D.R. Horton (DHI) 10-Q 29 Apr 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Mar. 31, 2020	Apr. 22, 2020
Entity Information [Line Items]
Entity Registrant Name	HORTON D R INC /DE/
Entity Filer Category	Large Accelerated Filer
Entity Incorporation, State or Country Code	DE
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity File Number	1-14122
Entity Tax Identification Number	75-2386963
Entity Address, Address Line One	1341 Horton Circle
Entity Address, City or Town	Arlington
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76011
City Area Code	817
Local Phone Number	390-8200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		363,537,810
Entity Central Index Key	0000882184
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--09-30
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	DHI
Security Exchange Name	NYSE
Senior Notes due 2023 [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.750% Senior Notes due 2023
Trading Symbol	DHI 23A
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2020	Sep. 30, 2019
ASSETS
Cash and cash equivalents	$ 1,522.8	$ 1,494.3
Restricted cash	14.5	19.7
Total cash, cash equivalents and restricted cash	1,537.3	1,514
Inventories:
Construction in progress and finished homes	5,969.4	5,245
Residential land and lots — developed and under development	6,151.9	5,939.4
Land held for development	77.1	77.8
Land held for sale	26.1	19.8
Total inventories	12,224.5	11,282
Mortgage loans held for sale	1,379.4	1,072
Deferred income taxes, net of valuation allowance of $17.8 million and $18.7 million at March 31, 2020 and September 30, 2019, respectively	149.5	163.1
Property and equipment, net	589.7	499.2
Other assets	1,086.1	912.8
Goodwill	163.5	163.5
Total assets	17,130	15,606.6
LIABILITIES
Accounts payable	707	634
Accrued expenses and other liabilities	1,381.6	1,278.1
Notes payable	4,306.6	3,399.4
Total liabilities	6,395.2	5,311.5
Commitments and contingencies (Note L)
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, 394,279,177 shares issued and 363,537,810 shares outstanding at March 31, 2020 and 392,172,821 shares issued and 368,431,454 shares outstanding at September 30, 2019	3.9	3.9
Additional paid-in capital	3,191.3	3,179.1
Retained earnings	8,425.4	7,640.1
Treasury stock, 30,741,367 shares and 23,741,367 shares at March 31, 2020 and September 30, 2019, respectively, at cost	(1,162.6)	(802.2)
Stockholders’ equity	10,458	10,020.9
Noncontrolling interests	276.8	274.2
Total equity	10,734.8	10,295.1
Total liabilities and equity	$ 17,130	$ 15,606.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Mar. 31, 2020	Sep. 30, 2019
ASSETS
Valuation allowance for deferred income taxes	$ 17.8	$ 18.7
Preferred Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Preferred Stock, Shares Authorized	30,000,000	30,000,000
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	394,279,177	392,172,821
Common Stock, Shares, Outstanding	363,537,810	368,431,454
EQUITY
Treasury Stock, Shares	30,741,367	23,741,367

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues	$ 4,500	$ 4,128.7	$ 8,520.7	$ 7,647.7
Cost of Revenue	3,450.8	3,256.7	6,535	6,007.8
Selling, general and administrative expense	466.8	444.2	922.6	847
Gain on sale of assets	(28.5)	(29.3)	(59.5)	(31.3)
Other (income) expense	(10.4)	(5.7)	(21.9)	(14.3)
Income before income taxes	621.3	462.8	1,144.5	838.5
Income tax expense	137.3	108.4	228.1	197.4
Net income	484	354.4	916.4	641.1
Net income (loss) attributable to noncontrolling interests	1.3	3.1	2.4	2.7
Net income attributable to D.R. Horton, Inc.	$ 482.7	$ 351.3	$ 914	$ 638.4
Basic net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 1.32	$ 0.94	$ 2.49	$ 1.71
Weighted average number of common shares	365.8	373.3	367.1	374.2
Diluted net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 1.30	$ 0.93	$ 2.46	$ 1.68
Adjusted weighted average number of common shares	370.1	377.7	371.8	378.9

Consolidated Statements of Tota

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, 2018	$ 9,158.9	$ 3.9	$ 3,085	$ 6,217.9	$ (322.4)	$ 174.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of ASC 606	27.1			27.1
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
Beginning Balances at Sep. 30, 2018	9,158.9	3.9	3,085	6,217.9	(322.4)	174.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	641.1
Cash paid for shares withheld for taxes	(19.5)
Ending Balances at Mar. 31, 2019	9,534	3.9	3,123.4	6,771.6	(538.6)	173.7
Beginning Balances at Dec. 31, 2018	9,298.2	3.9	3,107.6	6,476.2	(463)	173.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	354.4	0	0	351.3	0	3.1
Exercise of stock options	11.4	0	11.4
Stock issued under employee incentive plans	2.3		2			0.3
Cash paid for shares withheld for taxes	(15.4)	0	(15.4)	0	0	0
Stock-based compensation expense	17.8		17.8
Cash dividends declared	(55.9)			(55.9)
Repurchases of common stock	(75.6)				(75.6)
Distributions to noncontrolling interests	(3.2)					(3.2)
Ending Balances at Mar. 31, 2019	9,534	3.9	3,123.4	6,771.6	(538.6)	173.7
Beginning Balances at Sep. 30, 2019	10,295.1	3.9	3,179.1	7,640.1	(802.2)	274.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	432.5	0	0	431.3	0	1.2
Exercise of stock options	4.1	0	4.1
Stock issued under employee incentive plans			0
Cash paid for shares withheld for taxes	(17.3)	0	(17.3)	0	0	0
Stock-based compensation expense	16.6		16.6
Cash dividends declared	(64.6)			(64.6)
Repurchases of common stock	(163.1)				(163.1)
Distributions to noncontrolling interests	(0.4)					(0.4)
Change of ownership interest in Forestar	0		(0.5)			0.5
Ending Balances at Dec. 31, 2019	10,502.9	3.9	3,182	8,006.8	(965.3)	275.5
Beginning Balances at Sep. 30, 2019	10,295.1	3.9	3,179.1	7,640.1	(802.2)	274.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	916.4
Cash paid for shares withheld for taxes	(38.1)
Ending Balances at Mar. 31, 2020	10,734.8	3.9	3,191.3	8,425.4	(1,162.6)	276.8
Beginning Balances at Dec. 31, 2019	10,502.9	3.9	3,182	8,006.8	(965.3)	275.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	484	0	0	482.7	0	1.3
Exercise of stock options	6.2	0	6.2
Stock issued under employee incentive plans	2.6		2.6
Cash paid for shares withheld for taxes	(20.8)	0	(20.8)	0	0	0
Stock-based compensation expense	21.3		21.3
Cash dividends declared	(64.1)			(64.1)
Repurchases of common stock	(197.3)				(197.3)
Ending Balances at Mar. 31, 2020	$ 10,734.8	$ 3.9	$ 3,191.3	$ 8,425.4	$ (1,162.6)	$ 276.8

Consolidated Statements of To_2

Consolidated Statements of Total Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Beginning Balances, shares		368,431,454
Ending Balances, shares	363,537,810
Cash dividends declared per common share (in dollars per share)	$ 0.175	$ 0.175	$ 0.15	$ 0.15
Common Stock [Member]
Beginning Balances, shares	366,273,190	368,431,454	373,242,060	376,261,635
Exercise of stock options	310,032	258,800	831,489	806,817
Stock issued under employee benefit plans	954,588	582,936	1,059,415	273,608
Repurchases of common stock	(4,000,000)	(3,000,000)	(2,000,000)	(4,100,000)
Ending Balances, shares	363,537,810	366,273,190	373,132,964	373,242,060
Cash dividends declared per common share (in dollars per share)	$ 0.175	$ 0.175	$ 0.15	$ 0.15

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net income	$ 916.4	$ 641.1
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	38.8	34.1
Amortization of discounts and fees	5.8	5.1
Stock-based compensation expense	37.9	35.9
Equity in earnings of unconsolidated entities	(0.9)	(0.5)
Distributions of earnings of unconsolidated entities	0	0.5
Deferred income taxes	10	12.6
Inventory and land option charges	12.8	21.8
Gain on sale of assets	(59.5)	(31.3)
Changes in operating assets and liabilities:
Increase in construction in progress and finished homes	(724.4)	(755.2)
Increase in residential land and lots – developed, under development, held for development and held for sale	(324.2)	(445.6)
Increase in other assets	(153.1)	(39.9)
Net increase in mortgage loans held for sale	(307.4)	0
Increase in accounts payable, accrued expenses and other liabilities	152.7	59.7
Net cash used in operating activities	(395.1)	(461.7)
INVESTING ACTIVITIES
Expenditures for property and equipment	(47.6)	(69.8)
Proceeds from sale of assets	129.8	83.8
Expenditures related to rental properties	(113)	(28.3)
Return of investment in unconsolidated entities	2.4	4.4
Net principal increase of other mortgage loans and real estate owned	(0.6)	(1.6)
Payments related to business acquisitions	(5.6)	(309.6)
Net cash (used in) provided by investing activities	(34.6)	(321.1)
FINANCING ACTIVITIES
Proceeds from notes payable	1,591.3	1,815
Repayment of notes payable	(918.9)	(1,531)
Advances on mortgage repurchase facility, net	297.6	53
Proceeds from stock associated with certain employee benefit plans	12.9	22.3
Cash paid for shares withheld for taxes	(38.1)	(19.5)
Cash dividends paid	(128.7)	(111.9)
Repurchases of common stock	(360.4)	(216.2)
Distributions to noncontrolling interests, net	(0.4)	(3.7)
Proceeds from (Payments for) Other Financing Activities	(2.3)	0
Net cash (used in) provided by financing activities	453	8
Net increase (decrease) in cash, cash equivalents and restricted cash	23.3	(774.8)
Cash, cash equivalents and restricted cash at beginning of period	1,514	1,506
Cash, cash equivalents and restricted cash at end of period	1,537.3	731.2
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
Notes payable issued for inventory	0	80.8
Stock issued under employee incentive plans	84.3	49
Accrued expenditures for property and equipment	8.6	10.9
Accrual for holdback payment related to acquisition	$ 3.9	$ 16.3

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2020
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 65% controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 35% 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, 2019, 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, 2019. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. At the beginning of fiscal 2020, the Company reclassified its single-family rental properties from other assets to property and equipment in its homebuilding segment. Reclassification of the prior period amount resulted in a $37.0 million decrease in other assets with a corresponding increase in property and equipment at September 30, 2019. This reclassification had no effect on the Company’s consolidated financial position or results of operations. 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 and six months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2020 or subsequent periods. Adoption of New Accounting Standards In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 was effective for the Company beginning October 1, 2019 and did not have a material impact on its consolidated financial position, results of operations or cash flows. As a result of the adoption of this standard on October 1, 2019, the Company recorded right of use assets of $39.0 million and lease liabilities of $40.3 million. Lease right of use assets are included in other assets and lease liabilities are included in accrued expenses and other liabilities in the consolidated balance sheet. In March 2020, the Securities and Exchange Commission (SEC) adopted amendments to the financial disclosure requirements applicable to registered debt offerings that include credit enhancements, such as subsidiary guarantees, in Rule 3-10 of Regulation S-X. The amended rule focuses on providing material, relevant and decision-useful information regarding guarantees and other credit enhancements, while eliminating certain prescriptive requirements. The rule is effective January 4, 2021 but earlier compliance is permitted. The Company adopted these amendments on March 31, 2020. Accordingly, summarized financial information has been presented only for the issuers and guarantors of the Company's registered securities for the most recent fiscal year and the year-to-date interim period, and the location of the required disclosures has been moved from Notes to Consolidated Financial Statements to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. Pending Accounting Standards 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. In December 2019, the FASB issued ASU 2019-12 related to simplifying the accounting for income taxes. The guidance is effective for the Company beginning October 1, 2021, although early adoption is permitted. The Company is currently evaluating the impact of this guidance, and it is not expected to have a material impact on its consolidated financial position, results of operations and cash flows. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform,” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and the Company may elect to apply the amendments prospectively through December 31, 2022. This guidance has not and is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

