D.R. Horton (DHI) 10-Q 25 Jan 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2016	Jan. 18, 2017
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	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		373,413,520

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Dec. 31, 2016	Sep. 30, 2016
ASSETS
Cash and cash equivalents	$ 1,150.3	$ 1,303.2
Inventories:
Property and equipment, net	218.4	195.4
Other assets	496.1	499.6
Total assets	11,712.1	11,558.9
LIABILITIES
Notes payable	3,217.6	3,271.3
Total liabilities	4,730.3	4,765.9
Commitments and contingencies (Note K)
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, 380,537,875 shares issued and 373,337,804 shares outstanding at December 31, 2016 and 380,123,258 shares issued and 372,923,187 shares outstanding at September 30, 2016	3.8	3.8
Additional paid-in capital	2,885	2,865.8
Retained earnings	4,226.8	4,057.2
Treasury stock, 7,200,071 shares at December 31, 2016 and September 30, 2016, at cost	(134.3)	(134.3)
Stockholders’ equity	6,981.3	6,792.5
Noncontrolling interests	0.5	0.5
Total equity	6,981.8	6,793
Total liabilities and equity	11,712.1	11,558.9
Homebuilding [Member]
ASSETS
Cash and cash equivalents	1,115.5	1,271.8
Restricted cash	8.8	9.5
Inventories:
Construction in progress and finished homes	4,285.4	4,034.7
Residential land and lots — developed and under development	4,296.4	4,135.2
Land held for development	137.2	137.8
Land held for sale	23.4	33.2
Total inventories	8,742.4	8,340.9
Deferred income taxes, net of valuation allowance of $10.3 million at December 31, 2016 and September 30, 2016	467.8	476.3
Property and equipment, net	154.1	139.5
Other assets	444.7	456.2
Goodwill	80	80
Total assets	11,013.3	10,774.2
LIABILITIES
Accounts payable	505.9	537
Accrued expenses and other liabilities	967.6	917.1
Notes payable	2,798.6	2,798.3
Total liabilities	4,272.1	4,252.4
Financial Services and Other [Member]
ASSETS
Cash and cash equivalents	34.8	31.4
Inventories:
Mortgage loans held for sale	548.3	654
Property and equipment, net	64.3	55.9
Other assets	51.4	43.4
Total assets	698.8	784.7
LIABILITIES
Accounts payable and other liabilities	39.2	40.5
Mortgage repurchase facility	419	473
Total liabilities	$ 458.2	$ 513.5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Dec. 31, 2016	Sep. 30, 2016
EQUITY
Preferred stock, par value (in dollars per share)	$ 0.1	$ 0.1
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	380,537,875	380,123,258
Common stock, shares outstanding	373,337,804	372,923,187
Treasury stock, shares	7,200,071	7,200,071
Homebuilding [Member]
ASSETS
Valuation allowance for deferred income taxes	$ 10.3	$ 10.3

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Gross profit:
Income before income taxes	$ 318.1	$ 241.3
Income tax expense	111.2	83.6
Net income	206.9	157.7
Other comprehensive income, net of income tax:
Comprehensive income	$ 206.9	$ 158.9
Basic net income per common share (in dollars per share)	$ 0.55	$ 0.43
Net income per common share assuming dilution (in dollars per share)	0.55	0.42
Cash dividends declared per common share (in dollars per share)	$ 0.1	$ 0.08
Debt Securities [Member]
Other comprehensive income, net of income tax:
Net change in unrealized gain	$ 0	$ 1.2
Homebuilding [Member]
Revenues:
Home sales	2,797.7	2,340.9
Land/lot sales and other	28.4	20.2
Total revenues	2,826.1	2,361.1
Cost of sales:
Home sales	2,244.8	1,874.3
Land/lot sales and other	20.8	15.9
Inventory and land option charges	2.3	2
Total cost of sales	2,267.9	1,892.2
Gross profit:
Home sales	552.9	466.6
Land/lot sales and other	7.6	4.3
Inventory and land option charges	(2.3)	(2)
Total gross profit	558.2	468.9
Selling, general and administrative expense	268.4	241.7
Other (income) expense	(4.1)	(1.7)
Income before income taxes	293.9	228.9
Financial Services and Other [Member]
Gross profit:
Revenues	78.1	55.3
General and administrative expense	57.5	47.7
Interest and other (income) expense	(3.6)	(4.8)
Income before income taxes	$ 24.2	$ 12.4

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Net income	$ 206.9	$ 157.7
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	14.4	13.6
Amortization of discounts and fees	1.3	1.4
Stock based compensation expense	9.3	10.4
Excess income tax benefit from employee stock awards	(0.5)	(2.2)
Deferred income taxes	8.3	13.4
Inventory and land option charges	2.3	2
Changes in operating assets and liabilities:
Increase in construction in progress and finished homes	(246.3)	(290.3)
(Increase) decrease in residential land and lots – developed, under development, held for development and held for sale	(152.6)	8.4
(Increase) decrease in other assets	(4.9)	30.2
Decrease in mortgage loans held for sale	105.7	106.6
Increase (decrease) in accounts payable, accrued expenses and other liabilities	22.8	(52.7)
Net cash used in operating activities	(33.3)	(1.5)
INVESTING ACTIVITIES
Purchases of property and equipment	(22.2)	(20.1)
Increase in restricted cash	(6)	0
Net principal decrease (increase) of other mortgage loans and real estate owned	1	(2.1)
Payments related to acquisition of a business	(4.1)	0
Net cash used in investing activities	(31.3)	(22.2)
FINANCING ACTIVITIES
Repayment of notes payable	(54.3)	(81)
Proceeds from stock associated with certain employee benefit plans	2.8	17
Excess income tax benefit from employee stock awards	0.5	2.2
Cash dividends paid	(37.3)	(29.6)
Net cash used in financing activities	(88.3)	(91.4)
DECREASE IN CASH AND CASH EQUIVALENTS	(152.9)	(115.1)
Cash and cash equivalents at beginning of period	1,303.2	1,383.8
Cash and cash equivalents at end of period	1,150.3	1,268.7
Supplemental disclosures of non-cash activities:
Notes payable issued for inventory	0	2.9
Stock issued under employee incentive plans	$ 7.1	$ 8.1

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 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 fairly state the results for the interim periods shown, including normal recurring accruals and other items. These financial statements, including the consolidated balance sheet as of September 30, 2016 , 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, 2016 . 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. Reclassifications In addition to its core homebuilding and financial services operations, the Company owns subsidiaries that engage in other business activities. These other business activities include insurance-related operations, the construction and operation of rental real estate properties, investments in non-residential real estate including ranch land and improvements and the operation of oil and gas related assets. During the fourth quarter of fiscal 2016, the Company reclassified the assets, liabilities and operating results of these subsidiaries from the Homebuilding sections of its balance sheet and statement of operations to the Financial Services and Other sections. The statement of operations for the three months ended December 31, 2015 reflects the reclassification of $1.6 million of general and administrative expenses and $1.7 million of other income from the Homebuilding section to the Financial Services and Other section. These reclassifications had no effect on the Company’s consolidated financial position or results of operations. As other prior period financial information is presented in future filings, the Company will make similar reclassifications within the consolidated financial statements. 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 $40.1 million and $40.5 million at December 31, 2016 and September 30, 2016 , 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 months ended December 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2017 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 continuing to evaluate the effect of adopting ASU 2014-09 and the manner in which it will adopt the new standard. 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 January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities,” which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The guidance is effective for the Company beginning October 1, 2018 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 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses,” which replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for the Company beginning October 1, 2020 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments,” which amends and clarifies the current guidance to reduce diversity in practice of the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for the Company beginning October 1, 2018 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows - Restricted Cash,” which requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. The guidance is effective for the Company beginning October 1, 2018 and is not expected to have a material impact on its consolidated financial position or cash flows. In January 2017, the FASB issued ASU 2017-01, “Business Combinations - Clarifying the Definition of a Business,” which clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for the Company beginning October 1, 2018 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows.

Segment Information

Segment Information	3 Months Ended
	Dec. 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 78 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 townhomes, 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 operations generate most of their revenues from the sale of completed homes, with a lesser amount from the sale of land and lots. The Company’s financial services segment provides mortgage financing and title agency services to homebuyers in many of the Company’s homebuilding markets. The segment generates the substantial majority of its revenues from originating and selling mortgages and collecting fees for title insurance agency and closing services. The Company sells substantially all of the mortgages it originates and the related servicing rights to third-party purchasers. In addition to the Company’s core homebuilding and financial services operations, the Company has subsidiaries that engage in other business activities. These subsidiaries conduct insurance-related operations, construct and own income-producing rental properties, own non-residential real estate including ranch land and improvements and own and operate oil and gas related assets. The Company’s operating segments are its 40 homebuilding divisions, its financial services operations and its other business activities. The homebuilding operating segments are aggregated into six reporting segments and the financial services 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, 2016 . Financial information relating to the Company’s reporting segments is as follows: Three Months Ended 2016 2015 (In millions) Revenues Homebuilding revenues: East $ 305.9 $ 298.1 Midwest 151.1 123.3 Southeast 883.4 711.6 South Central 756.9 612.6 Southwest 108.6 73.9 West 620.2 541.6 Homebuilding revenues 2,826.1 2,361.1 Financial services revenues 78.1 55.3 Total revenues $ 2,904.2 $ 2,416.4 Income Before Income Taxes (1) (2) Homebuilding pre-tax income: East $ 26.3 $ 27.7 Midwest 10.2 7.0 Southeast 99.6 76.8 South Central 96.5 64.7 Southwest 4.0 2.7 West 57.3 50.0 Homebuilding pre-tax income 293.9 228.9 Financial services pre-tax income 26.5 12.3 Homebuilding and financial services pre-tax income 320.4 241.2 Other pre-tax (loss) income (2.3 ) 0.1 Income before income taxes $ 318.1 $ 241.3 ___________ (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 expenses associated with the corporate office are allocated to each segment based on the segment’s inventory balances. (2) The operating results of certain subsidiaries that were previously included with the Company’s homebuilding operations are now grouped together and presented as other. The operating results of these subsidiaries are immaterial for separate reporting. The prior year amounts have been reclassified to conform to the current year presentation. December 31, September 30, (In millions) Homebuilding Inventories (1) East $ 969.8 $ 891.1 Midwest 460.5 441.2 Southeast 2,197.3 2,070.3 South Central 2,138.8 2,075.6 Southwest 394.0 371.1 West 2,337.6 2,247.6 Corporate and unallocated (2) 244.4 244.0 Total homebuilding inventories $ 8,742.4 $ 8,340.9 ___________ (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	3 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY At December 31, 2016 , the Company reviewed the performance and outlook for all of its communities and land inventories 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 $123.2 million and determined that no communities or land inventories were impaired. Accordingly, no impairment charges were recorded during the three months ended December 31, 2016 , compared to $0.5 million of impairment charges recorded in the same period of 2015 . During the three months ended December 31, 2016 and 2015 , the Company wrote off $2.3 million and $1.5 million , respectively, of earnest money deposits and pre-acquisition costs related to land option contracts that the Company has terminated or expects to terminate.

