2.0 2.8 3.2 0.6 Settlements made (10.5 ) (7.5 ) (20.2 ) (15.2 ) Warranty liability, end of period $ 87.9 $ 71.6 $ 87.9 $ 71.6
Rollforward of the reserve of legal claims	Changes in the Company’s legal claims reserves during the six months ended March 31, 2016 and 2015 were as follows: Six Months Ended 2016 2015 (In millions) Reserves for legal claims, beginning of period $ 451.0 $ 456.9 Increase in reserves 0.5 20.8 Payments (25.3 ) (28.3 ) Reserves for legal claims, end of period $ 426.2 $ 449.4

Other Assets and Accrued Expe27

Other Assets and Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Mar. 31, 2016
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
Homebuilding other assets	The Company’s homebuilding other assets at March 31, 2016 and September 30, 2015 were as follows: March 31, September 30, (In millions) Insurance receivables $ 100.5 $ 126.5 Earnest money and refundable deposits 163.2 137.2 Accounts and notes receivable 24.5 49.2 Prepaid assets 25.7 40.9 Rental properties 46.5 47.1 Debt securities collateralized by residential real estate — 33.9 Other assets 18.5 21.4 $ 378.9 $ 456.2
Homebuilding accrued expenses and other liabilities	The Company’s homebuilding accrued expenses and other liabilities at March 31, 2016 and September 30, 2015 were as follows: March 31, September 30, (In millions) Reserves for legal claims $ 426.2 $ 451.0 Employee compensation and related liabilities 151.3 172.7 Warranty liability 87.9 82.0 Accrued interest 28.8 30.7 Federal and state income tax liabilities 15.2 36.1 Inventory related accruals 23.3 30.0 Homebuyer deposits 64.4 58.9 Accrued property taxes 18.4 32.0 Other liabilities 31.5 35.8 $ 847.0 $ 929.2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair value measurements of assets and liabilities on a recurring basis	The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2016 and September 30, 2015 , and the changes in the fair value of the Level 3 assets during the six months ended March 31, 2016 and 2015 . Fair Value at March 31, 2016 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Financial Services: Mortgage loans held for sale (b) Mortgage loans held for sale $ — $ 600.8 $ 15.3 $ 616.1 Derivatives not designated as hedging instruments (c): Interest rate lock commitments Other assets — 10.9 — 10.9 Forward sales of MBS Other liabilities — (5.5 ) — (5.5 ) Best-efforts and mandatory commitments Other liabilities — (1.2 ) — (1.2 ) Fair Value at September 30, 2015 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Homebuilding: Debt securities collateralized by residential real estate (a) Other assets $ — $ — $ 33.9 $ 33.9 Financial Services: Mortgage loans held for sale (b) Mortgage loans held for sale — 617.1 13.9 631.0 Derivatives not designated as hedging instruments (c): Interest rate lock commitments Other assets — 3.6 — 3.6 Forward sales of MBS Other liabilities — (6.0 ) — (6.0 ) Best-efforts and mandatory commitments Other liabilities — (1.1 ) — (1.1 ) Level 3 Assets at Fair Value for the Six Months Ended March 31, 2016 Balance at Net realized and unrealized gains (losses) Sales and Settlements Principal Reductions Net transfers in (out) of Level 3 Balance at (In millions) Debt securities collateralized by residential real estate (a) $ 33.9 $ 2.2 $ (35.8 ) $ (0.3 ) $ — $ — Mortgage loans held for sale (b) 13.9 1.0 (10.2 ) — 10.6 15.3 Level 3 Assets at Fair Value for the Six Months Ended March 31, 2015 Balance at Net realized and unrealized gains (losses) Sales and Settlements Principal Reductions Net transfers in (out) of Level 3 Balance at (In millions) Debt securities collateralized by residential real estate (a) $ 20.8 $ — $ — $ — $ — $ 20.8 Mortgage loans held for sale (b) 12.0 0.4 (0.7 ) — 1.7 13.4 (a) In October 2012, the Company purchased defaulted debt securities, which were secured by residential real estate, for $18.6 million in cash. In fiscal 2015, the Company purchased the residential real estate parcel and all additional defaulted debt securities associated with the parcel for $19.9 million in cash, of which $5.1 million was allocated to the land and $14.8 million was allocated to the debt securities. The Company is developing the property to build and sell homes and sold the debt securities to a third party for $35.8 million in January 2016. The resulting gain of $4.5 million on the sale is included in homebuilding other income in the consolidated statement of operations. (b) Mortgage loans held for sale are reflected at fair value. Interest income earned on mortgage loans held for sale is based on contractual interest rates and included in financial services interest and other income. Mortgage loans held for sale at March 31, 2016 includes $15.3 million of loans for which the Company elected the fair value option upon origination and which the Company did not sell into the secondary market due to unfavorable pricing. Of this amount, $10.6 million of the loans were transferred to Level 3 during the current period due to significant unobservable inputs used in determining the fair value of the loans. The Company plans to sell these loans as market conditions permit. The fair value of these mortgage loans held for sale is generally calculated considering the secondary market and adjusted for the value of the underlying collateral, including interest rate risk, liquidity risk and prepayment risk. (c) Fair value measurements of these derivatives represent changes in fair value, as calculated by reference to quoted prices for similar assets, and are reflected in the balance sheet. Changes in these fair values during the periods presented are included in financial services revenues in the consolidated statements of operations.
Fair value measurements of assets on a non-recurring basis	The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at March 31, 2016 and September 30, 2015 : Fair Value at Fair Value at Balance Sheet Location Level 3 Level 3 (In millions) Homebuilding: Inventory held and used (a) (b) Inventories $ — $ 10.1 Inventory available for sale (a) (c) Inventories — 2.8 Financial Services: Other mortgage loans (a) (d) Other assets 34.3 15.2 Real estate owned (a) (d) Other assets — 0.5 ___________________________ (a) The fair values included in the table above represent only those assets whose carrying values were adjusted to fair value in the respective period and were held at the end of the period. (b) In performing its impairment analysis of communities, discount rates ranging from 12% to 14% were used in the periods presented. (c) The fair value of inventory available for sale was determined based on recent offers received from outside third parties, comparable sales or actual contracts. (d) The fair values of other mortgage loans and real estate owned are determined based on the value of the underlying collateral.
Carrying values and Fair values of financial assets and liabilities not reflected at fair value	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 March 31, 2016 and September 30, 2015 : Carrying Value Fair Value at March 31, 2016 Level 1 Level 2 Level 3 Total (In millions) Homebuilding: Cash and cash equivalents (a) $ 1,195.2 $ 1,195.2 $ — $ — $ 1,195.2 Restricted cash (a) 11.4 11.4 — — 11.4 Senior notes (b) 3,157.5 — 3,232.7 — 3,232.7 Other secured notes (a) 9.8 — — 9.8 9.8 Financial Services: Cash and cash equivalents (a) 28.9 28.9 — — 28.9 Mortgage repurchase facility (a) 495.4 — — 495.4 495.4 Carrying Value Fair Value at September 30, 2015 Level 1 Level 2 Level 3 Total (In millions) Homebuilding: Cash and cash equivalents (a) $ 1,355.9 $ 1,355.9 $ — $ — $ 1,355.9 Restricted cash (a) 9.7 9.7 — — 9.7 Senior notes (b) 3,325.5 — 3,405.9 — 3,405.9 Other secured notes (a) 8.1 — — 8.1 8.1 Financial Services: Cash and cash equivalents (a) 27.9 27.9 — — 27.9 Mortgage repurchase facility (a) 477.9 — — 477.9 477.9 ___________________________ (a) The fair value approximates carrying value due to its short-term nature, short maturity or floating interest rate terms, as applicable. (b) The fair value is determined based on quoted market prices of recent transactions of the notes, which is classified as Level 2 within the fair value hierarchy.

