D.R. Horton (DHI) 10-Q 29 Jan 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2018	Jan. 23, 2019
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, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		373,423,120

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Dec. 31, 2018	Sep. 30, 2018
ASSETS
Cash and cash equivalents	$ 737	$ 1,473.1
Restricted cash	31.3	32.9
Total cash, cash equivalents and restricted cash	768.3	1,506
Inventories:
Construction in progress and finished homes	5,842.8	5,086.3
Residential land and lots — developed and under development	5,596	5,172.4
Land held for development	109.8	96.1
Land held for sale	47	40.2
Total inventories	11,595.6	10,395
Mortgage loans held for sale	622.2	796.4
Deferred income taxes, net of valuation allowance of $17.1 million and $17.7 million at December 31, 2018 and September 30, 2018, respectively	181.4	194
Property and equipment, net	391.1	401.1
Other assets	818.8	712.9
Goodwill	158.4	109.2
Total assets	14,535.8	14,114.6
LIABILITIES
Accounts payable	697.2	624.7
Accrued expenses and other liabilities	1,198.1	1,127.5
Notes payable	3,342.3	3,203.5
Total liabilities	5,237.6	4,955.7
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, 389,200,668 shares issued and 373,242,060 shares outstanding at December 31, 2018 and 388,120,243 shares issued and 376,261,635 shares outstanding at September 30, 2018	3.9	3.9
Additional paid-in capital	3,107.6	3,085
Retained earnings	6,476.2	6,217.9
Treasury stock, 15,958,608 shares and 11,858,608 shares at December 31, 2018 and September 30, 2018, respectively, at cost	(463)	(322.4)
Stockholders’ equity	9,124.7	8,984.4
Noncontrolling interests	173.5	174.5
Total equity	9,298.2	9,158.9
Total liabilities and equity	$ 14,535.8	$ 14,114.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Dec. 31, 2018	Sep. 30, 2018
ASSETS
Valuation allowance for deferred income taxes	$ 17.1	$ 17.7
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	389,200,668	388,120,243
Common stock, shares outstanding	373,242,060	376,261,635
Treasury stock, shares	15,958,608	11,858,608

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenues	$ 3,519	$ 3,332.7
Cost of sales	2,751.1	2,580.1
Selling, general and administrative expense	402.8	384.2
Gain on sale of assets	(2)	(13.4)
Other (income) expense	(8.6)	(9.4)
Income before income taxes	375.7	391.2
Income tax expense	89	202.4
Net income	286.7	188.8
Net loss attributable to noncontrolling interests	(0.5)	(0.5)
Net income attributable to D.R. Horton, Inc.	$ 287.2	$ 189.3
Basic net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 0.77	$ 0.50
Weighted average number of common shares	375.1	375.8
Diluted net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 0.76	$ 0.49
Adjusted weighted average number of common shares	380.1	383.8

Consolidated Statements of Tota

Consolidated Statements of Total Equity Consolidated Statements of Total Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]
Beginning Balances at Sep. 30, 2017	$ 7,747.6	$ 3.8	$ 2,992.2	$ 4,946	$ (194.9)	$ 0.5
Noncontrolling interests acquired	175.2					175.2
Net income	188.8	0	0	189.3	0	(0.5)
Exercise of stock options	14.8	0.1	14.7
Stock issued under employee incentive plans			0
Cash paid for shares withheld for taxes	(10.3)	0	(10.3)	0	0	0
Stock-based compensation expense	13.6		13.6
Cash dividends declared	(47.1)			(47.1)
Repurchases of common stock	(25.4)				(25.4)
Distributions to noncontrolling interests	(1.8)					(1.8)
Ending Balances at Dec. 31, 2017	8,055.4	3.9	3,010.2	5,088.2	(220.3)	173.4
Beginning Balances at Sep. 30, 2018	9,158.9	3.9	3,085	6,217.9	(322.4)	174.5
Cumulative effect of adoption of ASC 606	27.1			27.1		0
Net income	286.7	0	0	287.2	0	(0.5)
Exercise of stock options	8.6	0	8.6
Stock issued under employee incentive plans			0
Cash paid for shares withheld for taxes	(4.1)	0	(4.1)	0	0	0
Stock-based compensation expense	18.1		18.1
Cash dividends declared	(56)			(56)
Repurchases of common stock	(140.6)				(140.6)
Distributions to noncontrolling interests	(0.5)					(0.5)
Ending Balances at Dec. 31, 2018	$ 9,298.2	$ 3.9	$ 3,107.6	$ 6,476.2	$ (463)	$ 173.5

Consolidated Statements of To_2

Consolidated Statements of Total Equity Consolidated Statements of Total Equity (Parenthetical) - shares	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Beginning Balances, shares	376,261,635
Ending Balances, shares	373,242,060
Common Stock [Member]
Beginning Balances, shares	376,261,635	374,986,079
Issuances under employee benefit plans	0	0
Exercise of stock options	806,817	916,913
Stock issued under employee incentive plans	273,608	290,974
Repurchases of common stock	4,100,000	500,000
Ending Balances, shares	373,242,060	375,693,966

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES
Net income	$ 286.7	$ 188.8
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	16.9	16.2
Amortization of discounts and fees	2.6	1.2
Stock-based compensation expense	18.1	13.6
Equity in earnings of unconsolidated entities	(0.6)	(2.3)
Distributions of earnings of unconsolidated entities	0.5	0.2
Deferred income taxes	3.9	126.3
Inventory and land option charges	8	3.7
Gain on sale of assets	(2)	(13.4)
Changes in operating assets and liabilities:
Increase in construction in progress and finished homes	(500.3)	(302.3)
Increase in residential land and lots – developed, under development, held for development and held for sale	(435.9)	(185.2)
(Increase) decrease in other assets	(34)	4.3
Decrease in mortgage loans held for sale	174.2	49.1
Increase in accounts payable, accrued expenses and other liabilities	88.8	24.8
Net cash (used in) provided by operating activities	(373.1)	(75)
INVESTING ACTIVITIES
Expenditures for property and equipment	(20.2)	(25.3)
Proceeds from sale of assets	10.4	24.8
Expenditures related to multi-family rental properties	(11.4)	(19.1)
Return of investment in unconsolidated entities	4.4	14.9
Net principal (increase) decrease of other mortgage loans and real estate owned	(0.6)	0.1
Payments related to business acquisitions, net of cash acquired	(293)	(156.4)
Net cash (used in) provided by investing activities	(310.4)	(161)
FINANCING ACTIVITIES
Proceeds from notes payable	578.3	1,113.9
Repayment of notes payable	(276.1)	(825.8)
Payments on mortgage repurchase facility, net	(163.8)	(32.6)
Proceeds from stock associated with certain employee benefit plans	8.6	14.6
Cash paid for shares withheld for taxes	(4.1)	(10.3)
Cash dividends paid	(56)	(47)
Repurchases of common stock	(140.6)	(25.4)
Distributions to noncontrolling interests, net	(0.5)	(1.7)
Net cash (used in) provided by financing activities	(54.2)	185.7
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(737.7)	(50.3)
Cash, cash equivalents and restricted cash at beginning of period	1,506	1,024.3
Cash, cash equivalents and restricted cash at end of period	768.3	974
Supplemental disclosures of non-cash activities:
Stock issued under employee incentive plans	9.4	13.9
Accrual for holdback payment related to acquisition	$ 27.7	$ 0

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2018
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. Noncontrolling interests represent the proportionate equity interests in consolidated entities that are not 100% owned by the Company. The Company owns a 75% controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 25% interest the Company does not own is accounted for as noncontrolling interests. 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, 2018 , 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, 2018 . Changes in Presentation and Reclassifications In connection with the adoption of Accounting Standards Update (ASU) 2016-18 in the current quarter, restricted cash is now included with cash and cash equivalents when reconciling beginning and ending amounts in the consolidated statements of cash flows. Prior period amounts have been reclassified to conform to the current year presentation, resulting in a decrease in cash used in investing activities of $37.2 million for the three months ended December 31, 2017 . In August 2018, the Securities and Exchange Commission (SEC) issued Final Rule Release No. 33-10532, “Disclosure Update and Simplification,” which makes a number of changes meant to simplify interim disclosures. In complying with the relevant aspects of the rule within this quarterly report, the Company has removed the presentation of cash dividends declared per common share from the statements of operations and included consolidated statements of total equity. Certain other prior period amounts have been reclassified to conform to the current year presentation. Adoption of New Accounting Standards On October 1, 2018, the Company adopted Accounting Standards Codification 606, "Revenue from Contracts with Customers" (ASC 606), which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services and satisfaction of performance obligations to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company applied the modified retrospective method to contracts that were not completed as of October 1, 2018. Results for the reporting period beginning after October 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and will continue to be reported under the previous accounting standards. The Company recorded an increase to retained earnings of $27.1 million , net of tax, as of October 1, 2018, due to the cumulative effect of adopting ASC 606 which was primarily related to the recognition of contract assets totaling $32.4 million for insurance brokerage commission renewals. Under ASC 606, the Company recognizes revenue and a contract asset for estimated future renewals of these policies upon issuance of the initial policy, the date at which the performance obligation is satisfied. There was not a material impact to revenues as a result of applying ASC 606 for the three months ended December 31, 2018 , and there have not been significant changes to the Company’s business processes, systems, or internal controls as a result of implementing the standard. In January 2016, the Financial Accounting Standards Board (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 was effective for the Company on October 1, 2018 and did not 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 was effective for the Company on October 1, 2018 and did not have a material impact on its consolidated statements of cash flows. In October 2016, the FASB issued ASU 2016-16, “Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory,” which requires companies to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The guidance was effective for the Company on October 1, 2018 and did not have a material impact on its consolidated financial position 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 Company adopted the guidance as of October 1, 2018 on a retrospective basis and made the required changes to its statements of cash flows as described in the “Changes in Presentation and Reclassifications” section above. In February 2017, the FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets,” which updates the definition of an in substance nonfinancial asset and clarifies the derecognition guidance for nonfinancial assets to conform to the new revenue recognition standard (ASU 2014-09). The guidance was effective for the Company on October 1, 2018, concurrent with the adoption of ASU 2014-09 and did not have a material impact on its consolidated financial position, results of operations and cash flows. In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation: Scope of Modification Accounting,” which clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new guidance, modification accounting is required if the fair value, vesting conditions or classification (equity or liability) of the new award are different from the original award immediately before the original award is modified. The guidance was effective for the Company on October 1, 2018 and did not have a material impact on its consolidated financial position, results of operations or cash flows. 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. Seasonality Historically, the homebuilding industry has experienced seasonal fluctuations; therefore, the operating results for the three months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2019 or subsequent periods. Revenue Recognition Homebuilding revenue and related profit are generally recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the buyer. The Company’s performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. 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. Contract liabilities include customer deposit liabilities related to sold but undelivered homes. The Company rarely purchases land for resale, but periodically may elect to sell parcels of land that no longer fit into its strategic operating plans. Cash consideration from land sales is typically due on the closing date, which is generally when performance obligations are satisfied. Financial services revenues associated with the Company’s title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur simultaneously as each home is closed. The Company transfers substantially all underwriting risk associated with title insurance policies to third-party insurers. The Company typically elects the fair value option for its mortgage loan originations. Mortgage loans held for sale are initially recorded at fair value based on either sale commitments or current market quotes and are adjusted for subsequent changes in fair value until the loans are sold. Net origination costs and fees associated with mortgage loans are recognized at the time of origination. The expected net future cash flows related to the associated servicing of a loan are included in the measurement of all written loan commitments that are accounted for at fair value through earnings at the time of commitment. The Company sells substantially all of the mortgages it originates and the related servicing rights to third-party purchasers. Interest income is earned from the date a mortgage loan is originated until the loan is sold. The Company collects insurance commissions on homeowner policies placed with third party carriers through its wholly owned insurance agency. The Company recognizes revenue and a contract asset for estimated future renewals of these policies upon issuance of the initial policy, the date at which the performance obligation is satisfied. Business Acquisitions During the three months ended December 31, 2018 , the Company acquired the homebuilding operations of Westport Homes, Classic Builders and Terramor Homes for $320.7 million . The assets acquired included approximately 700 homes in inventory, 4,500 lots and control of approximately 4,300 additional lots through option contracts. The Company also acquired a sales order backlog of approximately 700 homes. Westport Homes operates in Indianapolis and Fort Wayne, Indiana, and Columbus, Ohio; Classic Builders operates in Des Moines, Iowa; and Terramor Homes operates in Raleigh, North Carolina. The Company’s allocation of the aggregate purchase price to the assets and liabilities acquired through these transactions is not finalized and is subject to revision as additional information becomes available and more detailed analyses are completed. The preliminary allocation of the purchase price to the assets and liabilities acquired is as follows (in millions): Inventories $ 271.3 Other assets 14.8 Goodwill 49.2 Intangible assets 11.3 Other liabilities (25.9 ) Net assets acquired $ 320.7 As a result of these transactions, the Company’s preliminary estimate of goodwill is $49.2 million , of which $43.2 million is allocated to the Midwest region and $6.0 million is allocated to the East region. The goodwill is tax deductible and relates to expected synergies from expanding the Company’s market presence in its Midwest and East regions, the experienced and knowledgeable workforce of these entities and their capital efficient operating processes. The intangible assets will be amortized on a straight-line basis to selling, general and administrative (SG&A) expense over their expected lives, which range from 1 to 3 years . Pending Accounting Standards 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 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 in determining 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 January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other,” which simplifies the measurement of goodwill impairment by removing the second step of the goodwill impairment test and requires the determination of the fair value of individual assets and liabilities of a reporting unit. Under the new guidance, goodwill impairment is measured as the amount by which a reporting unit’s carrying amount exceeds its fair value with the loss recognized limited to the total amount of goodwill allocated to the reporting unit. 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.