Notes Payable

Notes Payable	3 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The Company’s notes payable at their principal amounts, net of debt issuance costs, consist of the following: December 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility, maturing 2020 $ — $ — 4.75% senior notes due 2017 349.7 349.5 3.625% senior notes due 2018 399.1 398.9 3.75% senior notes due 2019 498.2 498.0 4.0% senior notes due 2020 497.3 497.1 4.375% senior notes due 2022 347.8 347.7 4.75% senior notes due 2023 298.2 298.2 5.75% senior notes due 2023 397.4 397.3 Other secured notes 10.9 11.6 $ 2,798.6 $ 2,798.3 Financial Services: Mortgage repurchase facility, maturing 2017 $ 419.0 $ 473.0 Debt issuance costs that were deducted from the carrying amounts of the senior notes totaled $12.3 million and $13.3 million at December 31, 2016 and September 30, 2016 , respectively. These costs are capitalized into inventory as they are amortized. 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 December 31, 2016 , there were no borrowings outstanding and $86.9 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 indenture governing the senior notes impose restrictions on the creation of secured debt and liens. At December 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. Effective August 1, 2016 , the Board of Directors authorized the repurchase of up to $500 million of the Company’s debt securities effective through July 31, 2017 . All of the $500 million authorization was remaining at December 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. The total capacity of the facility is $475 million ; however, the capacity can be increased, without requiring additional commitments, 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 $800 million subject to the availability of additional commitments. The Company is currently in discussions with its lenders and expects to renew and extend the term of the facility on similar terms prior to its February 24, 2017 maturity date. As of December 31, 2016 , $511.5 million of mortgage loans held for sale with a collateral value of $493.8 million were pledged under the mortgage repurchase facility. As a result of advance paydowns totaling $74.8 million , DHI Mortgage had an obligation of $419.0 million outstanding under the mortgage repurchase facility at December 31, 2016 at a 2.9% 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 December 31, 2016 , DHI Mortgage was in compliance with all of the conditions and covenants of the mortgage repurchase facility.

Capitalized Interest

Capitalized Interest	3 Months Ended
	Dec. 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 quarter of fiscal 2017 and in fiscal 2016, 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 months ended December 31, 2016 and 2015 : Three Months Ended 2016 2015 (In millions) Capitalized interest, beginning of period $ 191.2 $ 208.0 Interest incurred (1) 33.5 42.2 Interest charged to cost of sales (34.7 ) (35.2 ) Capitalized interest, end of period $ 190.0 $ 215.0 _______________ (1) Interest incurred includes interest incurred on the Company's financial services mortgage repurchase facility of $1.7 million and $1.6 million in the three months ended December 31, 2016 and 2015 , respectively.

Mortgage Loans

Mortgage Loans	3 Months Ended
	Dec. 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 December 31, 2016 , mortgage loans held for sale had an aggregate fair value of $548.3 million and an aggregate outstanding principal balance of $513.9 million . At September 30, 2016 , mortgage loans held for sale had an aggregate fair value of $654.0 million and an aggregate outstanding principal balance of $624.9 million . During the three months ended December 31, 2016 and 2015 , mortgage loans originated totaled $1.4 billion and $1.1 billion , respectively, and mortgage loans sold totaled $1.5 billion and $1.2 billion , respectively. The Company had gains on sales of loans and servicing rights of $57.4 million during the three months ended December 31, 2016 compared to $37.2 million in the prior year period. Net gains on sales of loans and servicing rights are included in financial services revenues in the consolidated statements of operations. Approximately 89% of the mortgage loans sold by DHI Mortgage during the three months ended December 31, 2016 were sold to three major financial entities, one of which purchased 45% 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 months ended December 31, 2016 and 2015 was not significant, is recognized in financial services revenues in the consolidated statements of operations. At December 31, 2016 and September 30, 2016 , the Company’s mortgage loans held for sale that were not committed to third-party purchasers totaled $230.7 million and $284.5 million , respectively, and the notional amounts of the hedging instruments related to those loans totaled $230.4 million and $284.5 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 December 31, 2016 and September 30, 2016 , the Company’s total other mortgage loans and real estate owned, before loss reserves, were as follows: December 31, September 30, (In millions) Other mortgage loans $ 14.6 $ 15.6 Real estate owned 0.7 0.8 $ 15.3 $ 16.4 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 analysis of the volume of mortgages originated, loan repurchase requests received, actual repurchases and losses through the disposition of such loans or requests and discussions with mortgage purchasers. The reserve balances at December 31, 2016 and September 30, 2016 were as follows: December 31, September 30, (In millions) Loss reserves related to: Other mortgage loans $ 1.8 $ 1.8 Real estate owned 0.1 0.1 Loan repurchase and settlement obligations – known and expected 7.3 6.8 $ 9.2 $ 8.7 Other mortgage loans and real estate owned net of the related loss reserves are included in other assets, while loan repurchase obligations are included in accounts payable and other liabilities, both of which are in the Financial Services and Other section of the Company’s 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 December 31, 2016 and September 30, 2016 , the notional amount of IRLCs, which are accounted for as derivative instruments recorded at fair value, totaled $525.7 million and $467.6 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 December 31, 2016 and September 30, 2016 , the notional amount of best-efforts whole loan delivery commitments totaled $41.5 million and $37.2 million , respectively, and the notional amount of hedging instruments related to IRLCs not yet committed to purchasers totaled $443.6 million and $385.5 million , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax expense for the three months ended December 31, 2016 and 2015 was $111.2 million and $83.6 million , respectively. The effective tax rate was 35.0% for the three months ended December 31, 2016 compared to 34.6% in the prior year period. The effective tax rate for both periods includes an expense for state income taxes, reduced by tax benefits for the domestic production activities deduction and federal energy tax credits. At December 31, 2016 and September 30, 2016 , the Company had deferred tax assets, net of deferred tax liabilities, of $478.1 million and $486.6 million , respectively, partially offset by a valuation allowance of $10.3 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. As of December 31, 2016 , the Company believes it is more likely than not that a portion of its state NOL carryforwards will not be realized because some state NOL 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 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. Stock options to purchase 2.8 million shares of common stock were excluded from the computation of diluted earnings per share for the 2016 period because their effect would have been antidilutive. Three Months Ended 2016 2015 (In millions) Numerator: Net income $ 206.9 $ 157.7 Denominator: Denominator for basic earnings per share — weighted average common shares 373.3 369.3 Effect of dilutive securities: Employee stock awards 4.1 4.2 Denominator for diluted earnings per share — adjusted weighted average common shares 377.4 373.5 Basic net income per common share $ 0.55 $ 0.43 Net income per common share assuming dilution $ 0.55 $ 0.42

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Dec. 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, 2016 , the Board of Directors authorized the repurchase of up to $100 million of the Company’s common stock effective through July 31, 2017 . All of the $100 million authorization was remaining at December 31, 2016 , and no common stock has been repurchased subsequent to December 31, 2016 . During the three months ended December 31, 2016 , the Board of Directors approved a quarterly cash dividend of $0.10 per common share, which was paid on December 12, 2016 to stockholders of record on November 28, 2016 . In January 2017 , the Board of Directors approved a quarterly cash dividend of $0.10 per common share, payable on February 15, 2017 to stockholders of record on February 3, 2017 . Quarterly cash dividends of $0.08 per common share were approved and paid in the comparable quarters of fiscal 2016 .

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Dec. 31, 2016
Compensation Related Costs [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Restricted Stock Units (RSUs) The Company’s Stock Incentive Plan, together with its Restricted Stock Unit Agreement, provide 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 2016 , 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, 2019 . 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 $29.20 per unit. Compensation expense related to these grants was $0.9 million for the three months ended December 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. In November 2016, 30,000 time-based RSUs were granted to the Company’s Chief Financial Officer. These time-based RSUs vest annually in equal installments over a three -year period ending November 2019. The fair value of this equity award on the date of grant was $27.61 per unit.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 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 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 months ended December 31, 2016 and 2015 were as follows: Three Months Ended 2016 2015 (In millions) Warranty liability, beginning of period $ 104.4 $ 82.0 Warranties issued 13.2 10.6 Changes in liability for pre-existing warranties 2.4 1.2 Settlements made (12.2 ) (9.7 ) Warranty liability, end of period $ 107.8 $ 84.1 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 $435.6 million and $423.5 million at December 31, 2016 and September 30, 2016 , respectively, and are included in homebuilding accrued expenses and other liabilities in the consolidated balance sheets. Approximately 95% of these reserves related to construction defect matters at both December 31, 2016 and September 30, 2016 . Expenses related to the Company’s legal contingencies were $27.0 million and $17.3 million in the three months ended December 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 December 31, 2016 , no individual existing claim was material to the Company’s financial statements. 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. 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. 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 increased from $423.5 million at September 30, 2016 to $435.6 million at December 31, 2016 due to an increase in known claims and the number of closed homes that are subject to possible future construction defect claims, partially offset by payments made for legal claims during the period, net of reimbursements received from subcontractors. Changes in the Company’s legal claims reserves during the three months ended December 31, 2016 and 2015 were as follows: Three Months Ended 2016 2015 (In millions) Reserves for legal claims, beginning of period $ 423.5 $ 451.0 Increase in reserves 26.3 21.8 Payments (14.2 ) (13.9 ) Reserves for legal claims, end of period $ 435.6 $ 458.9 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 $84.7 million , $88.7 million and $127.8 million at December 31, 2016 , September 30, 2016 and December 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 December 31, 2016 , the Company had total deposits of $173.9 million , consisting of cash deposits of $162.8 million and promissory notes and letters of credit of $11.1 million , to purchase land and lots with a total remaining purchase price of approximately $3.8 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 December 31, 2016 , representing $34.8 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 December 31, 2016 and September 30, 2016 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 December 31, 2016 and September 30, 2016 , the option deposits related to these contracts totaled $156.8 million and $149.5 million , respectively. Other Commitments At December 31, 2016 , the Company had outstanding surety bonds of $1.0 billion and letters of credit of $90.2 million to secure performance under various contracts. Of the total letters of credit, $86.9 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 $3.3 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	3 Months Ended
	Dec. 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 December 31, 2016 and September 30, 2016 were as follows: December 31, September 30, (In millions) Insurance receivables $ 84.7 $ 88.7 Earnest money and refundable deposits 228.9 219.7 Accounts and notes receivable 31.0 35.9 Prepaid assets 24.0 29.5 Rental properties 52.7 56.9 Other assets 23.4 25.5 $ 444.7 $ 456.2 The Company’s homebuilding accrued expenses and other liabilities at December 31, 2016 and September 30, 2016 were as follows: December 31, September 30, (In millions) Reserves for legal claims $ 435.6 $ 423.5 Employee compensation and related liabilities 147.8 183.3 Warranty liability 107.8 104.4 Accrued interest 40.3 17.9 Federal and state income tax liabilities 100.7 28.1 Inventory related accruals 32.1 31.9 Homebuyer deposits 45.7 54.2 Accrued property taxes 24.1 35.2 Other liabilities 33.5 38.6 $ 967.6 $ 917.1