Segment Information

Segment Information	6 Months Ended
	Mar. 31, 2020
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 89 markets across 29 states. The Company’s operating segments are its 52 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 lot 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 50 markets across 21 states. Forestar has made significant investments in land acquisition and development to expand its business across the United States. The homebuilding divisions acquire 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 multi-family rental properties, own non-residential real estate including ranch land and improvements and own and operate oil and gas related assets. The operating results of these subsidiaries are immaterial for separate reporting and therefore are grouped together and presented as other. One of these subsidiaries, DHI Communities, constructs multi-family rental properties and has three projects under active construction and one project that was substantially complete at March 31, 2020. In November 2019, DHI Communities sold a multi-family rental property for $61.5 million and recorded a gain on the sale of $31.2 million. In February 2020, DHI Communities sold a multi-family rental property for $67.0 million and recorded a gain on the sale of $28.2 million. At March 31, 2020 and September 30, 2019, the consolidated balance sheets included $202.8 million and $204.0 million, respectively, of assets owned by DHI Communities. 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, 2019. Financial information relating to the Company’s reporting segments is as follows: March 31, 2020 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Assets Cash and cash equivalents $ 1,012.6 $ 438.2 $ 45.8 $ 26.2 $ — $ — $ 1,522.8 Restricted cash 7.8 — 6.6 0.1 — — 14.5 Inventories: Construction in progress and finished homes 6,003.8 — — — (34.4) — 5,969.4 Residential land and lots — developed and under development 5,009.6 1,171.0 — — (29.9) 1.2 6,151.9 Land held for development 48.9 28.2 — — — — 77.1 Land held for sale 26.1 — — — — — 26.1 11,088.4 1,199.2 — — (64.3) 1.2 12,224.5 Mortgage loans held for sale — — 1,379.4 — — — 1,379.4 Deferred income taxes, net 136.7 8.0 — — 10.8 (6.0) 149.5 Property and equipment, net 327.2 1.0 3.3 259.2 (1.0) — 589.7 Other assets 891.5 29.2 203.5 47.9 (97.6) 11.6 1,086.1 Goodwill 134.3 — — — — 29.2 163.5 $ 13,598.5 $ 1,675.6 $ 1,638.6 $ 333.4 $ (152.1) $ 36.0 $ 17,130.0 Liabilities Accounts payable $ 670.6 $ 23.1 $ 0.2 $ 13.1 $ — $ — $ 707.0 Accrued expenses and other liabilities 1,165.7 175.6 146.7 10.5 (105.1) (11.8) 1,381.6 Notes payable 2,480.0 640.1 1,186.5 — — — 4,306.6 $ 4,316.3 $ 838.8 $ 1,333.4 $ 23.6 $ (105.1) $ (11.8) $ 6,395.2 ______________ (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, 2019 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Assets Cash and cash equivalents $ 1,043.0 $ 382.8 $ 43.4 $ 25.1 $ — $ — $ 1,494.3 Restricted cash 8.0 — 11.6 0.1 — — 19.7 Inventories: Construction in progress and finished homes 5,249.0 — — — (4.0) — 5,245.0 Residential land and lots — developed and under development 4,956.1 1,011.8 — — (31.4) 2.9 5,939.4 Land held for development 60.7 17.1 — — — — 77.8 Land held for sale 19.8 — — — — — 19.8 10,285.6 1,028.9 — — (35.4) 2.9 11,282.0 Mortgage loans held for sale — — 1,072.0 — — — 1,072.0 Deferred income taxes, net 146.4 17.4 — — 5.1 (5.8) 163.1 Property and equipment, net 272.4 2.4 3.2 221.2 — — 499.2 Other assets 826.2 24.2 68.3 71.5 (88.5) 11.1 912.8 Goodwill 134.3 — — — — 29.2 163.5 $ 12,715.9 $ 1,455.7 $ 1,198.5 $ 317.9 $ (118.8) $ 37.4 $ 15,606.6 Liabilities Accounts payable $ 598.6 $ 16.8 $ 7.0 $ 11.6 $ — $ — $ 634.0 Accrued expenses and other liabilities 1,152.5 169.5 53.0 9.3 (93.6) (12.6) 1,278.1 Notes payable 2,047.6 460.5 888.9 — — 2.4 3,399.4 $ 3,798.7 $ 646.8 $ 948.9 $ 20.9 $ (93.6) $ (10.2) $ 5,311.5 ______________ (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. Three Months Ended March 31, 2020 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues Home sales $ 4,363.3 $ — $ — $ — $ — $ — $ 4,363.3 Land/lot sales and other 15.5 159.1 — 9.5 (151.9) — 32.2 Financial services — — 104.5 — — — 104.5 4,378.8 159.1 104.5 9.5 (151.9) — 4,500.0 Cost of sales Home sales (5) 3,435.5 — — — (11.0) — 3,424.5 Land/lot sales and other 11.3 136.5 — — (130.4) — 17.4 Inventory and land option charges 8.8 0.1 — — — — 8.9 3,455.6 136.6 — — (141.4) — 3,450.8 Selling, general and administrative expense 361.8 11.2 85.9 7.8 — 0.1 466.8 Gain on sale of assets — (0.3) — (28.2) — — (28.5) Other (income) expense (4.1) (2.1) (6.1) 1.9 — — (10.4) Income before income taxes $ 565.5 $ 13.7 $ 24.7 $ 28.0 $ (10.5) $ (0.1) $ 621.3 ______________ (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. Six Months Ended March 31, 2020 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues: Home sales $ 8,226.6 $ — $ — $ — $ — $ — $ 8,226.6 Land/lot sales and other 35.2 406.4 — 18.3 (373.2) — 86.7 Financial services — — 207.4 — — — 207.4 8,261.8 406.4 207.4 18.3 (373.2) — 8,520.7 Cost of sales: Home sales (5) 6,487.0 — — — (17.7) — 6,469.3 Land/lot sales and other 24.7 352.8 — — (323.9) (0.7) 52.9 Inventory and land option charges 12.4 0.4 — — — — 12.8 6,524.1 353.2 — — (341.6) (0.7) 6,535.0 Selling, general and administrative expense 720.2 21.7 163.8 16.7 — 0.2 922.6 Gain on sale of assets — (0.1) — (59.4) — — (59.5) Other (income) expense (9.6) (4.2) (11.6) 3.5 — — (21.9) Income before income taxes $ 1,027.1 $ 35.8 $ 55.2 $ 57.5 $ (31.6) $ 0.5 $ 1,144.5 Summary Cash Flow Information: Depreciation and amortization $ 33.7 $ 0.1 $ 0.8 $ 3.9 $ — $ 0.3 $ 38.8 Cash provided by (used in) operating activities $ 52.1 $ (123.8) $ (312.1) $ 5.5 $ (16.8) $ — $ (395.1) ______________ (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 March 31, 2019 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues Home sales $ 3,980.5 $ — $ — $ — $ — $ — $ 3,980.5 Land/lot sales and other 14.9 65.4 — 6.0 (39.7) — 46.6 Financial services — — 101.6 — — — 101.6 3,995.4 65.4 101.6 6.0 (39.7) — 4,128.7 Cost of sales Home sales (5) 3,214.2 — — — (0.7) — 3,213.5 Land/lot sales and other 9.3 43.7 — — (31.8) 8.2 29.4 Inventory and land option charges 13.8 — — — — — 13.8 3,237.3 43.7 — — (32.5) 8.2 3,256.7 Selling, general and administrative expense 359.3 6.2 71.3 7.3 — 0.1 444.2 Gain on sale of assets — — — (29.3) — — (29.3) Other (income) expense (1.6) (0.9) (3.7) 0.5 — — (5.7) Income before income taxes $ 400.4 $ 16.4 $ 34.0 $ 27.5 $ (7.2) $ (8.3) $ 462.8 ______________ (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. Six Months Ended March 31, 2019 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues: Home sales $ 7,391.2 $ — $ — $ — $ — $ — $ 7,391.2 Land/lot sales and other 21.7 103.8 — 12.8 (68.7) — 69.6 Financial services — — 186.9 — — — 186.9 7,412.9 103.8 186.9 12.8 (68.7) — 7,647.7 Cost of sales: Home sales (5) 5,943.4 — — — (1.7) — 5,941.7 Land/lot sales and other 14.5 74.3 — — (56.3) 11.8 44.3 Inventory and land option charges 21.8 — — — — — 21.8 5,979.7 74.3 — — (58.0) 11.8 6,007.8 Selling, general and administrative expense 683.9 11.9 137.0 13.9 — 0.3 847.0 Gain on sale of assets (2.0) (0.9) — (29.3) — 0.9 (31.3) Other (income) expense (3.5) (2.8) (7.7) (0.3) — — (14.3) Income before income taxes $ 754.8 $ 21.3 $ 57.6 $ 28.5 $ (10.7) $ (13.0) $ 838.5 Summary Cash Flow Information: Depreciation and amortization $ 30.1 $ 0.1 $ 0.7 $ 2.9 $ — $ 0.3 $ 34.1 Cash (used in) provided by operating activities $ (215.9) $ (283.4) $ 48.8 $ (4.1) $ (2.7) $ (4.4) $ (461.7) ______________ (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. Homebuilding Inventories by Reporting Segment (1) March 31, September 30, (In millions) East $ 1,329.8 $ 1,288.8 Midwest 903.2 836.8 Southeast 2,968.1 2,768.0 South Central 2,845.4 2,533.2 Southwest 633.8 574.4 West 2,174.1 2,056.0 Corporate and unallocated (2) 234.0 228.4 $ 11,088.4 $ 10,285.6 _________________ (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 Six Months Ended 2020 2019 2020 2019 (In millions) Revenues East $ 579.7 $ 518.2 $ 1,100.2 $ 965.7 Midwest 308.7 248.1 591.3 497.2 Southeast 1,316.7 1,205.3 2,467.3 2,219.2 South Central 1,066.4 990.2 2,025.1 1,862.7 Southwest 199.7 173.2 410.7 316.9 West 907.6 860.4 1,667.2 1,551.2 $ 4,378.8 $ 3,995.4 $ 8,261.8 $ 7,412.9 Inventory and Land Option Charges East $ (0.5) $ 0.3 $ (0.3) $ 1.7 Midwest 1.4 0.2 1.5 0.5 Southeast 2.8 2.2 4.2 3.5 South Central 2.9 1.4 4.4 1.9 Southwest — 0.1 0.1 0.2 West 2.2 9.6 2.5 14.0 $ 8.8 $ 13.8 $ 12.4 $ 21.8 Income before Income Taxes (1) East $ 73.3 $ 45.9 $ 133.2 $ 83.9 Midwest 23.6 9.5 42.3 20.2 Southeast 187.8 131.0 333.9 243.2 South Central 156.2 119.3 288.9 225.3 Southwest 30.8 18.6 65.3 36.3 West 93.8 76.1 163.5 145.9 $ 565.5 $ 400.4 $ 1,027.1 $ 754.8 _________________ (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	6 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
INVENTORY	INVENTORIES At the end of each quarter, the Company reviews the performance and outlook for all of its communities and land inventories for indicators of potential impairment and performs detailed impairment evaluations and analyses when necessary. At March 31, 2020, the Company performed detailed impairment evaluations of communities and land inventories with a combined carrying value of $47.6 million and recorded impairment charges of $1.7 million during the three months ended March 31, 2020 to reduce the carrying value of impaired land to fair value. During the six months ended March 31, 2020, impairment charges totaled $1.7 million. There were $7.7 million and $11.9 million of impairment charges recorded in the three and six months ended March 31, 2019, respectively. Inventory impairments and the land option charges discussed below are included in cost of sales in the consolidated statements of operations. As the Company manages its inventory investments across its operating markets to optimize returns and cash flows, it may modify its pricing and incentives, construction and development plans or land sale strategies in individual active communities and land held for development, which could result in the affected communities being evaluated for potential impairment. During the latter part of March and into April, the impacts of the COVID-19 pandemic and the related widespread reductions in economic activity began to adversely affect the Company’s business operations and the demand for its homes. There is significant uncertainty regarding the extent to which and how long COVID-19 and related government directives, actions and economic relief efforts will disrupt the U.S. economy and level of employment, capital markets, secondary mortgage markets, consumer confidence, demand for the Company’s homes and availability of mortgage loans to homebuyers. The extent to which this impacts the Company’s operational and financial performance will depend on future developments, including the duration and spread of COVID-19 and the impact on its customers, trade partners and employees, all of which are highly uncertain and cannot be predicted. If the housing market or economic conditions are adversely affected for a prolonged period due to COVID-19 or otherwise, the Company may be required to evaluate additional communities for potential impairment. These evaluations could result in additional impairment charges which could be significant. During the three and six months ended March 31, 2020, earnest money and pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $7.2 million and $11.1 million, respectively, compared to $6.1 million and $9.9 million in the same periods of fiscal 2019.