Segment Information

Segment Information	3 Months Ended
	Dec. 31, 2018
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 84 markets in 29 states across the United States. The Company’s operating segments are its 51 homebuilding divisions, its majority-owned Forestar residential lot development operations, its financial services operations and its other business activities. The Company’s reporting segments are its homebuilding reporting segments, its Forestar land development segment and its financial services segment. The homebuilding operating segments are aggregated into the following six reporting segments: 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, Indiana, Iowa, Minnesota and Ohio 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 Company’s homebuilding divisions design, build and sell single-family detached homes on lots they develop and on fully developed lots purchased ready for home construction. To a lesser extent, the homebuilding divisions also build and sell attached homes, such as townhomes, duplexes and triplexes. Most of the revenue generated by the Company’s homebuilding operations is from the sale of completed homes and to a lesser extent from the sale of land and lots. The Forestar segment is a residential lot development company with operations in 35 markets and 16 states. The Company’s homebuilding divisions and Forestar are identifying land development opportunities to expand Forestar’s platform, and the homebuilding divisions are acquiring finished lots from Forestar in accordance with the master supply agreement between the two companies. Forestar’s segment results are presented on their historical cost basis, consistent with the manner in which management evaluates segment performance. 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 its homebuilding, Forestar 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. One of these subsidiaries, DHI Communities, is developing and constructing multi-family rental properties on land parcels the Company already owned and currently has three projects under active construction and three projects that are substantially complete, one of which was under contract to sell at December 31, 2018 . At December 31, 2018 , the consolidated balance sheet included $139.7 million of property and equipment and $43.6 million of other assets held for sale owned by DHI Communities. At September 30, 2018 , the consolidated balance sheet included $171.4 million of property and equipment owned by DHI Communities. The operating results of these subsidiaries are immaterial for separate reporting and therefore are grouped together and presented as other. 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, 2018 . Financial information relating to the Company’s reporting segments is as follows: December 31, 2018 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Assets Cash and cash equivalents $ 537.5 $ 154.2 $ 32.8 $ 12.5 $ — $ — $ 737.0 Restricted cash 8.7 16.1 6.5 — — — 31.3 Inventories: Construction in progress and finished homes 5,840.4 — — — 2.4 — 5,842.8 Residential land and lots — developed and under development 4,949.5 644.7 — — (20.4 ) 22.2 5,596.0 Land held for development 61.3 48.5 — — — — 109.8 Land held for sale 47.0 — — — — — 47.0 10,898.2 693.2 — — (18.0 ) 22.2 11,595.6 Mortgage loans held for sale — — 622.2 — — — 622.2 Deferred income taxes, net 165.0 25.5 — — 0.3 (9.4 ) 181.4 Property and equipment, net 224.3 1.8 3.6 161.4 — — 391.1 Other assets 713.2 27.9 47.1 81.2 (61.3 ) 10.7 818.8 Goodwill 129.2 — — — — 29.2 158.4 $ 12,676.1 $ 918.7 $ 712.2 $ 255.1 $ (79.0 ) $ 52.7 $ 14,535.8 Liabilities Accounts payable $ 674.9 $ 7.4 $ 10.6 $ 4.3 $ — $ — $ 697.2 Accrued expenses and other liabilities 1,116.3 120.4 35.5 14.4 (73.1 ) (15.4 ) 1,198.1 Notes payable 2,748.7 112.9 473.9 — — 6.8 3,342.3 $ 4,539.9 $ 240.7 $ 520.0 $ 18.7 $ (73.1 ) $ (8.6 ) $ 5,237.6 ______________ (1) Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2) Amounts represent the aggregate balances of certain subsidiaries that are immaterial for separate reporting. (3) Amounts represent the elimination of intercompany transactions. (4) Amounts represent purchase accounting adjustments related to the Forestar acquisition. September 30, 2018 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Assets Cash and cash equivalents $ 1,111.8 $ 318.8 $ 33.7 $ 8.8 $ — $ — $ 1,473.1 Restricted cash 8.6 16.2 8.1 — — — 32.9 Inventories: Construction in progress and finished homes 5,084.4 — — — 1.9 — 5,086.3 Residential land and lots — developed and under development 4,689.3 463.1 — — (7.2 ) 27.2 5,172.4 Land held for development 61.2 34.9 — — — — 96.1 Land held for sale 40.2 — — — — — 40.2 9,875.1 498.0 — — (5.3 ) 27.2 10,395.0 Mortgage loans held for sale — — 796.4 — — — 796.4 Deferred income taxes, net 176.5 26.9 — — 1.1 (10.5 ) 194.0 Property and equipment, net 207.1 1.8 3.0 189.2 — — 401.1 Other assets 673.7 31.4 43.6 0.9 (48.6 ) 11.9 712.9 Goodwill 80.0 — — — — 29.2 109.2 $ 12,132.8 $ 893.1 $ 884.8 $ 198.9 $ (52.8 ) $ 57.8 $ 14,114.6 Liabilities Accounts payable $ 612.4 $ 11.2 $ 0.2 $ 4.2 $ (3.3 ) $ — $ 624.7 Accrued expenses and other liabilities 1,041.3 95.7 41.9 9.9 (46.1 ) (15.2 ) 1,127.5 Notes payable 2,445.9 111.7 637.7 — — 8.2 3,203.5 $ 4,099.6 $ 218.6 $ 679.8 $ 14.1 $ (49.4 ) $ (7.0 ) $ 4,955.7 ______________ (1) Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2) Amounts represent the aggregate balances of certain subsidiaries that are immaterial for separate reporting. (3) Amounts represent the elimination of intercompany transactions and the reclassification of Forestar interest expense to inventory. (4) Amounts represent purchase accounting adjustments related to the Forestar acquisition. Three Months Ended December 31, 2018 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues: Home sales $ 3,410.6 $ — $ — $ — $ — $ — $ 3,410.6 Land/lot sales and other 6.7 38.5 — 6.9 (29.0 ) — 23.1 Financial services — — 85.3 — — — 85.3 3,417.3 38.5 85.3 6.9 (29.0 ) — 3,519.0 Cost of sales: Home sales (5) 2,729.2 — — — (1.1 ) — 2,728.1 Land/lot sales and other 5.1 30.7 — — (24.4 ) 3.6 15.0 Inventory and land option charges 8.0 — — — — — 8.0 2,742.3 30.7 — — (25.5 ) 3.6 2,751.1 Selling, general and administrative expense 324.7 5.7 65.6 6.7 — 0.1 402.8 Gain on sale of assets (2.0 ) (0.9 ) — — — 0.9 (2.0 ) Other (income) expense (2.0 ) (1.9 ) (3.9 ) (0.8 ) — — (8.6 ) Income before income taxes $ 354.3 $ 4.9 $ 23.6 $ 1.0 $ (3.5 ) $ (4.6 ) $ 375.7 Summary Cash Flow Information: Depreciation and amortization $ 14.7 $ 0.1 $ 0.4 $ 1.6 $ — $ 0.1 $ 16.9 Cash (used in) provided by operating activities $ (396.8 ) $ (164.1 ) $ 193.8 $ (1.6 ) $ — $ (4.4 ) $ (373.1 ) ______________ (1) Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2) Amounts represent the aggregate results of certain subsidiaries that are immaterial for separate reporting. (3) Amounts represent the elimination of intercompany transactions. (4) Amounts represent purchase accounting adjustments related to the Forestar acquisition. (5) Amount in the Eliminations column represents the profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. Three Months Ended December 31, 2017 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues: Home sales $ 3,184.5 $ — $ — $ — $ — $ — $ 3,184.5 Land/lot sales and other 36.4 30.8 — — — — 67.2 Financial services — — 81.0 — — — 81.0 3,220.9 30.8 81.0 — — — 3,332.7 Cost of sales: Home sales 2,521.5 — — — — — 2,521.5 Land/lot sales and other 31.2 19.3 — — — 4.4 54.9 Inventory and land option charges 3.7 — — — — — 3.7 2,556.4 19.3 — — — 4.4 2,580.1 Selling, general and administrative expense 304.8 13.6 61.7 4.0 — 0.1 384.2 Gain on sale of assets (13.4 ) — — — — — (13.4 ) Interest expense — 2.1 — — (2.1 ) — — Other (income) expense (0.7 ) (8.2 ) (2.9 ) (2.9 ) — 5.3 (9.4 ) Income (loss) before income taxes $ 373.8 $ 4.0 $ 22.2 $ (1.1 ) $ 2.1 $ (9.8 ) $ 391.2 Summary Cash Flow Information: Depreciation and amortization $ 13.1 $ 1.2 $ 0.4 $ 1.4 $ — $ 0.1 $ 16.2 Cash (used in) provided by operating activities $ (101.6 ) $ (36.2 ) $ 67.9 $ 3.0 $ — $ (8.1 ) $ (75.0 ) ______________ (1) Results are presented from the date of acquisition and on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2) Amounts represent the aggregate results of certain subsidiaries that are immaterial for separate reporting. (3) Amount represents the reclassification of Forestar interest expense to inventory. (4) Amounts represent purchase accounting adjustments related to the Forestar acquisition. Homebuilding Inventories by Reporting Segment (1) December 31, September 30, (In millions) East $ 1,311.1 $ 1,192.0 Midwest 831.7 583.1 Southeast 2,826.0 2,668.7 South Central 2,610.7 2,439.4 Southwest 539.4 499.7 West 2,547.4 2,268.5 Corporate and unallocated (2) 231.9 223.7 $ 10,898.2 $ 9,875.1 _________________ (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. Homebuilding Results by Reporting Segment Three Months Ended 2018 2017 (In millions) Revenues East $ 447.5 $ 393.0 Midwest 249.0 161.4 Southeast 1,013.9 988.7 South Central 872.5 808.8 Southwest 143.6 156.4 West 690.8 712.6 $ 3,417.3 $ 3,220.9 Inventory and Land Option Charges East $ 1.4 $ (0.1 ) Midwest 0.3 0.2 Southeast 1.2 1.1 South Central 0.5 1.3 Southwest 0.1 0.8 West 4.5 0.4 $ 8.0 $ 3.7 Income before Income Taxes (1) East $ 38.0 $ 45.0 Midwest 10.6 13.3 Southeast 112.3 122.5 South Central 106.0 101.5 Southwest 17.6 14.7 West 69.8 76.8 $ 354.3 $ 373.8 _________________ (1) Expenses maintained at the corporate level consist primarily of interest and property taxes, which are capitalized and amortized to cost of sales or expensed directly, and the expenses related to operating the Company’s corporate office. The amortization of capitalized interest and property taxes is allocated to each homebuilding segment based on the segment’s cost of sales, while expenses associated with the corporate office are allocated to each homebuilding segment based on the segment’s inventory balances.

Inventory

Inventory	3 Months Ended
	Dec. 31, 2018
Inventory Disclosure [Abstract]
INVENTORY	INVENTORIES At December 31, 2018 , 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 $59.8 million and recorded impairment charges of $4.2 million during the three months ended December 31, 2018 to reduce the carrying value of impaired communities to fair value. There were $1.4 million of impairment charges recorded in the three months ended December 31, 2017 . Inventory impairments and the land option charges discussed below are included in cost of sales in the consolidated statements of operations. During the three months ended December 31, 2018 and 2017 , the Company wrote off $3.8 million and $2.3 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, 2018
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The Company’s notes payable at their principal amounts, net of unamortized discounts and debt issuance costs, consist of the following: December 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility, maturing 2023 $ 300.0 $ — 3.75% senior notes due 2019 499.9 499.6 4.0% senior notes due 2020 499.0 498.8 2.55% senior notes due 2020 398.2 397.9 4.375% senior notes due 2022 348.5 348.4 4.75% senior notes due 2023 298.7 298.7 5.75% senior notes due 2023 398.1 398.0 Other secured notes 6.3 4.5 2,748.7 2,445.9 Forestar: Unsecured: Revolving credit facility, maturing 2021 — — 3.75% convertible senior notes due 2020 119.7 119.9 119.7 119.9 Financial Services: Mortgage repurchase facility, maturing 2019 473.9 637.7 $ 3,342.3 $ 3,203.5 Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $7.6 million and $8.5 million at December 31, 2018 and September 30, 2018 , respectively. These costs are capitalized into inventory as they are amortized. Forestar’s 3.75% convertible senior notes due 2020 include an unamortized fair value adjustment of $6.8 million at December 31, 2018 . Homebuilding: The Company has a $1.325 billion senior unsecured homebuilding revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $1.9 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 25, 2023 . Borrowings and repayments under the facility were $575 million and $275 million , respectively, during the three months ended December 31, 2018 . At December 31, 2018 , there were $300 million of borrowings outstanding at a 4.1% annual interest rate and $124.4 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 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. The credit agreement governing the facility and the indenture governing the senior notes also impose restrictions on the creation of secured debt and liens. At December 31, 2018 , 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 SEC in August 2018 , registering debt and equity securities that the Company may issue from time to time in amounts to be determined. Effective August 1, 2018 , the Board of Directors authorized the repurchase of up to $500 million of the Company’s debt securities effective through September 30, 2019 . All of the $500 million authorization was remaining at December 31, 2018 . Forestar: Forestar has a $380 million senior unsecured revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $570 million , subject to certain conditions and availability of additional bank commitments. The facility also provides for the issuance of letters of credit with a sublimit equal to the greater of $100 million and 50% of the revolving credit commitment. Borrowings under the revolving credit facility are subject to a borrowing base based on Forestar’s book value of its real estate assets and unrestricted cash. The maturity date of the facility is August 16, 2021 . The maturity date of the revolving credit facility may be extended by up to one year on up to three occasions, subject to the approval of lenders holding a majority of the commitments. At December 31, 2018 , there were no borrowings outstanding and $3.4 million of letters of credit issued under the revolving credit facility. The revolving credit facility includes customary affirmative and negative covenants, events of default and financial covenants. The financial covenants require Forestar to maintain a minimum level of tangible net worth, a minimum level of liquidity and a maximum allowable leverage ratio. These covenants are measured as defined in the credit agreement governing the facility and are reported to the lenders quarterly. A failure to comply with these financial covenants could allow the lending banks to terminate the availability of funds under the revolving credit facility or cause any outstanding borrowings to become due and payable prior to maturity. At December 31, 2018 , Forestar was in compliance with all of the covenants, limitations and restrictions of its revolving credit facility. Forestar also has a secured letter of credit agreement which requires it to deposit cash as collateral with the issuing bank. At December 31, 2018 , letters of credit outstanding under the letter of credit facility totaled $15.3 million , secured by $16.1 million in cash, which is included in restricted cash in the consolidated balance sheet. Forestar’s revolving credit facility and its convertible senior notes are not guaranteed by D.R. Horton, Inc. or any of the subsidiaries that guarantee the Company’s homebuilding debt. Financial Services: The Company’s mortgage subsidiary, DHI Mortgage, has a mortgage repurchase facility that 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 $600 million ; however, the capacity increases, without requiring additional commitments, to $725 million for approximately 30 days at each quarter end and to $800 million for approximately 45 days at fiscal year end. The capacity of the facility can also be increased to $1.0 billion subject to the availability of additional commitments. The Company is currently in discussions with its lenders and expects to renew and extend the facility on similar terms prior to its February 22, 2019 maturity date. As of December 31, 2018 , $573.8 million of mortgage loans held for sale with a collateral value of $555.6 million were pledged under the mortgage repurchase facility. DHI Mortgage had an obligation of $473.9 million outstanding under the mortgage repurchase facility at December 31, 2018 at a 4.4% 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, 2018 , 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, 2018
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 2019 and fiscal 2018 , 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, 2018 and 2017 : Three Months Ended 2018 2017 (In millions) Capitalized interest, beginning of period $ 162.7 $ 167.9 Interest incurred (1) 31.7 31.0 Interest charged to cost of sales (25.6 ) (28.6 ) Capitalized interest, end of period $ 168.8 $ 170.3 _______________ (1) Interest incurred included interest on the Company's mortgage repurchase facility of $3.3 million and $2.1 million in the three months ended December 31, 2018 and 2017 , respectively, and interest incurred by Forestar of $1.3 million and $0.1 million .