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 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. The Company does not currently have any assets or liabilities measured at fair value using Level 1 inputs. • 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. The Company’s assets measured at fair value using Level 2 inputs on a nonrecurring basis are a limited number of mortgage loans held for sale with some degree of impairment affecting their marketability and are reported at the lower of carrying value or fair value. When available, fair value is determined by reference to quoted prices in the secondary markets for such assets. • 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 mortgage loans held 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 December 31, 2016 and September 30, 2016 , and the changes in the fair value of the Level 3 assets during the three months ended December 31, 2016 and 2015 . Fair Value at December 31, 2016 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Financial Services and Other: Mortgage loans held for sale (a) Mortgage loans held for sale $ — $ 532.8 $ 7.7 $ 540.5 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 10.5 — 10.5 Forward sales of MBS Other assets — 1.3 — 1.3 Best-efforts and mandatory commitments Other liabilities — (1.6 ) — (1.6 ) Fair Value at September 30, 2016 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Financial Services and Other: Mortgage loans held for sale (a) Mortgage loans held for sale $ — $ 640.9 $ 6.8 $ 647.7 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 9.3 — 9.3 Forward sales of MBS Other liabilities — (2.6 ) — (2.6 ) Best-efforts and mandatory commitments Other liabilities — (0.2 ) — (0.2 ) Level 3 Assets at Fair Value for the Three Months Ended December 31, 2016 Balance at Net realized and unrealized gains (losses) Purchases Sales and Settlements Principal Reductions Net transfers to (out of) Level 3 Balance at (In millions) Mortgage loans held for sale (a) $ 6.8 $ — $ — $ — $ — $ 0.9 $ 7.7 Level 3 Assets at Fair Value for the Three Months Ended December 31, 2015 Balance at Net realized and unrealized gains (losses) Purchases Sales and Settlements Principal Reductions Net transfers to (out of) Level 3 Balance at (In millions) Debt securities collateralized by residential real estate (c) $ 33.9 $ 1.9 $ — $ — $ (0.3 ) $ — $ 35.5 Mortgage loans held for sale (a) 13.9 (0.1 ) — (0.3 ) — 3.9 17.4 ______________ (a) 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 December 31, 2016 and September 30, 2016 include $7.7 million and $6.8 million , respectively, of loans for which the Company elected the fair value option upon origination and did not sell into the secondary market. Mortgage loans held for sale totaling $0.9 million and $3.9 million were transferred to Level 3 during the three months ended December 31, 2016 and 2015 , respectively, due to significant unobservable inputs used in determining the fair value of these loans. The fair value of these mortgage loans held for sale is generally calculated considering pricing in the secondary market and adjusted for the value of the underlying collateral, including interest rate risk, liquidity risk and prepayment risk. The Company plans to sell these loans as market conditions permit. (b) 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 as other assets or other liabilities. Changes in the fair value of these derivatives are included in financial services revenues in the consolidated statements of operations. (c) 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 sold all of the debt securities to a third party for $35.8 million in January 2016. The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at December 31, 2016 and September 30, 2016 : Fair Value at Fair Value at Balance Sheet Location Level 2 Level 3 Level 2 Level 3 (In millions) Homebuilding: Inventory held and used (a) (b) Inventories $ — $ — $ — $ 5.2 Inventory available for sale (a) (c) Inventories — — — 0.8 Financial Services and Other: Mortgage loans held for sale (a) (d) Mortgage loans held for sale 0.7 1.2 1.6 2.4 Other mortgage loans (a) (e) Other assets — 0.7 — 3.8 Real estate owned (a) (e) Other assets — — — 0.1 _____________________ (a) The fair values included in the table above represent only those assets whose carrying values were adjusted to fair value as a result of impairment 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 10% 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) These mortgage loans have some degree of impairment affecting their marketability. When available, quoted prices in the secondary market are used to determine fair value (Level 2); otherwise, a cash flow valuation model is used to determine fair value (Level 3). (e) 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 December 31, 2016 and September 30, 2016 : Carrying Value Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Total (In millions) Homebuilding: Cash and cash equivalents (a) $ 1,115.5 $ 1,115.5 $ — $ — $ 1,115.5 Restricted cash (a) 8.8 8.8 — — 8.8 Senior notes (b) 2,787.7 — 2,874.2 — 2,874.2 Other secured notes (a) 10.9 — — 10.9 10.9 Financial Services and Other: Cash and cash equivalents (a) 34.8 34.8 — — 34.8 Restricted cash (a) (c) 6.7 6.7 — — 6.7 Mortgage repurchase facility (a) 419.0 — — 419.0 419.0 Carrying Value Fair Value at September 30, 2016 Level 1 Level 2 Level 3 Total (In millions) Homebuilding: Cash and cash equivalents (a) $ 1,271.8 $ 1,271.8 $ — $ — $ 1,271.8 Restricted cash (a) 9.5 9.5 — — 9.5 Senior notes (b) 2,786.7 — 2,947.4 — 2,947.4 Other secured notes (a) 11.6 — — 11.6 11.6 Financial Services and Other: Cash and cash equivalents (a) 31.4 31.4 — — 31.4 Mortgage repurchase facility (a) 473.0 — — 473.0 473.0 _____________________ (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 prices, which is classified as Level 2 within the fair value hierarchy. (c) Restricted cash of the financial services segment is included in other assets in the Financial Services and Other section of the consolidated balance sheet.

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Dec. 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 D. R. Horton, Inc. and other subsidiaries (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. As described in Note A, the operating results of certain subsidiaries previously included in the Company’s homebuilding operations have been reclassified to its financial services and other operations. These reclassifications are limited to the Non-Guarantor Subsidiaries column of the condensed consolidating statement of operations for the three months ended December 31, 2015 . NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet December 31, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 1,012.2 $ 61.2 $ 76.9 $ — $ 1,150.3 Restricted cash 7.0 1.8 — — 8.8 Investments in subsidiaries 4,234.3 — — (4,234.3 ) — Inventories 3,092.0 5,525.3 125.1 — 8,742.4 Deferred income taxes 158.4 306.5 2.9 — 467.8 Property and equipment, net 81.7 55.0 86.9 (5.2 ) 218.4 Other assets 169.7 261.2 65.2 — 496.1 Mortgage loans held for sale — — 548.3 — 548.3 Goodwill — 80.0 — — 80.0 Intercompany receivables 1,517.8 — — (1,517.8 ) — Total Assets $ 10,273.1 $ 6,291.0 $ 905.3 $ (5,757.3 ) $ 11,712.1 LIABILITIES & EQUITY Accounts payable and other liabilities $ 497.7 $ 900.4 $ 116.4 $ (1.8 ) $ 1,512.7 Intercompany payables — 1,293.5 224.3 (1,517.8 ) — Notes payable 2,790.7 7.9 419.0 — 3,217.6 Total Liabilities 3,288.4 2,201.8 759.7 (1,519.6 ) 4,730.3 Stockholders’ equity 6,984.7 4,089.2 145.1 (4,237.7 ) 6,981.3 Noncontrolling interests — — 0.5 — 0.5 Total Equity 6,984.7 4,089.2 145.6 (4,237.7 ) 6,981.8 Total Liabilities & Equity $ 10,273.1 $ 6,291.0 $ 905.3 $ (5,757.3 ) $ 11,712.1 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet September 30, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 1,076.4 $ 154.0 $ 72.8 $ — $ 1,303.2 Restricted cash 7.4 2.1 — — 9.5 Investments in subsidiaries 4,118.6 — — (4,118.6 ) — Inventories 2,822.1 5,425.7 93.1 — 8,340.9 Deferred income taxes 159.3 314.1 2.9 — 476.3 Property and equipment, net 72.0 49.9 78.7 (5.2 ) 195.4 Other assets 168.7 274.2 56.7 — 499.6 Mortgage loans held for sale — — 654.0 — 654.0 Goodwill — 80.0 — — 80.0 Intercompany receivables 1,604.5 — — (1,604.5 ) — Total Assets $ 10,029.0 $ 6,300.0 $ 958.2 $ (5,728.3 ) $ 11,558.9 LIABILITIES & EQUITY Accounts payable and other liabilities $ 444.1 $ 933.1 $ 119.2 $ (1.8 ) $ 1,494.6 Intercompany payables — 1,417.1 187.4 (1,604.5 ) — Notes payable 2,789.0 9.3 473.0 — 3,271.3 Total Liabilities 3,233.1 2,359.5 779.6 (1,606.3 ) 4,765.9 Stockholders’ equity 6,795.9 3,940.5 178.1 (4,122.0 ) 6,792.5 Noncontrolling interests — — 0.5 — 0.5 Total Equity 6,795.9 3,940.5 178.6 (4,122.0 ) 6,793.0 Total Liabilities & Equity $ 10,029.0 $ 6,300.0 $ 958.2 $ (5,728.3 ) $ 11,558.9 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Homebuilding: Revenues $ 918.1 $ 1,896.1 $ 11.9 $ — $ 2,826.1 Cost of sales 735.4 1,524.7 7.8 — 2,267.9 Gross profit 182.7 371.4 4.1 — 558.2 Selling, general and administrative expense 124.0 143.3 1.1 — 268.4 Equity in (income) of subsidiaries (255.3 ) — — 255.3 — Other (income) expense (4.1 ) — — — (4.1 ) Homebuilding pre-tax income 318.1 228.1 3.0 (255.3 ) 293.9 Financial Services and Other: Revenues — — 78.1 — 78.1 General and administrative expense — — 57.5 — 57.5 Interest and other (income) expense — — (3.6 ) — (3.6 ) Financial services and other pre-tax income — — 24.2 — 24.2 Income before income taxes 318.1 228.1 27.2 (255.3 ) 318.1 Income tax expense 111.2 79.2 10.2 (89.4 ) 111.2 Net income $ 206.9 $ 148.9 $ 17.0 $ (165.9 ) $ 206.9 Comprehensive income $ 206.9 $ 148.9 $ 17.0 $ (165.9 ) $ 206.9 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2015 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Homebuilding: Revenues $ 795.6 $ 1,570.9 $ — $ (5.4 ) $ 2,361.1 Cost of sales 638.9 1,253.8 2.4 (2.9 ) 1,892.2 Gross profit (loss) 156.7 317.1 (2.4 ) (2.5 ) 468.9 Selling, general and administrative expense 111.9 129.2 0.6 — 241.7 Equity in (income) of subsidiaries (195.7 ) — — 195.7 — Other (income) expense (0.8 ) (0.7 ) (0.2 ) — (1.7 ) Homebuilding pre-tax income (loss) 241.3 188.6 (2.8 ) (198.2 ) 228.9 Financial Services and Other: Revenues — — 55.3 — 55.3 General and administrative expense — — 47.7 — 47.7 Interest and other (income) expense — — (4.8 ) — (4.8 ) Financial services and other pre-tax income — — 12.4 — 12.4 Income before income taxes 241.3 188.6 9.6 (198.2 ) 241.3 Income tax expense 83.6 65.1 3.7 (68.8 ) 83.6 Net income $ 157.7 $ 123.5 $ 5.9 $ (129.4 ) $ 157.7 Comprehensive income $ 158.9 $ 123.5 $ 5.9 $ (129.4 ) $ 158.9 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 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 $ (107.1 ) $ 40.5 $ 83.3 $ (50.0 ) $ (33.3 ) INVESTING ACTIVITIES Purchases of property and equipment (10.5 ) (5.4 ) (6.3 ) — (22.2 ) Decrease (increase) in restricted cash 0.4 0.3 (6.7 ) — (6.0 ) Net principal decrease of other mortgage loans and real estate owned — — 1.0 — 1.0 Intercompany advances 91.1 — — (91.1 ) — Payments related to acquisition of a business (4.1 ) — — — (4.1 ) Net cash provided by (used in) investing activities 76.9 (5.1 ) (12.0 ) (91.1 ) (31.3 ) FINANCING ACTIVITIES Repayment of notes payable — (0.3 ) (54.0 ) — (54.3 ) Intercompany advances — (127.9 ) 36.8 91.1 — Proceeds from stock associated with certain employee benefit plans 2.8 — — — 2.8 Excess income tax benefit from employee stock awards 0.5 — — — 0.5 Cash dividends paid (37.3 ) — (50.0 ) 50.0 (37.3 ) Net cash used in financing activities (34.0 ) (128.2 ) (67.2 ) 141.1 (88.3 ) (Decrease) increase in cash and cash equivalents (64.2 ) (92.8 ) 4.1 — (152.9 ) Cash and cash equivalents at beginning of period 1,076.4 154.0 72.8 — 1,303.2 Cash and cash equivalents at end of period $ 1,012.2 $ 61.2 $ 76.9 $ — $ 1,150.3 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 31, 2015 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ 35.7 $ (111.3 ) $ 114.1 $ (40.0 ) $ (1.5 ) INVESTING ACTIVITIES Purchases of property and equipment (10.6 ) (4.7 ) (4.8 ) — (20.1 ) Decrease (increase) in restricted cash 0.1 (0.1 ) — — — Net principal increase of other mortgage loans and real estate owned — — (2.1 ) — (2.1 ) Intercompany advances (66.4 ) — — 66.4 — Net cash used in investing activities (76.9 ) (4.8 ) (6.9 ) 66.4 (22.2 ) FINANCING ACTIVITIES Repayment of notes payable — (0.2 ) (80.8 ) — (81.0 ) Intercompany advances — 55.9 10.5 (66.4 ) — Proceeds from stock associated with certain employee benefit plans 17.0 — — — 17.0 Excess income tax benefit from employee stock awards 2.2 — — — 2.2 Cash dividends paid (29.6 ) — (40.0 ) 40.0 (29.6 ) Net cash (used in) provided by financing activities (10.4 ) 55.7 (110.3 ) (26.4 ) (91.4 ) Decrease in cash and cash equivalents (51.6 ) (60.4 ) (3.1 ) — (115.1 ) 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 $ 1,166.1 $ 34.2 $ 68.4 $ — $ 1,268.7