Supplemental Guarantor Inform29

Supplemental Guarantor Information (Tables)	6 Months Ended
	Mar. 31, 2016
Supplemental Guarantor Information [Abstract]
Condensed Financial Statements	Consolidating Balance Sheet March 31, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 1,036.3 $ 114.0 $ 73.8 $ — $ 1,224.1 Restricted cash 8.6 2.8 — — 11.4 Investments in subsidiaries 3,727.7 — — (3,727.7 ) — Inventories 2,780.0 5,408.4 28.2 — 8,216.6 Deferred income taxes 173.8 347.6 5.2 — 526.6 Property and equipment, net 61.9 50.2 37.4 — 149.5 Other assets 128.1 236.6 106.5 (2.5 ) 468.7 Mortgage loans held for sale — — 616.1 — 616.1 Goodwill — 87.2 — — 87.2 Intercompany receivables 1,888.2 — — (1,888.2 ) — Total Assets $ 9,804.6 $ 6,246.8 $ 867.2 $ (5,618.4 ) $ 11,300.2 LIABILITIES & EQUITY Accounts payable and other liabilities $ 394.7 $ 875.6 $ 118.2 $ — $ 1,388.5 Intercompany payables — 1,798.6 89.6 (1,888.2 ) — Notes payable 3,159.0 8.3 495.4 — 3,662.7 Total Liabilities 3,553.7 2,682.5 703.2 (1,888.2 ) 5,051.2 Stockholders’ equity 6,250.9 3,564.3 163.4 (3,730.2 ) 6,248.4 Noncontrolling interests — — 0.6 — 0.6 Total Equity 6,250.9 3,564.3 164.0 (3,730.2 ) 6,249.0 Total Liabilities & Equity $ 9,804.6 $ 6,246.8 $ 867.2 $ (5,618.4 ) $ 11,300.2 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet September 30, 2015 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 1,217.7 $ 94.6 $ 71.5 $ — $ 1,383.8 Restricted cash 7.4 2.3 — — 9.7 Investments in subsidiaries 3,479.7 — — (3,479.7 ) — Inventories 2,597.3 5,184.3 25.4 — 7,807.0 Deferred income taxes 179.9 373.0 5.2 — 558.1 Property and equipment, net 54.6 52.7 36.7 — 144.0 Other assets 199.5 240.4 90.3 — 530.2 Mortgage loans held for sale — — 631.0 — 631.0 Goodwill — 87.2 — — 87.2 Intercompany receivables 1,932.2 — — (1,932.2 ) — Total Assets $ 9,668.3 $ 6,034.5 $ 860.1 $ (5,411.9 ) $ 11,151.0 LIABILITIES & EQUITY Accounts payable and other liabilities $ 447.2 $ 872.8 $ 124.1 $ — $ 1,444.1 Intercompany payables — 1,856.7 75.5 (1,932.2 ) — Notes payable 3,326.8 6.8 477.9 — 3,811.5 Total Liabilities 3,774.0 2,736.3 677.5 (1,932.2 ) 5,255.6 Stockholders’ equity 5,894.3 3,298.2 181.5 (3,479.7 ) 5,894.3 Noncontrolling interests — — 1.1 — 1.1 Total Equity 5,894.3 3,298.2 182.6 (3,479.7 ) 5,895.4 Total Liabilities & Equity $ 9,668.3 $ 6,034.5 $ 860.1 $ (5,411.9 ) $ 11,151.0 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended March 31, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Homebuilding: Revenues $ 864.4 $ 1,836.6 $ — $ — $ 2,701.0 Cost of sales 694.9 1,482.3 (7.9 ) — 2,169.3 Gross profit 169.5 354.3 7.9 — 531.7 Selling, general and administrative expense 118.8 137.7 1.7 — 258.2 Equity in (income) of subsidiaries (244.4 ) — — 244.4 — Other (income) (5.4 ) (2.1 ) (2.1 ) — (9.6 ) Homebuilding pre-tax income 300.5 218.7 8.3 (244.4 ) 283.1 Financial Services: Revenues — — 66.9 — 66.9 General and administrative expense — — 51.0 — 51.0 Interest and other (income) — — (1.5 ) — (1.5 ) Financial services pre-tax income — — 17.4 — 17.4 Income before income taxes 300.5 218.7 25.7 (244.4 ) 300.5 Income tax expense 105.4 76.4 9.4 (85.8 ) 105.4 Net income $ 195.1 $ 142.3 $ 16.3 $ (158.6 ) $ 195.1 Comprehensive income $ 192.5 $ 142.3 $ 16.3 $ (158.6 ) $ 192.5 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Six Months Ended March 31, 2016 D.R. Guarantor Non-Guarantor Eliminations Total (In millions) Homebuilding: Revenues $ 1,660.0 $ 3,407.5 $ — $ (5.4 ) $ 5,062.1 Cost of sales 1,333.7 2,736.1 (5.5 ) (2.9 ) 4,061.4 Gross profit 326.3 671.4 5.5 (2.5 ) 1,000.7 Selling, general and administrative expense 230.8 266.9 3.9 — 501.6 Equity in (income) of subsidiaries (442.6 ) — — 442.6 — Other (income) (6.2 ) (2.8 ) (4.0 ) — (13.0 ) Homebuilding pre-tax income 544.3 407.3 5.6 (445.1 ) 512.1 Financial Services: Revenues — — 122.2 — 122.2 General and administrative expense — — 97.1 — 97.1 Interest and other (income) — — (4.6 ) — (4.6 ) Financial services pre-tax income — — 29.7 — 29.7 Income before income taxes 544.3 407.3 35.3 (445.1 ) 541.8 Income tax expense 189.0 141.5 13.1 (154.6 ) 189.0 Net income $ 355.3 $ 265.8 $ 22.2 $ (290.5 ) $ 352.8 Comprehensive income $ 353.9 $ 265.8 $ 22.2 $ (290.5 ) $ 351.4 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended March 31, 2015 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Homebuilding: Revenues $ 727.0 $ 1,611.5 $ — $ — $ 2,338.5 Cost of sales 593.7 1,297.8 0.5 — 1,892.0 Gross profit (loss) 133.3 313.7 (0.5 ) — 446.5 Selling, general and administrative expense 112.4 124.4 5.6 — 242.4 Equity in (income) of subsidiaries (208.5 ) — — 208.5 — Other (income) (0.7 ) (1.1 ) (2.7 ) — (4.5 ) Homebuilding pre-tax income (loss) 230.1 190.4 (3.4 ) (208.5 ) 208.6 Financial Services: Revenues — — 59.5 — 59.5 General and administrative expense — — 40.7 — 40.7 Interest and other (income) — — (2.7 ) — (2.7 ) Financial services pre-tax income — — 21.5 — 21.5 Income before income taxes 230.1 190.4 18.1 (208.5 ) 230.1 Income tax expense 82.2 67.7 6.9 (74.6 ) 82.2 Net income $ 147.9 $ 122.7 $ 11.2 $ (133.9 ) $ 147.9 Comprehensive income $ 147.9 $ 122.7 $ 11.2 $ (133.9 ) $ 147.9 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Six Months Ended March 31, 2015 D.R. Guarantor Non-Guarantor Eliminations Total (In millions) Homebuilding: Revenues $ 1,423.8 $ 3,167.7 $ — $ — $ 4,591.5 Cost of sales 1,147.7 2,554.9 3.9 — 3,706.5 Gross profit (loss) 276.1 612.8 (3.9 ) — 885.0 Selling, general and administrative expense 222.6 245.6 12.2 — 480.4 Equity in (income) of subsidiaries (396.3 ) — — 396.3 — Other (income) (1.0 ) (2.5 ) (6.6 ) — (10.1 ) Homebuilding pre-tax income (loss) 450.8 369.7 (9.5 ) (396.3 ) 414.7 Financial Services: Revenues — — 109.2 — 109.2 General and administrative expense — — 78.6 — 78.6 Interest and other (income) — — (5.5 ) — (5.5 ) Financial services pre-tax income — — 36.1 — 36.1 Income before income taxes 450.8 369.7 26.6 (396.3 ) 450.8 Income tax expense 160.4 130.9 10.3 (141.2 ) 160.4 Net income $ 290.4 $ 238.8 $ 16.3 $ (255.1 ) $ 290.4 Comprehensive income $ 290.4 $ 238.8 $ 16.3 $ (255.1 ) $ 290.4 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Six Months Ended March 31, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ (42.4 ) $ 84.0 $ 30.7 $ (45.4 ) $ 26.9 INVESTING ACTIVITIES Purchases of property and equipment (20.5 ) (6.1 ) (19.2 ) 5.4 (40.4 ) Increase in restricted cash (1.2 ) (0.5 ) — — (1.7 ) Net principal increase of other mortgage loans and real estate owned — — (0.4 ) — (0.4 ) Proceeds from sale of debt securities collateralized by residential real estate 35.8 — — — 35.8 Intercompany advances 43.9 — — (43.9 ) — Net cash provided by (used in) investing activities 58.0 (6.6 ) (19.6 ) (38.5 ) (6.7 ) FINANCING ACTIVITIES Proceeds from notes payable — — 17.6 — 17.6 Repayment of notes payable (170.1 ) (0.5 ) — — (170.6 ) Intercompany advances — (57.5 ) 13.6 43.9 — Proceeds from stock associated with certain employee benefit plans 28.4 — — — 28.4 Excess income tax benefit from employee stock awards 3.9 — — — 3.9 Cash dividends paid (59.2 ) — (40.0 ) 40.0 (59.2 ) Net cash used in financing activities (197.0 ) (58.0 ) (8.8 ) 83.9 (179.9 ) (Decrease) increase in cash and cash equivalents (181.4 ) 19.4 2.3 — (159.7 ) Cash and cash equivalents at beginning of period 1,217.7 94.6 71.5 — 1,383.8 Cash and cash equivalents at end of period $ 1,036.3 $ 114.0 $ 73.8 $ — $ 1,224.1 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Six Months Ended March 31, 2015 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) OPERATING ACTIVITIES Net cash used in operating activities $ (35.5 ) $ (74.0 ) $ (44.3 ) $ (15.0 ) $ (168.8 ) INVESTING ACTIVITIES (Purchases of) proceeds from sale of property and equipment (15.0 ) (11.0 ) 2.0 — (24.0 ) Increase in restricted cash (0.2 ) (0.2 ) — — (0.4 ) Net principal increase of other mortgage loans and real estate owned — — (4.9 ) — (4.9 ) Intercompany advances (120.9 ) — — 120.9 — Net cash used in investing activities (136.1 ) (11.2 ) (2.9 ) 120.9 (29.3 ) FINANCING ACTIVITIES Proceeds from notes payable 1,312.0 — 38.3 — 1,350.3 Repayment of notes payable (1,097.7 ) (0.3 ) (0.3 ) — (1,098.3 ) Intercompany advances — 92.0 28.9 (120.9 ) — Proceeds from stock associated with certain employee benefit plans 21.0 — — — 21.0 Excess income tax benefit from employee stock awards 6.7 — — — 6.7 Cash dividends paid (45.7 ) — (15.0 ) 15.0 (45.7 ) Net cash provided by financing activities 196.3 91.7 51.9 (105.9 ) 234.0 Increase in cash and cash equivalents 24.7 6.5 4.7 — 35.9 Cash and cash equivalents at beginning of period 497.4 89.5 74.9 — 661.8 Cash and cash equivalents at end of period $ 522.1 $ 96.0 $ 79.6 $ — $ 697.7