Mortgage Loans

Mortgage Loans	3 Months Ended
	Dec. 31, 2018
Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOANS	MORTGAGE LOANS Mortgage loans held for sale consist primarily of single-family residential loans collateralized by the underlying property. At December 31, 2018 , mortgage loans held for sale had an aggregate carrying value of $622.2 million and an aggregate outstanding principal balance of $602.1 million . At September 30, 2018 , mortgage loans held for sale had an aggregate carrying value of $796.4 million and an aggregate outstanding principal balance of $776.1 million . During the three months ended December 31, 2018 and 2017 , mortgage loans originated totaled $1.6 billion in both periods and mortgage loans sold totaled $1.8 billion and $1.6 billion , respectively. The Company had gains on sales of loans and servicing rights of $59.9 million during the three months ended December 31, 2018 compared to $57.0 million in the prior year period. Net gains on sales of loans and servicing rights are included in revenues in the consolidated statements of operations. Approximately 94% of the mortgage loans sold by DHI Mortgage during the three months ended December 31, 2018 were sold to four major financial entities, the largest of which purchased 35% of the total loans sold.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax expense for the three months ended December 31, 2018 and 2017 was $89.0 million and $202.4 million , respectively. The effective tax rate was 23.7% for the three months ended December 31, 2018 compared to 51.7% in the prior year period. The higher effective tax rate for the three months ended December 31, 2017 was primarily due to the remeasurement of the Company’s deferred tax assets and liabilities as a result of the Tax Cuts and Jobs Act (Tax Act), which was enacted into law on December 22, 2017 . The effective tax rates for both periods include an expense for state income taxes, reduced by tax benefits related to stock-based compensation. The Tax Act reduced the federal corporate tax rate from 35% to 21% for all corporations effective January 1, 2018. For fiscal year companies, the change in law required the application of a blended tax rate in the year of change, which for the Company was 24.5% for the fiscal year ended September 30, 2018. For the fiscal year ending September 30, 2019 and thereafter, the applicable statutory federal tax rate is 21% . The Tax Act also repealed the domestic production activities deduction effective for the Company for fiscal 2019. The Company’s deferred tax assets, net of deferred tax liabilities, were $198.5 million at December 31, 2018 compared to $211.7 million at September 30, 2018 . The Company has a valuation allowance related to state deferred tax assets for net operating loss (NOL) carryforwards of $17.1 million at December 31, 2018 and $17.7 million at September 30, 2018 . The Company will continue to evaluate both the positive and negative evidence in determining the need for a valuation allowance with respect to the remaining state NOL carryforwards. Any reversal of the valuation allowance in future periods will impact the Company’s effective tax rate. 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 2018
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. Three Months Ended 2018 2017 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 287.2 $ 189.3 Denominator: Denominator for basic earnings per share — weighted average common shares 375.1 375.8 Effect of dilutive securities: Employee stock awards 5.0 8.0 Denominator for diluted earnings per share — adjusted weighted average common shares 380.1 383.8 Basic net income per common share attributable to D.R. Horton, Inc. $ 0.77 $ 0.50 Diluted net income per common share attributable to D.R. Horton, Inc. $ 0.76 $ 0.49

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Dec. 31, 2018
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY The Company has an automatically effective universal shelf registration statement, filed with the SEC in August 2018 , registering debt and equity securities that it may issue from time to time in amounts to be determined. Forestar also has an effective shelf registration statement filed with the SEC in September 2018 , registering $500 million of equity securities. Effective August 1, 2018 , the Board of Directors authorized the repurchase of up to $400 million of the Company’s common stock effective through September 30, 2019 . During the three months ended December 31, 2018 , the Company repurchased 4.1 million shares of its common stock for $140.6 million . The Company’s remaining authorization at December 31, 2018 was $234.9 million . During the three months ended December 31, 2018 , the Board of Directors approved a quarterly cash dividend of $0.15 per common share, which was paid on December 10, 2018 to stockholders of record on November 26, 2018 . In January 2019 , the Board of Directors approved a quarterly cash dividend of $0.15 per common share, payable on February 25, 2019 to stockholders of record on February 11, 2019 . Cash dividends of $0.125 per common share were approved and paid in each quarter of fiscal 2018 .

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Dec. 31, 2018
Compensation Related Costs [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Restricted Stock Units (RSUs) The Company’s Stock Incentive Plan provides for the granting of stock options and restricted stock units to executive officers, other key employees and non-management directors. Restricted stock unit awards may be based on performance (performance-based) or on service over a requisite time period (time-based). Performance-based and time-based RSU equity awards represent the contingent right to receive one share of the Company’s common stock per RSU if the vesting conditions and/or performance criteria are satisfied. The RSUs have no dividend or voting rights until vested. In November 2018 , a total of 360,000 performance-based RSU equity awards were granted to the Company’s Chairman and executive officers. These awards vest at the end of a three -year performance period ending September 30, 2021 . The number of units that ultimately vest depends on the Company’s relative position as compared to its peers 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 $37.75 per unit. Compensation expense related to these grants was $1.7 million in the three months ended December 31, 2018 based on the Company’s performance against its peer group, the elapsed portion of the performance period and the grant date fair value of the award. In November 2018 , a total of 1.7 million time-based RSUs were granted to approximately 900 recipients, including the Company’s executive officers, other key employees and non-management directors. The weighted average grant date fair value of these equity awards was $33.70 per unit, and they vest annually in equal installments over periods of three to five years. Compensation expense related to these grants was $4.4 million in the three months ended December 31, 2018 , of which $3.5 million related to expense recognized for employees that were retirement eligible on the date of grant.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Warranty Claims The Company 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, 2018 and 2017 were as follows: Three Months Ended 2018 2017 (In millions) Warranty liability, beginning of period $ 202.0 $ 143.7 Warranties issued 18.0 16.4 Changes in liability for pre-existing warranties 5.5 6.8 Settlements made (19.9 ) (17.5 ) Warranty liability, end of period $ 205.6 $ 149.4 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, contract disputes and other matters. 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 $412.2 million and $408.1 million at December 31, 2018 and September 30, 2018 , respectively, and are included in accrued expenses and other liabilities in the consolidated balance sheets. Approximately 99% of these reserves related to construction defect matters at both December 31, 2018 and September 30, 2018 . Expenses related to the Company’s legal contingencies were $5.8 million and $8.8 million in the three months ended December 31, 2018 and 2017 , respectively. The Company’s reserves for legal claims increased from $408.1 million at September 30, 2018 to $412.2 million at December 31, 2018 . Changes in the Company’s legal claims reserves during the three months ended December 31, 2018 and 2017 were as follows: Three Months Ended 2018 2017 (In millions) Reserves for legal claims, beginning of period $ 408.1 $ 420.6 Increase in reserves 11.6 10.6 Payments (7.5 ) (11.5 ) Reserves for legal claims, end of period $ 412.2 $ 419.7 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 $57.8 million , $54.6 million and $73.1 million at December 31, 2018 , September 30, 2018 and December 31, 2017 , respectively, and are included in 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 other assets in the consolidated balance sheets. At December 31, 2018 , the Company’s homebuilding segment had total option deposits of $449.1 million , consisting of cash deposits of $446.1 million and promissory notes and letters of credit of $3.0 million , to purchase land and lots with a total remaining purchase price of approximately $6.9 billion . The majority of land and lots under contract are currently expected to be purchased within three years. Of these amounts, $65.0 million of the option deposits related to contracts with Forestar to purchase land and lots with a remaining purchase price of $706.4 million . A limited number of the homebuilding land and lot option purchase contracts at December 31, 2018 , representing $96.5 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. Of the $96.5 million remaining purchase price subject to specific performance provisions, $44.4 million related to contracts between the homebuilding segment and Forestar. During the three months ended December 31, 2018 , Forestar reimbursed the Company’s homebuilding segment $12.1 million for previously paid earnest money and $3.0 million for pre-acquisition and other due diligence costs related to land purchase contracts whereby the homebuilding segment assigned its rights under contract to Forestar. At December 31, 2018 , Forestar had total option deposits of $5.4 million to purchase land and lots from third parties with a total remaining purchase price of approximately $68.0 million . Other Commitments At December 31, 2018 , the Company had outstanding surety bonds of $1.5 billion and letters of credit of $144.5 million to secure performance under various contracts. Of the total letters of credit, $124.4 million were issued under the homebuilding revolving credit facility and $3.4 million were issued under Forestar’s revolving credit facility. The remaining $16.7 million of letters of credit were issued under secured letter of credit agreements, of which $1.4 million related to homebuilding operations and $15.3 million related to Forestar. These agreements require the deposit of cash as collateral with the issuing banks, which is included in restricted cash in the consolidated balance sheets.

Other Assets, Accrued Expenses

Other Assets, Accrued Expenses and Other Liabilities	3 Months Ended
	Dec. 31, 2018
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
OTHER ASSETS, ACCRUED EXPENSES AND OTHER LIABILITIES	OTHER ASSETS, ACCRUED EXPENSES AND OTHER LIABILITIES The Company’s other assets at December 31, 2018 and September 30, 2018 were as follows: December 31, September 30, 2018 (In millions) Earnest money and refundable deposits $ 474.0 $ 445.2 Insurance receivables 57.8 54.6 Other receivables 73.2 81.7 Prepaid assets 36.4 36.9 Rental properties 31.8 39.2 Multi-family property held for sale 43.6 — Contract assets - insurance agency commissions 33.4 — Other 68.6 55.3 $ 818.8 $ 712.9 The Company’s accrued expenses and other liabilities at December 31, 2018 and September 30, 2018 were as follows: December 31, September 30, 2018 (In millions) Reserves for legal claims $ 412.2 $ 408.1 Employee compensation and related liabilities 205.5 252.5 Warranty liability 205.6 202.0 Accrued interest 35.7 14.8 Federal and state income tax liabilities 122.1 35.2 Inventory related accruals 42.2 45.5 Customer deposits 54.6 58.1 Accrued property taxes 26.1 38.0 Other 94.1 73.3 $ 1,198.1 $ 1,127.5

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2018 and September 30, 2018 . Changes in the fair value of the Level 3 assets during the three months ended December 31, 2018 and 2017 were not material. Fair Value at December 31, 2018 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Debt securities collateralized by residential real estate Other assets $ — $ — $ 3.9 $ 3.9 Mortgage loans held for sale (a) Mortgage loans held for sale — 608.9 9.2 618.1 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 17.0 — 17.0 Forward sales of mortgage-backed securities Other liabilities — (8.0 ) — (8.0 ) Best-efforts and mandatory commitments Other liabilities — (0.9 ) — (0.9 ) Fair Value at September 30, 2018 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Debt securities collateralized by residential real estate Other assets $ — $ — $ 3.9 $ 3.9 Mortgage loans held for sale (a) Mortgage loans held for sale — 784.6 7.8 792.4 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 10.5 — 10.5 Forward sales of mortgage-backed securities Other assets — 3.3 — 3.3 Best-efforts and mandatory commitments Other assets — 0.2 — 0.2 ___________________ (a) The Company typically elects the fair value option upon origination for mortgage loans held for sale. Interest income earned on mortgage loans held for sale is based on contractual interest rates and included in other income. Mortgage loans held for sale valued using Level 3 inputs at December 31, 2018 and September 30, 2018 include $9.2 million and $7.8 million , respectively, of loans for which the Company elected the fair value option upon origination and did not sell into the secondary market. 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 accrued expenses and other liabilities. Changes in the fair value of these derivatives are included in revenues in the consolidated statements of operations. The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at December 31, 2018 and September 30, 2018 : Fair Value at Fair Value at Balance Sheet Location Level 2 Level 3 Level 2 Level 3 (In millions) Inventory held and used (a) (b) Inventories $ — $ 5.4 $ — $ 4.4 Inventory available for sale (a) (c) Inventories — — — 1.4 Mortgage loans held for sale (a) (d) Mortgage loans held for sale 1.5 0.3 — 2.9 Other mortgage loans (a) (e) Other assets — 1.1 — 1.0 ___________________ (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 12% to 14% were used in the periods presented. (c) The fair value of inventory available for sale was determined based on recent offers received from outside third parties, comparable sales or actual contracts. (d) These mortgage loans have some degree of impairment affecting their marketability and are valued at the lower of carrying value or fair value. 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 value of other mortgage loans was 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, 2018 and September 30, 2018 : Carrying Value Fair Value at December 31, 2018 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (a) $ 737.0 $ 737.0 $ — $ — $ 737.0 Restricted cash (a) 31.3 31.3 — — 31.3 Notes payable (b) (c) 3,342.3 — 2,585.9 780.2 3,366.1 Carrying Value Fair Value at September 30, 2018 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (a) $ 1,473.1 $ 1,473.1 $ — $ — $ 1,473.1 Restricted cash (a) 32.9 32.9 — — 32.9 Notes payable (b) (c) 3,203.5 — 2,602.6 642.2 3,244.8 ___________________ (a) The fair values of cash, cash equivalents and restricted cash approximate their carrying values due to their short-term nature and are classified as Level 1 within the fair value hierarchy. (b) The fair value of the senior notes is determined based on quoted prices, which is classified as Level 2 within the fair value hierarchy. (c) The fair values of other secured notes and borrowings on the revolving credit facilities and the mortgage repurchase facility approximate carrying value due to their short-term nature or floating interest rate terms, as applicable, and are classified as Level 3 within the fair value hierarchy.