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 fairly state the results for the interim periods shown, including normal recurring accruals and other items. These financial statements, including the consolidated balance sheet as of September 30, 2016 , 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, 2016 .
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.
Reclassifications	Reclassifications In addition to its core homebuilding and financial services operations, the Company owns subsidiaries that engage in other business activities. These other business activities include insurance-related operations, the construction and operation of rental real estate properties, investments in non-residential real estate including ranch land and improvements and the operation of oil and gas related assets. During the fourth quarter of fiscal 2016, the Company reclassified the assets, liabilities and operating results of these subsidiaries from the Homebuilding sections of its balance sheet and statement of operations to the Financial Services and Other sections. The statement of operations for the three months ended December 31, 2015 reflects the reclassification of $1.6 million of general and administrative expenses and $1.7 million of other income from the Homebuilding section to the Financial Services and Other section. These reclassifications had no effect on the Company’s consolidated financial position or results of operations. As other prior period financial information is presented in future filings, the Company will make similar reclassifications within the consolidated financial statements.
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 $40.1 million and $40.5 million at December 31, 2016 and September 30, 2016 , 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 continuing to evaluate the effect of adopting ASU 2014-09 and the manner in which it will adopt the new standard. 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 January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities,” which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The guidance is effective for the Company beginning October 1, 2018 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 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses,” which replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for the Company beginning October 1, 2020 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments,” which amends and clarifies the current guidance to reduce diversity in practice of the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for the Company beginning October 1, 2018 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows - Restricted Cash,” which requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. The guidance is effective for the Company beginning October 1, 2018 and is not expected to have a material impact on its consolidated financial position or cash flows. In January 2017, the FASB issued ASU 2017-01, “Business Combinations - Clarifying the Definition of a Business,” which clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for the Company beginning October 1, 2018 and is not expected to have a material impact on its consolidated financial position, results of operations or cash flows.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 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, 2016 . Financial information relating to the Company’s reporting segments is as follows: Three Months Ended 2016 2015 (In millions) Revenues Homebuilding revenues: East $ 305.9 $ 298.1 Midwest 151.1 123.3 Southeast 883.4 711.6 South Central 756.9 612.6 Southwest 108.6 73.9 West 620.2 541.6 Homebuilding revenues 2,826.1 2,361.1 Financial services revenues 78.1 55.3 Total revenues $ 2,904.2 $ 2,416.4 Income Before Income Taxes (1) (2) Homebuilding pre-tax income: East $ 26.3 $ 27.7 Midwest 10.2 7.0 Southeast 99.6 76.8 South Central 96.5 64.7 Southwest 4.0 2.7 West 57.3 50.0 Homebuilding pre-tax income 293.9 228.9 Financial services pre-tax income 26.5 12.3 Homebuilding and financial services pre-tax income 320.4 241.2 Other pre-tax (loss) income (2.3 ) 0.1 Income before income taxes $ 318.1 $ 241.3 ___________ (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 expenses associated with the corporate office are allocated to each segment based on the segment’s inventory balances. (2) The operating results of certain subsidiaries that were previously included with the Company’s homebuilding operations are now grouped together and presented as other. The operating results of these subsidiaries are immaterial for separate reporting. The prior year amounts have been reclassified to conform to the current year presentation. December 31, September 30, (In millions) Homebuilding Inventories (1) East $ 969.8 $ 891.1 Midwest 460.5 441.2 Southeast 2,197.3 2,070.3 South Central 2,138.8 2,075.6 Southwest 394.0 371.1 West 2,337.6 2,247.6 Corporate and unallocated (2) 244.4 244.0 Total homebuilding inventories $ 8,742.4 $ 8,340.9 ___________ (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)	3 Months Ended
	Dec. 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 debt issuance costs, consist of the following: December 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility, maturing 2020 $ — $ — 4.75% senior notes due 2017 349.7 349.5 3.625% senior notes due 2018 399.1 398.9 3.75% senior notes due 2019 498.2 498.0 4.0% senior notes due 2020 497.3 497.1 4.375% senior notes due 2022 347.8 347.7 4.75% senior notes due 2023 298.2 298.2 5.75% senior notes due 2023 397.4 397.3 Other secured notes 10.9 11.6 $ 2,798.6 $ 2,798.3 Financial Services: Mortgage repurchase facility, maturing 2017 $ 419.0 $ 473.0

Capitalized Interest (Tables)

Capitalized Interest (Tables)	3 Months Ended
	Dec. 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 months ended December 31, 2016 and 2015 : Three Months Ended 2016 2015 (In millions) Capitalized interest, beginning of period $ 191.2 $ 208.0 Interest incurred (1) 33.5 42.2 Interest charged to cost of sales (34.7 ) (35.2 ) Capitalized interest, end of period $ 190.0 $ 215.0 _______________ (1) Interest incurred includes interest incurred on the Company's financial services mortgage repurchase facility of $1.7 million and $1.6 million in the three months ended December 31, 2016 and 2015 , respectively.

Mortgage Loans (Tables)

Mortgage Loans (Tables)	3 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule of other mortgage loans and real estate owned	At December 31, 2016 and September 30, 2016 , the Company’s total other mortgage loans and real estate owned, before loss reserves, were as follows: December 31, September 30, (In millions) Other mortgage loans $ 14.6 $ 15.6 Real estate owned 0.7 0.8 $ 15.3 $ 16.4
Schedule of mortgage loss reserves	The reserve balances at December 31, 2016 and September 30, 2016 were as follows: December 31, September 30, (In millions) Loss reserves related to: Other mortgage loans $ 1.8 $ 1.8 Real estate owned 0.1 0.1 Loan repurchase and settlement obligations – known and expected 7.3 6.8 $ 9.2 $ 8.7

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 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. Stock options to purchase 2.8 million shares of common stock were excluded from the computation of diluted earnings per share for the 2016 period because their effect would have been antidilutive. Three Months Ended 2016 2015 (In millions) Numerator: Net income $ 206.9 $ 157.7 Denominator: Denominator for basic earnings per share — weighted average common shares 373.3 369.3 Effect of dilutive securities: Employee stock awards 4.1 4.2 Denominator for diluted earnings per share — adjusted weighted average common shares 377.4 373.5 Basic net income per common share $ 0.55 $ 0.43 Net income per common share assuming dilution $ 0.55 $ 0.42

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Changes in warranty liability	Changes in the Company’s warranty liability during the three months ended December 31, 2016 and 2015 were as follows: Three Months Ended 2016 2015 (In millions) Warranty liability, beginning of period $ 104.4 $ 82.0 Warranties issued 13.2 10.6 Changes in liability for pre-existing warranties 2.4 1.2 Settlements made (12.2 ) (9.7 ) Warranty liability, end of period $ 107.8 $ 84.1
Rollforward of the reserve of legal claims	Changes in the Company’s legal claims reserves during the three months ended December 31, 2016 and 2015 were as follows: Three Months Ended 2016 2015 (In millions) Reserves for legal claims, beginning of period $ 423.5 $ 451.0 Increase in reserves 26.3 21.8 Payments (14.2 ) (13.9 ) Reserves for legal claims, end of period $ 435.6 $ 458.9