Notes Payable

Notes Payable	6 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The Company’s notes payable at their carrying amounts consist of the following: March 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility $ 500.0 $ — 4.0% senior notes due 2020 (1) — 499.6 2.55% senior notes due 2020 (1) 399.4 398.9 4.375% senior notes due 2022 (1) 349.0 348.8 4.75% senior notes due 2023 (1) 299.1 298.9 5.75% senior notes due 2023 (1) 398.5 398.4 2.5% senior notes due 2024 (1) 496.0 — Other secured notes 38.0 103.0 2,480.0 2,047.6 Forestar: Unsecured: Revolving credit facility — — 3.75% convertible senior notes due 2020 (2) — 119.1 8.0% senior notes due 2024 (3) 344.5 343.8 5.0% senior notes due 2028 (3) 295.6 — 640.1 462.9 Financial Services: Mortgage repurchase facility 1,186.5 888.9 $ 4,306.6 $ 3,399.4 _____________________ (1) Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $7.7 million and $5.4 million at March 31, 2020 and September 30, 2019, respectively. (2) Forestar’s 3.75% convertible senior notes due March 2020 included an unamortized fair value adjustment of $2.4 million at September 30, 2019. (3) Debt issuance costs that were deducted from the carrying amount of Forestar’s senior notes totaled $9.9 million and $6.2 million at March 31, 2020 and September 30, 2019, respectively. Homebuilding: The Company has a $1.59 billion senior unsecured homebuilding revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $2.5 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 100% 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 LIBOR plus an applicable margin, as defined in the credit agreement governing the facility. The maturity date of the facility is October 2, 2024. Borrowings and repayments under the facility were $800 million and $300 million, respectively, during the six months ended March 31, 2020. At March 31, 2020, there were $500 million of borrowings outstanding at a 1.7% annual interest rate and $116.3 million of letters of credit issued under the revolving credit facility, resulting in available capacity of approximately $973.7 million. The Company’s homebuilding revolving credit facility imposes restrictions on its operations and activities, including requiring the maintenance of a maximum allowable leverage ratio and a borrowing base restriction if the leverage ratio 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 indentures governing the senior notes also impose restrictions on the creation of secured debt and liens. At March 31, 2020, the Company was in compliance with all of the covenants, limitations and restrictions of its homebuilding revolving credit facility and public debt obligations. D.R. Horton 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. In October 2019, the Company issued $500 million principal amount of 2.5% senior notes due October 15, 2024, with interest payable semi-annually. The annual effective interest rate of these notes after giving effect to the amortization of the discount and financing costs is 2.7%. In February 2020, the Company repaid $500 million principal amount of its 4.0% senior notes at maturity. Effective July 30, 2019, the Board of Directors authorized the repurchase of up to $500 million of the Company’s debt securities. The authorization has no expiration date. All of the $500 million authorization was remaining at March 31, 2020. 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. Letters of credit issued under the facility reduce the available borrowing capacity. At March 31, 2020, there were no borrowings outstanding and $31.0 million of letters of credit issued under the revolving credit facility, resulting in available capacity of $349.0 million. The maturity date of the facility is October 2, 2022, which can be extended by up to one year on up to two additional occasions, subject to the approval of lenders holding a majority of the commitments. The Forestar 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. In February 2020, Forestar issued $300 million principal amount of 5.0% senior notes pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The notes are due March 1, 2028, with interest payable semiannually, and represent unsecured obligations of Forestar. The annual effective interest rate of these notes after giving effect to the amortization of financing costs is 5.2%. These notes may be redeemed prior to maturity, subject to certain limitations and premiums defined in the indenture agreement. Forestar also has $350 million principal amount of 8.0% senior notes that mature April 15, 2024. In March 2020, Forestar repaid $118.9 million principal amount of its 3.75% convertible senior notes in cash at maturity. Forestar’s revolving credit facility and its senior notes are not guaranteed by D.R. Horton, Inc. or any of the subsidiaries that guarantee the Company’s homebuilding debt. At March 31, 2020, Forestar was in compliance with all of the covenants, limitations and restrictions of its revolving credit facility and senior note obligations. 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 upon receipt of funds from the counterparties. DHI Mortgage then has the right and obligation to repurchase the purchased loans upon their sale to third-party purchasers in the secondary market or within specified time frames from 45 to 60 days in accordance with the terms of the mortgage repurchase facility. In February 2020, the mortgage repurchase facility was amended to extend its maturity date to February 19, 2021. The total capacity of the facility is $1.2 billion; however, the capacity increases without requiring additional commitments to $1.4 billion for approximately 30 days at each quarter end and 45 days at fiscal year end. The capacity of the facility can also be increased to $1.5 billion subject to the availability of additional commitments. Through additional commitments, the capacity of the facility was temporarily increased to $1.5 billion effective March 26, 2020 through April 23, 2020. As of March 31, 2020, $1.3 billion of mortgage loans held for sale with a collateral value of $1.2 billion were pledged under the mortgage repurchase facility. DHI Mortgage had an obligation of $1.2 billion outstanding under the mortgage repurchase facility at March 31, 2020 at a 2.6% annual interest rate. The mortgage repurchase facility is not guaranteed by D.R. Horton, Inc. or any of the subsidiaries that guarantee the Company’s homebuilding debt. The facility contains financial covenants as to the mortgage subsidiary’s minimum required tangible net worth, its maximum allowable leverage ratio and its minimum required liquidity. These covenants are measured and reported to the lenders monthly. At March 31, 2020, DHI Mortgage was in compliance with all of the conditions and covenants of the mortgage repurchase facility.

Capitalized Interest

Capitalized Interest	6 Months Ended
	Mar. 31, 2020
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 six months of fiscal 2020 and fiscal 2019, the Company’s active inventory exceeded its debt level, and all interest incurred was capitalized to inventory. The following table summarizes the Company’s interest costs incurred, capitalized and expensed during the three and six months ended March 31, 2020 and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 (In millions) Capitalized interest, beginning of period $ 192.1 $ 168.8 $ 180.1 $ 162.7 Interest incurred (1) 37.6 35.0 75.3 66.7 Interest charged to cost of sales (29.2) (29.9) (54.9) (55.5) Capitalized interest, end of period $ 200.5 $ 173.9 $ 200.5 $ 173.9 _______________ (1) Interest incurred included interest on the Company's mortgage repurchase facility of $5.0 million and $9.7 million in the three and six months ended March 31, 2020, respectively, and $3.0 million and $6.3 million in the same periods of fiscal 2019. Also included in interest incurred is Forestar interest of $9.7 million and $18.4 million in the three and six months ended March 31, 2020, respectively, and $1.5 million and $2.8 million in the same periods of fiscal 2019.

Property and Equipment

Property and Equipment	6 Months Ended
	Mar. 31, 2020
Property and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	PROPERTY AND EQUIPMENT The Company’s property and equipment balances and the related accumulated depreciation at March 31, 2020 and September 30, 2019 are summarized below. These balances include properties related to the operations of DHI Communities, which develops, constructs and owns multi-family residential properties that produce rental income. DHI Communities has three projects under active construction and one project that was substantially complete at March 31, 2020. March 31, September 30, (In millions) Buildings and improvements (1) (2) $ 335.7 $ 329.4 Multi-family rental properties under construction 75.5 65.2 Single-family rental properties 101.6 37.0 Model home furniture 134.5 128.3 Office furniture and equipment 126.0 128.6 Land (1) (2) 91.9 71.6 Total property and equipment $ 865.2 $ 760.1 Accumulated depreciation (275.5) (260.9) Property and equipment, net $ 589.7 $ 499.2 _____________ (1) At March 31, 2020, buildings and improvements included $53.1 million related to completed multi-family rental properties and $63.6 million related to the Company’s oil and gas related assets. Additionally, at March 31, 2020, land included $55.1 million related to the Company’s multi-family rental operations. (2) At September 30, 2019, buildings and improvements included $50.7 million related to completed multi-family rental properties and $56.9 million related to the Company’s oil and gas related assets. Additionally, at September 30, 2019, land included $38.0 million related to the Company’s multi-family rental operations. Depreciation expense was $17.3 million and $34.5 million during the three and six months ended March 31, 2020, respectively, compared to $15.9 million and $31.7 million in the same periods of fiscal 2019.

Mortgage Loans

Mortgage Loans	6 Months Ended
	Mar. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in 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 March 31, 2020, mortgage loans held for sale had an aggregate carrying value of $1.4 billion and an aggregate outstanding principal balance of $1.3 billion. At September 30, 2019, mortgage loans held for sale had an aggregate carrying value of $1.1 billion and an aggregate outstanding principal balance of $1.0 billion. During the six months ended March 31, 2020 and 2019, mortgage loans originated totaled $4.9 billion and $3.6 billion, respectively, and mortgage loans sold totaled $4.6 billion and $3.6 billion, respectively. The Company had gains on sales of loans and servicing rights of $73.3 million and $147.0 million during the three and six months ended March 31, 2020, respectively, compared to $73.1 million and $132.9 million in the prior year periods. Net gains on sales of loans and servicing rights are included in revenues in the consolidated statements of operations. Approximately 90% of the mortgage loans sold by DHI Mortgage during the six months ended March 31, 2020 were sold to four major financial entities, of which one entity purchased 33%. To manage the interest rate risk inherent in its mortgage operations, the Company hedges its risk using derivative instruments, generally forward sales of mortgage-backed securities (MBS), which are referred to as “hedging instruments” in the following discussion. The Company does not enter into or hold derivatives for trading or speculative purposes. Newly originated loans that have been closed but not committed to third-party purchasers are hedged to mitigate the risk of changes in their fair value. Hedged loans are committed to third-party purchasers typically within three days after origination. The Company is party to interest rate lock commitments (IRLCs), which are extended to borrowers who have applied for loan funding and meet defined credit and underwriting criteria. The Company manages interest rate risk related to its IRLCs through the use of best-efforts whole loan delivery commitments and hedging instruments. In response to COVID-19, the U.S. government has taken various actions to support the economy and the continued functioning of the financial markets. On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which included changes to current forbearance options for government-backed loans designed to keep homeowners in their homes. Due to the uncertainty surrounding these forbearance options, servicing values declined rapidly at the end of March. This resulted in lower net gains on loan originations during the three months ended March 31, 2020 compared to the prior year period. Additionally, in March 2020 the Federal Reserve announced its commitment to purchase U.S. Treasury securities, MBS, municipal bonds and other assets. This led to a significant increase in the price of MBS, which increased the change in the fair market value of the Company’s IRLCs and mortgage loans held for sale and decreased the fair market value of its hedging instruments. The net fair value change for the three and six months ended March 31, 2020 and 2019 recognized in revenues in the consolidated statements of operations was not significant. The Company also occasionally uses hedging instruments as part of a program to offer below market interest rate financing to its homebuyers in certain markets. At March 31, 2020, the Company had MBS totaling $383.4 million that did not yet have interest rate lock commitments or closed loans created or assigned and recorded a liability of $4.9 million for the fair value of such MBS position.