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014
Entity Information [Line Items]
Cash and cash equivalents, Carrying value	$ 1,224.1	$ 1,383.8	$ 697.7	$ 661.8
Subsidiaries [Member]
Entity Information [Line Items]
Cash and cash equivalents, Carrying value	$ 40.2	$ 40.5

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015
Homebuilding revenues:
Total revenues		$ 2,767.9	$ 2,398	$ 5,184.3	$ 4,700.7
Income Before Income Taxes
Income before income taxes	[1]	300.5	230.1	541.8	450.8
Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues		2,701	2,338.5	5,062.1	4,591.5
Inventory Impairments
Total inventory impairments		3.2	8.1	3.7	12
Income Before Income Taxes
Income before income taxes		283.1	208.6	512.1	414.7
Homebuilding Inventories
Total homebuilding inventories	[2]	8,216.6		8,216.6		$ 7,807
Financial Services [Member]
Homebuilding revenues:
Financial services revenues		66.9	59.5	122.2	109.2
Income Before Income Taxes
Income before income taxes		17.4	21.5	29.7	36.1
Operating Segments [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues		2,701	2,338.5	5,062.1	4,591.5
Inventory Impairments
Total inventory impairments		3.2	8.1	3.7	12
Income Before Income Taxes
Income before income taxes	[1]	283.1	208.6	512.1	414.7
Operating Segments [Member] | Financial Services [Member]
Homebuilding revenues:
Financial services revenues		66.9	59.5	122.2	109.2
Reportable Geographical Components [Member] | East [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues		309	280.7	607.2	579.5
Inventory Impairments
Total inventory impairments		3.2	0	3.2	0
Income Before Income Taxes
Income before income taxes	[1]	22.8	13	50.5	39.4
Homebuilding Inventories
Total homebuilding inventories	[2]	837.6		837.6		817.3
Reportable Geographical Components [Member] | Midwest [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues		162.1	145	285.4	274.9
Inventory Impairments
Total inventory impairments		0	0	0	0
Income Before Income Taxes
Income before income taxes	[1]	9	10.2	16	15
Homebuilding Inventories
Total homebuilding inventories	[2]	451.5		451.5		474.5
Reportable Geographical Components [Member] | Southeast [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues		812	646.1	1,523.6	1,265.5
Inventory Impairments
Total inventory impairments		0	7.3	0.2	7.3
Income Before Income Taxes
Income before income taxes	[1]	94.8	58.7	171.7	116.7
Homebuilding Inventories
Total homebuilding inventories	[2]	1,973.1		1,973.1		1,876.7
Reportable Geographical Components [Member] | South Central [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues		694.7	628.2	1,307.2	1,207.9
Inventory Impairments
Total inventory impairments		0	0.7	0	0.7
Income Before Income Taxes
Income before income taxes	[1]	89	65.1	153.7	126.2
Homebuilding Inventories
Total homebuilding inventories	[2]	2,111.3		2,111.3		1,909
Reportable Geographical Components [Member] | Southwest [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues		79.9	70.9	153.8	146.3
Inventory Impairments
Total inventory impairments		0	0	0	0
Income Before Income Taxes
Income before income taxes	[1]	2	1.2	4.7	3.1
Homebuilding Inventories
Total homebuilding inventories	[2]	346		346		312.4
Reportable Geographical Components [Member] | West [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues		643.3	567.6	1,184.9	1,117.4
Inventory Impairments
Total inventory impairments		0	0.1	0.3	4
Income Before Income Taxes
Income before income taxes	[1]	65.5	$ 60.4	115.5	$ 114.3
Homebuilding Inventories
Total homebuilding inventories	[2]	2,233.1		2,233.1		2,165.3
Corporate and Unallocated [Member] | Homebuilding [Member]
Homebuilding Inventories
Total homebuilding inventories	[2],[3]	$ 264		$ 264		$ 251.8
[1]	Expenses maintained at the corporate level consist primarily of interest and property taxes, which are capitalized and amortized to cost of sales or expensed directly, and the expenses related to operating the Company’s corporate office. The amortization of capitalized interest and property taxes is allocated to each segment based on the segment’s cost of sales, while those expenses associated with the corporate office are allocated to each segment based on the segment’s inventory balances.
[2]	Homebuilding inventories are the only assets included in the measure of homebuilding segment assets used by the Company’s chief operating decision makers.
[3]	Corporate and unallocated consists primarily of capitalized interest and property taxes.