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Dec. 31, 2018
Supplemental Guarantor Information [Abstract]
SUPPLEMENTAL GUARANTOR INFORMATION	SUPPLEMENTAL GUARANTOR INFORMATION All of the Company’s homebuilding senior notes and the homebuilding 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 associated with the Forestar land development operation, the financial services operations and certain other subsidiaries do not guarantee the Company’s homebuilding senior notes or the homebuilding 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) its ceasing to guarantee any of the Company’s publicly traded debt securities and ceasing to guarantee any of the Company’s obligations under the homebuilding revolving credit facility. NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet December 31, 2018 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 458.8 $ 32.8 $ 245.4 $ — $ 737.0 Restricted cash 6.8 1.9 22.6 — 31.3 Investment in subsidiaries 6,540.2 — — (6,540.2 ) — Inventories 4,368.0 6,516.3 729.3 (18.0 ) 11,595.6 Mortgage loans held for sale — — 622.2 — 622.2 Deferred income taxes, net 64.2 98.3 17.1 1.8 181.4 Property and equipment, net 112.6 82.2 203.2 (6.9 ) 391.1 Other assets 322.7 390.7 168.3 (62.9 ) 818.8 Goodwill — 129.2 29.2 — 158.4 Intercompany receivables 676.1 — — (676.1 ) — Total Assets $ 12,549.4 $ 7,251.4 $ 2,037.3 $ (7,302.3 ) $ 14,535.8 LIABILITIES & EQUITY Accounts payable and other liabilities $ 663.5 $ 1,057.8 $ 245.5 $ (71.5 ) $ 1,895.3 Intercompany payables — 391.2 284.9 (676.1 ) — Notes payable 2,747.6 1.1 593.6 — 3,342.3 Total Liabilities 3,411.1 1,450.1 1,124.0 (747.6 ) 5,237.6 Stockholders’ equity 9,138.3 5,801.3 738.9 (6,553.8 ) 9,124.7 Noncontrolling interests — — 174.4 (0.9 ) 173.5 Total Equity 9,138.3 5,801.3 913.3 (6,554.7 ) 9,298.2 Total Liabilities & Equity $ 12,549.4 $ 7,251.4 $ 2,037.3 $ (7,302.3 ) $ 14,535.8 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet September 30, 2018 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 908.1 $ 158.7 $ 406.3 $ — $ 1,473.1 Restricted cash 6.6 2.0 24.3 — 32.9 Investment in subsidiaries 6,344.9 — — (6,344.9 ) — Inventories 4,037.1 5,824.1 545.0 (11.2 ) 10,395.0 Mortgage loans held for sale — — 796.4 — 796.4 Deferred income taxes, net 69.2 105.0 17.3 2.5 194.0 Property and equipment, net 111.2 66.1 230.7 (6.9 ) 401.1 Other assets 306.6 361.3 90.2 (45.2 ) 712.9 Goodwill — 80.0 29.2 — 109.2 Intercompany receivables 246.2 27.3 — (273.5 ) — Total Assets $ 12,029.9 $ 6,624.5 $ 2,139.4 $ (6,679.2 ) $ 14,114.6 LIABILITIES & EQUITY Accounts payable and other liabilities $ 590.8 $ 1,000.4 $ 210.1 $ (49.1 ) $ 1,752.2 Intercompany payables — — 273.5 (273.5 ) — Notes payable 2,443.9 2.1 757.5 — 3,203.5 Total Liabilities 3,034.7 1,002.5 1,241.1 (322.6 ) 4,955.7 Stockholders’ equity 8,995.2 5,622.0 722.8 (6,355.6 ) 8,984.4 Noncontrolling interests — — 175.5 (1.0 ) 174.5 Total Equity 8,995.2 5,622.0 898.3 (6,356.6 ) 9,158.9 Total Liabilities & Equity $ 12,029.9 $ 6,624.5 $ 2,139.4 $ (6,679.2 ) $ 14,114.6 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2018 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Revenues $ 1,335.7 $ 2,081.7 $ 130.6 $ (29.0 ) $ 3,519.0 Cost of sales 1,057.2 1,681.4 38.0 (25.5 ) 2,751.1 Selling, general and administrative expense 157.9 165.9 79.0 — 402.8 Gain on sale of assets (2.0 ) — — — (2.0 ) Other (income) expense (0.8 ) (0.4 ) (7.4 ) — (8.6 ) Income before income taxes 123.4 234.8 21.0 (3.5 ) 375.7 Income tax expense 29.2 55.8 4.8 (0.8 ) 89.0 Equity in net income of subsidiaries, net of tax 195.9 — — (195.9 ) — Net income 290.1 179.0 16.2 (198.6 ) 286.7 Net loss attributable to noncontrolling interests — — (0.7 ) 0.2 (0.5 ) Net income attributable to D.R. Horton, Inc. $ 290.1 $ 179.0 $ 16.9 $ (198.8 ) $ 287.2 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2017 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Revenues $ 1,163.8 $ 2,052.4 $ 116.5 $ — $ 3,332.7 Cost of sales 915.4 1,640.0 24.7 — 2,580.1 Selling, general and administrative expense 152.2 151.5 80.5 — 384.2 Gain on sale of assets — — (13.4 ) — (13.4 ) Other (income) expense (0.4 ) — (9.0 ) — (9.4 ) Income before income taxes 96.6 260.9 33.7 — 391.2 Income tax expense 51.1 137.9 13.4 — 202.4 Equity in net income of subsidiaries, net of tax 143.3 — — (143.3 ) — Net income 188.8 123.0 20.3 (143.3 ) 188.8 Net loss attributable to noncontrolling interests — — (0.5 ) — (0.5 ) Net income attributable to D.R. Horton, Inc. $ 188.8 $ 123.0 $ 20.8 $ (143.3 ) $ 189.3 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 31, 2018 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ (137.6 ) $ (244.2 ) $ 33.7 $ (25.0 ) $ (373.1 ) INVESTING ACTIVITIES Expenditures for property and equipment (10.2 ) (6.4 ) (3.6 ) — (20.2 ) Proceeds from sale of assets 10.4 — — — 10.4 Expenditures related to multi-family rental properties — — (11.4 ) — (11.4 ) Return of investment in unconsolidated entities — — 4.4 — 4.4 Net principal increase of other mortgage loans and real estate owned — — (0.6 ) — (0.6 ) Intercompany advances (129.9 ) — — 129.9 — Payments related to business acquisitions (293.0 ) — — — (293.0 ) Net cash used in investing activities (422.7 ) (6.4 ) (11.2 ) 129.9 (310.4 ) FINANCING ACTIVITIES Proceeds from notes payable 578.3 — — — 578.3 Repayment of notes payable (275.0 ) (1.1 ) — — (276.1 ) Payments on mortgage repurchase facility, net — — (163.8 ) — (163.8 ) Intercompany advances — 125.7 4.2 (129.9 ) — Proceeds from stock associated with certain employee benefit plans 8.6 — — — 8.6 Cash paid for shares withheld for taxes (4.1 ) — — — (4.1 ) Cash dividends paid (56.0 ) — (25.0 ) 25.0 (56.0 ) Repurchases of common stock (140.6 ) — — — (140.6 ) Distributions to noncontrolling interests, net — — (0.5 ) — (0.5 ) Net cash provided by (used in) financing activities 111.2 124.6 (185.1 ) (104.9 ) (54.2 ) Decrease in cash, cash equivalents and restricted cash (449.1 ) (126.0 ) (162.6 ) — (737.7 ) Cash, cash equivalents and restricted cash at beginning of period 914.7 160.7 430.6 — 1,506.0 Cash, cash equivalents and restricted cash at end of period $ 465.6 $ 34.7 $ 268.0 $ — $ 768.3 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 31, 2017 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ (3.0 ) $ (61.6 ) $ 21.6 $ (32.0 ) $ (75.0 ) INVESTING ACTIVITIES Expenditures for property and equipment (15.1 ) (7.8 ) (2.4 ) — (25.3 ) Proceeds from sale of assets — — 24.8 — 24.8 Expenditures related to multi-family rental properties — — (19.1 ) — (19.1 ) Return of investment in unconsolidated entities — — 14.9 — 14.9 Net principal decrease of other mortgage loans and real estate owned — — 0.1 — 0.1 Intercompany advances 2.7 — — (2.7 ) — Payments related to business acquisitions, net of cash acquired (558.3 ) — 401.9 — (156.4 ) Net cash (used in) provided by investing activities (570.7 ) (7.8 ) 420.2 (2.7 ) (161.0 ) FINANCING ACTIVITIES Proceeds from notes payable 1,112.8 — 1.1 — 1,113.9 Repayment of notes payable (815.2 ) (0.6 ) (10.0 ) — (825.8 ) Payments on mortgage repurchase facility, net — — (32.6 ) — (32.6 ) Intercompany advances — (4.5 ) 1.8 2.7 — Proceeds from stock associated with certain employee benefit plans 14.6 — — — 14.6 Cash paid for shares withheld for taxes (10.3 ) — — — (10.3 ) Cash dividends paid (47.0 ) — (32.0 ) 32.0 (47.0 ) Repurchases of common stock (25.4 ) — — — (25.4 ) Distributions to noncontrolling interests, net — — (1.7 ) — (1.7 ) Net cash provided by (used in) financing activities 229.5 (5.1 ) (73.4 ) 34.7 185.7 (Decrease) increase in cash, cash equivalents and restricted cash (344.2 ) (74.5 ) 368.4 — (50.3 ) Cash, cash equivalents and restricted cash at beginning of period 788.7 156.0 79.6 — 1,024.3 Cash, cash equivalents and restricted cash at end of period $ 444.5 $ 81.5 $ 448.0 $ — $ 974.0

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 2018
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. Noncontrolling interests represent the proportionate equity interests in consolidated entities that are not 100% owned by the Company. The Company owns a 75% controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 25% interest the Company does not own is accounted for as noncontrolling interests. 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, 2018 , 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, 2018 .
Reclassifications	Changes in Presentation and Reclassifications In connection with the adoption of Accounting Standards Update (ASU) 2016-18 in the current quarter, restricted cash is now included with cash and cash equivalents when reconciling beginning and ending amounts in the consolidated statements of cash flows. Prior period amounts have been reclassified to conform to the current year presentation, resulting in a decrease in cash used in investing activities of $37.2 million for the three months ended December 31, 2017 . In August 2018, the Securities and Exchange Commission (SEC) issued Final Rule Release No. 33-10532, “Disclosure Update and Simplification,” which makes a number of changes meant to simplify interim disclosures. In complying with the relevant aspects of the rule within this quarterly report, the Company has removed the presentation of cash dividends declared per common share from the statements of operations and included consolidated statements of total equity. Certain other prior period amounts have been reclassified to conform to the current year presentation.
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Adoption of New Accounting Standards On October 1, 2018, the Company adopted Accounting Standards Codification 606, "Revenue from Contracts with Customers" (ASC 606), which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services and satisfaction of performance obligations to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company applied the modified retrospective method to contracts that were not completed as of October 1, 2018. Results for the reporting period beginning after October 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and will continue to be reported under the previous accounting standards. The Company recorded an increase to retained earnings of $27.1 million , net of tax, as of October 1, 2018, due to the cumulative effect of adopting ASC 606 which was primarily related to the recognition of contract assets totaling $32.4 million for insurance brokerage commission renewals. Under ASC 606, the Company recognizes revenue and a contract asset for estimated future renewals of these policies upon issuance of the initial policy, the date at which the performance obligation is satisfied. There was not a material impact to revenues as a result of applying ASC 606 for the three months ended December 31, 2018 , and there have not been significant changes to the Company’s business processes, systems, or internal controls as a result of implementing the standard. In January 2016, the Financial Accounting Standards Board (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 was effective for the Company on October 1, 2018 and did not 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 was effective for the Company on October 1, 2018 and did not have a material impact on its consolidated statements of cash flows. In October 2016, the FASB issued ASU 2016-16, “Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory,” which requires companies to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The guidance was effective for the Company on October 1, 2018 and did not have a material impact on its consolidated financial position 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 Company adopted the guidance as of October 1, 2018 on a retrospective basis and made the required changes to its statements of cash flows as described in the “Changes in Presentation and Reclassifications” section above. In February 2017, the FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets,” which updates the definition of an in substance nonfinancial asset and clarifies the derecognition guidance for nonfinancial assets to conform to the new revenue recognition standard (ASU 2014-09). The guidance was effective for the Company on October 1, 2018, concurrent with the adoption of ASU 2014-09 and did not have a material impact on its consolidated financial position, results of operations and cash flows. In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation: Scope of Modification Accounting,” which clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new guidance, modification accounting is required if the fair value, vesting conditions or classification (equity or liability) of the new award are different from the original award immediately before the original award is modified. The guidance was effective for the Company on October 1, 2018 and did not have a material impact on its consolidated financial position, results of operations or cash flows.
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.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Homebuilding revenue and related profit are generally recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the buyer. The Company’s performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. 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. Contract liabilities include customer deposit liabilities related to sold but undelivered homes. The Company rarely purchases land for resale, but periodically may elect to sell parcels of land that no longer fit into its strategic operating plans. Cash consideration from land sales is typically due on the closing date, which is generally when performance obligations are satisfied. Financial services revenues associated with the Company’s title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur simultaneously as each home is closed. The Company transfers substantially all underwriting risk associated with title insurance policies to third-party insurers. The Company typically elects the fair value option for its mortgage loan originations. Mortgage loans held for sale are initially recorded at fair value based on either sale commitments or current market quotes and are adjusted for subsequent changes in fair value until the loans are sold. Net origination costs and fees associated with mortgage loans are recognized at the time of origination. The expected net future cash flows related to the associated servicing of a loan are included in the measurement of all written loan commitments that are accounted for at fair value through earnings at the time of commitment. The Company sells substantially all of the mortgages it originates and the related servicing rights to third-party purchasers. Interest income is earned from the date a mortgage loan is originated until the loan is sold. The Company collects insurance commissions on homeowner policies placed with third party carriers through its wholly owned insurance agency. The Company recognizes revenue and a contract asset for estimated future renewals of these policies upon issuance of the initial policy, the date at which the performance obligation is satisfied.
Business Combinations Policy [Policy Text Block]	Business Acquisitions During the three months ended December 31, 2018 , the Company acquired the homebuilding operations of Westport Homes, Classic Builders and Terramor Homes for $320.7 million . The assets acquired included approximately 700 homes in inventory, 4,500 lots and control of approximately 4,300 additional lots through option contracts. The Company also acquired a sales order backlog of approximately 700 homes. Westport Homes operates in Indianapolis and Fort Wayne, Indiana, and Columbus, Ohio; Classic Builders operates in Des Moines, Iowa; and Terramor Homes operates in Raleigh, North Carolina. The Company’s allocation of the aggregate purchase price to the assets and liabilities acquired through these transactions is not finalized and is subject to revision as additional information becomes available and more detailed analyses are completed. The preliminary allocation of the purchase price to the assets and liabilities acquired is as follows (in millions): Inventories $ 271.3 Other assets 14.8 Goodwill 49.2 Intangible assets 11.3 Other liabilities (25.9 ) Net assets acquired $ 320.7 As a result of these transactions, the Company’s preliminary estimate of goodwill is $49.2 million , of which $43.2 million is allocated to the Midwest region and $6.0 million is allocated to the East region. The goodwill is tax deductible and relates to expected synergies from expanding the Company’s market presence in its Midwest and East regions, the experienced and knowledgeable workforce of these entities and their capital efficient operating processes. The intangible assets will be amortized on a straight-line basis to selling, general and administrative (SG&A) expense over their expected lives, which range from 1 to 3 years .
Recent Accounting Pronouncements	Pending Accounting Standards 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 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 in determining 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 January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other,” which simplifies the measurement of goodwill impairment by removing the second step of the goodwill impairment test and requires the determination of the fair value of individual assets and liabilities of a reporting unit. Under the new guidance, goodwill impairment is measured as the amount by which a reporting unit’s carrying amount exceeds its fair value with the loss recognized limited to the total amount of goodwill allocated to the reporting unit. 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.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Tables)	3 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The Company’s allocation of the aggregate purchase price to the assets and liabilities acquired through these transactions is not finalized and is subject to revision as additional information becomes available and more detailed analyses are completed. The preliminary allocation of the purchase price to the assets and liabilities acquired is as follows (in millions): Inventories $ 271.3 Other assets 14.8 Goodwill 49.2 Intangible assets 11.3 Other liabilities (25.9 ) Net assets acquired $ 320.7