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax expense for the three and six months ended March 31, 2020 was $137.3 million and $228.1 million, respectively, compared to $108.4 million and $197.4 million in the prior year periods. The effective tax rate was 22.1% and 19.9% for the three and six months ended March 31, 2020, respectively, compared to 23.4% and 23.5% in the prior year periods. The effective tax rate for the three and six months ended March 31, 2020 includes a tax benefit of $6.6 million and $39.5 million, respectively, from the enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the Act). The Act retroactively reinstated the federal energy efficient homes tax credit that expired on December 31, 2017 to homes closed from January 1, 2018 to December 31, 2020. The effective tax rates for all periods include an expense for state income taxes, reduced by tax benefits related to stock-based compensation. The Company’s deferred tax assets, net of deferred tax liabilities, were $167.3 million at March 31, 2020 compared to $181.8 million at September 30, 2019. The Company has a valuation allowance of $17.8 million at March 31, 2020 and $18.7 million at September 30, 2019 related to state deferred tax assets for net operating loss (NOL) carryforwards that are more likely than not to expire before being realized. 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	6 Months Ended
	Mar. 31, 2020
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 Six Months Ended 2020 2019 2020 2019 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 482.7 $ 351.3 $ 914.0 $ 638.4 Denominator: Denominator for basic earnings per share — weighted average common shares 365.8 373.3 367.1 374.2 Effect of dilutive securities: Employee stock awards 4.3 4.4 4.7 4.7 Denominator for diluted earnings per share — adjusted weighted average common shares 370.1 377.7 371.8 378.9 Basic net income per common share attributable to D.R. Horton, Inc. $ 1.32 $ 0.94 $ 2.49 $ 1.71 Diluted net income per common share attributable to D.R. Horton, Inc. $ 1.30 $ 0.93 $ 2.46 $ 1.68

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Mar. 31, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY D.R. Horton 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. On September 30, 2019, Forestar issued approximately 6.0 million shares of its common stock for $17.50 per share in a public underwritten offering. Following the offering, $394.3 million remains available for issuance under Forestar’s shelf registration statement. Effective July 30, 2019, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock. The authorization has no expiration date. During the six months ended March 31, 2020, the Company repurchased 7.0 million shares of its common stock for $360.4 million. The Company’s remaining authorization at March 31, 2020 was $535.3 million. During each of the first two quarters of fiscal 2020, the Board of Directors approved and paid quarterly cash dividends of $0.175 per common share, the most recent of which was paid on February 24, 2020 to stockholders of record on February 10, 2020. In April 2020, the Board of Directors approved a quarterly cash dividend of $0.175 per common share, payable on May 21, 2020 to stockholders of record on May 11, 2020. Cash dividends of $0.15 per common share were approved and paid in each quarter of fiscal 2019.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Mar. 31, 2020
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 2019, a total of 360,000 performance-based RSU equity awards were granted to the Company’s executive officers. These awards vest at the end of a three-year performance period ending September 30, 2022. 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 $52.54 per unit. Compensation expense related to this grant was $2.3 million and $4.5 million in the three and six months ended March 31, 2020, respectively, 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. During the six months ended March 31, 2020, a total of 1.7 million time-based RSUs were granted to approximately 960 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 $35.98 per unit, and they vest annually in equal installments over periods of three to five years. Compensation expense related to these grants was $4.1 million in both the three and six months ended March 31, 2020, of which $3.5 million related to expense recognized for employees that were retirement eligible on the date of grant. Total stock-based compensation expense related to the Company’s restricted stock units during the three and six months ended March 31, 2020 was $20.3 million and $36.2 million, respectively, compared to $17.2 million and $34.4 million during the three and six months ended March 31, 2019, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2020
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 and six months ended March 31, 2020 and 2019 were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (In millions) Warranty liability, beginning of period $ 251.6 $ 205.6 $ 247.3 $ 202.0 Warranties issued 24.5 21.0 45.6 38.9 Changes in liability for pre-existing warranties 5.6 6.0 8.4 11.5 Settlements made (19.0) (18.7) (38.6) (38.5) Warranty liability, end of period $ 262.7 $ 213.9 $ 262.7 $ 213.9 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 $442.2 million and $434.7 million at March 31, 2020 and September 30, 2019, 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 March 31, 2020 and September 30, 2019. Expenses related to the Company’s legal contingencies were $26.6 million and $14.6 million in the six months ended March 31, 2020 and 2019, respectively. The Company’s reserves for legal claims were $442.2 million at March 31, 2020 compared to $434.7 million at September 30, 2019. Changes in the Company’s legal claims reserves during the six months ended March 31, 2020 and 2019 were as follows: Six Months Ended 2020 2019 (In millions) Reserves for legal claims, beginning of period $ 434.7 $ 408.1 Increase in reserves 33.6 23.3 Payments (26.1) (12.3) Reserves for legal claims, end of period $ 442.2 $ 419.1 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 $76.6 million, $75.1 million and $56.9 million at March 31, 2020, September 30, 2019 and March 31, 2019, 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 Purchase Contracts The Company enters into land and lot 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 purchase contracts, the deposits are not refundable in the event the Company elects to terminate the contract. Land purchase contract deposits and capitalized pre-acquisition costs are expensed to inventory and land option charges when the Company believes it is probable that it will not acquire the property under contract and will not be able to recover these costs through other means. At March 31, 2020, the Company’s homebuilding segment had total deposits of $566.5 million, consisting of cash deposits of $534.9 million and promissory notes of $31.6 million, related to contracts to purchase land and lots with a total remaining purchase price of approximately $8.1 billion. The majority of land and lots under contract are currently expected to be purchased within three years. Of these amounts, $99.3 million of the deposits related to contracts with Forestar to purchase land and lots with a remaining purchase price of $1.0 billion. A limited number of the homebuilding land and lot purchase contracts at March 31, 2020, representing $70.7 million of remaining purchase price, were subject to specific performance provisions that may require the Company to purchase the land or lots upon the land sellers meeting their respective contractual obligations. Of the $70.7 million remaining purchase price subject to specific performance provisions, $24.2 million related to contracts between the homebuilding segment and Forestar. During the three and six months ended March 31, 2020, Forestar reimbursed the homebuilding segment $5.5 million and $16.2 million, respectively, for previously paid earnest money and $8.2 million and $13.3 million, respectively, for pre-acquisition and other due diligence costs related to land purchase contracts whereby the homebuilding segment assigned its rights under contract to Forestar. During the three and six months ended March 31, 2019, Forestar reimbursed the homebuilding segment $4.7 million and $16.8 million, respectively, for previously paid earnest money and $0.7 million and $3.7 million, respectively, for pre-acquisition and other due diligence costs. Other Commitments At March 31, 2020, the Company had outstanding surety bonds of $1.8 billion and letters of credit of $147.3 million to secure performance under various contracts. Of the total letters of credit, $116.3 million were issued under the homebuilding revolving credit facility and $31.0 million were issued under Forestar’s revolving credit facility.

Other Assets, Accrued Expenses

Other Assets, Accrued Expenses and Other Liabilities	6 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and September 30, 2019 were as follows: March 31, 2020 September 30, 2019 (In millions) Earnest money and refundable deposits $ 580.9 $ 540.0 Insurance receivables 76.6 75.1 Other receivables 112.4 103.6 Prepaid assets 48.4 49.6 Margin deposits 83.7 19.6 Multi-family rental property held for sale — 28.9 Contract assets - insurance agency commissions 42.2 39.3 Lease right of use assets 37.8 — Other 104.1 56.7 $ 1,086.1 $ 912.8 The Company’s accrued expenses and other liabilities at March 31, 2020 and September 30, 2019 were as follows: March 31, 2020 September 30, 2019 (In millions) Reserves for legal claims $ 442.2 $ 434.7 Employee compensation and related liabilities 269.2 282.1 Warranty liability 262.7 247.3 Mortgage hedging instruments and loan commitments 81.5 — Accrued interest 30.7 26.3 Federal and state income tax liabilities 20.0 33.4 Inventory related accruals 48.9 61.5 Customer deposits 68.3 57.7 Accrued property taxes 23.8 40.1 Lease liabilities 40.5 — Other 93.8 95.0 $ 1,381.6 $ 1,278.1