Segment Information (Details Te

Segment Information (Details Textual) - Homebuilding [Member]	3 Months Ended
	Mar. 31, 2016MarketStateSegmentsOperatingDivisions
Segment information [Abstract]
Number of housing construction markets | Market	79
Number of housing construction states | State	26
Number of home building operating divisions | OperatingDivisions	39
Number of homebuilding reporting segments | Segments	6

Inventory (Details)

Inventory (Details) - Homebuilding [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Inventory [Line Items]
Carrying value of communities with impairment indicators	$ 216.5		$ 216.5
Impairment charges	3.2	$ 8.1	3.7	$ 12
Write-offs (recoveries) of earnest money deposits and pre-acquisition costs	$ 2.8	$ 4.4	$ 4.2	$ 6.6

Notes Payable (Details)

Notes Payable (Details) - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Unsecured:
Notes payable	$ 3,662,700,000	$ 3,811,500,000
Homebuilding [Member]
Unsecured:
Notes payable	3,167,300,000	3,333,600,000
Financial Services [Member]
Unsecured:
Mortgage repurchase facility	$ 495,400,000	477,900,000
5.625% senior notes due 2016 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	5.625%
6.5% senior notes due 2016 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	6.50%
4.75% senior notes due 2017 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	4.75%
3.625% senior notes due 2018 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	3.625%
3.75% senior notes due 2019 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	3.75%
4.0% senior notes due 2020 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	4.00%
4.375% senior notes due 2022 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	4.375%
4.75% senior notes due 2023 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	4.75%
5.75% senior notes due 2023 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	5.75%
Line of Credit [Member] | Homebuilding [Member]
Unsecured:
Revolving credit facility, maturing 2020	$ 0	0
Unsecured Debt [Member] | 5.625% senior notes due 2016 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	5.625%
Notes payable	$ 0	170,100,000
Unsecured Debt [Member] | 6.5% senior notes due 2016 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	6.50%
Notes payable	$ 372,700,000	372,500,000
Unsecured Debt [Member] | 4.75% senior notes due 2017 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	349,100,000	348,700,000
Unsecured Debt [Member] | 3.625% senior notes due 2018 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	398,600,000	398,200,000
Unsecured Debt [Member] | 3.75% senior notes due 2019 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	497,600,000	497,300,000
Unsecured Debt [Member] | 4.0% senior notes due 2020 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	496,800,000	496,400,000
Unsecured Debt [Member] | 4.375% senior notes due 2022 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	347,500,000	347,400,000
Unsecured Debt [Member] | 4.75% senior notes due 2023 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	298,000,000	297,900,000
Unsecured Debt [Member] | 5.75% senior notes due 2023 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	397,200,000	397,000,000
Secured Debt [Member] | Homebuilding [Member]
Unsecured:
Notes payable	$ 9,800,000	$ 8,100,000

Notes Payable (Details Textual)

Notes Payable (Details Textual) - USD ($)	Apr. 15, 2016	Aug. 01, 2015	Mar. 31, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Outstanding letters of credit			$ 94,200,000
Homebuilding [Member]
Debt Instrument [Line Items]
Authorized repurchase of debt securities		$ 500,000,000
Debt repurchase program, remaining authorized repurchase amount			$ 500,000,000
Homebuilding [Member] | 5.625% senior notes due 2016 [Member]
Debt Instrument [Line Items]
Stated interest rate			5.625%
Homebuilding [Member] | 6.5% senior notes due 2016 [Member]
Debt Instrument [Line Items]
Stated interest rate			6.50%
Financial Services [Member]
Debt Instrument [Line Items]
Borrowing capacity on revolving credit facility			$ 475,000,000
Maximum borrowing capacity on revolving credit facility			650,000,000
Line of credit facility additional borrowing capacity			550,000,000
Mortgage loans held for sale pledged under repurchase agreement			564,700,000
Mortgage loans, collateral value			545,800,000
Advance pay downs on mortgage repurchase facility			50,400,000
Mortgage repurchase obligation outstanding			$ 495,400,000	$ 477,900,000
Interest rate on mortgage repurchase facility			2.60%
Unsecured Debt [Member] | Homebuilding [Member]
Debt Instrument [Line Items]
Debt issuance costs			$ 15,200,000	17,300,000
Unsecured Debt [Member] | Homebuilding [Member] | 5.625% senior notes due 2016 [Member]
Debt Instrument [Line Items]
Remaining unpaid principal amount			$ 170,200,000
Stated interest rate			5.625%
Unsecured Debt [Member] | Homebuilding [Member] | 6.5% senior notes due 2016 [Member]
Debt Instrument [Line Items]
Stated interest rate			6.50%
Line of Credit [Member] | Homebuilding [Member]
Debt Instrument [Line Items]
Borrowing capacity on revolving credit facility			$ 975,000,000
Maximum borrowing capacity on revolving credit facility			1,250,000,000
Letters of credit, sublimit borrowing capacity, as a percentage			0.50
Borrowings outstanding			0	$ 0
Outstanding letters of credit			$ 91,100,000
Subsequent Event [Member] | Unsecured Debt [Member] | Homebuilding [Member] | 6.5% senior notes due 2016 [Member]
Debt Instrument [Line Items]
Remaining unpaid principal amount	$ 372,700,000

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Rollforward of capitalized interest
Capitalized interest, beginning of period		$ 215	$ 205.2	$ 208	$ 198.5
Interest incurred	[1]	40.4	42.6	82.6	83
Interest expensed:
Charged to cost of sales		(40.9)	(35.6)	(76.1)	(69.2)
Written off with inventory impairments		0	0	0	(0.1)
Capitalized interest, end of period		214.5	212.2	214.5	212.2
Financial Services [Member]
Rollforward of capitalized interest
Interest incurred		$ 1.9	$ 1.6	$ 3.5	$ 3.1
[1]	Interest incurred includes interest incurred on the Company's financial services mortgage repurchase facility of $1.9 million and $3.5 million in the three and six months ended March 31, 2016, respectively, and $1.6 million and $3.1 million in the same periods of 2015.

Mortgage Loans - Mortgage Loans

Mortgage Loans - Mortgage Loans Held for Sale (Details) - Financial Services [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015
Loans Receivable [Line Items]
Mortgage loans held for sale	$ 616.1		$ 616.1		$ 631
Aggregate outstanding principal amounts	593.4		593.4		608.9
Mortgage loans originated			2,400	$ 2,200
Mortgage loans sold			2,400	2,200
Net gain on sales of loans	46.6	$ 40.8	$ 83.8	$ 73.6
Percentage of mortgage loans sold			72.00%
Percentage of mortgage loans sold to one significant purchaser			25.00%
Uncommitted Loans [Member]
Loans Receivable [Line Items]
Mortgage loans held for sale	371		$ 371		385.3
Hedging Instruments related to IRLCs [Member]
Loans Receivable [Line Items]
Notional amounts of hedging instruments, Total	$ 370.2		$ 370.2		$ 383.8

Mortgage Loans - Other Mortgage

Mortgage Loans - Other Mortgage Loans (Details) - Financial Services [Member] - USD ($) $ in Millions	Mar. 31, 2016	Sep. 30, 2015
Loans and Leases Receivable, Allowance [Abstract]
Other mortgage loans	$ 47.7	$ 49
Real estate owned	0.3	0.6
Total other mortgage loans and real estate owned, before loss reserves	48	49.6
Schedule of mortgage loss reserves
Loan loss reserves	12.4	11.4
Mortgage Loans on Real Estate [Member]
Schedule of mortgage loss reserves
Loan loss reserves	3.5	1.5
Real Estate [Member]
Schedule of mortgage loss reserves
Loan loss reserves	0.1	0.1
Obligation to Repurchase Receivables Sold [Member]
Schedule of mortgage loss reserves
Loan loss reserves	$ 8.8	$ 9.8