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 31, 2018
Segment Reporting Information [Line Items]
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, 2018 . Financial information relating to the Company’s reporting segments is as follows: December 31, 2018 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Assets Cash and cash equivalents $ 537.5 $ 154.2 $ 32.8 $ 12.5 $ — $ — $ 737.0 Restricted cash 8.7 16.1 6.5 — — — 31.3 Inventories: Construction in progress and finished homes 5,840.4 — — — 2.4 — 5,842.8 Residential land and lots — developed and under development 4,949.5 644.7 — — (20.4 ) 22.2 5,596.0 Land held for development 61.3 48.5 — — — — 109.8 Land held for sale 47.0 — — — — — 47.0 10,898.2 693.2 — — (18.0 ) 22.2 11,595.6 Mortgage loans held for sale — — 622.2 — — — 622.2 Deferred income taxes, net 165.0 25.5 — — 0.3 (9.4 ) 181.4 Property and equipment, net 224.3 1.8 3.6 161.4 — — 391.1 Other assets 713.2 27.9 47.1 81.2 (61.3 ) 10.7 818.8 Goodwill 129.2 — — — — 29.2 158.4 $ 12,676.1 $ 918.7 $ 712.2 $ 255.1 $ (79.0 ) $ 52.7 $ 14,535.8 Liabilities Accounts payable $ 674.9 $ 7.4 $ 10.6 $ 4.3 $ — $ — $ 697.2 Accrued expenses and other liabilities 1,116.3 120.4 35.5 14.4 (73.1 ) (15.4 ) 1,198.1 Notes payable 2,748.7 112.9 473.9 — — 6.8 3,342.3 $ 4,539.9 $ 240.7 $ 520.0 $ 18.7 $ (73.1 ) $ (8.6 ) $ 5,237.6 ______________ (1) Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2) Amounts represent the aggregate balances of certain subsidiaries that are immaterial for separate reporting. (3) Amounts represent the elimination of intercompany transactions. (4) Amounts represent purchase accounting adjustments related to the Forestar acquisition. September 30, 2018 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Assets Cash and cash equivalents $ 1,111.8 $ 318.8 $ 33.7 $ 8.8 $ — $ — $ 1,473.1 Restricted cash 8.6 16.2 8.1 — — — 32.9 Inventories: Construction in progress and finished homes 5,084.4 — — — 1.9 — 5,086.3 Residential land and lots — developed and under development 4,689.3 463.1 — — (7.2 ) 27.2 5,172.4 Land held for development 61.2 34.9 — — — — 96.1 Land held for sale 40.2 — — — — — 40.2 9,875.1 498.0 — — (5.3 ) 27.2 10,395.0 Mortgage loans held for sale — — 796.4 — — — 796.4 Deferred income taxes, net 176.5 26.9 — — 1.1 (10.5 ) 194.0 Property and equipment, net 207.1 1.8 3.0 189.2 — — 401.1 Other assets 673.7 31.4 43.6 0.9 (48.6 ) 11.9 712.9 Goodwill 80.0 — — — — 29.2 109.2 $ 12,132.8 $ 893.1 $ 884.8 $ 198.9 $ (52.8 ) $ 57.8 $ 14,114.6 Liabilities Accounts payable $ 612.4 $ 11.2 $ 0.2 $ 4.2 $ (3.3 ) $ — $ 624.7 Accrued expenses and other liabilities 1,041.3 95.7 41.9 9.9 (46.1 ) (15.2 ) 1,127.5 Notes payable 2,445.9 111.7 637.7 — — 8.2 3,203.5 $ 4,099.6 $ 218.6 $ 679.8 $ 14.1 $ (49.4 ) $ (7.0 ) $ 4,955.7 ______________ (1) Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2) Amounts represent the aggregate balances of certain subsidiaries that are immaterial for separate reporting. (3) Amounts represent the elimination of intercompany transactions and the reclassification of Forestar interest expense to inventory. (4) Amounts represent purchase accounting adjustments related to the Forestar acquisition. Three Months Ended December 31, 2018 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues: Home sales $ 3,410.6 $ — $ — $ — $ — $ — $ 3,410.6 Land/lot sales and other 6.7 38.5 — 6.9 (29.0 ) — 23.1 Financial services — — 85.3 — — — 85.3 3,417.3 38.5 85.3 6.9 (29.0 ) — 3,519.0 Cost of sales: Home sales (5) 2,729.2 — — — (1.1 ) — 2,728.1 Land/lot sales and other 5.1 30.7 — — (24.4 ) 3.6 15.0 Inventory and land option charges 8.0 — — — — — 8.0 2,742.3 30.7 — — (25.5 ) 3.6 2,751.1 Selling, general and administrative expense 324.7 5.7 65.6 6.7 — 0.1 402.8 Gain on sale of assets (2.0 ) (0.9 ) — — — 0.9 (2.0 ) Other (income) expense (2.0 ) (1.9 ) (3.9 ) (0.8 ) — — (8.6 ) Income before income taxes $ 354.3 $ 4.9 $ 23.6 $ 1.0 $ (3.5 ) $ (4.6 ) $ 375.7 Summary Cash Flow Information: Depreciation and amortization $ 14.7 $ 0.1 $ 0.4 $ 1.6 $ — $ 0.1 $ 16.9 Cash (used in) provided by operating activities $ (396.8 ) $ (164.1 ) $ 193.8 $ (1.6 ) $ — $ (4.4 ) $ (373.1 ) ______________ (1) Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2) Amounts represent the aggregate results of certain subsidiaries that are immaterial for separate reporting. (3) Amounts represent the elimination of intercompany transactions. (4) Amounts represent purchase accounting adjustments related to the Forestar acquisition. (5) Amount in the Eliminations column represents the profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. Three Months Ended December 31, 2017 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues: Home sales $ 3,184.5 $ — $ — $ — $ — $ — $ 3,184.5 Land/lot sales and other 36.4 30.8 — — — — 67.2 Financial services — — 81.0 — — — 81.0 3,220.9 30.8 81.0 — — — 3,332.7 Cost of sales: Home sales 2,521.5 — — — — — 2,521.5 Land/lot sales and other 31.2 19.3 — — — 4.4 54.9 Inventory and land option charges 3.7 — — — — — 3.7 2,556.4 19.3 — — — 4.4 2,580.1 Selling, general and administrative expense 304.8 13.6 61.7 4.0 — 0.1 384.2 Gain on sale of assets (13.4 ) — — — — — (13.4 ) Interest expense — 2.1 — — (2.1 ) — — Other (income) expense (0.7 ) (8.2 ) (2.9 ) (2.9 ) — 5.3 (9.4 ) Income (loss) before income taxes $ 373.8 $ 4.0 $ 22.2 $ (1.1 ) $ 2.1 $ (9.8 ) $ 391.2 Summary Cash Flow Information: Depreciation and amortization $ 13.1 $ 1.2 $ 0.4 $ 1.4 $ — $ 0.1 $ 16.2 Cash (used in) provided by operating activities $ (101.6 ) $ (36.2 ) $ 67.9 $ 3.0 $ — $ (8.1 ) $ (75.0 ) ______________ (1) Results are presented from the date of acquisition and on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2) Amounts represent the aggregate results of certain subsidiaries that are immaterial for separate reporting. (3) Amount represents the reclassification of Forestar interest expense to inventory. (4) Amounts represent purchase accounting adjustments related to the Forestar acquisition. Homebuilding Inventories by Reporting Segment (1) December 31, September 30, (In millions) East $ 1,311.1 $ 1,192.0 Midwest 831.7 583.1 Southeast 2,826.0 2,668.7 South Central 2,610.7 2,439.4 Southwest 539.4 499.7 West 2,547.4 2,268.5 Corporate and unallocated (2) 231.9 223.7 $ 10,898.2 $ 9,875.1 _________________ (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. Homebuilding Results by Reporting Segment Three Months Ended 2018 2017 (In millions) Revenues East $ 447.5 $ 393.0 Midwest 249.0 161.4 Southeast 1,013.9 988.7 South Central 872.5 808.8 Southwest 143.6 156.4 West 690.8 712.6 $ 3,417.3 $ 3,220.9 Inventory and Land Option Charges East $ 1.4 $ (0.1 ) Midwest 0.3 0.2 Southeast 1.2 1.1 South Central 0.5 1.3 Southwest 0.1 0.8 West 4.5 0.4 $ 8.0 $ 3.7 Income before Income Taxes (1) East $ 38.0 $ 45.0 Midwest 10.6 13.3 Southeast 112.3 122.5 South Central 106.0 101.5 Southwest 17.6 14.7 West 69.8 76.8 $ 354.3 $ 373.8 _________________ (1) Expenses maintained at the corporate level consist primarily of interest and property taxes, which are capitalized and amortized to cost of sales or expensed directly, and the expenses related to operating the Company’s corporate office. The amortization of capitalized interest and property taxes is allocated to each homebuilding segment based on the segment’s cost of sales, while expenses associated with the corporate office are allocated to each homebuilding segment based on the segment’s inventory balances.

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Dec. 31, 2018
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 unamortized discounts and debt issuance costs, consist of the following: December 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility, maturing 2023 $ 300.0 $ — 3.75% senior notes due 2019 499.9 499.6 4.0% senior notes due 2020 499.0 498.8 2.55% senior notes due 2020 398.2 397.9 4.375% senior notes due 2022 348.5 348.4 4.75% senior notes due 2023 298.7 298.7 5.75% senior notes due 2023 398.1 398.0 Other secured notes 6.3 4.5 2,748.7 2,445.9 Forestar: Unsecured: Revolving credit facility, maturing 2021 — — 3.75% convertible senior notes due 2020 119.7 119.9 119.7 119.9 Financial Services: Mortgage repurchase facility, maturing 2019 473.9 637.7 $ 3,342.3 $ 3,203.5

Capitalized Interest (Tables)

Capitalized Interest (Tables)	3 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 : Three Months Ended 2018 2017 (In millions) Capitalized interest, beginning of period $ 162.7 $ 167.9 Interest incurred (1) 31.7 31.0 Interest charged to cost of sales (25.6 ) (28.6 ) Capitalized interest, end of period $ 168.8 $ 170.3 _______________ (1) Interest incurred included interest on the Company's mortgage repurchase facility of $3.3 million and $2.1 million in the three months ended December 31, 2018 and 2017 , respectively, and interest incurred by Forestar of $1.3 million and $0.1 million .

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2018
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. Three Months Ended 2018 2017 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 287.2 $ 189.3 Denominator: Denominator for basic earnings per share — weighted average common shares 375.1 375.8 Effect of dilutive securities: Employee stock awards 5.0 8.0 Denominator for diluted earnings per share — adjusted weighted average common shares 380.1 383.8 Basic net income per common share attributable to D.R. Horton, Inc. $ 0.77 $ 0.50 Diluted net income per common share attributable to D.R. Horton, Inc. $ 0.76 $ 0.49

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Changes in warranty liability	Changes in the Company’s warranty liability during the three months ended December 31, 2018 and 2017 were as follows: Three Months Ended 2018 2017 (In millions) Warranty liability, beginning of period $ 202.0 $ 143.7 Warranties issued 18.0 16.4 Changes in liability for pre-existing warranties 5.5 6.8 Settlements made (19.9 ) (17.5 ) Warranty liability, end of period $ 205.6 $ 149.4
Changes in legal claims reserves	Changes in the Company’s legal claims reserves during the three months ended December 31, 2018 and 2017 were as follows: Three Months Ended 2018 2017 (In millions) Reserves for legal claims, beginning of period $ 408.1 $ 420.6 Increase in reserves 11.6 10.6 Payments (7.5 ) (11.5 ) Reserves for legal claims, end of period $ 412.2 $ 419.7

Other Assets, Accrued Expense_2

Other Assets, Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Dec. 31, 2018
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
Other assets	The Company’s other assets at December 31, 2018 and September 30, 2018 were as follows: December 31, September 30, 2018 (In millions) Earnest money and refundable deposits $ 474.0 $ 445.2 Insurance receivables 57.8 54.6 Other receivables 73.2 81.7 Prepaid assets 36.4 36.9 Rental properties 31.8 39.2 Multi-family property held for sale 43.6 — Contract assets - insurance agency commissions 33.4 — Other 68.6 55.3 $ 818.8 $ 712.9
Accrued expenses and other liabilities	The Company’s accrued expenses and other liabilities at December 31, 2018 and September 30, 2018 were as follows: December 31, September 30, 2018 (In millions) Reserves for legal claims $ 412.2 $ 408.1 Employee compensation and related liabilities 205.5 252.5 Warranty liability 205.6 202.0 Accrued interest 35.7 14.8 Federal and state income tax liabilities 122.1 35.2 Inventory related accruals 42.2 45.5 Customer deposits 54.6 58.1 Accrued property taxes 26.1 38.0 Other 94.1 73.3 $ 1,198.1 $ 1,127.5

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2018
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, 2018 and September 30, 2018 . Changes in the fair value of the Level 3 assets during the three months ended December 31, 2018 and 2017 were not material. Fair Value at December 31, 2018 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Debt securities collateralized by residential real estate Other assets $ — $ — $ 3.9 $ 3.9 Mortgage loans held for sale (a) Mortgage loans held for sale — 608.9 9.2 618.1 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 17.0 — 17.0 Forward sales of mortgage-backed securities Other liabilities — (8.0 ) — (8.0 ) Best-efforts and mandatory commitments Other liabilities — (0.9 ) — (0.9 ) Fair Value at September 30, 2018 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Debt securities collateralized by residential real estate Other assets $ — $ — $ 3.9 $ 3.9 Mortgage loans held for sale (a) Mortgage loans held for sale — 784.6 7.8 792.4 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 10.5 — 10.5 Forward sales of mortgage-backed securities Other assets — 3.3 — 3.3 Best-efforts and mandatory commitments Other assets — 0.2 — 0.2 ___________________ (a) The Company typically elects the fair value option upon origination for mortgage loans held for sale. Interest income earned on mortgage loans held for sale is based on contractual interest rates and included in other income. Mortgage loans held for sale valued using Level 3 inputs at December 31, 2018 and September 30, 2018 include $9.2 million and $7.8 million , respectively, of loans for which the Company elected the fair value option upon origination and did not sell into the secondary market. 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 accrued expenses and other liabilities. Changes in the fair value of these derivatives are included in revenues in the consolidated statements of operations.
Fair value measurements of assets on a non-recurring basis	The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at December 31, 2018 and September 30, 2018 : Fair Value at Fair Value at Balance Sheet Location Level 2 Level 3 Level 2 Level 3 (In millions) Inventory held and used (a) (b) Inventories $ — $ 5.4 $ — $ 4.4 Inventory available for sale (a) (c) Inventories — — — 1.4 Mortgage loans held for sale (a) (d) Mortgage loans held for sale 1.5 0.3 — 2.9 Other mortgage loans (a) (e) Other assets — 1.1 — 1.0 ___________________ (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 12% to 14% were used in the periods presented. (c) The fair value of inventory available for sale was determined based on recent offers received from outside third parties, comparable sales or actual contracts. (d) These mortgage loans have some degree of impairment affecting their marketability and are valued at the lower of carrying value or fair value. 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 value of other mortgage loans was 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, 2018 and September 30, 2018 : Carrying Value Fair Value at December 31, 2018 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (a) $ 737.0 $ 737.0 $ — $ — $ 737.0 Restricted cash (a) 31.3 31.3 — — 31.3 Notes payable (b) (c) 3,342.3 — 2,585.9 780.2 3,366.1 Carrying Value Fair Value at September 30, 2018 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (a) $ 1,473.1 $ 1,473.1 $ — $ — $ 1,473.1 Restricted cash (a) 32.9 32.9 — — 32.9 Notes payable (b) (c) 3,203.5 — 2,602.6 642.2 3,244.8 ___________________ (a) The fair values of cash, cash equivalents and restricted cash approximate their carrying values due to their short-term nature and are classified as Level 1 within the fair value hierarchy. (b) The fair value of the senior notes is determined based on quoted prices, which is classified as Level 2 within the fair value hierarchy. (c) The fair values of other secured notes and borrowings on the revolving credit facilities and the mortgage repurchase facility approximate carrying value due to their short-term nature or floating interest rate terms, as applicable, and are classified as Level 3 within the fair value hierarchy.