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and September 30, 2019. Changes in the fair value of the Level 3 assets during the six months ended March 31, 2020 and 2019 were not material. Fair Value at March 31, 2020 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 — 1,356.6 14.1 1,370.7 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 64.4 — 64.4 Forward sales of mortgage-backed securities Other liabilities — (69.1) — (69.1) Best-efforts and mandatory commitments Other liabilities — (11.7) — (11.7) Fair Value at September 30, 2019 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 — 1,055.3 9.8 1,065.1 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 19.2 — 19.2 Forward sales of mortgage-backed securities Other liabilities — (4.1) — (4.1) Best-efforts and mandatory commitments Other liabilities — (1.0) — (1.0) ___________________ (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 March 31, 2020 and September 30, 2019 include $14.1 million and $9.8 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. In March 2020, the Federal Reserve announced its commitment to purchase U.S. Treasury securities, MBS, municipal bonds and other assets. This led to a significant increase in the price of MBS which increased the change in fair market value of the Company’s IRLCs and mortgage loans held for sale and decreased the fair market value of its hedging instruments. The net fair value change for the three and six months ended March 31, 2020 and 2019 recognized in revenues in the consolidated statements of operations was not significant. The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at March 31, 2020 and September 30, 2019: 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 $ — $ — $ — $ 4.5 Inventory available for sale (a) (c) Inventories — 12.3 — — Mortgage loans held for sale (a) (d) Mortgage loans held for sale — 1.3 — 2.7 Other mortgage loans (a) (e) Other assets — 1.1 — 1.8 ___________________ (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 16% to 18% 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 values 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 March 31, 2020 and September 30, 2019: Carrying Value Fair Value at March 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (a) $ 1,522.8 $ 1,522.8 $ — $ — $ 1,522.8 Restricted cash (a) 14.5 14.5 — — 14.5 Notes payable (b) (c) 4,306.6 — 2,541.2 1,724.5 4,265.7 Carrying Value Fair Value at September 30, 2019 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (a) $ 1,494.3 $ 1,494.3 $ — $ — $ 1,494.3 Restricted cash (a) 19.7 19.7 — — 19.7 Notes payable (b) (c) 3,399.4 — 2,533.9 991.9 3,525.8 ___________________ (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.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Mar. 31, 2020
Related Party Transaction [Line Items]
Related Party Transactions Disclosure [Text Block]	RELATED PARTY TRANSACTIONS In March 2019, the Company assigned its rights under a land purchase contract it entered into in December 2017 to R&R Riverview LLC (R&R), an entity owned by Ryan Horton and Reagan Horton, the adult sons of Donald R. Horton, the Company’s Chairman. In March 2019, R&R exercised its rights under the purchase contract and paid $77.5 million for 119 acres of undeveloped land in Arizona. In connection with the transaction, Donald R. Horton loaned R&R $77.5 million at a 2.55% annual interest rate and obtained a security interest in the land. Concurrent with the contract assignment to R&R, the Company entered into a land purchase contract with R&R to purchase the 119 acres for R&R’s cost plus an annualized return of 16%. In accordance with the Company’s policy on related party transactions, this transaction was reviewed and approved by a committee of the Board of Directors composed of independent directors. The Company determined that R&R was a variable interest entity, and the Company had the power through its rights in its land purchase contract with R&R to control the activities that most significantly impact the entity’s economic performance, and the Company is the primary beneficiary. Accordingly, the Company consolidated the variable interest entity in its consolidated financial statements by increasing inventory and notes payable by $77.5 million, and this amount was included in those balances at September 30, 2019. In October 2019, the Company paid R&R $84.2 million for all 119 acres of land and deconsolidated the variable interest entity from the financial statements. The purchase transaction was also reviewed and approved by a committee of the Board of Directors composed of independent directors.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Mar. 31, 2020
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 65% controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 35% 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, 2019, 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, 2019.
Reclassifications	ReclassificationsCertain prior period amounts have been reclassified to conform to the current year presentation. At the beginning of fiscal 2020, the Company reclassified its single-family rental properties from other assets to property and equipment in its homebuilding segment. Reclassification of the prior period amount resulted in a $37.0 million decrease in other assets with a corresponding increase in property and equipment at September 30, 2019. This reclassification had no effect on the Company’s consolidated financial position or results of operations.
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Adoption of New Accounting Standards In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 was effective for the Company beginning October 1, 2019 and did not have a material impact on its consolidated financial position, results of operations or cash flows. As a result of the adoption of this standard on October 1, 2019, the Company recorded right of use assets of $39.0 million and lease liabilities of $40.3 million. Lease right of use assets are included in other assets and lease liabilities are included in accrued expenses and other liabilities in the consolidated balance sheet.
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.
Recent Accounting Pronouncements	Pending Accounting Standards 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. In December 2019, the FASB issued ASU 2019-12 related to simplifying the accounting for income taxes. The guidance is effective for the Company beginning October 1, 2021, although early adoption is permitted. The Company is currently evaluating the impact of this guidance, and it is not expected to have a material impact on its consolidated financial position, results of operations and cash flows. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform,” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and the Company may elect to apply the amendments prospectively through December 31, 2022. This guidance has not and is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Financial information relating to the Company’s reporting segments is as follows: March 31, 2020 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Assets Cash and cash equivalents $ 1,012.6 $ 438.2 $ 45.8 $ 26.2 $ — $ — $ 1,522.8 Restricted cash 7.8 — 6.6 0.1 — — 14.5 Inventories: Construction in progress and finished homes 6,003.8 — — — (34.4) — 5,969.4 Residential land and lots — developed and under development 5,009.6 1,171.0 — — (29.9) 1.2 6,151.9 Land held for development 48.9 28.2 — — — — 77.1 Land held for sale 26.1 — — — — — 26.1 11,088.4 1,199.2 — — (64.3) 1.2 12,224.5 Mortgage loans held for sale — — 1,379.4 — — — 1,379.4 Deferred income taxes, net 136.7 8.0 — — 10.8 (6.0) 149.5 Property and equipment, net 327.2 1.0 3.3 259.2 (1.0) — 589.7 Other assets 891.5 29.2 203.5 47.9 (97.6) 11.6 1,086.1 Goodwill 134.3 — — — — 29.2 163.5 $ 13,598.5 $ 1,675.6 $ 1,638.6 $ 333.4 $ (152.1) $ 36.0 $ 17,130.0 Liabilities Accounts payable $ 670.6 $ 23.1 $ 0.2 $ 13.1 $ — $ — $ 707.0 Accrued expenses and other liabilities 1,165.7 175.6 146.7 10.5 (105.1) (11.8) 1,381.6 Notes payable 2,480.0 640.1 1,186.5 — — — 4,306.6 $ 4,316.3 $ 838.8 $ 1,333.4 $ 23.6 $ (105.1) $ (11.8) $ 6,395.2 ______________ (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, 2019 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Assets Cash and cash equivalents $ 1,043.0 $ 382.8 $ 43.4 $ 25.1 $ — $ — $ 1,494.3 Restricted cash 8.0 — 11.6 0.1 — — 19.7 Inventories: Construction in progress and finished homes 5,249.0 — — — (4.0) — 5,245.0 Residential land and lots — developed and under development 4,956.1 1,011.8 — — (31.4) 2.9 5,939.4 Land held for development 60.7 17.1 — — — — 77.8 Land held for sale 19.8 — — — — — 19.8 10,285.6 1,028.9 — — (35.4) 2.9 11,282.0 Mortgage loans held for sale — — 1,072.0 — — — 1,072.0 Deferred income taxes, net 146.4 17.4 — — 5.1 (5.8) 163.1 Property and equipment, net 272.4 2.4 3.2 221.2 — — 499.2 Other assets 826.2 24.2 68.3 71.5 (88.5) 11.1 912.8 Goodwill 134.3 — — — — 29.2 163.5 $ 12,715.9 $ 1,455.7 $ 1,198.5 $ 317.9 $ (118.8) $ 37.4 $ 15,606.6 Liabilities Accounts payable $ 598.6 $ 16.8 $ 7.0 $ 11.6 $ — $ — $ 634.0 Accrued expenses and other liabilities 1,152.5 169.5 53.0 9.3 (93.6) (12.6) 1,278.1 Notes payable 2,047.6 460.5 888.9 — — 2.4 3,399.4 $ 3,798.7 $ 646.8 $ 948.9 $ 20.9 $ (93.6) $ (10.2) $ 5,311.5 ______________ (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. Three Months Ended March 31, 2020 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues Home sales $ 4,363.3 $ — $ — $ — $ — $ — $ 4,363.3 Land/lot sales and other 15.5 159.1 — 9.5 (151.9) — 32.2 Financial services — — 104.5 — — — 104.5 4,378.8 159.1 104.5 9.5 (151.9) — 4,500.0 Cost of sales Home sales (5) 3,435.5 — — — (11.0) — 3,424.5 Land/lot sales and other 11.3 136.5 — — (130.4) — 17.4 Inventory and land option charges 8.8 0.1 — — — — 8.9 3,455.6 136.6 — — (141.4) — 3,450.8 Selling, general and administrative expense 361.8 11.2 85.9 7.8 — 0.1 466.8 Gain on sale of assets — (0.3) — (28.2) — — (28.5) Other (income) expense (4.1) (2.1) (6.1) 1.9 — — (10.4) Income before income taxes $ 565.5 $ 13.7 $ 24.7 $ 28.0 $ (10.5) $ (0.1) $ 621.3 ______________ (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. Six Months Ended March 31, 2020 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues: Home sales $ 8,226.6 $ — $ — $ — $ — $ — $ 8,226.6 Land/lot sales and other 35.2 406.4 — 18.3 (373.2) — 86.7 Financial services — — 207.4 — — — 207.4 8,261.8 406.4 207.4 18.3 (373.2) — 8,520.7 Cost of sales: Home sales (5) 6,487.0 — — — (17.7) — 6,469.3 Land/lot sales and other 24.7 352.8 — — (323.9) (0.7) 52.9 Inventory and land option charges 12.4 0.4 — — — — 12.8 6,524.1 353.2 — — (341.6) (0.7) 6,535.0 Selling, general and administrative expense 720.2 21.7 163.8 16.7 — 0.2 922.6 Gain on sale of assets — (0.1) — (59.4) — — (59.5) Other (income) expense (9.6) (4.2) (11.6) 3.5 — — (21.9) Income before income taxes $ 1,027.1 $ 35.8 $ 55.2 $ 57.5 $ (31.6) $ 0.5 $ 1,144.5 Summary Cash Flow Information: Depreciation and amortization $ 33.7 $ 0.1 $ 0.8 $ 3.9 $ — $ 0.3 $ 38.8 Cash provided by (used in) operating activities $ 52.1 $ (123.8) $ (312.1) $ 5.5 $ (16.8) $ — $ (395.1) ______________ (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 March 31, 2019 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues Home sales $ 3,980.5 $ — $ — $ — $ — $ — $ 3,980.5 Land/lot sales and other 14.9 65.4 — 6.0 (39.7) — 46.6 Financial services — — 101.6 — — — 101.6 3,995.4 65.4 101.6 6.0 (39.7) — 4,128.7 Cost of sales Home sales (5) 3,214.2 — — — (0.7) — 3,213.5 Land/lot sales and other 9.3 43.7 — — (31.8) 8.2 29.4 Inventory and land option charges 13.8 — — — — — 13.8 3,237.3 43.7 — — (32.5) 8.2 3,256.7 Selling, general and administrative expense 359.3 6.2 71.3 7.3 — 0.1 444.2 Gain on sale of assets — — — (29.3) — — (29.3) Other (income) expense (1.6) (0.9) (3.7) 0.5 — — (5.7) Income before income taxes $ 400.4 $ 16.4 $ 34.0 $ 27.5 $ (7.2) $ (8.3) $ 462.8 ______________ (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. Six Months Ended March 31, 2019 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues: Home sales $ 7,391.2 $ — $ — $ — $ — $ — $ 7,391.2 Land/lot sales and other 21.7 103.8 — 12.8 (68.7) — 69.6 Financial services — — 186.9 — — — 186.9 7,412.9 103.8 186.9 12.8 (68.7) — 7,647.7 Cost of sales: Home sales (5) 5,943.4 — — — (1.7) — 5,941.7 Land/lot sales and other 14.5 74.3 — — (56.3) 11.8 44.3 Inventory and land option charges 21.8 — — — — — 21.8 5,979.7 74.3 — — (58.0) 11.8 6,007.8 Selling, general and administrative expense 683.9 11.9 137.0 13.9 — 0.3 847.0 Gain on sale of assets (2.0) (0.9) — (29.3) — 0.9 (31.3) Other (income) expense (3.5) (2.8) (7.7) (0.3) — — (14.3) Income before income taxes $ 754.8 $ 21.3 $ 57.6 $ 28.5 $ (10.7) $ (13.0) $ 838.5 Summary Cash Flow Information: Depreciation and amortization $ 30.1 $ 0.1 $ 0.7 $ 2.9 $ — $ 0.3 $ 34.1 Cash (used in) provided by operating activities $ (215.9) $ (283.4) $ 48.8 $ (4.1) $ (2.7) $ (4.4) $ (461.7) ______________ (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. Homebuilding Inventories by Reporting Segment (1) March 31, September 30, (In millions) East $ 1,329.8 $ 1,288.8 Midwest 903.2 836.8 Southeast 2,968.1 2,768.0 South Central 2,845.4 2,533.2 Southwest 633.8 574.4 West 2,174.1 2,056.0 Corporate and unallocated (2) 234.0 228.4 $ 11,088.4 $ 10,285.6 _________________ (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 Six Months Ended 2020 2019 2020 2019 (In millions) Revenues East $ 579.7 $ 518.2 $ 1,100.2 $ 965.7 Midwest 308.7 248.1 591.3 497.2 Southeast 1,316.7 1,205.3 2,467.3 2,219.2 South Central 1,066.4 990.2 2,025.1 1,862.7 Southwest 199.7 173.2 410.7 316.9 West 907.6 860.4 1,667.2 1,551.2 $ 4,378.8 $ 3,995.4 $ 8,261.8 $ 7,412.9 Inventory and Land Option Charges East $ (0.5) $ 0.3 $ (0.3) $ 1.7 Midwest 1.4 0.2 1.5 0.5 Southeast 2.8 2.2 4.2 3.5 South Central 2.9 1.4 4.4 1.9 Southwest — 0.1 0.1 0.2 West 2.2 9.6 2.5 14.0 $ 8.8 $ 13.8 $ 12.4 $ 21.8 Income before Income Taxes (1) East $ 73.3 $ 45.9 $ 133.2 $ 83.9 Midwest 23.6 9.5 42.3 20.2 Southeast 187.8 131.0 333.9 243.2 South Central 156.2 119.3 288.9 225.3 Southwest 30.8 18.6 65.3 36.3 West 93.8 76.1 163.5 145.9 $ 565.5 $ 400.4 $ 1,027.1 $ 754.8 _________________ (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)	6 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of notes payable at principal amounts, net of unamortized discounts	The Company’s notes payable at their carrying amounts consist of the following: March 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility $ 500.0 $ — 4.0% senior notes due 2020 (1) — 499.6 2.55% senior notes due 2020 (1) 399.4 398.9 4.375% senior notes due 2022 (1) 349.0 348.8 4.75% senior notes due 2023 (1) 299.1 298.9 5.75% senior notes due 2023 (1) 398.5 398.4 2.5% senior notes due 2024 (1) 496.0 — Other secured notes 38.0 103.0 2,480.0 2,047.6 Forestar: Unsecured: Revolving credit facility — — 3.75% convertible senior notes due 2020 (2) — 119.1 8.0% senior notes due 2024 (3) 344.5 343.8 5.0% senior notes due 2028 (3) 295.6 — 640.1 462.9 Financial Services: Mortgage repurchase facility 1,186.5 888.9 $ 4,306.6 $ 3,399.4 _____________________ (1) Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $7.7 million and $5.4 million at March 31, 2020 and September 30, 2019, respectively. (2) Forestar’s 3.75% convertible senior notes due March 2020 included an unamortized fair value adjustment of $2.4 million at September 30, 2019. (3) Debt issuance costs that were deducted from the carrying amount of Forestar’s senior notes totaled $9.9 million and $6.2 million at March 31, 2020 and September 30, 2019, respectively.