Mortgage Loans - Loan Commitmen

Mortgage Loans - Loan Commitments and Related Derivatives (Details) - Financial Services [Member] - USD ($) $ in Millions	Mar. 31, 2016	Sep. 30, 2015
Interest rate lock commitments [Member]
Derivative [Line Items]
Notional amounts of instruments	$ 499.7	$ 370.9
Best-efforts and mandatory commitments [Member]
Derivative [Line Items]
Notional amounts of instruments	33.6	37.7
Hedging Instruments related to IRLCs [Member]
Derivative [Line Items]
Notional amounts of instruments	$ 412.8	$ 297.2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income tax expense	$ 105.4	$ 82.2	$ 189	$ 160.4
Effective tax rate (percent)	35.10%	35.70%	34.90%	35.60%
Deferred tax assets net of DTL	$ 536.7		$ 536.7		$ 568.2
Valuation allowance for deferred income taxes	$ 10.1		$ 10.1		$ 10.1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of earnings per share			6.4	8.7
Earnings Per Share Reconciliation [Abstract]
Net income	$ 195.1	$ 147.9	$ 352.8	$ 290.4
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Denominator for basic earnings per share - weighted average common shares	370.2	365.8	369.7	365.4
Employee stock awards (shares)	3.5	3.6	3.9	3.4
Denominator for diluted earnings per share - adjusted weighted average common shares	373.7	369.4	373.6	368.8
Basic net income per common share (in dollars per share)	$ 0.53	$ 0.40	$ 0.95	$ 0.79
Net income per common share assuming dilution (in dollars per share)	$ 0.52	$ 0.40	$ 0.94	$ 0.79

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Aug. 01, 2015
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Amount of stock repurchase authorization							$ 100,000,000
Amount remaining under stock repurchase authorization		$ 100,000,000			$ 100,000,000
Dividends, Common Stock [Abstract]
Cash dividends declared per common share (in dollars per share)		$ 0.08	$ 0.0625	$ 0.0625	$ 0.16	$ 0.125
Subsequent Event [Member]
Dividends, Common Stock [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.08

Employee Benefit Plans (Details

Employee Benefit Plans (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Nov. 30, 2015$ / sharesshares	Mar. 31, 2016USD ($)	Mar. 31, 2016USD ($)$ / sharesshares
Performance Shares [Member] | November 2015 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted in the period | shares	330,000
Percentage of total units granted that vest in the period - lower range	0.00%
Percentage of total units granted that vest in the period - upper range	200.00%
Fair value of equity awards on the date of grant (in US$ per unit) | $ / shares	$ 30.81
Compensation expense | $		$ 1.2	$ 2.3
Restricted Stock Units (RSUs) [Member] | Fiscal 2016 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted in the period | shares			2,100,000
Stock Option Grant Recipients		570	570
Fair value of equity awards on the date of grant (in US$ per unit) | $ / shares			$ 23.14
Compensation expense | $		$ 3.8	$ 3.9

Commitments and Contingencies44

Commitments and Contingencies (Details) - Homebuilding [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Changes in warranty liability
Warranty liability, beginning of period	$ 84.1	$ 65.9	$ 82	$ 65.7
Warranties issued	12.3	10.4	22.9	20.5
Changes in liability for pre-existing warranties	2	2.8	3.2	0.6
Settlements made	(10.5)	(7.5)	(20.2)	(15.2)
Warranty liability, end of period	$ 87.9	$ 71.6	$ 87.9	$ 71.6

Commitments and Contingencies45

Commitments and Contingencies (Details 1) - Homebuilding [Member] - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Rollforward of reserves for legal claims
Reserves for legal claims, beginning of period	$ 451	$ 456.9
Increase in reserves	0.5	20.8
Payments	(25.3)	(28.3)
Reserves for legal claims, end of period	$ 426.2	$ 449.4

Commitments and Contingencies46

Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014
Commitments and Contingencies [Abstract]
Surety bonds	$ 1,000
Outstanding letters of credit	94.2
Homebuilding [Member]
Commitments and Contingencies [Abstract]
Liabilities for various claims, complaints and other legal actions	426.2	$ 449.4	$ 451	$ 456.9
Expenses related to legal claims	19.9	20.4
Estimated insurance recoveries related to legal claims	100.5	$ 134.1	$ 126.5
Earnest money deposits	108.7
Remaining purchase price of land under option contracts	$ 3,000
Construction defect portion of loss contingency accrual	99.00%		99.00%
Cash Deposits [Member] | Homebuilding [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	$ 104.6
Promissory Notes and Surety Bonds [Member] | Homebuilding [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	4.1
Line of Credit [Member] | Homebuilding [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	91.1
Letter of Credit Two [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	3.1
Option Contracts Subject to Specific Performance Clauses [Member] | Homebuilding [Member]
Commitments and Contingencies [Abstract]
Remaining purchase price of land under option contracts	33
Variable Interest Entity, Not Primary Beneficiary [Member] | Homebuilding [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	$ 103.2		$ 74.4

Other Assets and Accrued Expe47

Other Assets and Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014
Homebuilding other assets
Homebuilding other assets	$ 468.7		$ 530.2
Homebuilding [Member]
Homebuilding other assets
Insurance receivables	100.5		126.5	$ 134.1
Earnest money and refundable deposits	163.2		137.2
Accounts and notes receivable	24.5		49.2
Prepaid assets	25.7		40.9
Rental properties	46.5		47.1
Debt securities collateralized by residential real estate	0		33.9
Other assets	18.5		21.4
Homebuilding other assets	378.9		456.2
Homebuilding accrued expenses and other liabilities
Reserves for legal claims	426.2		451	449.4		$ 456.9
Employee compensation and related liabilities	151.3		172.7
Warranty liability	87.9	$ 84.1	82	$ 71.6	$ 65.9	$ 65.7
Accrued interest	28.8		30.7
Federal and state income tax liabilities	15.2		36.1
Inventory related accruals	23.3		30
Homebuyer deposits	64.4		58.9
Accrued property taxes	18.4		32
Other liabilities	31.5		35.8
Homebuilding accrued expenses and other liabilities	$ 847		$ 929.2

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions		Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014
Homebuilding [Member]
Fair value balance sheet items measured on a recurring basis
Debt securities collateralized by residential real estate		$ 0	$ 33.9
Homebuilding [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair value balance sheet items measured on a recurring basis
Debt securities collateralized by residential real estate	[1]		33.9
Homebuilding [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair value balance sheet items measured on a recurring basis
Debt securities collateralized by residential real estate	[1]		0
Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair value balance sheet items measured on a recurring basis
Debt securities collateralized by residential real estate	[1]		0
Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair value balance sheet items measured on a recurring basis
Debt securities collateralized by residential real estate	[1]	0	33.9	$ 20.8	$ 20.8
Financial Services [Member]
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale		616.1	631
Financial Services [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	[2]	616.1	631
Financial Services [Member] | Fair Value, Measurements, Recurring [Member] | Interest rate lock commitments [Member] | Estimate of Fair Value Measurement [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	10.9	3.6
Financial Services [Member] | Fair Value, Measurements, Recurring [Member] | Forward sales of MBS [Member] | Estimate of Fair Value Measurement [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	(5.5)	(6)
Financial Services [Member] | Fair Value, Measurements, Recurring [Member] | Best-efforts and mandatory commitments [Member] | Estimate of Fair Value Measurement [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	(1.2)	(1.1)
Financial Services [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	[2]	0	0
Financial Services [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Interest rate lock commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	0	0
Financial Services [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Forward sales of MBS [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	0	0
Financial Services [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Best-efforts and mandatory commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	0	0
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	[2]	600.8	617.1
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest rate lock commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	10.9	3.6
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward sales of MBS [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	(5.5)	(6)
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Best-efforts and mandatory commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	(1.2)	(1.1)
Financial Services [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	[2]	15.3	13.9	$ 13.4	$ 12
Financial Services [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Interest rate lock commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	0	0
Financial Services [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Forward sales of MBS [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	0	0
Financial Services [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Best-efforts and mandatory commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	[3]	$ 0	$ 0
[1]	In October 2012, the Company purchased defaulted debt securities, which were secured by residential real estate, for $18.6 million in cash. In fiscal 2015, the Company purchased the residential real estate parcel and all additional defaulted debt securities associated with the parcel for $19.9 million in cash, of which $5.1 million was allocated to the land and $14.8 million was allocated to the debt securities. The Company is developing the property to build and sell homes and sold the debt securities to a third party for $35.8 million in January 2016. The resulting gain of $4.5 million on the sale is included in homebuilding other income in the consolidated statement of operations.
[2]	Mortgage loans held for sale are reflected at fair value. Interest income earned on mortgage loans held for sale is based on contractual interest rates and included in financial services interest and other income. Mortgage loans held for sale at March 31, 2016 includes $15.3 million of loans for which the Company elected the fair value option upon origination and which the Company did not sell into the secondary market due to unfavorable pricing. Of this amount, $10.6 million of the loans were transferred to Level 3 during the current period due to significant unobservable inputs used in determining the fair value of the loans. The Company plans to sell these loans as market conditions permit. The fair value of these mortgage loans held for sale is generally calculated considering the secondary market and adjusted for the value of the underlying collateral, including interest rate risk, liquidity risk and prepayment risk.
[3]	Fair value measurements of these derivatives represent changes in fair value, as calculated by reference to quoted prices for similar assets, and are reflected in the balance sheet. Changes in these fair values during the periods presented are included in financial services revenues in the consolidated statements of operations.