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	3 Months Ended
	Dec. 31, 2018
Supplemental Guarantor Information [Abstract]
Condensed Financial Statements	Consolidating Balance Sheet December 31, 2018 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 458.8 $ 32.8 $ 245.4 $ — $ 737.0 Restricted cash 6.8 1.9 22.6 — 31.3 Investment in subsidiaries 6,540.2 — — (6,540.2 ) — Inventories 4,368.0 6,516.3 729.3 (18.0 ) 11,595.6 Mortgage loans held for sale — — 622.2 — 622.2 Deferred income taxes, net 64.2 98.3 17.1 1.8 181.4 Property and equipment, net 112.6 82.2 203.2 (6.9 ) 391.1 Other assets 322.7 390.7 168.3 (62.9 ) 818.8 Goodwill — 129.2 29.2 — 158.4 Intercompany receivables 676.1 — — (676.1 ) — Total Assets $ 12,549.4 $ 7,251.4 $ 2,037.3 $ (7,302.3 ) $ 14,535.8 LIABILITIES & EQUITY Accounts payable and other liabilities $ 663.5 $ 1,057.8 $ 245.5 $ (71.5 ) $ 1,895.3 Intercompany payables — 391.2 284.9 (676.1 ) — Notes payable 2,747.6 1.1 593.6 — 3,342.3 Total Liabilities 3,411.1 1,450.1 1,124.0 (747.6 ) 5,237.6 Stockholders’ equity 9,138.3 5,801.3 738.9 (6,553.8 ) 9,124.7 Noncontrolling interests — — 174.4 (0.9 ) 173.5 Total Equity 9,138.3 5,801.3 913.3 (6,554.7 ) 9,298.2 Total Liabilities & Equity $ 12,549.4 $ 7,251.4 $ 2,037.3 $ (7,302.3 ) $ 14,535.8 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet September 30, 2018 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) ASSETS Cash and cash equivalents $ 908.1 $ 158.7 $ 406.3 $ — $ 1,473.1 Restricted cash 6.6 2.0 24.3 — 32.9 Investment in subsidiaries 6,344.9 — — (6,344.9 ) — Inventories 4,037.1 5,824.1 545.0 (11.2 ) 10,395.0 Mortgage loans held for sale — — 796.4 — 796.4 Deferred income taxes, net 69.2 105.0 17.3 2.5 194.0 Property and equipment, net 111.2 66.1 230.7 (6.9 ) 401.1 Other assets 306.6 361.3 90.2 (45.2 ) 712.9 Goodwill — 80.0 29.2 — 109.2 Intercompany receivables 246.2 27.3 — (273.5 ) — Total Assets $ 12,029.9 $ 6,624.5 $ 2,139.4 $ (6,679.2 ) $ 14,114.6 LIABILITIES & EQUITY Accounts payable and other liabilities $ 590.8 $ 1,000.4 $ 210.1 $ (49.1 ) $ 1,752.2 Intercompany payables — — 273.5 (273.5 ) — Notes payable 2,443.9 2.1 757.5 — 3,203.5 Total Liabilities 3,034.7 1,002.5 1,241.1 (322.6 ) 4,955.7 Stockholders’ equity 8,995.2 5,622.0 722.8 (6,355.6 ) 8,984.4 Noncontrolling interests — — 175.5 (1.0 ) 174.5 Total Equity 8,995.2 5,622.0 898.3 (6,356.6 ) 9,158.9 Total Liabilities & Equity $ 12,029.9 $ 6,624.5 $ 2,139.4 $ (6,679.2 ) $ 14,114.6 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2018 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Revenues $ 1,335.7 $ 2,081.7 $ 130.6 $ (29.0 ) $ 3,519.0 Cost of sales 1,057.2 1,681.4 38.0 (25.5 ) 2,751.1 Selling, general and administrative expense 157.9 165.9 79.0 — 402.8 Gain on sale of assets (2.0 ) — — — (2.0 ) Other (income) expense (0.8 ) (0.4 ) (7.4 ) — (8.6 ) Income before income taxes 123.4 234.8 21.0 (3.5 ) 375.7 Income tax expense 29.2 55.8 4.8 (0.8 ) 89.0 Equity in net income of subsidiaries, net of tax 195.9 — — (195.9 ) — Net income 290.1 179.0 16.2 (198.6 ) 286.7 Net loss attributable to noncontrolling interests — — (0.7 ) 0.2 (0.5 ) Net income attributable to D.R. Horton, Inc. $ 290.1 $ 179.0 $ 16.9 $ (198.8 ) $ 287.2 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2017 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) Revenues $ 1,163.8 $ 2,052.4 $ 116.5 $ — $ 3,332.7 Cost of sales 915.4 1,640.0 24.7 — 2,580.1 Selling, general and administrative expense 152.2 151.5 80.5 — 384.2 Gain on sale of assets — — (13.4 ) — (13.4 ) Other (income) expense (0.4 ) — (9.0 ) — (9.4 ) Income before income taxes 96.6 260.9 33.7 — 391.2 Income tax expense 51.1 137.9 13.4 — 202.4 Equity in net income of subsidiaries, net of tax 143.3 — — (143.3 ) — Net income 188.8 123.0 20.3 (143.3 ) 188.8 Net loss attributable to noncontrolling interests — — (0.5 ) — (0.5 ) Net income attributable to D.R. Horton, Inc. $ 188.8 $ 123.0 $ 20.8 $ (143.3 ) $ 189.3 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 31, 2018 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ (137.6 ) $ (244.2 ) $ 33.7 $ (25.0 ) $ (373.1 ) INVESTING ACTIVITIES Expenditures for property and equipment (10.2 ) (6.4 ) (3.6 ) — (20.2 ) Proceeds from sale of assets 10.4 — — — 10.4 Expenditures related to multi-family rental properties — — (11.4 ) — (11.4 ) Return of investment in unconsolidated entities — — 4.4 — 4.4 Net principal increase of other mortgage loans and real estate owned — — (0.6 ) — (0.6 ) Intercompany advances (129.9 ) — — 129.9 — Payments related to business acquisitions (293.0 ) — — — (293.0 ) Net cash used in investing activities (422.7 ) (6.4 ) (11.2 ) 129.9 (310.4 ) FINANCING ACTIVITIES Proceeds from notes payable 578.3 — — — 578.3 Repayment of notes payable (275.0 ) (1.1 ) — — (276.1 ) Payments on mortgage repurchase facility, net — — (163.8 ) — (163.8 ) Intercompany advances — 125.7 4.2 (129.9 ) — Proceeds from stock associated with certain employee benefit plans 8.6 — — — 8.6 Cash paid for shares withheld for taxes (4.1 ) — — — (4.1 ) Cash dividends paid (56.0 ) — (25.0 ) 25.0 (56.0 ) Repurchases of common stock (140.6 ) — — — (140.6 ) Distributions to noncontrolling interests, net — — (0.5 ) — (0.5 ) Net cash provided by (used in) financing activities 111.2 124.6 (185.1 ) (104.9 ) (54.2 ) Decrease in cash, cash equivalents and restricted cash (449.1 ) (126.0 ) (162.6 ) — (737.7 ) Cash, cash equivalents and restricted cash at beginning of period 914.7 160.7 430.6 — 1,506.0 Cash, cash equivalents and restricted cash at end of period $ 465.6 $ 34.7 $ 268.0 $ — $ 768.3 NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 31, 2017 D.R. Horton, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total (In millions) OPERATING ACTIVITIES Net cash (used in) provided by operating activities $ (3.0 ) $ (61.6 ) $ 21.6 $ (32.0 ) $ (75.0 ) INVESTING ACTIVITIES Expenditures for property and equipment (15.1 ) (7.8 ) (2.4 ) — (25.3 ) Proceeds from sale of assets — — 24.8 — 24.8 Expenditures related to multi-family rental properties — — (19.1 ) — (19.1 ) Return of investment in unconsolidated entities — — 14.9 — 14.9 Net principal decrease of other mortgage loans and real estate owned — — 0.1 — 0.1 Intercompany advances 2.7 — — (2.7 ) — Payments related to business acquisitions, net of cash acquired (558.3 ) — 401.9 — (156.4 ) Net cash (used in) provided by investing activities (570.7 ) (7.8 ) 420.2 (2.7 ) (161.0 ) FINANCING ACTIVITIES Proceeds from notes payable 1,112.8 — 1.1 — 1,113.9 Repayment of notes payable (815.2 ) (0.6 ) (10.0 ) — (825.8 ) Payments on mortgage repurchase facility, net — — (32.6 ) — (32.6 ) Intercompany advances — (4.5 ) 1.8 2.7 — Proceeds from stock associated with certain employee benefit plans 14.6 — — — 14.6 Cash paid for shares withheld for taxes (10.3 ) — — — (10.3 ) Cash dividends paid (47.0 ) — (32.0 ) 32.0 (47.0 ) Repurchases of common stock (25.4 ) — — — (25.4 ) Distributions to noncontrolling interests, net — — (1.7 ) — (1.7 ) Net cash provided by (used in) financing activities 229.5 (5.1 ) (73.4 ) 34.7 185.7 (Decrease) increase in cash, cash equivalents and restricted cash (344.2 ) (74.5 ) 368.4 — (50.3 ) Cash, cash equivalents and restricted cash at beginning of period 788.7 156.0 79.6 — 1,024.3 Cash, cash equivalents and restricted cash at end of period $ 444.5 $ 81.5 $ 448.0 $ — $ 974.0

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	3 Months Ended
	Dec. 31, 2018USD ($)LotHome	Dec. 31, 2017USD ($)	Oct. 01, 2018USD ($)	Sep. 30, 2018USD ($)	Oct. 05, 2017
Entity Information [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 293	$ 156.4
Cumulative Effect on Retained Earnings, Net of Tax	27.1
Business Acquisition, Percentage of Voting Interests Acquired					75.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					25.00%
Goodwill	158.4			$ 109.2
Contract Asset Insurance Renewals	33.4			0
Accounting Standards Update 2016-18 [Member]
Entity Information [Line Items]
Increase (Decrease) in Restricted Cash		$ (37.2)
Accounting Standards Update 2014-09 [Member]
Entity Information [Line Items]
Contract Asset Insurance Renewals			$ 32.4
Series of Individually Immaterial Business Acquisitions [Member]
Entity Information [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	320.7
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	271.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	14.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(25.9)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest	320.7
Goodwill	49.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 11.3
Business Acquisition, Number of Homes Acquired | Home	700
Business Acquisition, Number of Finished Lots Acquired | Lot	4,500
Business Acquisition, Number of Lots Under Option Contracts | Lot	4,300
Business Acquisition, Sales Order Backlog Acquired (Homes) | Home	700
Homebuilding [Member]
Entity Information [Line Items]
Goodwill	$ 129.2			$ 80
Homebuilding [Member] | Midwest [Member]
Entity Information [Line Items]
Goodwill	43.2
Homebuilding [Member] | East [Member]
Entity Information [Line Items]
Goodwill	$ 6
Minimum [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Entity Information [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	1 year
Maximum [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Entity Information [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 years
Retained Earnings [Member]
Entity Information [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	$ 27.1
Retained Earnings [Member] | Accounting Standards Update 2014-09 [Member]
Entity Information [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	$ 27.1

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	3 Months Ended
	Dec. 31, 2018USD ($)ProjectsMarketStateSegmentsOperatingDivisions	Sep. 30, 2018USD ($)
Segment Reporting Information [Line Items]
Multi-family property held for sale | $		$ 0
Homebuilding [Member]
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	84
Number of housing construction states | State	29
Number of home building operating divisions | OperatingDivisions	51
Number of homebuilding reporting segments | Segments	6
Forestar Group [Member]
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	35
Number of housing construction states | State	16
Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Gross | $	$ 139.7	$ 171.4
Multi-family property held for sale | $	$ 43.6
Asset under Construction [Member] | Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Number of Projects | Projects	3
Assets Held-for-sale [Member] | Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Number of Projects | Projects	1
Assets Leased to Others [Member] | Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Number of Projects | Projects	3

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018
Assets [Abstract]
Cash and cash equivalents	$ 737		$ 1,473.1
Restricted cash	31.3		32.9
Inventories:
Construction in progress and finished homes	5,842.8		5,086.3
Residential land and lots - developed and under development	5,596		5,172.4
Land held for development	109.8		96.1
Land held for sale	47		40.2
Total inventories	11,595.6		10,395
Mortgage loans held for sale	622.2		796.4
Deferred income taxes, net	181.4		194
Property and equipment, net	391.1		401.1
Other Assets	818.8		712.9
Goodwill	158.4		109.2
Total assets	14,535.8		14,114.6
Liabilities [Abstract]
Accounts payable	697.2		624.7
Accrued expenses and other liabilities	1,198.1		1,127.5
Notes payable	3,342.3		3,203.5
Total liabilities	5,237.6		4,955.7
Revenues
Home sales	3,410.6	$ 3,184.5
Land/lot sales and other	23.1	67.2
Financial services	85.3	81
Total revenues	3,519	3,332.7
Cost of sales
Home sales	2,728.1	2,521.5
Land/lot sales and other	15	54.9
Inventory and land option charges	8	3.7
Cost of sales	2,751.1	2,580.1
Selling, General and Administrative Expense	402.8	384.2
Gain on sale of assets	(2)	(13.4)
Interest Expense		0
Other (income) expense	(8.6)	(9.4)
Income (loss) before income taxes	375.7	391.2
Depreciation and amortization	16.9	16.2
Net cash (used in) provided by operating activities	(373.1)	(75)
Segment Reconciling Items [Member]
Assets [Abstract]
Cash and cash equivalents	0		0
Restricted cash	0		0
Inventories:
Construction in progress and finished homes	0		0
Residential land and lots - developed and under development	22.2		27.2
Land held for development	0		0
Land held for sale	0		0
Total inventories	22.2		27.2
Mortgage loans held for sale	0		0
Deferred income taxes, net	(9.4)		(10.5)
Property and equipment, net	0		0
Other Assets	10.7		11.9
Goodwill	29.2		29.2
Total assets	52.7		57.8
Liabilities [Abstract]
Accounts payable	0		0
Accrued expenses and other liabilities	(15.4)		(15.2)
Notes payable	6.8		8.2
Total liabilities	(8.6)		(7)
Revenues
Home sales	0	0
Land/lot sales and other	0	0
Financial services	0	0
Total revenues	0	0
Cost of sales
Home sales	0	0
Land/lot sales and other	3.6	4.4
Inventory and land option charges	0	0
Cost of sales	3.6	4.4
Selling, General and Administrative Expense	0.1	0.1
Gain on sale of assets	0.9	0
Interest Expense		0
Other (income) expense	0	5.3
Income (loss) before income taxes	(4.6)	(9.8)
Depreciation and amortization	0.1	0.1
Net cash (used in) provided by operating activities	(4.4)	(8.1)
Intersegment Eliminations [Member]
Assets [Abstract]
Cash and cash equivalents	0		0
Restricted cash	0		0
Inventories:
Construction in progress and finished homes	2.4		1.9
Residential land and lots - developed and under development	(20.4)		(7.2)
Land held for development	0		0
Land held for sale	0		0
Total inventories	(18)		(5.3)
Mortgage loans held for sale	0		0
Deferred income taxes, net	0.3		1.1
Property and equipment, net	0		0
Other Assets	(61.3)		(48.6)
Goodwill	0		0
Total assets	(79)		(52.8)
Liabilities [Abstract]
Accounts payable	0		(3.3)
Accrued expenses and other liabilities	(73.1)		(46.1)
Notes payable	0		0
Total liabilities	(73.1)		(49.4)
Revenues
Home sales	0	0
Land/lot sales and other	(29)	0
Financial services	0	0
Total revenues	(29)	0
Cost of sales
Home sales	(1.1)	0
Land/lot sales and other	(24.4)	0
Inventory and land option charges	0	0
Cost of sales	(25.5)	0
Selling, General and Administrative Expense	0	0
Gain on sale of assets	0	0
Interest Expense		(2.1)
Other (income) expense	0	0
Income (loss) before income taxes	(3.5)	2.1
Depreciation and amortization	0	0
Net cash (used in) provided by operating activities	0	0
Homebuilding [Member]
Assets [Abstract]
Cash and cash equivalents	537.5		1,111.8
Restricted cash	8.7		8.6
Inventories:
Construction in progress and finished homes	5,840.4		5,084.4
Residential land and lots - developed and under development	4,949.5		4,689.3
Land held for development	61.3		61.2
Land held for sale	47		40.2
Total inventories	10,898.2		9,875.1
Mortgage loans held for sale	0		0
Deferred income taxes, net	165		176.5
Property and equipment, net	224.3		207.1
Other Assets	713.2		673.7
Goodwill	129.2		80
Total assets	12,676.1		12,132.8
Liabilities [Abstract]
Accounts payable	674.9		612.4
Accrued expenses and other liabilities	1,116.3		1,041.3
Notes payable	2,748.7		2,445.9
Total liabilities	4,539.9		4,099.6
Revenues
Home sales	3,410.6	3,184.5
Land/lot sales and other	6.7	36.4
Financial services	0	0
Total revenues	3,417.3	3,220.9
Cost of sales
Home sales	2,729.2	2,521.5
Land/lot sales and other	5.1	31.2
Inventory and land option charges	8	3.7
Cost of sales	2,742.3	2,556.4
Selling, General and Administrative Expense	324.7	304.8
Gain on sale of assets	(2)	(13.4)
Interest Expense		0
Other (income) expense	(2)	(0.7)
Income (loss) before income taxes	354.3	373.8
Depreciation and amortization	14.7	13.1
Net cash (used in) provided by operating activities	(396.8)	(101.6)
Forestar Group [Member]
Assets [Abstract]
Cash and cash equivalents	154.2		318.8
Restricted cash	16.1		16.2
Inventories:
Construction in progress and finished homes	0		0
Residential land and lots - developed and under development	644.7		463.1
Land held for development	48.5		34.9
Land held for sale	0		0
Total inventories	693.2		498
Mortgage loans held for sale	0		0
Deferred income taxes, net	25.5		26.9
Property and equipment, net	1.8		1.8
Other Assets	27.9		31.4
Goodwill	0		0
Total assets	918.7		893.1
Liabilities [Abstract]
Accounts payable	7.4		11.2
Accrued expenses and other liabilities	120.4		95.7
Notes payable	112.9		111.7
Total liabilities	240.7		218.6
Revenues
Home sales	0	0
Land/lot sales and other	38.5	30.8
Financial services	0	0
Total revenues	38.5	30.8
Cost of sales
Home sales	0	0
Land/lot sales and other	30.7	19.3
Inventory and land option charges	0	0
Cost of sales	30.7	19.3
Selling, General and Administrative Expense	5.7	13.6
Gain on sale of assets	(0.9)	0
Interest Expense		2.1
Other (income) expense	(1.9)	(8.2)
Income (loss) before income taxes	4.9	4
Depreciation and amortization	0.1	1.2
Net cash (used in) provided by operating activities	(164.1)	(36.2)
Financial Services [Member]
Assets [Abstract]
Cash and cash equivalents	32.8		33.7
Restricted cash	6.5		8.1
Inventories:
Construction in progress and finished homes	0		0
Residential land and lots - developed and under development	0		0
Land held for development	0		0
Land held for sale	0		0
Total inventories	0		0
Mortgage loans held for sale	622.2		796.4
Deferred income taxes, net	0		0
Property and equipment, net	3.6		3
Other Assets	47.1		43.6
Goodwill	0		0
Total assets	712.2		884.8
Liabilities [Abstract]
Accounts payable	10.6		0.2
Accrued expenses and other liabilities	35.5		41.9
Notes payable	473.9		637.7
Total liabilities	520		679.8
Revenues
Home sales	0	0
Land/lot sales and other	0	0
Financial services	85.3	81
Total revenues	85.3	81
Cost of sales
Home sales	0	0
Land/lot sales and other	0	0
Inventory and land option charges	0	0
Cost of sales	0	0
Selling, General and Administrative Expense	65.6	61.7
Gain on sale of assets	0	0
Interest Expense		0
Other (income) expense	(3.9)	(2.9)
Income (loss) before income taxes	23.6	22.2
Depreciation and amortization	0.4	0.4
Net cash (used in) provided by operating activities	193.8	67.9
Other Segments [Member]
Assets [Abstract]
Cash and cash equivalents	12.5		8.8
Restricted cash	0		0
Inventories:
Construction in progress and finished homes	0		0
Residential land and lots - developed and under development	0		0
Land held for development	0		0
Land held for sale	0		0
Total inventories	0		0
Mortgage loans held for sale	0		0
Deferred income taxes, net	0		0
Property and equipment, net	161.4		189.2
Other Assets	81.2		0.9
Goodwill	0		0
Total assets	255.1		198.9
Liabilities [Abstract]
Accounts payable	4.3		4.2
Accrued expenses and other liabilities	14.4		9.9
Notes payable	0		0
Total liabilities	18.7		14.1
Revenues
Home sales	0	0
Land/lot sales and other	6.9	0
Financial services	0	0
Total revenues	6.9	0
Cost of sales
Home sales	0	0
Land/lot sales and other	0	0
Inventory and land option charges	0	0
Cost of sales	0	0
Selling, General and Administrative Expense	6.7	4
Gain on sale of assets	0	0
Interest Expense		0
Other (income) expense	(0.8)	(2.9)
Income (loss) before income taxes	1	(1.1)
Depreciation and amortization	1.6	1.4
Net cash (used in) provided by operating activities	(1.6)	3
East [Member] | Homebuilding [Member]
Inventories:
Total inventories	1,311.1		1,192
Goodwill	6
Revenues
Total revenues	447.5	393
Cost of sales
Inventory and land option charges	1.4	(0.1)
Income (loss) before income taxes	38	45
Midwest [Member] | Homebuilding [Member]
Inventories:
Total inventories	831.7		583.1
Goodwill	43.2
Revenues
Total revenues	249	161.4
Cost of sales
Inventory and land option charges	0.3	0.2
Income (loss) before income taxes	10.6	13.3
Southeast [Member] | Homebuilding [Member]
Inventories:
Total inventories	2,826		2,668.7
Revenues
Total revenues	1,013.9	988.7
Cost of sales
Inventory and land option charges	1.2	1.1
Income (loss) before income taxes	112.3	122.5
South Central [Member] | Homebuilding [Member]
Inventories:
Total inventories	2,610.7		2,439.4
Revenues
Total revenues	872.5	808.8
Cost of sales
Inventory and land option charges	0.5	1.3
Income (loss) before income taxes	106	101.5
Southwest [Member] | Homebuilding [Member]
Inventories:
Total inventories	539.4		499.7
Revenues
Total revenues	143.6	156.4
Cost of sales
Inventory and land option charges	0.1	0.8
Income (loss) before income taxes	17.6	14.7
West [Member] | Homebuilding [Member]
Inventories:
Total inventories	2,547.4		2,268.5
Revenues
Total revenues	690.8	712.6
Cost of sales
Inventory and land option charges	4.5	0.4
Income (loss) before income taxes	69.8	$ 76.8
Corporate, Non-Segment [Member] | Homebuilding [Member]
Inventories:
Total inventories	$ 231.9		$ 223.7