Capitalized Interest (Tables)

Capitalized Interest (Tables)	6 Months Ended
	Mar. 31, 2020
Interest Costs Incurred [Abstract]
Rollforward of capitalized interest	The following table summarizes the Company’s interest costs incurred, capitalized and expensed during the three and six months ended March 31, 2020 and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 (In millions) Capitalized interest, beginning of period $ 192.1 $ 168.8 $ 180.1 $ 162.7 Interest incurred (1) 37.6 35.0 75.3 66.7 Interest charged to cost of sales (29.2) (29.9) (54.9) (55.5) Capitalized interest, end of period $ 200.5 $ 173.9 $ 200.5 $ 173.9 _______________ (1) Interest incurred included interest on the Company's mortgage repurchase facility of $5.0 million and $9.7 million in the three and six months ended March 31, 2020, respectively, and $3.0 million and $6.3 million in the same periods of fiscal 2019. Also included in interest incurred is Forestar interest of $9.7 million and $18.4 million in the three and six months ended March 31, 2020, respectively, and $1.5 million and $2.8 million in the same periods of fiscal 2019.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Mar. 31, 2020
Property and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	The Company’s property and equipment balances and the related accumulated depreciation at March 31, 2020 and September 30, 2019 are summarized below. These balances include properties related to the operations of DHI Communities, which develops, constructs and owns multi-family residential properties that produce rental income. DHI Communities has three projects under active construction and one project that was substantially complete at March 31, 2020. March 31, September 30, (In millions) Buildings and improvements (1) (2) $ 335.7 $ 329.4 Multi-family rental properties under construction 75.5 65.2 Single-family rental properties 101.6 37.0 Model home furniture 134.5 128.3 Office furniture and equipment 126.0 128.6 Land (1) (2) 91.9 71.6 Total property and equipment $ 865.2 $ 760.1 Accumulated depreciation (275.5) (260.9) Property and equipment, net $ 589.7 $ 499.2 _____________ (1) At March 31, 2020, buildings and improvements included $53.1 million related to completed multi-family rental properties and $63.6 million related to the Company’s oil and gas related assets. Additionally, at March 31, 2020, land included $55.1 million related to the Company’s multi-family rental operations. (2) At September 30, 2019, buildings and improvements included $50.7 million related to completed multi-family rental properties and $56.9 million related to the Company’s oil and gas related assets. Additionally, at September 30, 2019, land included $38.0 million related to the Company’s multi-family rental operations.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2020
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 Six Months Ended 2020 2019 2020 2019 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 482.7 $ 351.3 $ 914.0 $ 638.4 Denominator: Denominator for basic earnings per share — weighted average common shares 365.8 373.3 367.1 374.2 Effect of dilutive securities: Employee stock awards 4.3 4.4 4.7 4.7 Denominator for diluted earnings per share — adjusted weighted average common shares 370.1 377.7 371.8 378.9 Basic net income per common share attributable to D.R. Horton, Inc. $ 1.32 $ 0.94 $ 2.49 $ 1.71 Diluted net income per common share attributable to D.R. Horton, Inc. $ 1.30 $ 0.93 $ 2.46 $ 1.68

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Changes in warranty liability	Changes in the Company’s warranty liability during the three and six months ended March 31, 2020 and 2019 were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (In millions) Warranty liability, beginning of period $ 251.6 $ 205.6 $ 247.3 $ 202.0 Warranties issued 24.5 21.0 45.6 38.9 Changes in liability for pre-existing warranties 5.6 6.0 8.4 11.5 Settlements made (19.0) (18.7) (38.6) (38.5) Warranty liability, end of period $ 262.7 $ 213.9 $ 262.7 $ 213.9
Changes in legal claims reserves	Changes in the Company’s legal claims reserves during the six months ended March 31, 2020 and 2019 were as follows: Six Months Ended 2020 2019 (In millions) Reserves for legal claims, beginning of period $ 434.7 $ 408.1 Increase in reserves 33.6 23.3 Payments (26.1) (12.3) Reserves for legal claims, end of period $ 442.2 $ 419.1

Other Assets, Accrued Expense_2

Other Assets, Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Mar. 31, 2020
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
Other assets	The Company’s other assets at March 31, 2020 and September 30, 2019 were as follows: March 31, 2020 September 30, 2019 (In millions) Earnest money and refundable deposits $ 580.9 $ 540.0 Insurance receivables 76.6 75.1 Other receivables 112.4 103.6 Prepaid assets 48.4 49.6 Margin deposits 83.7 19.6 Multi-family rental property held for sale — 28.9 Contract assets - insurance agency commissions 42.2 39.3 Lease right of use assets 37.8 — Other 104.1 56.7 $ 1,086.1 $ 912.8
Accrued expenses and other liabilities	The Company’s accrued expenses and other liabilities at March 31, 2020 and September 30, 2019 were as follows: March 31, 2020 September 30, 2019 (In millions) Reserves for legal claims $ 442.2 $ 434.7 Employee compensation and related liabilities 269.2 282.1 Warranty liability 262.7 247.3 Mortgage hedging instruments and loan commitments 81.5 — Accrued interest 30.7 26.3 Federal and state income tax liabilities 20.0 33.4 Inventory related accruals 48.9 61.5 Customer deposits 68.3 57.7 Accrued property taxes 23.8 40.1 Lease liabilities 40.5 — Other 93.8 95.0 $ 1,381.6 $ 1,278.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair value measurements of assets and liabilities on a recurring basis	The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and September 30, 2019. Changes in the fair value of the Level 3 assets during the six months ended March 31, 2020 and 2019 were not material. Fair Value at March 31, 2020 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 — 1,356.6 14.1 1,370.7 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 64.4 — 64.4 Forward sales of mortgage-backed securities Other liabilities — (69.1) — (69.1) Best-efforts and mandatory commitments Other liabilities — (11.7) — (11.7) Fair Value at September 30, 2019 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 — 1,055.3 9.8 1,065.1 Derivatives not designated as hedging instruments (b): Interest rate lock commitments Other assets — 19.2 — 19.2 Forward sales of mortgage-backed securities Other liabilities — (4.1) — (4.1) Best-efforts and mandatory commitments Other liabilities — (1.0) — (1.0) ___________________ (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 March 31, 2020 and September 30, 2019 include $14.1 million and $9.8 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.
Fair value measurements of assets on a non-recurring basis	The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at March 31, 2020 and September 30, 2019: 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 $ — $ — $ — $ 4.5 Inventory available for sale (a) (c) Inventories — 12.3 — — Mortgage loans held for sale (a) (d) Mortgage loans held for sale — 1.3 — 2.7 Other mortgage loans (a) (e) Other assets — 1.1 — 1.8 ___________________ (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 16% to 18% 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 values 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 March 31, 2020 and September 30, 2019: Carrying Value Fair Value at March 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (a) $ 1,522.8 $ 1,522.8 $ — $ — $ 1,522.8 Restricted cash (a) 14.5 14.5 — — 14.5 Notes payable (b) (c) 4,306.6 — 2,541.2 1,724.5 4,265.7 Carrying Value Fair Value at September 30, 2019 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (a) $ 1,494.3 $ 1,494.3 $ — $ — $ 1,494.3 Restricted cash (a) 19.7 19.7 — — 19.7 Notes payable (b) (c) 3,399.4 — 2,533.9 991.9 3,525.8 ___________________ (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.

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2019	Mar. 31, 2020	Oct. 01, 2019
Entity Information [Line Items]
Operating Lease, Right-of-Use Asset	$ 0	$ 37.8	$ 39
Noncontrolling Interest, Ownership Percentage by Parent		65.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		35.00%
Operating Lease, Liability	0	$ 40.5	$ 40.3
Assets Leased to Others [Member] | Single Family [Member]
Entity Information [Line Items]
Prior Period Reclassification Adjustment	$ 37

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
	Mar. 31, 2020USD ($)OperatingDivisionsSegmentsMarketStateProjects	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)MarketStateProjects	Mar. 31, 2019USD ($)	Sep. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Proceeds from Sale of Buildings				$ 129.8	$ 83.8
Gain (Loss) on Sale of Properties	$ 28.5		$ 29.3	59.5	31.3
Total assets	17,130			17,130		$ 15,606.6
Other Segments [Member]
Segment Reporting Information [Line Items]
Gain (Loss) on Sale of Properties	28.2		29.3	59.4	29.3
Total assets	$ 333.4			$ 333.4		317.9
Home Building [Member]
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	89			89
Number of housing construction states | State	29			29
Number of home building operating divisions | OperatingDivisions	52
Number of homebuilding reporting segments | Segments	6
Gain (Loss) on Sale of Properties	$ 0		0	$ 0	2
Total assets	$ 13,598.5			$ 13,598.5		12,715.9
Forestar Group [Member]
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	50			50
Number of housing construction states | State	21			21
Gain (Loss) on Sale of Properties	$ 0.3		$ 0	$ 0.1	$ 0.9
Total assets	1,675.6			1,675.6		1,455.7
Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Proceeds from Sale of Buildings	67	$ 61.5
Gain (Loss) on Sale of Properties	28.2	$ 31.2
Total assets	$ 202.8			$ 202.8		$ 204
Asset under Construction [Member] | Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Number of Projects | Projects	3			3
Assets Leased to Others [Member] | Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Number of Projects | Projects	1			1