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Rollforward (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2012	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payments to Acquire Other Investments			$ 18.6
Payments to Acquire Land		$ 19.9
Proceeds from sale of debt securities collateralized by residential real estate				$ 35.8	$ 0
Gain on sale of debt securities collateralized by residential real estate				4.5	0
Homebuilding [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities collateralized by residential real estate				0		$ 33.9
Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities collateralized by residential real estate	[1]			0	20.8	33.9	$ 20.8
Financial Services [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage loans held for sale				616.1		631
Financial Services [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage loans held for sale	[2]			15.3	13.4	$ 13.9	$ 12
Land [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payments to Acquire Land		5.1
Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payments to Acquire Land		$ 14.8
Debt Securities [Member] | Homebuilding [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings, Description	[1]			2.2	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales				(35.8)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements				(0.3)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	[2]			0	0
Loans Receivable [Member] | Financial Services [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings, Description	[2]			1	0.4
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[2]			(10.2)	(0.7)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements				0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	[2]			$ 10.6	$ 1.7
[1]	In October 2012, the Company purchased defaulted debt securities, which were secured by residential real estate, for $18.6 million in cash. In fiscal 2015, the Company purchased the residential real estate parcel and all additional defaulted debt securities associated with the parcel for $19.9 million in cash, of which $5.1 million was allocated to the land and $14.8 million was allocated to the debt securities. The Company is developing the property to build and sell homes and sold the debt securities to a third party for $35.8 million in January 2016. The resulting gain of $4.5 million on the sale is included in homebuilding other income in the consolidated statement of operations.
[2]	Mortgage loans held for sale are reflected at fair value. Interest income earned on mortgage loans held for sale is based on contractual interest rates and included in financial services interest and other income. Mortgage loans held for sale at March 31, 2016 includes $15.3 million of loans for which the Company elected the fair value option upon origination and which the Company did not sell into the secondary market due to unfavorable pricing. Of this amount, $10.6 million of the loans were transferred to Level 3 during the current period due to significant unobservable inputs used in determining the fair value of the loans. The Company plans to sell these loans as market conditions permit. The fair value of these mortgage loans held for sale is generally calculated considering the secondary market and adjusted for the value of the underlying collateral, including interest rate risk, liquidity risk and prepayment risk.

Fair Value Measurements (Deta50

Fair Value Measurements (Details 1) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Sep. 30, 2015
Financial Services [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate owned		$ 0.3	$ 0.6
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Homebuilding [Member] | Inventories [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Nonrecurring	[1],[2]	0	10.1
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Homebuilding [Member] | Assets Held-for-sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Nonrecurring	[2],[3]	0	2.8
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Financial Services [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other mortgage loans	[2],[4]	34.3	15.2
Real estate owned	[2],[4]	$ 0	$ 0.5
Inventories [Member] | Minimum [Member] | Homebuilding [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate		12.00%
Inventories [Member] | Maximum [Member] | Homebuilding [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate		14.00%
[1]	In performing its impairment analysis of communities, discount rates ranging from 12% to 14% were used in the periods presented.
[2]	The fair values included in the table above represent only those assets whose carrying values were adjusted to fair value in the respective period and were held at the end of the period.
[3]	The fair value of inventory available for sale was determined based on recent offers received from outside third parties, comparable sales or actual contracts.
[4]	The fair values of other mortgage loans and real estate owned are determined based on the value of the underlying collateral.

Fair Value Measurement (Details

Fair Value Measurement (Details 2) - USD ($) $ in Millions		Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Carrying value		$ 1,224.1	$ 1,383.8	$ 697.7	$ 661.8
Notes payable, Carrying value		3,662.7	3,811.5
Homebuilding [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Carrying value		1,195.2	1,355.9
Restricted cash, Carrying value		11.4	9.7
Notes payable, Carrying value		3,167.3	3,333.6
Homebuilding [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	[1]	1,195.2	1,355.9
Restricted cash, Fair value	[1]	11.4	9.7
Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	[1]	0	0
Restricted cash, Fair value	[1]	0	0
Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	[1]	0	0
Restricted cash, Fair value	[1]	0	0
Financial Services [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Carrying value		28.9	27.9
Mortgage repurchase facility		495.4	477.9
Financial Services [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	[1]	28.9	27.9
Mortgage repurchase facility, Fair value	[1]	0	0
Financial Services [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	[1]	0	0
Mortgage repurchase facility, Fair value	[1]	0	0
Financial Services [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	[1]	0	0
Mortgage repurchase facility, Fair value	[1]	495.4	477.9
Senior Notes [Member] | Homebuilding [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Carrying value		3,157.5	3,325.5
Senior Notes [Member] | Homebuilding [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	[2]	0	0
Senior Notes [Member] | Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	[2]	3,232.7	3,405.9
Senior Notes [Member] | Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	[2]	0	0
Secured Debt [Member] | Homebuilding [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Carrying value		9.8	8.1
Secured Debt [Member] | Homebuilding [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	[2]	0	0
Secured Debt [Member] | Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	[2]	0	0
Secured Debt [Member] | Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	[2]	9.8	8.1
Estimate of Fair Value Measurement [Member] | Homebuilding [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	[1]	1,195.2	1,355.9
Restricted cash, Fair value	[1]	11.4	9.7
Estimate of Fair Value Measurement [Member] | Financial Services [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	[1]	28.9	27.9
Mortgage repurchase facility, Fair value	[1]	495.4	477.9
Estimate of Fair Value Measurement [Member] | Senior Notes [Member] | Homebuilding [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	[2]	3,232.7	3,405.9
Estimate of Fair Value Measurement [Member] | Secured Debt [Member] | Homebuilding [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	[2]	$ 9.8	$ 8.1
[1]	The fair value approximates carrying value due to its short-term nature, short maturity or floating interest rate terms, as applicable.
[2]	The fair value is determined based on quoted market prices of recent transactions of the notes, which is classified as Level 2 within the fair value hierarchy.