Other Assets and Accrued Expe27

Other Assets and Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Dec. 31, 2016
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
Homebuilding other assets	The Company’s homebuilding other assets at December 31, 2016 and September 30, 2016 were as follows: December 31, September 30, (In millions) Insurance receivables $ 84.7 $ 88.7 Earnest money and refundable deposits 228.9 219.7 Accounts and notes receivable 31.0 35.9 Prepaid assets 24.0 29.5 Rental properties 52.7 56.9 Other assets 23.4 25.5 $ 444.7 $ 456.2
Homebuilding accrued expenses and other liabilities	The Company’s homebuilding accrued expenses and other liabilities at December 31, 2016 and September 30, 2016 were as follows: December 31, September 30, (In millions) Reserves for legal claims $ 435.6 $ 423.5 Employee compensation and related liabilities 147.8 183.3 Warranty liability 107.8 104.4 Accrued interest 40.3 17.9 Federal and state income tax liabilities 100.7 28.1 Inventory related accruals 32.1 31.9 Homebuyer deposits 45.7 54.2 Accrued property taxes 24.1 35.2 Other liabilities 33.5 38.6 $ 967.6 $ 917.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 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 December 31, 2016 and September 30, 2016 , and the changes in the fair value of the Level 3 assets during the three months ended December 31, 2016 and 2015 . Fair Value at December 31, 2016 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Financial Services and Other: Mortgage loans held for sale (a) Mortgage loans held for sale $ — $ 532.8 $ 7.7 $ 540.5 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 10.5 — 10.5 Forward sales of MBS Other assets — 1.3 — 1.3 Best-efforts and mandatory commitments Other liabilities — (1.6 ) — (1.6 ) Fair Value at September 30, 2016 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Financial Services and Other: Mortgage loans held for sale (a) Mortgage loans held for sale $ — $ 640.9 $ 6.8 $ 647.7 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 9.3 — 9.3 Forward sales of MBS Other liabilities — (2.6 ) — (2.6 ) Best-efforts and mandatory commitments Other liabilities — (0.2 ) — (0.2 ) Level 3 Assets at Fair Value for the Three Months Ended December 31, 2016 Balance at Net realized and unrealized gains (losses) Purchases Sales and Settlements Principal Reductions Net transfers to (out of) Level 3 Balance at (In millions) Mortgage loans held for sale (a) $ 6.8 $ — $ — $ — $ — $ 0.9 $ 7.7 Level 3 Assets at Fair Value for the Three Months Ended December 31, 2015 Balance at Net realized and unrealized gains (losses) Purchases Sales and Settlements Principal Reductions Net transfers to (out of) Level 3 Balance at (In millions) Debt securities collateralized by residential real estate (c) $ 33.9 $ 1.9 $ — $ — $ (0.3 ) $ — $ 35.5 Mortgage loans held for sale (a) 13.9 (0.1 ) — (0.3 ) — 3.9 17.4 ______________ (a) 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 December 31, 2016 and September 30, 2016 include $7.7 million and $6.8 million , respectively, of loans for which the Company elected the fair value option upon origination and did not sell into the secondary market. Mortgage loans held for sale totaling $0.9 million and $3.9 million were transferred to Level 3 during the three months ended December 31, 2016 and 2015 , respectively, due to significant unobservable inputs used in determining the fair value of these loans. The fair value of these mortgage loans held for sale is generally calculated considering pricing in the secondary market and adjusted for the value of the underlying collateral, including interest rate risk, liquidity risk and prepayment risk. The Company plans to sell these loans as market conditions permit. (b) 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 as other assets or other liabilities. Changes in the fair value of these derivatives are included in financial services revenues in the consolidated statements of operations. (c) 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 sold all of the debt securities to a third party for $35.8 million in January 2016.
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 December 31, 2016 and September 30, 2016 : Fair Value at Fair Value at Balance Sheet Location Level 2 Level 3 Level 2 Level 3 (In millions) Homebuilding: Inventory held and used (a) (b) Inventories $ — $ — $ — $ 5.2 Inventory available for sale (a) (c) Inventories — — — 0.8 Financial Services and Other: Mortgage loans held for sale (a) (d) Mortgage loans held for sale 0.7 1.2 1.6 2.4 Other mortgage loans (a) (e) Other assets — 0.7 — 3.8 Real estate owned (a) (e) Other assets — — — 0.1 _____________________ (a) The fair values included in the table above represent only those assets whose carrying values were adjusted to fair value as a result of impairment 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 10% 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) These mortgage loans have some degree of impairment affecting their marketability. When available, quoted prices in the secondary market are used to determine fair value (Level 2); otherwise, a cash flow valuation model is used to determine fair value (Level 3). (e) 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 December 31, 2016 and September 30, 2016 : Carrying Value Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Total (In millions) Homebuilding: Cash and cash equivalents (a) $ 1,115.5 $ 1,115.5 $ — $ — $ 1,115.5 Restricted cash (a) 8.8 8.8 — — 8.8 Senior notes (b) 2,787.7 — 2,874.2 — 2,874.2 Other secured notes (a) 10.9 — — 10.9 10.9 Financial Services and Other: Cash and cash equivalents (a) 34.8 34.8 — — 34.8 Restricted cash (a) (c) 6.7 6.7 — — 6.7 Mortgage repurchase facility (a) 419.0 — — 419.0 419.0 Carrying Value Fair Value at September 30, 2016 Level 1 Level 2 Level 3 Total (In millions) Homebuilding: Cash and cash equivalents (a) $ 1,271.8 $ 1,271.8 $ — $ — $ 1,271.8 Restricted cash (a) 9.5 9.5 — — 9.5 Senior notes (b) 2,786.7 — 2,947.4 — 2,947.4 Other secured notes (a) 11.6 — — 11.6 11.6 Financial Services and Other: Cash and cash equivalents (a) 31.4 31.4 — — 31.4 Mortgage repurchase facility (a) 473.0 — — 473.0 473.0 _____________________ (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 prices, which is classified as Level 2 within the fair value hierarchy. (c) Restricted cash of the financial services segment is included in other assets in the Financial Services and Other section of the consolidated balance sheet.

Supplemental Guarantor Inform29

Supplemental Guarantor Information (Tables)	3 Months Ended
	Dec. 31, 2016
Supplemental Guarantor Information [Abstract]
Condensed Financial Statements	Consolidating Balance Sheet December 31, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 1,012.2 $ 61.2 $ 76.9 $ — $ 1,150.3 Restricted cash 7.0 1.8 — — 8.8 Investments in subsidiaries 4,234.3 — — (4,234.3 ) — Inventories 3,092.0 5,525.3 125.1 — 8,742.4 Deferred income taxes 158.4 306.5 2.9 — 467.8 Property and equipment, net 81.7 55.0 86.9 (5.2 ) 218.4 Other assets 169.7 261.2 65.2 — 496.1 Mortgage loans held for sale — — 548.3 — 548.3 Goodwill — 80.0 — — 80.0 Intercompany receivables 1,517.8 — — (1,517.8 ) — Total Assets $ 10,273.1 $ 6,291.0 $ 905.3 $ (5,757.3 ) $ 11,712.1 LIABILITIES & EQUITY Accounts payable and other liabilities $ 497.7 $ 900.4 $ 116.4 $ (1.8 ) $ 1,512.7 Intercompany payables — 1,293.5 224.3 (1,517.8 ) — Notes payable 2,790.7 7.9 419.0 — 3,217.6 Total Liabilities 3,288.4 2,201.8 759.7 (1,519.6 ) 4,730.3 Stockholders’ equity 6,984.7 4,089.2 145.1 (4,237.7 ) 6,981.3 Noncontrolling interests — — 0.5 — 0.5 Total Equity 6,984.7 4,089.2 145.6 (4,237.7 ) 6,981.8 Total Liabilities & Equity $ 10,273.1 $ 6,291.0 $ 905.3 $ (5,757.3 ) $ 11,712.1 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet September 30, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 1,076.4 $ 154.0 $ 72.8 $ — $ 1,303.2 Restricted cash 7.4 2.1 — — 9.5 Investments in subsidiaries 4,118.6 — — (4,118.6 ) — Inventories 2,822.1 5,425.7 93.1 — 8,340.9 Deferred income taxes 159.3 314.1 2.9 — 476.3 Property and equipment, net 72.0 49.9 78.7 (5.2 ) 195.4 Other assets 168.7 274.2 56.7 — 499.6 Mortgage loans held for sale — — 654.0 — 654.0 Goodwill — 80.0 — — 80.0 Intercompany receivables 1,604.5 — — (1,604.5 ) — Total Assets $ 10,029.0 $ 6,300.0 $ 958.2 $ (5,728.3 ) $ 11,558.9 LIABILITIES & EQUITY Accounts payable and other liabilities $ 444.1 $ 933.1 $ 119.2 $ (1.8 ) $ 1,494.6 Intercompany payables — 1,417.1 187.4 (1,604.5 ) — Notes payable 2,789.0 9.3 473.0 — 3,271.3 Total Liabilities 3,233.1 2,359.5 779.6 (1,606.3 ) 4,765.9 Stockholders’ equity 6,795.9 3,940.5 178.1 (4,122.0 ) 6,792.5 Noncontrolling interests — — 0.5 — 0.5 Total Equity 6,795.9 3,940.5 178.6 (4,122.0 ) 6,793.0 Total Liabilities & Equity $ 10,029.0 $ 6,300.0 $ 958.2 $ (5,728.3 ) $ 11,558.9 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2016 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Homebuilding: Revenues $ 918.1 $ 1,896.1 $ 11.9 $ — $ 2,826.1 Cost of sales 735.4 1,524.7 7.8 — 2,267.9 Gross profit 182.7 371.4 4.1 — 558.2 Selling, general and administrative expense 124.0 143.3 1.1 — 268.4 Equity in (income) of subsidiaries (255.3 ) — — 255.3 — Other (income) expense (4.1 ) — — — (4.1 ) Homebuilding pre-tax income 318.1 228.1 3.0 (255.3 ) 293.9 Financial Services and Other: Revenues — — 78.1 — 78.1 General and administrative expense — — 57.5 — 57.5 Interest and other (income) expense — — (3.6 ) — (3.6 ) Financial services and other pre-tax income — — 24.2 — 24.2 Income before income taxes 318.1 228.1 27.2 (255.3 ) 318.1 Income tax expense 111.2 79.2 10.2 (89.4 ) 111.2 Net income $ 206.9 $ 148.9 $ 17.0 $ (165.9 ) $ 206.9 Comprehensive income $ 206.9 $ 148.9 $ 17.0 $ (165.9 ) $ 206.9 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2015 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Homebuilding: Revenues $ 795.6 $ 1,570.9 $ — $ (5.4 ) $ 2,361.1 Cost of sales 638.9 1,253.8 2.4 (2.9 ) 1,892.2 Gross profit (loss) 156.7 317.1 (2.4 ) (2.5 ) 468.9 Selling, general and administrative expense 111.9 129.2 0.6 — 241.7 Equity in (income) of subsidiaries (195.7 ) — — 195.7 — Other (income) expense (0.8 ) (0.7 ) (0.2 ) — (1.7 ) Homebuilding pre-tax income (loss) 241.3 188.6 (2.8 ) (198.2 ) 228.9 Financial Services and Other: Revenues — — 55.3 — 55.3 General and administrative expense — — 47.7 — 47.7 Interest and other (income) expense — — (4.8 ) — (4.8 ) Financial services and other pre-tax income — — 12.4 — 12.4 Income before income taxes 241.3 188.6 9.6 (198.2 ) 241.3 Income tax expense 83.6 65.1 3.7 (68.8 ) 83.6 Net income $ 157.7 $ 123.5 $ 5.9 $ (129.4 ) $ 157.7 Comprehensive income $ 158.9 $ 123.5 $ 5.9 $ (129.4 ) $ 158.9 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 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 $ (107.1 ) $ 40.5 $ 83.3 $ (50.0 ) $ (33.3 ) INVESTING ACTIVITIES Purchases of property and equipment (10.5 ) (5.4 ) (6.3 ) — (22.2 ) Decrease (increase) in restricted cash 0.4 0.3 (6.7 ) — (6.0 ) Net principal decrease of other mortgage loans and real estate owned — — 1.0 — 1.0 Intercompany advances 91.1 — — (91.1 ) — Payments related to acquisition of a business (4.1 ) — — — (4.1 ) Net cash provided by (used in) investing activities 76.9 (5.1 ) (12.0 ) (91.1 ) (31.3 ) FINANCING ACTIVITIES Repayment of notes payable — (0.3 ) (54.0 ) — (54.3 ) Intercompany advances — (127.9 ) 36.8 91.1 — Proceeds from stock associated with certain employee benefit plans 2.8 — — — 2.8 Excess income tax benefit from employee stock awards 0.5 — — — 0.5 Cash dividends paid (37.3 ) — (50.0 ) 50.0 (37.3 ) Net cash used in financing activities (34.0 ) (128.2 ) (67.2 ) 141.1 (88.3 ) (Decrease) increase in cash and cash equivalents (64.2 ) (92.8 ) 4.1 — (152.9 ) Cash and cash equivalents at beginning of period 1,076.4 154.0 72.8 — 1,303.2 Cash and cash equivalents at end of period $ 1,012.2 $ 61.2 $ 76.9 $ — $ 1,150.3 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 31, 2015 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ 35.7 $ (111.3 ) $ 114.1 $ (40.0 ) $ (1.5 ) INVESTING ACTIVITIES Purchases of property and equipment (10.6 ) (4.7 ) (4.8 ) — (20.1 ) Decrease (increase) in restricted cash 0.1 (0.1 ) — — — Net principal increase of other mortgage loans and real estate owned — — (2.1 ) — (2.1 ) Intercompany advances (66.4 ) — — 66.4 — Net cash used in investing activities (76.9 ) (4.8 ) (6.9 ) 66.4 (22.2 ) FINANCING ACTIVITIES Repayment of notes payable — (0.2 ) (80.8 ) — (81.0 ) Intercompany advances — 55.9 10.5 (66.4 ) — Proceeds from stock associated with certain employee benefit plans 17.0 — — — 17.0 Excess income tax benefit from employee stock awards 2.2 — — — 2.2 Cash dividends paid (29.6 ) — (40.0 ) 40.0 (29.6 ) Net cash (used in) provided by financing activities (10.4 ) 55.7 (110.3 ) (26.4 ) (91.4 ) Decrease in cash and cash equivalents (51.6 ) (60.4 ) (3.1 ) — (115.1 ) 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 $ 1,166.1 $ 34.2 $ 68.4 $ — $ 1,268.7