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Segment Reporting Information [Line Items]
Document Period End Date				Mar. 31, 2020
Assets [Abstract]
Cash and cash equivalents	$ 1,522.8			$ 1,522.8		$ 1,494.3
Restricted cash	14.5			14.5		19.7
Inventories:
Construction in progress and finished homes	5,969.4			5,969.4		5,245
Residential land and lots — developed and under development	6,151.9			6,151.9		5,939.4
Land held for development	77.1			77.1		77.8
Land held for sale	26.1			26.1		19.8
Total inventories	12,224.5			12,224.5		11,282
Mortgage loans held for sale	1,379.4			1,379.4		1,072
Deferred income taxes, net	149.5			149.5		163.1
Property and equipment, net	589.7			589.7		499.2
Other Assets	1,086.1			1,086.1		912.8
Goodwill	163.5			163.5		163.5
Total assets	17,130			17,130		15,606.6
Liabilities [Abstract]
Accounts payable	707			707		634
Accrued expenses and other liabilities	1,381.6			1,381.6		1,278.1
Notes payable	4,306.6			4,306.6		3,399.4
Total liabilities	6,395.2			6,395.2		5,311.5
Revenues
Total revenues	4,500		$ 4,128.7	8,520.7	$ 7,647.7
Inventory and land option charges	8.9		13.8	12.8	21.8
Cost of sales	3,450.8		3,256.7	6,535	6,007.8
Selling, General and Administrative Expense	466.8		444.2	922.6	847
Gain on sale of assets	(28.5)		(29.3)	(59.5)	(31.3)
Other (income) expense	(10.4)		(5.7)	(21.9)	(14.3)
Income (loss) before income taxes	621.3		462.8	1,144.5	838.5
Depreciation and amortization				38.8	34.1
Net cash used in operating activities				(395.1)	(461.7)
Segment Reconciling Items [Member]
Assets [Abstract]
Cash and cash equivalents	0			0		0
Restricted cash	0			0		0
Inventories:
Construction in progress and finished homes	0			0		0
Residential land and lots — developed and under development	1.2			1.2		2.9
Land held for development	0			0		0
Land held for sale	0			0		0
Total inventories	1.2			1.2		2.9
Mortgage loans held for sale	0			0		0
Deferred income taxes, net	(6)			(6)		(5.8)
Property and equipment, net	0			0		0
Other Assets	11.6			11.6		11.1
Goodwill	29.2			29.2		29.2
Total assets	36			36		37.4
Liabilities [Abstract]
Accounts payable	0			0		0
Accrued expenses and other liabilities	(11.8)			(11.8)		(12.6)
Notes payable	0			0		2.4
Total liabilities	(11.8)			(11.8)		(10.2)
Revenues
Total revenues	0		0	0	0
Inventory and land option charges	0		0	0	0
Cost of sales	0		8.2	(0.7)	11.8
Selling, General and Administrative Expense	0.1		0.1	0.2	0.3
Gain on sale of assets	0		0	0	0.9
Other (income) expense	0		0	0	0
Income (loss) before income taxes	(0.1)		(8.3)	0.5	(13)
Depreciation and amortization				0.3	0.3
Net cash used in operating activities				0	(4.4)
Intersegment Eliminations [Member]
Assets [Abstract]
Cash and cash equivalents	0			0		0
Restricted cash	0			0		0
Inventories:
Construction in progress and finished homes	(34.4)			(34.4)		(4)
Residential land and lots — developed and under development	(29.9)			(29.9)		(31.4)
Land held for development	0			0		0
Land held for sale	0			0		0
Total inventories	(64.3)			(64.3)		(35.4)
Mortgage loans held for sale	0			0		0
Deferred income taxes, net	10.8			10.8		5.1
Property and equipment, net	(1)			(1)		0
Other Assets	(97.6)			(97.6)		(88.5)
Goodwill	0			0		0
Total assets	(152.1)			(152.1)		(118.8)
Liabilities [Abstract]
Accounts payable	0			0		0
Accrued expenses and other liabilities	(105.1)			(105.1)		(93.6)
Notes payable	0			0		0
Total liabilities	(105.1)			(105.1)		(93.6)
Revenues
Total revenues	(151.9)		(39.7)	(373.2)	(68.7)
Inventory and land option charges	0		0	0	0
Cost of sales	(141.4)		(32.5)	(341.6)	(58)
Selling, General and Administrative Expense	0		0	0	0
Gain on sale of assets	0		0	0	0
Other (income) expense	0		0	0	0
Income (loss) before income taxes	(10.5)		(7.2)	(31.6)	(10.7)
Depreciation and amortization				0	0
Net cash used in operating activities				(16.8)	(2.7)
Financial Services [Member]
Assets [Abstract]
Cash and cash equivalents	45.8			45.8		43.4
Restricted cash	6.6			6.6		11.6
Inventories:
Construction in progress and finished homes	0			0		0
Residential land and lots — developed and under development	0			0		0
Land held for development	0			0		0
Land held for sale	0			0		0
Total inventories	0			0		0
Mortgage loans held for sale	1,379.4			1,379.4		1,072
Deferred income taxes, net	0			0		0
Property and equipment, net	3.3			3.3		3.2
Other Assets	203.5			203.5		68.3
Goodwill	0			0		0
Total assets	1,638.6			1,638.6		1,198.5
Liabilities [Abstract]
Accounts payable	0.2			0.2		7
Accrued expenses and other liabilities	146.7			146.7		53
Notes payable	1,186.5			1,186.5		888.9
Total liabilities	1,333.4			1,333.4		948.9
Revenues
Total revenues	104.5		101.6	207.4	186.9
Inventory and land option charges	0		0	0	0
Cost of sales	0		0	0	0
Selling, General and Administrative Expense	85.9		71.3	163.8	137
Gain on sale of assets	0		0	0	0
Other (income) expense	(6.1)		(3.7)	(11.6)	(7.7)
Income (loss) before income taxes	24.7		34	55.2	57.6
Depreciation and amortization				0.8	0.7
Net cash used in operating activities				(312.1)	48.8
Home Building [Member]
Assets [Abstract]
Cash and cash equivalents	1,012.6			1,012.6		1,043
Restricted cash	7.8			7.8		8
Inventories:
Construction in progress and finished homes	6,003.8			6,003.8		5,249
Residential land and lots — developed and under development	5,009.6			5,009.6		4,956.1
Land held for development	48.9			48.9		60.7
Land held for sale	26.1			26.1		19.8
Total inventories	11,088.4			11,088.4		10,285.6
Mortgage loans held for sale	0			0		0
Deferred income taxes, net	136.7			136.7		146.4
Property and equipment, net	327.2			327.2		272.4
Other Assets	891.5			891.5		826.2
Goodwill	134.3			134.3		134.3
Total assets	13,598.5			13,598.5		12,715.9
Liabilities [Abstract]
Accounts payable	670.6			670.6		598.6
Accrued expenses and other liabilities	1,165.7			1,165.7		1,152.5
Notes payable	2,480			2,480		2,047.6
Total liabilities	4,316.3			4,316.3		3,798.7
Revenues
Total revenues	4,378.8		3,995.4	8,261.8	7,412.9
Inventory and land option charges	8.8		13.8	12.4	21.8
Cost of sales	3,455.6		3,237.3	6,524.1	5,979.7
Selling, General and Administrative Expense	361.8		359.3	720.2	683.9
Gain on sale of assets	0		0	0	(2)
Other (income) expense	(4.1)		(1.6)	(9.6)	(3.5)
Income (loss) before income taxes	565.5		400.4	1,027.1	754.8
Depreciation and amortization				33.7	30.1
Net cash used in operating activities				52.1	(215.9)
Forestar Group [Member]
Assets [Abstract]
Cash and cash equivalents	438.2			438.2		382.8
Restricted cash	0			0		0
Inventories:
Construction in progress and finished homes	0			0		0
Residential land and lots — developed and under development	1,171			1,171		1,011.8
Land held for development	28.2			28.2		17.1
Land held for sale	0			0		0
Total inventories	1,199.2			1,199.2		1,028.9
Mortgage loans held for sale	0			0		0
Deferred income taxes, net	8			8		17.4
Property and equipment, net	1			1		2.4
Other Assets	29.2			29.2		24.2
Goodwill	0			0		0
Total assets	1,675.6			1,675.6		1,455.7
Liabilities [Abstract]
Accounts payable	23.1			23.1		16.8
Accrued expenses and other liabilities	175.6			175.6		169.5
Notes payable	640.1			640.1		460.5
Total liabilities	838.8			838.8		646.8
Revenues
Total revenues	159.1		65.4	406.4	103.8
Inventory and land option charges	0.1		0	0.4	0
Cost of sales	136.6		43.7	353.2	74.3
Selling, General and Administrative Expense	11.2		6.2	21.7	11.9
Gain on sale of assets	(0.3)		0	(0.1)	(0.9)
Other (income) expense	(2.1)		(0.9)	(4.2)	(2.8)
Income (loss) before income taxes	13.7		16.4	35.8	21.3
Depreciation and amortization				0.1	0.1
Net cash used in operating activities				(123.8)	(283.4)
Other Segments [Member]
Assets [Abstract]
Cash and cash equivalents	26.2			26.2		25.1
Restricted cash	0.1			0.1		0.1
Inventories:
Construction in progress and finished homes	0			0		0
Residential land and lots — developed and under development	0			0		0
Land held for development	0			0		0
Land held for sale	0			0		0
Total inventories	0			0		0
Mortgage loans held for sale	0			0		0
Deferred income taxes, net	0			0		0
Property and equipment, net	259.2			259.2		221.2
Other Assets	47.9			47.9		71.5
Goodwill	0			0		0
Total assets	333.4			333.4		317.9
Liabilities [Abstract]
Accounts payable	13.1			13.1		11.6
Accrued expenses and other liabilities	10.5			10.5		9.3
Notes payable	0			0		0
Total liabilities	23.6			23.6		20.9
Revenues
Total revenues	9.5		6	18.3	12.8
Inventory and land option charges	0		0	0	0
Cost of sales	0		0	0	0
Selling, General and Administrative Expense	7.8		7.3	16.7	13.9
Gain on sale of assets	(28.2)		(29.3)	(59.4)	(29.3)
Other (income) expense	1.9		0.5	3.5	(0.3)
Income (loss) before income taxes	28		27.5	57.5	28.5
Depreciation and amortization				3.9	2.9
Net cash used in operating activities				5.5	(4.1)
East [Member] | Home Building [Member]
Inventories:
Total inventories	1,329.8			1,329.8		1,288.8
Revenues
Total revenues	579.7		518.2	1,100.2	965.7
Inventory and land option charges	(0.5)		0.3	(0.3)	1.7
Income (loss) before income taxes	73.3		45.9	133.2	83.9
Midwest [Member] | Home Building [Member]
Inventories:
Total inventories	903.2			903.2		836.8
Revenues
Total revenues	308.7		248.1	591.3	497.2
Inventory and land option charges	1.4		0.2	1.5	0.5
Income (loss) before income taxes	23.6		9.5	42.3	20.2
Southeast [Member] | Home Building [Member]
Inventories:
Total inventories	2,968.1			2,968.1		2,768
Revenues
Total revenues	1,316.7		1,205.3	2,467.3	2,219.2
Inventory and land option charges	2.8		2.2	4.2	3.5
Income (loss) before income taxes	187.8		131	333.9	243.2
South Central [Member] | Home Building [Member]
Inventories:
Total inventories	2,845.4			2,845.4		2,533.2
Revenues
Total revenues	1,066.4		990.2	2,025.1	1,862.7
Inventory and land option charges	2.9		1.4	4.4	1.9
Income (loss) before income taxes	156.2		119.3	288.9	225.3
Southwest [Member] | Home Building [Member]
Inventories:
Total inventories	633.8			633.8		574.4
Revenues
Total revenues	199.7		173.2	410.7	316.9
Inventory and land option charges	0		0.1	0.1	0.2
Income (loss) before income taxes	30.8		18.6	65.3	36.3
West [Member] | Home Building [Member]
Inventories:
Total inventories	2,174.1			2,174.1		2,056
Revenues
Total revenues	907.6		860.4	1,667.2	1,551.2
Inventory and land option charges	2.2		9.6	2.5	14
Income (loss) before income taxes	93.8		76.1	163.5	145.9
Corporate, Non-Segment [Member] | Home Building [Member]
Inventories:
Total inventories	234			234		228.4
Multifamily [Member] | Other Segments [Member]
Inventories:
Total assets	202.8			202.8		$ 204
Revenues
Gain on sale of assets	(28.2)	$ (31.2)
Financial Service [Member]
Revenues
Home sales	104.5		101.6	207.4	186.9
Financial Service [Member] | Segment Reconciling Items [Member]
Revenues
Home sales	0		0	0	0
Financial Service [Member] | Intersegment Eliminations [Member]
Revenues
Home sales	0		0	0	0
Financial Service [Member] | Financial Services [Member]
Revenues
Home sales	104.5		101.6	207.4	186.9
Financial Service [Member] | Home Building [Member]
Revenues
Home sales	0		0	0	0
Financial Service [Member] | Forestar Group [Member]
Revenues
Home sales	0		0	0	0
Financial Service [Member] | Other Segments [Member]
Revenues
Home sales	0		0	0	0
Land [Member]
Revenues
Home sales	32.2		46.6	86.7	69.6
Cost of Goods and Services Sold	17.4		29.4	52.9	44.3
Land [Member] | Segment Reconciling Items [Member]
Revenues
Home sales	0		0	0	0
Cost of Goods and Services Sold	0		8.2	(0.7)	11.8
Land [Member] | Intersegment Eliminations [Member]
Revenues
Home sales	(151.9)		(39.7)	(373.2)	(68.7)
Cost of Goods and Services Sold	(130.4)		(31.8)	(323.9)	(56.3)
Land [Member] | Financial Services [Member]
Revenues
Home sales	0		0	0	0
Cost of Goods and Services Sold	0		0	0	0
Land [Member] | Home Building [Member]
Revenues
Home sales	15.5		14.9	35.2	21.7
Cost of Goods and Services Sold	11.3		9.3	24.7	14.5
Land [Member] | Forestar Group [Member]
Revenues
Home sales	159.1		65.4	406.4	103.8
Cost of Goods and Services Sold	136.5		43.7	352.8	74.3
Land [Member] | Other Segments [Member]
Revenues
Home sales	9.5		6	18.3	12.8
Cost of Goods and Services Sold	0		0	0	0
Home Building [Member]
Revenues
Home sales	4,363.3		3,980.5	8,226.6	7,391.2
Cost of Goods and Services Sold	3,424.5		3,213.5	6,469.3	5,941.7
Home Building [Member] | Segment Reconciling Items [Member]
Revenues
Home sales	0		0	0	0
Cost of Goods and Services Sold	0		0	0	0
Home Building [Member] | Intersegment Eliminations [Member]
Revenues
Home sales	0		0	0	0
Cost of Goods and Services Sold	(11)		(0.7)	(17.7)	(1.7)
Home Building [Member] | Financial Services [Member]
Revenues
Home sales	0		0	0	0
Cost of Goods and Services Sold	0		0	0	0
Home Building [Member] | Home Building [Member]
Revenues
Home sales	4,363.3		3,980.5	8,226.6	7,391.2
Cost of Goods and Services Sold	3,435.5		3,214.2	6,487	5,943.4
Home Building [Member] | Forestar Group [Member]
Revenues
Home sales	0		0	0	0
Cost of Goods and Services Sold	0		0	0	0
Home Building [Member] | Other Segments [Member]
Revenues
Home sales	0		0	0	0
Cost of Goods and Services Sold	$ 0		$ 0	$ 0	$ 0