Supplemental Guarantor Inform52

Supplemental Guarantor Information (Details) - USD ($) $ in Millions		Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014
ASSETS
Cash and cash equivalents		$ 1,224.1	$ 1,383.8	$ 697.7	$ 661.8
Investments in subsidiaries		0	0
Other assets		468.7	530.2
Intercompany receivables		0	0
Total assets		11,300.2	11,151
LIABILITIES & EQUITY
Accounts payable and other liabilities		1,388.5	1,444.1
Intercompany payables		0	0
Notes payable		3,662.7	3,811.5
Total liabilities		5,051.2	5,255.6
Stockholders’ equity		6,248.4	5,894.3
Noncontrolling interests		0.6	1.1
Total equity		6,249	5,895.4
Total liabilities and equity		11,300.2	11,151
D.R. Horton, Inc. [Member]
ASSETS
Cash and cash equivalents		1,036.3	1,217.7	522.1	497.4
Investments in subsidiaries		3,727.7	3,479.7
Other assets		128.1	199.5
Intercompany receivables		1,888.2	1,932.2
Total assets		9,804.6	9,668.3
LIABILITIES & EQUITY
Accounts payable and other liabilities		394.7	447.2
Intercompany payables		0	0
Notes payable		3,159	3,326.8
Total liabilities		3,553.7	3,774
Stockholders’ equity		6,250.9	5,894.3
Noncontrolling interests		0	0
Total equity		6,250.9	5,894.3
Total liabilities and equity		9,804.6	9,668.3
Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents		114	94.6	96	89.5
Investments in subsidiaries		0	0
Other assets		236.6	240.4
Intercompany receivables		0	0
Total assets		6,246.8	6,034.5
LIABILITIES & EQUITY
Accounts payable and other liabilities		875.6	872.8
Intercompany payables		1,798.6	1,856.7
Notes payable		8.3	6.8
Total liabilities		2,682.5	2,736.3
Stockholders’ equity		3,564.3	3,298.2
Noncontrolling interests		0	0
Total equity		3,564.3	3,298.2
Total liabilities and equity		6,246.8	6,034.5
Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents		73.8	71.5	79.6	74.9
Investments in subsidiaries		0	0
Other assets		106.5	90.3
Intercompany receivables		0	0
Total assets		867.2	860.1
LIABILITIES & EQUITY
Accounts payable and other liabilities		118.2	124.1
Intercompany payables		89.6	75.5
Notes payable		495.4	477.9
Total liabilities		703.2	677.5
Stockholders’ equity		163.4	181.5
Noncontrolling interests		0.6	1.1
Total equity		164	182.6
Total liabilities and equity		867.2	860.1
Eliminations [Member]
ASSETS
Cash and cash equivalents		0	0	$ 0	$ 0
Investments in subsidiaries		(3,727.7)	(3,479.7)
Other assets		(2.5)	0
Intercompany receivables		(1,888.2)	(1,932.2)
Total assets		(5,618.4)	(5,411.9)
LIABILITIES & EQUITY
Accounts payable and other liabilities		0	0
Intercompany payables		(1,888.2)	(1,932.2)
Notes payable		0	0
Total liabilities		(1,888.2)	(1,932.2)
Stockholders’ equity		(3,730.2)	(3,479.7)
Noncontrolling interests		0	0
Total equity		(3,730.2)	(3,479.7)
Total liabilities and equity		(5,618.4)	(5,411.9)
Homebuilding [Member]
ASSETS
Cash and cash equivalents		1,195.2	1,355.9
Restricted cash		11.4	9.7
Inventories	[1]	8,216.6	7,807
Deferred income taxes		526.6	558.1
Property and equipment, net		149.5	144
Other assets		378.9	456.2
Goodwill		87.2	87.2
Total assets		10,565.4	10,418.1
LIABILITIES & EQUITY
Notes payable		3,167.3	3,333.6
Total liabilities		4,514.1	4,735.8
Homebuilding [Member] | D.R. Horton, Inc. [Member]
ASSETS
Restricted cash		8.6	7.4
Inventories		2,780	2,597.3
Deferred income taxes		173.8	179.9
Property and equipment, net		61.9	54.6
Goodwill		0	0
Homebuilding [Member] | Guarantor Subsidiaries [Member]
ASSETS
Restricted cash		2.8	2.3
Inventories		5,408.4	5,184.3
Deferred income taxes		347.6	373
Property and equipment, net		50.2	52.7
Goodwill		87.2	87.2
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS
Restricted cash		0	0
Inventories		28.2	25.4
Deferred income taxes		5.2	5.2
Property and equipment, net		37.4	36.7
Goodwill		0	0
Homebuilding [Member] | Eliminations [Member]
ASSETS
Restricted cash		0	0
Inventories		0	0
Deferred income taxes		0	0
Property and equipment, net		0	0
Goodwill		0	0
Financial Services [Member]
ASSETS
Cash and cash equivalents		28.9	27.9
Other assets		89.8	74
Mortgage loans held for sale		616.1	631
Total assets		734.8	732.9
LIABILITIES & EQUITY
Total liabilities		537.1	519.8
Financial Services [Member] | D.R. Horton, Inc. [Member]
ASSETS
Mortgage loans held for sale		0	0
Financial Services [Member] | Guarantor Subsidiaries [Member]
ASSETS
Mortgage loans held for sale		0	0
Financial Services [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS
Mortgage loans held for sale		616.1	631
Financial Services [Member] | Eliminations [Member]
ASSETS
Mortgage loans held for sale		$ 0	$ 0
[1]	Homebuilding inventories are the only assets included in the measure of homebuilding segment assets used by the Company’s chief operating decision makers.