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Inventory [Line Items]
Carrying value of communities with impairment indicators	$ 59.8
Impairment charges	4.2	$ 1.4
Write-offs (recoveries) of earnest money deposits and pre-acquisition costs	$ 3.8	$ 2.3

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Millions	Dec. 31, 2018	Sep. 30, 2018
Unsecured:
Notes payable	$ 3,342.3	$ 3,203.5
Homebuilding [Member]
Unsecured:
Notes payable	2,748.7	2,445.9
Revolving credit facility	300	0
Forestar Group [Member]
Unsecured:
Notes payable	112.9	111.7
Revolving credit facility	0	0
Financial Services [Member]
Unsecured:
Notes payable	473.9	637.7
Forestar Group [Member]
Unsecured:
Notes payable	$ 119.7	119.9
3.75% senior notes due 2019 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	3.75%
Notes payable	$ 499.9	499.6
4.0% senior notes due 2020 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	4.00%
Notes payable	$ 499	498.8
2.55% senior notes due 2020 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	2.55%
Notes payable	$ 398.2	397.9
4.375% senior notes due 2022 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	4.375%
Notes payable	$ 348.5	348.4
4.75% senior notes due 2023 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	4.75%
Notes payable	$ 298.7	298.7
5.75% senior notes due 2023 [Member] | Homebuilding [Member]
Unsecured:
Stated interest rate	5.75%
Notes payable	$ 398.1	398
3.75% convertible senior notes due 2020 [Member] | Forestar Group [Member]
Unsecured:
Stated interest rate	3.75%
3.75% convertible senior notes due 2020 [Member] | Forestar Group [Member]
Unsecured:
Notes payable	$ 119.7	119.9
Secured Debt [Member] | Homebuilding [Member]
Unsecured:
Notes payable	$ 6.3	$ 4.5

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($)	Aug. 01, 2018	Dec. 31, 2018	Sep. 30, 2018
Debt Instrument [Line Items]
Debt issuance costs		$ 7,600,000	$ 8,500,000
Notes payable		3,342,300,000	3,203,500,000
Outstanding letters of credit		144,500,000
Restricted Cash and Cash Equivalents		31,300,000	32,900,000
Homebuilding [Member]
Debt Instrument [Line Items]
Notes payable		2,748,700,000	2,445,900,000
Borrowing capacity on revolving credit facility		1,325,000,000
Maximum borrowing capacity on revolving credit facility		$ 1,900,000,000
Letters of credit, sublimit borrowing capacity, as a percentage		50.00%
Proceeds from revolving credit facility		$ 575,000,000
Repayments of revolving credit facility		275,000,000
Borrowings outstanding on revolving credit facility		$ 300,000,000	0
Line of Credit Facility, Interest Rate at Period End		4.10%
Authorized repurchase of debt securities	$ 500,000,000
Debt repurchase program, remaining authorized repurchase amount		$ 500,000,000
Restricted Cash and Cash Equivalents		8,700,000	8,600,000
Financial Services [Member]
Debt Instrument [Line Items]
Notes payable		473,900,000	637,700,000
Borrowing capacity on revolving credit facility		600,000,000
Maximum borrowing capacity on revolving credit facility		1,000,000,000
Restricted Cash and Cash Equivalents		6,500,000	8,100,000
Mortgage loans held for sale pledged under repurchase agreement		573,800,000
Mortgage loans held for sale pledged under repurchase agreement, collateral value		$ 555,600,000
Interest rate on mortgage repurchase facility		4.40%
Forestar Group [Member]
Debt Instrument [Line Items]
Notes payable		$ 112,900,000	111,700,000
Borrowing capacity on revolving credit facility		380,000,000
Letter of Credit, Maximum Borrowing Capacity (in dollars)		100,000,000
Maximum borrowing capacity on revolving credit facility		$ 570,000,000
Letters of credit, sublimit borrowing capacity, as a percentage		50.00%
Borrowings outstanding on revolving credit facility		$ 0	0
Restricted Cash and Cash Equivalents		$ 16,100,000	16,200,000
Forestar Group [Member] | 3.75% convertible senior notes due 2020 [Member]
Debt Instrument [Line Items]
Stated interest rate		3.75%
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Outstanding letters of credit		$ 16,700,000
Standby Letters of Credit [Member] | Homebuilding [Member]
Debt Instrument [Line Items]
Outstanding letters of credit		1,400,000
Standby Letters of Credit [Member] | Forestar Group [Member]
Debt Instrument [Line Items]
Outstanding letters of credit		15,300,000
Line of Credit [Member] | Homebuilding [Member]
Debt Instrument [Line Items]
Outstanding letters of credit		124,400,000
Line of Credit [Member] | Forestar Group [Member]
Debt Instrument [Line Items]
Outstanding letters of credit		3,400,000
Weighted Average [Member] | Financial Services [Member]
Debt Instrument [Line Items]
Borrowing capacity on revolving credit facility		725,000,000
Maximum [Member] | Financial Services [Member]
Debt Instrument [Line Items]
Borrowing capacity on revolving credit facility		800,000,000
Segment Reconciling Items [Member]
Debt Instrument [Line Items]
Notes payable		6,800,000	8,200,000
Restricted Cash and Cash Equivalents		$ 0	$ 0

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Rollforward of capitalized interest
Capitalized interest, beginning of period	$ 162.7	$ 167.9
Interest incurred	31.7	31
Interest charged to cost of sales	(25.6)	(28.6)
Capitalized interest, end of period	168.8	170.3
Financial Services [Member]
Rollforward of capitalized interest
Interest incurred	3.3	2.1
Forestar Group [Member]
Rollforward of capitalized interest
Interest incurred	$ 1.3	$ 0.1

Mortgage Loans Mortgage Loans H

Mortgage Loans Mortgage Loans Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018
Mortgage Loans on Real Estate [Abstract]
Mortgage loans held for sale	$ 622.2		$ 796.4
Mortgage loans held for sale, outstanding principal amount	602.1		$ 776.1
Payments for Origination of Mortgage Loans Held-for-sale	1,600	$ 1,600
Proceeds from Sale of Mortgage Loans Held-for-sale	1,800	1,600
Gain (Loss) on Sales of Loans, Net	$ 59.9	$ 57
Concentration Risk, Percentage	94.00%
Percentage Of Mortgage Loans Sold To Major Purchaser	35.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 89	$ 202.4
Effective tax rate (percent)	23.70%	51.70%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		35.00%	24.50%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	21.00%
Deferred tax assets net of DTL	$ 198.5		$ 211.7
Valuation allowance for deferred income taxes	$ 17.1		$ 17.7

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net Income (Loss) Attributable to Parent	$ 287.2	$ 189.3
Denominator:
Denominator for basic earnings per share — weighted average common shares	375.1	375.8
Effect of dilutive securities:
Employee stock awards (shares)	5	8
Denominator for diluted earnings per share — adjusted weighted average common shares	380.1	383.8
Basic net income per common share attributable to Parent (in dollars per share)	$ 0.77	$ 0.50
Diluted net income per common share attributable to Parent (in dollars per share)	$ 0.76	$ 0.49

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Aug. 01, 2018
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Amount of stock repurchase authorization							$ 400,000,000
Treasury Stock, Shares, Acquired		4.1
Payments for Repurchase of Common Stock		$ 140,600,000				$ 25,400,000
Amount remaining under stock repurchase authorization		$ 234,900,000
Dividends, Common Stock [Abstract]
Cash dividends declared per common share (in dollars per share)		$ 0.15	$ 0.125	$ 0.125	$ 0.125	$ 0.125
Cash dividends paid per common share (in dollars per share)		$ 0.15	$ 0.125	$ 0.125	$ 0.125	$ 0.125
Subsequent Event [Member]
Dividends, Common Stock [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.15
Forestar Group [Member]
Class of Stock [Line Items]
Equity Securities Registered, Value			$ 500,000,000

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - November Two Thousand Eighteen Grant [Member] $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2018grant_recipient$ / sharesshares	Dec. 31, 2018USD ($)
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted in the period | shares	360,000
Award vesting period	3 years
Fair value of equity awards on the date of grant (in US$ per unit) | $ / shares	$ 37.75
Compensation expense		$ 1.7
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 | shares	1,700,000
Fair value of equity awards on the date of grant (in US$ per unit) | $ / shares	$ 33.70
Compensation expense		4.4
RSU Grant Recipients | grant_recipient	900
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Retirement Eligible [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 3.5

Commitments and Contingencies -

Commitments and Contingencies - Warranty Claims (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Changes in warranty liability
Warranty liability, beginning of period	$ 202	$ 143.7
Warranties issued	18	16.4
Changes in liability for pre-existing warranties	5.5	6.8
Settlements made	(19.9)	(17.5)
Warranty liability, end of period	$ 205.6	$ 149.4

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Commitments and Contingencies [Abstract]
Liabilities for various claims, complaints and other legal actions	$ 412,200	$ 419,700	$ 408,100	$ 420,600
Construction defect portion of loss contingency accrual, percentage	99.00%		99.00%
Expenses related to legal claims	$ 5,800	8,800
Estimated insurance recoveries related to legal claims	57,800	$ 73,100	$ 54,600
Surety bonds	1,500,000
Outstanding letters of credit	144,500
Standby Letters of Credit [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	16,700
Forestar Consolidated [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	65,000
Remaining purchase price of land under option contracts	706,400
Forestar Consolidated [Member] | Option Contracts Subject to Specific Performance Clauses [Member]
Commitments and Contingencies [Abstract]
Remaining purchase price of land under option contracts	44,400
Homebuilding [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	449,100
Remaining purchase price of land under option contracts	6,900,000
Homebuilding [Member] | Line of Credit [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	124,400
Homebuilding [Member] | Standby Letters of Credit [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	1,400
Homebuilding [Member] | Option Contracts Subject to Specific Performance Clauses [Member]
Commitments and Contingencies [Abstract]
Remaining purchase price of land under option contracts	96,500
Homebuilding [Member] | Cash [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	446,100
Homebuilding [Member] | Notes Payable, Other Payables [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	3,000
Forestar Group [Member]
Deposits [Line Items]
Increase (Decrease) in Prepaid Expenses, Other	3,000
Commitments and Contingencies [Abstract]
Earnest money deposits	5,400
Remaining purchase price of land under option contracts	68,000
Increase (Decrease) in Earnest Money Deposits Outstanding	12,100
Forestar Group [Member] | Line of Credit [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	3,400
Forestar Group [Member] | Standby Letters of Credit [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	$ 15,300

Commitments and Contingencies_3

Commitments and Contingencies - Legal Claims and Insurance (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Rollforward of reserves for legal claims
Reserves for legal claims, beginning of period	$ 408.1	$ 420.6
Increase in reserves	11.6	10.6
Payments	(7.5)	(11.5)
Reserves for legal claims, end of period	$ 412.2	$ 419.7

Other Assets, Accrued Expense_3

Other Assets, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Other assets
Earnest money and refundable deposits	$ 474	$ 445.2
Insurance receivables	57.8	54.6	$ 73.1
Other receivables	73.2	81.7
Prepaid assets	36.4	36.9
Rental properties	31.8	39.2
Multi-family property held for sale		0
Contract Asset Insurance Renewals	33.4	0
Other	68.6	55.3
Other assets	818.8	712.9
Accrued expenses and other liabilities
Reserves for legal claims	412.2	408.1	419.7	$ 420.6
Employee compensation and related liabilities	205.5	252.5
Warranty liability	205.6	202	$ 149.4	$ 143.7
Accrued interest	35.7	14.8
Federal and state income tax liabilities	122.1	35.2
Inventory related accruals	42.2	45.5
Customer deposits	54.6	58.1
Accrued property taxes	26.1	38
Other	94.1	73.3
Accrued expenses and other liabilities	1,198.1	1,127.5
Other Segments [Member]
Other assets
Other assets	81.2	0.9
Accrued expenses and other liabilities
Accrued expenses and other liabilities	14.4	$ 9.9
Multifamily [Member] | Other Segments [Member]
Other assets
Multi-family property held for sale	$ 43.6