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2016	Sep. 30, 2016	Sep. 30, 2015
Entity Information [Line Items]
Cash and cash equivalents, Carrying value	$ 1,268.7	$ 1,150.3	$ 1,303.2	$ 1,383.8
Subsidiaries [Member]
Entity Information [Line Items]
Cash and cash equivalents, Carrying value		$ 40.1	$ 40.5
Other Segments [Member]
Entity Information [Line Items]
General and administrative expense	1.6
Other income	$ 1.7

Segment Information - Narrative

Segment Information - Narrative (Details) - Homebuilding [Member]	3 Months Ended
	Dec. 31, 2016MarketStateSegmentsOperatingDivisions
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	78
Number of housing construction states | State	26
Number of home building operating divisions | OperatingDivisions	40
Number of homebuilding reporting segments | Segments	6

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016
Homebuilding revenues:
Total revenues	$ 2,904.2	$ 2,416.4
Income Before Income Taxes
Income before income taxes	318.1	241.3
Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	2,826.1	2,361.1
Income Before Income Taxes
Income before income taxes	293.9	228.9
Homebuilding Inventories
Total homebuilding inventories	8,742.4		$ 8,340.9
Homebuilding [Member] | Corporate, Non-Segment [Member]
Homebuilding Inventories
Total homebuilding inventories	244.4		244
Financial Services and Other [Member]
Homebuilding revenues:
Financial services revenues	78.1	55.3
Income Before Income Taxes
Income before income taxes	24.2	12.4
Financial Services Excluding Other [Member]
Income Before Income Taxes
Income before income taxes	26.5	12.3
Homebuilding and Financial Services Excluding Other [Member]
Income Before Income Taxes
Income before income taxes	320.4	241.2
Other Segments [Member]
Income Before Income Taxes
Income before income taxes	(2.3)	0.1
East [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	305.9	298.1
Income Before Income Taxes
Income before income taxes	26.3	27.7
Homebuilding Inventories
Total homebuilding inventories	969.8		891.1
Midwest [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	151.1	123.3
Income Before Income Taxes
Income before income taxes	10.2	7
Homebuilding Inventories
Total homebuilding inventories	460.5		441.2
Southeast [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	883.4	711.6
Income Before Income Taxes
Income before income taxes	99.6	76.8
Homebuilding Inventories
Total homebuilding inventories	2,197.3		2,070.3
South Central [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	756.9	612.6
Income Before Income Taxes
Income before income taxes	96.5	64.7
Homebuilding Inventories
Total homebuilding inventories	2,138.8		2,075.6
Southwest [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	108.6	73.9
Income Before Income Taxes
Income before income taxes	4	2.7
Homebuilding Inventories
Total homebuilding inventories	394		371.1
West [Member] | Homebuilding [Member]
Homebuilding revenues:
Homebuilding revenues	620.2	541.6
Income Before Income Taxes
Income before income taxes	57.3	$ 50
Homebuilding Inventories
Total homebuilding inventories	$ 2,337.6		$ 2,247.6

Inventory (Details)

Inventory (Details) - Homebuilding [Member] - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Inventory [Line Items]
Carrying value of communities with impairment indicators	$ 123,200,000
Impairment charges	0	$ 500,000
Write-offs (recoveries) of earnest money deposits and pre-acquisition costs	$ 2,300,000	$ 1,500,000

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Millions	Dec. 31, 2016	Sep. 30, 2016
Unsecured:
Notes payable	$ 3,217.6	$ 3,271.3
Homebuilding [Member]
Unsecured:
Notes payable	2,798.6	2,798.3
Financial Services and Other [Member]
Unsecured:
Mortgage repurchase facility	$ 419	473
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] | 4.75% senior notes due 2017 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	349.7	349.5
Unsecured Debt [Member] | 3.625% senior notes due 2018 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	399.1	398.9
Unsecured Debt [Member] | 3.75% senior notes due 2019 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	498.2	498
Unsecured Debt [Member] | 4.0% senior notes due 2020 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	497.3	497.1
Unsecured Debt [Member] | 4.375% senior notes due 2022 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	347.8	347.7
Unsecured Debt [Member] | 4.75% senior notes due 2023 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	298.2	298.2
Unsecured Debt [Member] | 5.75% senior notes due 2023 [Member] | Homebuilding [Member]
Unsecured:
Notes payable	397.4	397.3
Secured Debt [Member] | Homebuilding [Member]
Unsecured:
Notes payable	$ 10.9	$ 11.6

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($)	Aug. 01, 2016	Dec. 31, 2016	Sep. 30, 2016
Debt Instrument [Line Items]
Outstanding letters of credit		$ 90,200,000
Homebuilding [Member]
Debt Instrument [Line Items]
Authorized repurchase of debt securities	$ 500,000,000
Debt repurchase program, remaining authorized repurchase amount		500,000,000
Financial Services and Other [Member]
Debt Instrument [Line Items]
Borrowing capacity on revolving credit facility		475,000,000
Maximum borrowing capacity on revolving credit facility		800,000,000
Mortgage loans held for sale pledged under repurchase agreement		511,500,000
Mortgage loans, collateral value		493,800,000
Advance pay downs on mortgage repurchase facility		74,800,000
Mortgage repurchase obligation outstanding		$ 419,000,000	$ 473,000,000
Interest rate on mortgage repurchase facility		2.90%
Unsecured Debt [Member] | Homebuilding [Member]
Debt Instrument [Line Items]
Debt issuance costs		$ 12,300,000	13,300,000
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		50.00%
Borrowings outstanding		$ 0	$ 0
Outstanding letters of credit		86,900,000
Maximum [Member] | Financial Services and Other [Member]
Debt Instrument [Line Items]
Borrowing capacity on revolving credit facility		$ 550,000,000

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Rollforward of capitalized interest
Capitalized interest, beginning of period	$ 191.2	$ 208
Interest incurred	33.5	42.2
Interest charged to cost of sales	(34.7)	(35.2)
Capitalized interest, end of period	190	215
Financial Services and Other [Member]
Rollforward of capitalized interest
Interest incurred	$ 1.7	$ 1.6

Mortgage Loans - Mortgage Loans

Mortgage Loans - Mortgage Loans Held for Sale (Details) - Financial Services and Other [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016
Loans Receivable [Line Items]
Mortgage loans held for sale	$ 548.3		$ 654
Aggregate outstanding principal amounts	513.9		624.9
Mortgage loans originated	1,400	$ 1,100
Mortgage loans sold	1,500	1,200
Net gain on sales of loans	$ 57.4	$ 37.2
Percentage of mortgage loans sold to significant purchasers	89.00%
Percentage of mortgage loans sold to one significant purchaser	45.00%
Uncommitted Loans [Member]
Loans Receivable [Line Items]
Mortgage loans held for sale	$ 230.7		284.5
Hedging Instruments related to IRLCs [Member]
Loans Receivable [Line Items]
Notional amounts of hedging instruments, Total	$ 230.4		$ 284.5

Mortgage Loans - Other Mortgage

Mortgage Loans - Other Mortgage Loans (Details) - Financial Services and Other [Member] - USD ($) $ in Millions	Dec. 31, 2016	Sep. 30, 2016
Provision for Loan and Lease Losses [Abstract]
Other mortgage loans	$ 14.6	$ 15.6
Real estate owned	0.7	0.8
Total other mortgage loans and real estate owned, before loss reserves	15.3	16.4
Schedule of mortgage loss reserves
Loan loss reserves	9.2	8.7
Mortgage Loans on Real Estate [Member]
Schedule of mortgage loss reserves
Loan loss reserves	1.8	1.8
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	$ 7.3	$ 6.8

Mortgage Loans - Loan Commitmen

Mortgage Loans - Loan Commitments and Related Derivatives (Details) - Financial Services and Other [Member] - USD ($) $ in Millions	Dec. 31, 2016	Sep. 30, 2016
Interest rate lock commitments [Member]
Derivative [Line Items]
Notional amounts of instruments	$ 525.7	$ 467.6
Best-efforts and mandatory commitments [Member]
Derivative [Line Items]
Notional amounts of instruments	41.5	37.2
Hedging Instruments related to IRLCs [Member]
Derivative [Line Items]
Notional amounts of instruments	$ 443.6	$ 385.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income tax expense	$ 111.2	$ 83.6
Effective tax rate (percent)	35.00%	34.60%
Deferred tax assets net of DTL	$ 478.1		$ 486.6
Homebuilding [Member]
Income Tax Contingency [Line Items]
Valuation allowance for deferred income taxes	$ 10.3		$ 10.3

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Number of shares excluded from computation of earnings per share	2.8
Earnings Per Share Reconciliation [Abstract]
Net income	$ 206.9	$ 157.7
Denominator:
Denominator for basic earnings per share — weighted average common shares	373.3	369.3
Effect of dilutive securities:
Employee stock awards (shares)	4.1	4.2
Denominator for diluted earnings per share — adjusted weighted average common shares	377.4	373.5
Basic net income per common share (in dollars per share)	$ 0.55	$ 0.43
Net income per common share assuming dilution (in dollars per share)	$ 0.55	$ 0.42

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	Dec. 12, 2016	Jan. 25, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Aug. 01, 2016
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
Dividends, Common Stock [Abstract]
Cash dividends declared per common share (in dollars per share)			$ 0.1	$ 0.08	$ 0.08
Cash dividends paid per common share (in dollars per share)	$ 0.10				$ 0.08
Subsequent Event [Member]
Dividends, Common Stock [Abstract]
Cash dividends declared per common share (in dollars per share)		$ 0.10