Supplemental Guarantor Inform53

Supplemental Guarantor Information (Details 1) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Financial Services [Abstract]
Income before income taxes	[1]	$ 300.5	$ 230.1	$ 541.8	$ 450.8
Income tax expense		105.4	82.2	189	160.4
Net income		195.1	147.9	352.8	290.4
Comprehensive income		192.5	147.9	351.4	290.4
Homebuilding [Member]
Homebuilding:
Revenues		2,701	2,338.5	5,062.1	4,591.5
Cost of sales		2,169.3	1,892	4,061.4	3,706.5
Total gross profit		531.7	446.5	1,000.7	885
Selling, general and administrative expense		258.2	242.4	501.6	480.4
Equity in (income) of subsidiaries		0	0	0	0
Other (income)		(9.6)	(4.5)	(13)	(10.1)
Financial Services [Abstract]
Income before income taxes		283.1	208.6	512.1	414.7
Financial Services [Member]
Financial Services [Abstract]
Revenues		66.9	59.5	122.2	109.2
General and administrative expense		51	40.7	97.1	78.6
Interest and other (income)		(1.5)	(2.7)	(4.6)	(5.5)
Income before income taxes		17.4	21.5	29.7	36.1
D.R. Horton, Inc. [Member]
Financial Services [Abstract]
Income before income taxes		300.5	230.1	544.3	450.8
Income tax expense		105.4	82.2	189	160.4
Net income		195.1	147.9	355.3	290.4
Comprehensive income		192.5	147.9	353.9	290.4
D.R. Horton, Inc. [Member] | Homebuilding [Member]
Homebuilding:
Revenues		864.4	727	1,660	1,423.8
Cost of sales		694.9	593.7	1,333.7	1,147.7
Total gross profit		169.5	133.3	326.3	276.1
Selling, general and administrative expense		118.8	112.4	230.8	222.6
Equity in (income) of subsidiaries		(244.4)	(208.5)	(442.6)	(396.3)
Other (income)		(5.4)	(0.7)	(6.2)	(1)
Financial Services [Abstract]
Income before income taxes		300.5	230.1	544.3	450.8
D.R. Horton, Inc. [Member] | Financial Services [Member]
Financial Services [Abstract]
Revenues		0	0	0	0
General and administrative expense		0	0	0	0
Interest and other (income)		0	0	0	0
Income before income taxes		0	0	0	0
Guarantor Subsidiaries [Member]
Financial Services [Abstract]
Income before income taxes		218.7	190.4	407.3	369.7
Income tax expense		76.4	67.7	141.5	130.9
Net income		142.3	122.7	265.8	238.8
Comprehensive income		142.3	122.7	265.8	238.8
Guarantor Subsidiaries [Member] | Homebuilding [Member]
Homebuilding:
Revenues		1,836.6	1,611.5	3,407.5	3,167.7
Cost of sales		1,482.3	1,297.8	2,736.1	2,554.9
Total gross profit		354.3	313.7	671.4	612.8
Selling, general and administrative expense		137.7	124.4	266.9	245.6
Equity in (income) of subsidiaries		0	0	0	0
Other (income)		(2.1)	(1.1)	(2.8)	(2.5)
Financial Services [Abstract]
Income before income taxes		218.7	190.4	407.3	369.7
Guarantor Subsidiaries [Member] | Financial Services [Member]
Financial Services [Abstract]
Revenues		0	0	0	0
General and administrative expense		0	0	0	0
Interest and other (income)		0	0	0	0
Income before income taxes		0	0	0	0
Non-Guarantor Subsidiaries [Member]
Financial Services [Abstract]
Income before income taxes		25.7	18.1	35.3	26.6
Income tax expense		9.4	6.9	13.1	10.3
Net income		16.3	11.2	22.2	16.3
Comprehensive income		16.3	11.2	22.2	16.3
Non-Guarantor Subsidiaries [Member] | Homebuilding [Member]
Homebuilding:
Revenues		0	0	0	0
Cost of sales		(7.9)	0.5	(5.5)	3.9
Total gross profit		7.9	(0.5)	5.5	(3.9)
Selling, general and administrative expense		1.7	5.6	3.9	12.2
Equity in (income) of subsidiaries		0	0	0	0
Other (income)		(2.1)	(2.7)	(4)	(6.6)
Financial Services [Abstract]
Income before income taxes		8.3	(3.4)	5.6	(9.5)
Non-Guarantor Subsidiaries [Member] | Financial Services [Member]
Financial Services [Abstract]
Revenues		66.9	59.5	122.2	109.2
General and administrative expense		51	40.7	97.1	78.6
Interest and other (income)		(1.5)	(2.7)	(4.6)	(5.5)
Income before income taxes		17.4	21.5	29.7	36.1
Eliminations [Member]
Financial Services [Abstract]
Income before income taxes		(244.4)	(208.5)	(445.1)	(396.3)
Income tax expense		(85.8)	(74.6)	(154.6)	(141.2)
Net income		(158.6)	(133.9)	(290.5)	(255.1)
Comprehensive income		(158.6)	(133.9)	(290.5)	(255.1)
Eliminations [Member] | Homebuilding [Member]
Homebuilding:
Revenues		0	0	(5.4)	0
Cost of sales		0	0	(2.9)	0
Total gross profit		0	0	(2.5)	0
Selling, general and administrative expense		0	0	0	0
Equity in (income) of subsidiaries		244.4	208.5	442.6	396.3
Other (income)		0	0	0	0
Financial Services [Abstract]
Income before income taxes		(244.4)	(208.5)	(445.1)	(396.3)
Eliminations [Member] | Financial Services [Member]
Financial Services [Abstract]
Revenues		0	0	0	0
General and administrative expense		0	0	0	0
Interest and other (income)		0	0	0	0
Income before income taxes		$ 0	$ 0	$ 0	$ 0
[1]	Expenses maintained at the corporate level consist primarily of interest and property taxes, which are capitalized and amortized to cost of sales or expensed directly, and the expenses related to operating the Company’s corporate office. The amortization of capitalized interest and property taxes is allocated to each segment based on the segment’s cost of sales, while those expenses associated with the corporate office are allocated to each segment based on the segment’s inventory balances.

Supplemental Guarantor Inform54

Supplemental Guarantor Information (Details 2) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$ 26.9	$ (168.8)
INVESTING ACTIVITIES
Purchases of property and equipment	(40.4)	(24)
Increase in restricted cash	(1.7)	(0.4)
Net principal increase of other mortgage loans and real estate owned	(0.4)	(4.9)
Proceeds from Sale and Maturity of Other Investments	35.8
Intercompany advances	0	0
Net cash used in investing activities	(6.7)	(29.3)
FINANCING ACTIVITIES
Proceeds from notes payable	17.6	1,350.3
Repayment of notes payable	(170.6)	(1,098.3)
Intercompany advances	0	0
Proceeds from stock associated with certain employee benefit plans	28.4	21
Excess income tax benefit from employee stock awards	3.9	6.7
Cash dividends paid	(59.2)	(45.7)
Net cash (used in) provided by financing activities	(179.9)	234
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(159.7)	35.9
Cash and cash equivalents at beginning of period	1,383.8	661.8
Cash and cash equivalents at end of period	1,224.1	697.7
D.R. Horton, Inc. [Member]
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	(42.4)	(35.5)
INVESTING ACTIVITIES
Purchases of property and equipment	(20.5)	(15)
Increase in restricted cash	(1.2)	(0.2)
Net principal increase of other mortgage loans and real estate owned	0	0
Proceeds from Sale and Maturity of Other Investments	35.8
Intercompany advances	43.9	(120.9)
Net cash used in investing activities	58	(136.1)
FINANCING ACTIVITIES
Proceeds from notes payable	0	1,312
Repayment of notes payable	(170.1)	(1,097.7)
Intercompany advances	0	0
Proceeds from stock associated with certain employee benefit plans	28.4	21
Excess income tax benefit from employee stock awards	3.9	6.7
Cash dividends paid	(59.2)	(45.7)
Net cash (used in) provided by financing activities	(197)	196.3
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(181.4)	24.7
Cash and cash equivalents at beginning of period	1,217.7	497.4
Cash and cash equivalents at end of period	1,036.3	522.1
Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	84	(74)
INVESTING ACTIVITIES
Purchases of property and equipment	(6.1)	(11)
Increase in restricted cash	(0.5)	(0.2)
Net principal increase of other mortgage loans and real estate owned	0	0
Proceeds from Sale and Maturity of Other Investments	0
Intercompany advances	0	0
Net cash used in investing activities	(6.6)	(11.2)
FINANCING ACTIVITIES
Proceeds from notes payable	0	0
Repayment of notes payable	(0.5)	(0.3)
Intercompany advances	(57.5)	92
Proceeds from stock associated with certain employee benefit plans	0	0
Excess income tax benefit from employee stock awards	0	0
Cash dividends paid	0	0
Net cash (used in) provided by financing activities	(58)	91.7
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	19.4	6.5
Cash and cash equivalents at beginning of period	94.6	89.5
Cash and cash equivalents at end of period	114	96
Non-Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	30.7	(44.3)
INVESTING ACTIVITIES
Purchases of property and equipment	(19.2)	2
Increase in restricted cash	0	0
Net principal increase of other mortgage loans and real estate owned	(0.4)	(4.9)
Proceeds from Sale and Maturity of Other Investments	0
Intercompany advances	0	0
Net cash used in investing activities	(19.6)	(2.9)
FINANCING ACTIVITIES
Proceeds from notes payable	17.6	38.3
Repayment of notes payable	0	(0.3)
Intercompany advances	13.6	28.9
Proceeds from stock associated with certain employee benefit plans	0	0
Excess income tax benefit from employee stock awards	0	0
Cash dividends paid	(40)	(15)
Net cash (used in) provided by financing activities	(8.8)	51.9
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	2.3	4.7
Cash and cash equivalents at beginning of period	71.5	74.9
Cash and cash equivalents at end of period	73.8	79.6
Eliminations [Member]
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	(45.4)	(15)
INVESTING ACTIVITIES
Purchases of property and equipment	5.4	0
Increase in restricted cash	0	0
Net principal increase of other mortgage loans and real estate owned	0	0
Proceeds from Sale and Maturity of Other Investments	0
Intercompany advances	(43.9)	120.9
Net cash used in investing activities	(38.5)	120.9
FINANCING ACTIVITIES
Proceeds from notes payable	0	0
Repayment of notes payable	0	0
Intercompany advances	43.9	(120.9)
Proceeds from stock associated with certain employee benefit plans	0	0
Excess income tax benefit from employee stock awards	0	0
Cash dividends paid	40	15
Net cash (used in) provided by financing activities	83.9	(105.9)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0