Fair Value Measurements - Recur

Fair Value Measurements - Recurring (Details) - USD ($) $ in Millions	Dec. 31, 2018	Sep. 30, 2018
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	$ 622.2	$ 796.4
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities collateralized by residential real estate	3.9	3.9
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	618.1	792.4
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	17	10.5
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	(8)	3.3
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	(0.9)	0.2
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities collateralized by residential real estate	0	0
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities collateralized by residential real estate	0	0
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	608.9	784.6
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	17	10.5
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	(8)	3.3
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	(0.9)	0.2
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities collateralized by residential real estate	3.9	3.9
Fair value balance sheet items measured on a recurring basis
Mortgage loans held for sale	9.2	7.8
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 - Nonre

Fair Value Measurements - Nonrecurring (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Sep. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	$ 622.2	$ 796.4
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	1.5	0
Other mortgage loans	0	0
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
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
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	0.3	2.9
Other mortgage loans	1.1	1
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	5.4	4.4
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	1.4
Homebuilding [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	$ 0	$ 0
Homebuilding [Member] | Inventories [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	12.00%
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%

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Not Reflected at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2018	Sep. 30, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Carrying value	$ 737	$ 1,473.1
Restricted Cash and Cash Equivalents	31.3	32.9
Notes payable	3,342.3	3,203.5
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	737	1,473.1
Restricted cash, Fair value	31.3	32.9
Notes payable, Fair value	3,366.1	3,244.8
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	737	1,473.1
Restricted cash, Fair value	31.3	32.9
Notes payable, Fair value	0	0
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
Notes payable, Fair value	2,585.9	2,602.6
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
Notes payable, Fair value	$ 780.2	$ 642.2

Supplemental Guarantor Inform_3

Supplemental Guarantor Information - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
ASSETS
Cash and cash equivalents	$ 737	$ 1,473.1
Restricted cash	31.3	32.9
Investment in subsidiaries	0	0
Inventories	11,595.6	10,395
Mortgage loans held for sale	622.2	796.4
Deferred income taxes, net	181.4	194
Property and equipment, net	391.1	401.1
Other assets	818.8	712.9
Goodwill	158.4	109.2
Intercompany receivables	0	0
Total assets	14,535.8	14,114.6
LIABILITIES & EQUITY
Accounts payable and other liabilities	1,895.3	1,752.2
Intercompany payables	0	0
Notes payable	3,342.3	3,203.5
Total liabilities	5,237.6	4,955.7
Stockholders’ equity	9,124.7	8,984.4
Noncontrolling interests	173.5	174.5
Total equity	9,298.2	9,158.9	$ 8,055.4	$ 7,747.6
Total liabilities and equity	14,535.8	14,114.6
Eliminations [Member]
ASSETS
Cash and cash equivalents	0	0
Restricted cash	0	0
Investment in subsidiaries	(6,540.2)	(6,344.9)
Inventories	(18)	(11.2)
Mortgage loans held for sale	0	0
Deferred income taxes, net	1.8	2.5
Property and equipment, net	(6.9)	(6.9)
Other assets	(62.9)	(45.2)
Goodwill	0	0
Intercompany receivables	(676.1)	(273.5)
Total assets	(7,302.3)	(6,679.2)
LIABILITIES & EQUITY
Accounts payable and other liabilities	(71.5)	(49.1)
Intercompany payables	(676.1)	(273.5)
Notes payable	0	0
Total liabilities	(747.6)	(322.6)
Stockholders’ equity	(6,553.8)	(6,355.6)
Noncontrolling interests	(0.9)	(1)
Total equity	(6,554.7)	(6,356.6)
Total liabilities and equity	(7,302.3)	(6,679.2)
D.R. Horton, Inc. [Member]
ASSETS
Cash and cash equivalents	458.8	908.1
Restricted cash	6.8	6.6
Investment in subsidiaries	6,540.2	6,344.9
Inventories	4,368	4,037.1
Mortgage loans held for sale	0	0
Deferred income taxes, net	64.2	69.2
Property and equipment, net	112.6	111.2
Other assets	322.7	306.6
Goodwill	0	0
Intercompany receivables	676.1	246.2
Total assets	12,549.4	12,029.9
LIABILITIES & EQUITY
Accounts payable and other liabilities	663.5	590.8
Intercompany payables	0	0
Notes payable	2,747.6	2,443.9
Total liabilities	3,411.1	3,034.7
Stockholders’ equity	9,138.3	8,995.2
Noncontrolling interests	0	0
Total equity	9,138.3	8,995.2
Total liabilities and equity	12,549.4	12,029.9
Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	32.8	158.7
Restricted cash	1.9	2
Investment in subsidiaries	0	0
Inventories	6,516.3	5,824.1
Mortgage loans held for sale	0	0
Deferred income taxes, net	98.3	105
Property and equipment, net	82.2	66.1
Other assets	390.7	361.3
Goodwill	129.2	80
Intercompany receivables	0	27.3
Total assets	7,251.4	6,624.5
LIABILITIES & EQUITY
Accounts payable and other liabilities	1,057.8	1,000.4
Intercompany payables	391.2	0
Notes payable	1.1	2.1
Total liabilities	1,450.1	1,002.5
Stockholders’ equity	5,801.3	5,622
Noncontrolling interests	0	0
Total equity	5,801.3	5,622
Total liabilities and equity	7,251.4	6,624.5
Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	245.4	406.3
Restricted cash	22.6	24.3
Investment in subsidiaries	0	0
Inventories	729.3	545
Mortgage loans held for sale	622.2	796.4
Deferred income taxes, net	17.1	17.3
Property and equipment, net	203.2	230.7
Other assets	168.3	90.2
Goodwill	29.2	29.2
Intercompany receivables	0	0
Total assets	2,037.3	2,139.4
LIABILITIES & EQUITY
Accounts payable and other liabilities	245.5	210.1
Intercompany payables	284.9	273.5
Notes payable	593.6	757.5
Total liabilities	1,124	1,241.1
Stockholders’ equity	738.9	722.8
Noncontrolling interests	174.4	175.5
Total equity	913.3	898.3
Total liabilities and equity	$ 2,037.3	$ 2,139.4

Supplemental Guarantor Inform_4

Supplemental Guarantor Information - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Consolidating Statement of Operations
Revenues	$ 3,519	$ 3,332.7
Cost of sales	2,751.1	2,580.1
Selling, general and administrative expense	402.8	384.2
Gain on sale of assets	(2)	(13.4)
Other (income) expense	(8.6)	(9.4)
Income before income taxes	375.7	391.2
Income tax expense	89	202.4
Equity in net income of subsidiaries, net of tax	0	0
Net income	286.7	188.8
Net loss attributable to noncontrolling interests	(0.5)	(0.5)
Net Income (Loss) Attributable to Parent	287.2	189.3
Eliminations [Member]
Consolidating Statement of Operations
Revenues	(29)	0
Cost of sales	(25.5)	0
Selling, general and administrative expense	0	0
Gain on sale of assets	0	0
Other (income) expense	0	0
Income before income taxes	(3.5)	0
Income tax expense	(0.8)	0
Equity in net income of subsidiaries, net of tax	(195.9)	(143.3)
Net income	(198.6)	(143.3)
Net loss attributable to noncontrolling interests	0.2	0
Net Income (Loss) Attributable to Parent	(198.8)	(143.3)
D.R. Horton, Inc. [Member]
Consolidating Statement of Operations
Revenues	1,335.7	1,163.8
Cost of sales	1,057.2	915.4
Selling, general and administrative expense	157.9	152.2
Gain on sale of assets	(2)	0
Other (income) expense	(0.8)	(0.4)
Income before income taxes	123.4	96.6
Income tax expense	29.2	51.1
Equity in net income of subsidiaries, net of tax	195.9	143.3
Net income	290.1	188.8
Net loss attributable to noncontrolling interests	0	0
Net Income (Loss) Attributable to Parent	290.1	188.8
Guarantor Subsidiaries [Member]
Consolidating Statement of Operations
Revenues	2,081.7	2,052.4
Cost of sales	1,681.4	1,640
Selling, general and administrative expense	165.9	151.5
Gain on sale of assets	0	0
Other (income) expense	(0.4)	0
Income before income taxes	234.8	260.9
Income tax expense	55.8	137.9
Equity in net income of subsidiaries, net of tax	0	0
Net income	179	123
Net loss attributable to noncontrolling interests	0	0
Net Income (Loss) Attributable to Parent	179	123
Non-Guarantor Subsidiaries [Member]
Consolidating Statement of Operations
Revenues	130.6	116.5
Cost of sales	38	24.7
Selling, general and administrative expense	79	80.5
Gain on sale of assets	0	(13.4)
Other (income) expense	(7.4)	(9)
Income before income taxes	21	33.7
Income tax expense	4.8	13.4
Equity in net income of subsidiaries, net of tax	0	0
Net income	16.2	20.3
Net loss attributable to noncontrolling interests	(0.7)	(0.5)
Net Income (Loss) Attributable to Parent	$ 16.9	$ 20.8

Supplemental Guarantor Inform_5

Supplemental Guarantor Information - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$ (373.1)	$ (75)
INVESTING ACTIVITIES
Expenditures for property and equipment	(20.2)	(25.3)
Proceeds from sale of assets	10.4	24.8
Expenditures related to multi-family rental properties	(11.4)	(19.1)
Return of investment in unconsolidated entities	4.4	14.9
Net principal (increase) decrease of other mortgage loans and real estate owned	(0.6)	0.1
Intercompany advances	0	0
Payments related to business acquisitions, net of cash acquired	(293)	(156.4)
Net cash (used in) provided by investing activities	(310.4)	(161)
FINANCING ACTIVITIES
Proceeds from notes payable	578.3	1,113.9
Repayment of notes payable	(276.1)	(825.8)
Advances (payments) on mortgage repurchase facility, net	(163.8)	(32.6)
Intercompany advances	0	0
Proceeds from stock associated with certain employee benefit plans	8.6	14.6
Cash paid for shares withheld for taxes	(4.1)	(10.3)
Cash dividends paid	(56)	(47)
Repurchases of common stock	(140.6)	(25.4)
Distributions to noncontrolling interests, net	(0.5)	(1.7)
Net cash (used in) provided by financing activities	(54.2)	185.7
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(737.7)	(50.3)
Cash, cash equivalents and restricted cash at beginning of period	1,506	1,024.3
Cash, cash equivalents and restricted cash at end of period	768.3	974
Eliminations [Member]
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	(25)	(32)
INVESTING ACTIVITIES
Expenditures for property and equipment	0	0
Proceeds from sale of assets	0	0
Expenditures related to multi-family rental properties	0	0
Return of investment in unconsolidated entities	0	0
Net principal (increase) decrease of other mortgage loans and real estate owned	0	0
Intercompany advances	129.9	(2.7)
Payments related to business acquisitions, net of cash acquired	0	0
Net cash (used in) provided by investing activities	129.9	(2.7)
FINANCING ACTIVITIES
Proceeds from notes payable	0	0
Repayment of notes payable	0	0
Advances (payments) on mortgage repurchase facility, net	0	0
Intercompany advances	(129.9)	2.7
Proceeds from stock associated with certain employee benefit plans	0	0
Cash paid for shares withheld for taxes	0	0
Cash dividends paid	25	32
Repurchases of common stock	0	0
Distributions to noncontrolling interests, net	0	0
Net cash (used in) provided by financing activities	(104.9)	34.7
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	0	0
Cash, cash equivalents and restricted cash at beginning of period	0	0
Cash, cash equivalents and restricted cash at end of period	0	0
D.R. Horton, Inc. [Member]
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	(137.6)	(3)
INVESTING ACTIVITIES
Expenditures for property and equipment	(10.2)	(15.1)
Proceeds from sale of assets	10.4	0
Expenditures related to multi-family rental properties	0	0
Return of investment in unconsolidated entities	0	0
Net principal (increase) decrease of other mortgage loans and real estate owned	0	0
Intercompany advances	(129.9)	2.7
Payments related to business acquisitions, net of cash acquired	(293)	(558.3)
Net cash (used in) provided by investing activities	(422.7)	(570.7)
FINANCING ACTIVITIES
Proceeds from notes payable	578.3	1,112.8
Repayment of notes payable	(275)	(815.2)
Advances (payments) on mortgage repurchase facility, net	0	0
Intercompany advances	0	0
Proceeds from stock associated with certain employee benefit plans	8.6	14.6
Cash paid for shares withheld for taxes	(4.1)	(10.3)
Cash dividends paid	(56)	(47)
Repurchases of common stock	(140.6)	(25.4)
Distributions to noncontrolling interests, net	0	0
Net cash (used in) provided by financing activities	111.2	229.5
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(449.1)	(344.2)
Cash, cash equivalents and restricted cash at beginning of period	914.7	788.7
Cash, cash equivalents and restricted cash at end of period	465.6	444.5
Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	(244.2)	(61.6)
INVESTING ACTIVITIES
Expenditures for property and equipment	(6.4)	(7.8)
Proceeds from sale of assets	0	0
Expenditures related to multi-family rental properties	0	0
Return of investment in unconsolidated entities	0	0
Net principal (increase) decrease of other mortgage loans and real estate owned	0	0
Intercompany advances	0	0
Payments related to business acquisitions, net of cash acquired	0	0
Net cash (used in) provided by investing activities	(6.4)	(7.8)
FINANCING ACTIVITIES
Proceeds from notes payable	0	0
Repayment of notes payable	(1.1)	(0.6)
Advances (payments) on mortgage repurchase facility, net	0	0
Intercompany advances	125.7	(4.5)
Proceeds from stock associated with certain employee benefit plans	0	0
Cash paid for shares withheld for taxes	0	0
Cash dividends paid	0	0
Repurchases of common stock	0	0
Distributions to noncontrolling interests, net	0	0
Net cash (used in) provided by financing activities	124.6	(5.1)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(126)	(74.5)
Cash, cash equivalents and restricted cash at beginning of period	160.7	156
Cash, cash equivalents and restricted cash at end of period	34.7	81.5
Non-Guarantor Subsidiaries [Member]
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	33.7	21.6
INVESTING ACTIVITIES
Expenditures for property and equipment	(3.6)	(2.4)
Proceeds from sale of assets	0	24.8
Expenditures related to multi-family rental properties	(11.4)	(19.1)
Return of investment in unconsolidated entities	4.4	14.9
Net principal (increase) decrease of other mortgage loans and real estate owned	(0.6)	0.1
Intercompany advances	0	0
Payments related to business acquisitions, net of cash acquired	0	401.9
Net cash (used in) provided by investing activities	(11.2)	420.2
FINANCING ACTIVITIES
Proceeds from notes payable	0	1.1
Repayment of notes payable	0	(10)
Advances (payments) on mortgage repurchase facility, net	(163.8)	(32.6)
Intercompany advances	4.2	1.8
Proceeds from stock associated with certain employee benefit plans	0	0
Cash paid for shares withheld for taxes	0	0
Cash dividends paid	(25)	(32)
Repurchases of common stock	0	0
Distributions to noncontrolling interests, net	(0.5)	(1.7)
Net cash (used in) provided by financing activities	(185.1)	(73.4)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(162.6)	368.4
Cash, cash equivalents and restricted cash at beginning of period	430.6	79.6
Cash, cash equivalents and restricted cash at end of period	$ 268	$ 448