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - November Two Thousand Sixteen Grant [Member] - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2016	Dec. 31, 2016
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted in the period	330,000
Award vesting period	3 years
Fair value of equity awards on the date of grant (in US$ per unit)	$ 29.20
Compensation expense		$ 0.9
Performance Shares [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total units granted that vest in the period	0.00%
Performance Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total units granted that vest in the period	200.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted in the period	30,000
Award vesting period	3 years
Fair value of equity awards on the date of grant (in US$ per unit)	$ 27.61

Commitments and Contingencies -

Commitments and Contingencies - Warranty Claims (Details) - Homebuilding [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Changes in warranty liability
Warranty liability, beginning of period	$ 104.4	$ 82
Warranties issued	13.2	10.6
Changes in liability for pre-existing warranties	2.4	1.2
Settlements made	(12.2)	(9.7)
Warranty liability, end of period	$ 107.8	$ 84.1

Commitments and Contingencies45

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Commitments and Contingencies [Abstract]
Surety bonds	$ 1,000
Outstanding letters of credit	90.2
Letter of Credit Two [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	3.3
Homebuilding [Member]
Commitments and Contingencies [Abstract]
Liabilities for various claims, complaints and other legal actions	$ 435.6	$ 458.9	$ 423.5	$ 451
Construction defect portion of loss contingency accrual, percentage	95.00%		95.00%
Expenses related to legal claims	$ 27	17.3
Estimated insurance recoveries related to legal claims	84.7	$ 127.8	$ 88.7
Earnest money deposits	173.9
Remaining purchase price of land under option contracts	3,800
Homebuilding [Member] | Line of Credit [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	86.9
Homebuilding [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	156.8		$ 149.5
Homebuilding [Member] | Option Contracts Subject to Specific Performance Clauses [Member]
Commitments and Contingencies [Abstract]
Remaining purchase price of land under option contracts	34.8
Homebuilding [Member] | Cash [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	162.8
Homebuilding [Member] | Notes Payable, Other Payables [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	$ 11.1

Commitments and Contingencies46

Commitments and Contingencies - Legal Claims and Insurance (Details) - Homebuilding [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Rollforward of reserves for legal claims
Reserves for legal claims, beginning of period	$ 423.5	$ 451
Increase in reserves	26.3	21.8
Payments	(14.2)	(13.9)
Reserves for legal claims, end of period	$ 435.6	$ 458.9

Other Assets and Accrued Expe47

Other Assets and Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Homebuilding other assets
Homebuilding other assets	$ 496.1	$ 499.6
Homebuilding [Member]
Homebuilding other assets
Insurance receivables	84.7	88.7	$ 127.8
Earnest money and refundable deposits	228.9	219.7
Accounts and notes receivable	31	35.9
Prepaid assets	24	29.5
Rental properties	52.7	56.9
Other assets	23.4	25.5
Homebuilding other assets	444.7	456.2
Homebuilding accrued expenses and other liabilities
Reserves for legal claims	435.6	423.5	458.9	$ 451
Employee compensation and related liabilities	147.8	183.3
Warranty liability	107.8	104.4	$ 84.1	$ 82
Accrued interest	40.3	17.9
Federal and state income tax liabilities	100.7	28.1
Inventory related accruals	32.1	31.9
Homebuyer deposits	45.7	54.2
Accrued property taxes	24.1	35.2
Other liabilities	33.5	38.6
Homebuilding accrued expenses and other liabilities	$ 967.6	$ 917.1

Fair Value Measurements - Recur

Fair Value Measurements - Recurring (Details) - Financial Services and Other [Member] - USD ($) $ in Millions	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	$ 548.3	$ 654
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	540.5	647.7
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Interest rate lock commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	10.5	9.3
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Forward sales of MBS [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	1.3	(2.6)
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Best-efforts and mandatory commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	(1.6)	(0.2)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest rate lock commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Forward sales of MBS [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Best-efforts and mandatory commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	532.8	640.9
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate lock commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	10.5	9.3
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward sales of MBS [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	1.3	(2.6)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Best-efforts and mandatory commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	(1.6)	(0.2)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	7.7	6.8	$ 17.4	$ 13.9
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate lock commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Forward sales of MBS [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Best-efforts and mandatory commitments [Member]
Fair value balance sheet items measured on a recurring basis
Fair value of interest rate derivatives	$ 0	$ 0

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2012	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Proceeds from sale (purchases) of debt securities collateralized by residential real estate		$ 35.8
Payments to Acquire Other Investments					$ 18.6
Payments to Acquire Land				$ 19.9
Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payments to Acquire Land				14.8
Land [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payments to Acquire Land				$ 5.1
Financial Services and Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage loans held for sale	$ 548.3					$ 654
Financial Services and Other [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage loans held for sale	7.7		$ 17.4			$ 6.8	$ 13.9
Financial Services and Other [Member] | Loans Receivable [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net realized and unrealized gains (losses)	0		(0.1)
Purchases	0		0
Sales and Settlements	0		(0.3)
Principal Reductions	0		0
Net transfers to (out of) Level 3	$ 0.9		3.9
Homebuilding [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities collateralized by residential real estate			35.5				$ 33.9
Homebuilding [Member] | Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net realized and unrealized gains (losses)			1.9
Purchases			0
Sales and Settlements			0
Principal Reductions			(0.3)
Net transfers to (out of) Level 3			$ 0

Fair Value Measurements - Nonre

Fair Value Measurements - Nonrecurring (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Sep. 30, 2016
Homebuilding [Member] | Inventories [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	10.00%
Homebuilding [Member] | Inventories [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	14.00%
Homebuilding [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Inventories [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventories	$ 0	$ 0
Homebuilding [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Assets Held-for-sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventories	0	0
Homebuilding [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Inventories [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventories	0	5.2
Homebuilding [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Assets Held-for-sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventories	0	0.8
Financial Services and Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	548.3	654
Real estate owned	0.7	0.8
Financial Services and Other [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	0.7	1.6
Other mortgage loans	0	0
Real estate owned	0	0
Financial Services and Other [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	1.2	2.4
Other mortgage loans	0.7	3.8
Real estate owned	$ 0	$ 0.1

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Not Reflected at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Carrying value	$ 1,150.3	$ 1,303.2	$ 1,268.7	$ 1,383.8
Notes payable, Carrying value	3,217.6	3,271.3
Homebuilding [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Carrying value	1,115.5	1,271.8
Restricted cash, Carrying value	8.8	9.5
Notes payable, Carrying value	2,798.6	2,798.3
Homebuilding [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Carrying value	2,787.7	2,786.7
Homebuilding [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Carrying value	10.9	11.6
Homebuilding [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	1,115.5	1,271.8
Restricted cash, Fair value	8.8	9.5
Homebuilding [Member] | Estimate of Fair Value Measurement [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	2,874.2	2,947.4
Homebuilding [Member] | Estimate of Fair Value Measurement [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	10.9	11.6
Homebuilding [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	1,115.5	1,271.8
Restricted cash, Fair value	8.8	9.5
Homebuilding [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	0	0
Homebuilding [Member] | Fair Value, Inputs, Level 1 [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	0	0
Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	0	0
Restricted cash, Fair value	0	0
Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	2,874.2	2,947.4
Homebuilding [Member] | Fair Value, Inputs, Level 2 [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	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	0	0
Restricted cash, Fair value	0	0
Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	0	0
Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, Fair value	10.9	11.6
Financial Services and Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Carrying value	34.8	31.4
Restricted cash, Carrying Value	6.7
Mortgage repurchase facility	419	473
Financial Services and Other [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	34.8	31.4
Restricted cash, Fair value	6.7
Mortgage repurchase facility, Fair value	419	473
Financial Services and Other [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	34.8	31.4
Restricted cash, Fair value	6.7
Mortgage repurchase facility, Fair value	0	0
Financial Services and Other [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	0	0
Restricted cash, Fair value	0
Mortgage repurchase facility, Fair value	0	0
Financial Services and Other [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	0	0
Restricted cash, Fair value	0
Mortgage repurchase facility, Fair value	$ 419	$ 473

Supplemental Guarantor Inform52

Supplemental Guarantor Information - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
ASSETS
Cash and cash equivalents	$ 1,150.3	$ 1,303.2	$ 1,268.7	$ 1,383.8
Investments in subsidiaries	0	0
Property and equipment, net	218.4	195.4
Other assets	496.1	499.6
Intercompany receivables	0	0
Total assets	11,712.1	11,558.9
LIABILITIES & EQUITY
Accounts payable and other liabilities	1,512.7	1,494.6
Intercompany payables	0	0
Notes payable	3,217.6	3,271.3
Total liabilities	4,730.3	4,765.9
Stockholders’ equity	6,981.3	6,792.5
Noncontrolling interests	0.5	0.5
Total equity	6,981.8	6,793
Total liabilities and equity	11,712.1	11,558.9
Eliminations [Member]
ASSETS
Cash and cash equivalents	0	0	0	0
Investments in subsidiaries	(4,234.3)	(4,118.6)
Property and equipment, net	(5.2)	(5.2)
Other assets	0	0
Intercompany receivables	(1,517.8)	(1,604.5)
Total assets	(5,757.3)	(5,728.3)
LIABILITIES & EQUITY
Accounts payable and other liabilities	(1.8)	(1.8)
Intercompany payables	(1,517.8)	(1,604.5)
Notes payable	0	0
Total liabilities	(1,519.6)	(1,606.3)
Stockholders’ equity	(4,237.7)	(4,122)
Noncontrolling interests	0	0
Total equity	(4,237.7)	(4,122)
Total liabilities and equity	(5,757.3)	(5,728.3)
D.R. Horton, Inc. [Member]
ASSETS
Cash and cash equivalents	1,012.2	1,076.4	1,166.1	1,217.7
Investments in subsidiaries	4,234.3	4,118.6
Property and equipment, net	81.7	72
Other assets	169.7	168.7
Intercompany receivables	1,517.8	1,604.5
Total assets	10,273.1	10,029
LIABILITIES & EQUITY
Accounts payable and other liabilities	497.7	444.1
Intercompany payables	0	0
Notes payable	2,790.7	2,789
Total liabilities	3,288.4	3,233.1
Stockholders’ equity	6,984.7	6,795.9
Noncontrolling interests	0	0
Total equity	6,984.7	6,795.9
Total liabilities and equity	10,273.1	10,029
Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	61.2	154	34.2	94.6
Investments in subsidiaries	0	0
Property and equipment, net	55	49.9
Other assets	261.2	274.2
Intercompany receivables	0	0
Total assets	6,291	6,300
LIABILITIES & EQUITY
Accounts payable and other liabilities	900.4	933.1
Intercompany payables	1,293.5	1,417.1
Notes payable	7.9	9.3
Total liabilities	2,201.8	2,359.5
Stockholders’ equity	4,089.2	3,940.5
Noncontrolling interests	0	0
Total equity	4,089.2	3,940.5
Total liabilities and equity	6,291	6,300
Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	76.9	72.8	$ 68.4	$ 71.5
Investments in subsidiaries	0	0
Property and equipment, net	86.9	78.7
Other assets	65.2	56.7
Intercompany receivables	0	0
Total assets	905.3	958.2
LIABILITIES & EQUITY
Accounts payable and other liabilities	116.4	119.2
Intercompany payables	224.3	187.4
Notes payable	419	473
Total liabilities	759.7	779.6
Stockholders’ equity	145.1	178.1
Noncontrolling interests	0.5	0.5
Total equity	145.6	178.6
Total liabilities and equity	905.3	958.2
Homebuilding [Member]
ASSETS
Cash and cash equivalents	1,115.5	1,271.8
Restricted cash	8.8	9.5
Inventories	8,742.4	8,340.9
Deferred income taxes	467.8	476.3
Property and equipment, net	154.1	139.5
Other assets	444.7	456.2
Goodwill	80	80
Total assets	11,013.3	10,774.2
LIABILITIES & EQUITY
Notes payable	2,798.6	2,798.3
Total liabilities	4,272.1	4,252.4
Homebuilding [Member] | Eliminations [Member]
ASSETS
Restricted cash	0	0
Inventories	0	0
Deferred income taxes	0	0
Goodwill	0	0
Homebuilding [Member] | D.R. Horton, Inc. [Member]
ASSETS
Restricted cash	7	7.4
Inventories	3,092	2,822.1
Deferred income taxes	158.4	159.3
Goodwill	0	0
Homebuilding [Member] | Guarantor Subsidiaries [Member]
ASSETS
Restricted cash	1.8	2.1
Inventories	5,525.3	5,425.7
Deferred income taxes	306.5	314.1
Goodwill	80	80
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS
Restricted cash	0	0
Inventories	125.1	93.1
Deferred income taxes	2.9	2.9
Goodwill	0	0
Financial Services and Other [Member]
ASSETS
Cash and cash equivalents	34.8	31.4
Property and equipment, net	64.3	55.9
Other assets	51.4	43.4
Mortgage loans held for sale	548.3	654
Total assets	698.8	784.7
LIABILITIES & EQUITY
Total liabilities	458.2	513.5
Financial Services and Other [Member] | Eliminations [Member]
ASSETS
Mortgage loans held for sale	0	0
Financial Services and Other [Member] | D.R. Horton, Inc. [Member]
ASSETS
Mortgage loans held for sale	0	0
Financial Services and Other [Member] | Guarantor Subsidiaries [Member]
ASSETS
Mortgage loans held for sale	0	0
Financial Services and Other [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS
Mortgage loans held for sale	$ 548.3	$ 654

Supplemental Guarantor Inform53

Supplemental Guarantor Information - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Financial Services [Abstract]
Income before income taxes	$ 318.1	$ 241.3
Income tax expense	111.2	83.6
Net income	206.9	157.7
Comprehensive income	206.9	158.9
Eliminations [Member]
Financial Services [Abstract]
Income before income taxes	(255.3)	(198.2)
Income tax expense	(89.4)	(68.8)
Net income	(165.9)	(129.4)
Comprehensive income	(165.9)	(129.4)
D.R. Horton, Inc. [Member]
Financial Services [Abstract]
Income before income taxes	318.1	241.3
Income tax expense	111.2	83.6
Net income	206.9	157.7
Comprehensive income	206.9	158.9
Guarantor Subsidiaries [Member]
Financial Services [Abstract]
Income before income taxes	228.1	188.6
Income tax expense	79.2	65.1
Net income	148.9	123.5
Comprehensive income	148.9	123.5
Non-Guarantor Subsidiaries [Member]
Financial Services [Abstract]
Income before income taxes	27.2	9.6
Income tax expense	10.2	3.7
Net income	17	5.9
Comprehensive income	17	5.9
Homebuilding [Member]
Homebuilding:
Revenues	2,826.1	2,361.1
Cost of sales	2,267.9	1,892.2
Total gross profit	558.2	468.9
Selling, general and administrative expense	268.4	241.7
Equity in (income) of subsidiaries	0	0
Other (income) expense	(4.1)	(1.7)
Financial Services [Abstract]
Income before income taxes	293.9	228.9
Homebuilding [Member] | Eliminations [Member]
Homebuilding:
Revenues	0	(5.4)
Cost of sales	0	(2.9)
Total gross profit	0	(2.5)
Selling, general and administrative expense	0	0
Equity in (income) of subsidiaries	255.3	195.7
Other (income) expense	0	0
Financial Services [Abstract]
Income before income taxes	(255.3)	(198.2)
Homebuilding [Member] | D.R. Horton, Inc. [Member]
Homebuilding:
Revenues	918.1	795.6
Cost of sales	735.4	638.9
Total gross profit	182.7	156.7
Selling, general and administrative expense	124	111.9
Equity in (income) of subsidiaries	(255.3)	(195.7)
Other (income) expense	(4.1)	(0.8)
Financial Services [Abstract]
Income before income taxes	318.1	241.3
Homebuilding [Member] | Guarantor Subsidiaries [Member]
Homebuilding:
Revenues	1,896.1	1,570.9
Cost of sales	1,524.7	1,253.8
Total gross profit	371.4	317.1
Selling, general and administrative expense	143.3	129.2
Equity in (income) of subsidiaries	0	0
Other (income) expense	0	(0.7)
Financial Services [Abstract]
Income before income taxes	228.1	188.6
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member]
Homebuilding:
Revenues	11.9	0
Cost of sales	7.8	2.4
Total gross profit	4.1	(2.4)
Selling, general and administrative expense	1.1	0.6
Equity in (income) of subsidiaries	0	0
Other (income) expense	0	(0.2)
Financial Services [Abstract]
Income before income taxes	3	(2.8)
Financial Services and Other [Member]
Financial Services [Abstract]
Revenues	78.1	55.3
General and administrative expense	57.5	47.7
Interest and other (income) expense	(3.6)	(4.8)
Income before income taxes	24.2	12.4
Financial Services and Other [Member] | Eliminations [Member]
Financial Services [Abstract]
Revenues	0	0
General and administrative expense	0	0
Interest and other (income) expense	0	0
Income before income taxes	0	0
Financial Services and Other [Member] | D.R. Horton, Inc. [Member]
Financial Services [Abstract]
Revenues	0	0
General and administrative expense	0	0
Interest and other (income) expense	0	0
Income before income taxes	0	0
Financial Services and Other [Member] | Guarantor Subsidiaries [Member]
Financial Services [Abstract]
Revenues	0	0
General and administrative expense	0	0
Interest and other (income) expense	0	0
Income before income taxes	0	0
Financial Services and Other [Member] | Non-Guarantor Subsidiaries [Member]
Financial Services [Abstract]
Revenues	78.1	55.3
General and administrative expense	57.5	47.7
Interest and other (income) expense	(3.6)	(4.8)
Income before income taxes	$ 24.2	$ 12.4

Supplemental Guarantor Inform54

Supplemental Guarantor Information - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$ (33.3)	$ (1.5)
INVESTING ACTIVITIES
Purchases of property and equipment	(22.2)	(20.1)
Decrease (increase) in restricted cash	(6)	0
Net principal decrease (increase) of other mortgage loans and real estate owned	1	(2.1)
Intercompany advances	0	0
Payments related to acquisition of a business	(4.1)	0
Net cash provided by (used in) investing activities	(31.3)	(22.2)
FINANCING ACTIVITIES
Repayment of notes payable	(54.3)	(81)
Intercompany advances	0	0
Proceeds from stock associated with certain employee benefit plans	2.8	17
Excess income tax benefit from employee stock awards	0.5	2.2
Cash dividends paid	(37.3)	(29.6)
Net cash (used in) provided by financing activities	(88.3)	(91.4)
DECREASE IN CASH AND CASH EQUIVALENTS	(152.9)	(115.1)
Cash and cash equivalents at beginning of period	1,303.2	1,383.8
Cash and cash equivalents at end of period	1,150.3	1,268.7
Eliminations [Member]
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	(50)	(40)
INVESTING ACTIVITIES
Purchases of property and equipment	0	0
Decrease (increase) in restricted cash	0	0
Net principal decrease (increase) of other mortgage loans and real estate owned	0	0
Intercompany advances	(91.1)	66.4
Payments related to acquisition of a business	0
Net cash provided by (used in) investing activities	(91.1)	66.4
FINANCING ACTIVITIES
Repayment of notes payable	0	0
Intercompany advances	91.1	(66.4)
Proceeds from stock associated with certain employee benefit plans	0	0
Excess income tax benefit from employee stock awards	0	0
Cash dividends paid	50	40
Net cash (used in) provided by financing activities	141.1	(26.4)
DECREASE 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
D.R. Horton, Inc. [Member]
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	(107.1)	35.7
INVESTING ACTIVITIES
Purchases of property and equipment	(10.5)	(10.6)
Decrease (increase) in restricted cash	0.4	0.1
Net principal decrease (increase) of other mortgage loans and real estate owned	0	0
Intercompany advances	91.1	(66.4)
Payments related to acquisition of a business	(4.1)
Net cash provided by (used in) investing activities	76.9	(76.9)
FINANCING ACTIVITIES
Repayment of notes payable	0	0
Intercompany advances	0	0
Proceeds from stock associated with certain employee benefit plans	2.8	17
Excess income tax benefit from employee stock awards	0.5	2.2
Cash dividends paid	(37.3)	(29.6)
Net cash (used in) provided by financing activities	(34)	(10.4)
DECREASE IN CASH AND CASH EQUIVALENTS	(64.2)	(51.6)
Cash and cash equivalents at beginning of period	1,076.4	1,217.7
Cash and cash equivalents at end of period	1,012.2	1,166.1
Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	40.5	(111.3)
INVESTING ACTIVITIES
Purchases of property and equipment	(5.4)	(4.7)
Decrease (increase) in restricted cash	0.3	(0.1)
Net principal decrease (increase) of other mortgage loans and real estate owned	0	0
Intercompany advances	0	0
Payments related to acquisition of a business	0
Net cash provided by (used in) investing activities	(5.1)	(4.8)
FINANCING ACTIVITIES
Repayment of notes payable	(0.3)	(0.2)
Intercompany advances	(127.9)	55.9
Proceeds from stock associated with certain employee benefit plans	0	0
Excess income tax benefit from employee stock awards	0	0
Cash dividends paid	0	0
Net cash (used in) provided by financing activities	(128.2)	55.7
DECREASE IN CASH AND CASH EQUIVALENTS	(92.8)	(60.4)
Cash and cash equivalents at beginning of period	154	94.6
Cash and cash equivalents at end of period	61.2	34.2
Non-Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	83.3	114.1
INVESTING ACTIVITIES
Purchases of property and equipment	(6.3)	(4.8)
Decrease (increase) in restricted cash	(6.7)	0
Net principal decrease (increase) of other mortgage loans and real estate owned	1	(2.1)
Intercompany advances	0	0
Payments related to acquisition of a business	0
Net cash provided by (used in) investing activities	(12)	(6.9)
FINANCING ACTIVITIES
Repayment of notes payable	(54)	(80.8)
Intercompany advances	36.8	10.5
Proceeds from stock associated with certain employee benefit plans	0	0
Excess income tax benefit from employee stock awards	0	0
Cash dividends paid	(50)	(40)
Net cash (used in) provided by financing activities	(67.2)	(110.3)
DECREASE IN CASH AND CASH EQUIVALENTS	4.1	(3.1)
Cash and cash equivalents at beginning of period	72.8	71.5
Cash and cash equivalents at end of period	$ 76.9	$ 68.4