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Inventory [Line Items]
Carrying value of communities with impairment indicators	$ 47.6		$ 47.6
Impairment charges	1.7	$ 7.7	1.7	$ 11.9
Write-offs (recoveries) of earnest money deposits and pre-acquisition costs	$ 7.2	$ 6.1	$ 11.1	$ 9.9

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2020	Feb. 01, 2020	Oct. 01, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Document Period End Date	Mar. 31, 2020
Unsecured:
Notes payable	$ 4,306.6			$ 3,399.4
Home Building [Member]
Debt Instrument [Line Items]
Debt Repurchase Authorization Remaining	500
Unsecured:
Notes payable	2,480			2,047.6
Revolving credit facility	500			0
Unamortized Debt Issuance Expense	7.7			5.4
Forestar Group [Member]
Unsecured:
Notes payable	640.1			460.5
Unamortized Debt Issuance Expense	9.9			6.2
Financial Services [Member]
Unsecured:
Notes payable	1,186.5			888.9
Forestar Group [Member]
Unsecured:
Notes payable	640.1			462.9
Revolving credit facility	$ 0			0
4.0% senior notes due 2020 [Member] | Home Building [Member]
Unsecured:
Stated interest rate	4.00%
Notes payable	$ 0			499.6
2.55% senior notes due 2020 [Member] | Home Building [Member]
Unsecured:
Stated interest rate	2.55%
Notes payable	$ 399.4			398.9
4.375% senior notes due 2022 [Member] | Home Building [Member]
Unsecured:
Stated interest rate	4.375%
Notes payable	$ 349			348.8
4.75% senior notes due 2023 [Member] | Home Building [Member]
Unsecured:
Stated interest rate	4.75%
Notes payable	$ 299.1			298.9
5.75% senior notes due 2023 [Member] | Home Building [Member]
Unsecured:
Stated interest rate	5.75%
Notes payable	$ 398.5			398.4
SeniorNoteFortyTwo [Member] | Home Building [Member]
Unsecured:
Stated interest rate	2.50%		2.50%
Notes payable	$ 496			0
Debt Instrument, Interest Rate, Effective Percentage			2.70%
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	$ 0			119.1
Senior Note Member Forty One [Member] | Forestar Group [Member]
Unsecured:
Stated interest rate	8.00%
Senior Note Member Forty One [Member] | Forestar Group [Member]
Unsecured:
Notes payable	$ 344.5			343.8
Senior Note Member Forty Three | Forestar Group [Member]
Unsecured:
Stated interest rate	5.00%	5.00%
Debt Instrument, Interest Rate, Effective Percentage		5.20%
Senior Note Member Forty Three | Forestar Group [Member]
Unsecured:
Notes payable	$ 295.6			0
Secured Debt [Member] | Home Building [Member]
Unsecured:
Notes payable	$ 38			$ 103

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Feb. 01, 2020	Oct. 01, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Notes payable	$ 4,306.6	$ 4,306.6			$ 3,399.4
Outstanding letters of credit	147.3	147.3
Restricted Cash and Cash Equivalents	14.5	14.5			19.7
Home Building [Member]
Debt Instrument [Line Items]
Repayments of Long-term Lines of Credit		300
Unamortized Debt Issuance Expense	7.7	7.7			5.4
Notes payable	2,480	2,480			2,047.6
Borrowing capacity on revolving credit facility	1,590	1,590
Maximum borrowing capacity on revolving credit facility	$ 2,500	$ 2,500
Letters of credit, sublimit borrowing capacity, as a percentage	100.00%	100.00%
Proceeds from revolving credit facility		$ 800
Borrowings outstanding on revolving credit facility	$ 500	500			0
Outstanding letters of credit	116.3	116.3
Line of Credit Facility, Remaining Borrowing Capacity	973.7	973.7
Authorized repurchase of debt securities		500
Restricted Cash and Cash Equivalents	$ 7.8	$ 7.8			8
Line of Credit Facility, Interest Rate at Period End	1.70%	1.70%
Home Building [Member] | 5.75% senior notes due 2023 [Member]
Debt Instrument [Line Items]
Notes payable	$ 398.5	$ 398.5			398.4
Stated interest rate	5.75%	5.75%
Home Building [Member] | SeniorNoteFortyTwo [Member]
Debt Instrument [Line Items]
Notes payable	$ 496	$ 496			0
Stated interest rate	2.50%	2.50%		2.50%
Debt Instrument, Face Amount				$ 500
Home Building [Member] | 4.0% senior notes due 2020 [Member]
Debt Instrument [Line Items]
Notes payable	$ 0	$ 0			499.6
Stated interest rate	4.00%	4.00%
Maturities of Senior Debt	$ 500
Financial Services [Member]
Debt Instrument [Line Items]
Notes payable	1,186.5	$ 1,186.5			888.9
Borrowing capacity on revolving credit facility	1,200	1,200
Maximum borrowing capacity on revolving credit facility	1,400	1,400
Restricted Cash and Cash Equivalents	6.6	6.6			11.6
Mortgage loans held for sale pledged under repurchase agreement	1,300	1,300
Mortgage loans held for sale pledged under repurchase agreement, collateral value	$ 1,200	$ 1,200
Interest rate on mortgage repurchase facility	2.60%	2.60%
Forestar Group [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	$ 9.9	$ 9.9			6.2
Notes payable	640.1	640.1			460.5
Borrowing capacity on revolving credit facility	380	380
Letter of Credit, Maximum Borrowing Capacity (in dollars)	100	100
Maximum borrowing capacity on revolving credit facility	$ 570	$ 570
Letters of credit, sublimit borrowing capacity, as a percentage	50.00%	50.00%
Outstanding letters of credit	$ 31	$ 31
Line of Credit Facility, Remaining Borrowing Capacity	349	349
Restricted Cash and Cash Equivalents	$ 0	$ 0			0
Forestar Group [Member] | 3.75% convertible senior notes due 2020 [Member]
Debt Instrument [Line Items]
Stated interest rate	3.75%	3.75%
Maturities of Senior Debt	$ 118.9
Forestar Group [Member] | Senior Note Member Forty One [Member]
Debt Instrument [Line Items]
Stated interest rate	8.00%	8.00%
Debt Instrument, Face Amount	$ 350	$ 350
Forestar Group [Member] | Senior Note Member Forty Three
Debt Instrument [Line Items]
Stated interest rate	5.00%	5.00%	5.00%
Debt Instrument, Maturity Date		Mar. 1, 2028
Debt Instrument, Face Amount			$ 300
Forestar Group [Member]
Debt Instrument [Line Items]
Notes payable	$ 640.1	$ 640.1			462.9
Borrowings outstanding on revolving credit facility	0	0			0
Forestar Group [Member] | 3.75% convertible senior notes due 2020 [Member]
Debt Instrument [Line Items]
Notes payable	0	0			119.1
Forestar Group [Member] | Senior Note Member Forty One [Member]
Debt Instrument [Line Items]
Notes payable	344.5	344.5			343.8
Forestar Group [Member] | Senior Note Member Forty Three
Debt Instrument [Line Items]
Notes payable	295.6	295.6			0
Maximum [Member] | Financial Services [Member]
Debt Instrument [Line Items]
Borrowing capacity on revolving credit facility	1,500	1,500
Segment Reconciling Items [Member]
Debt Instrument [Line Items]
Notes payable	0	0			2.4
Restricted Cash and Cash Equivalents	$ 0	$ 0			$ 0

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Rollforward of capitalized interest
Capitalized interest, beginning of period	$ 192.1	$ 168.8	$ 180.1	$ 162.7
Interest incurred	37.6	35	75.3	66.7
Interest charged to cost of sales	(29.2)	(29.9)	(54.9)	(55.5)
Capitalized interest, end of period	200.5	173.9	200.5	173.9
Financial Services [Member]
Rollforward of capitalized interest
Interest incurred	5	3	9.7	6.3
Forestar Group [Member]
Rollforward of capitalized interest
Interest incurred	$ 9.7	$ 1.5	$ 18.4	$ 2.8

Property and Equipment (Details

Property and Equipment (Details) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020USD ($)Projects	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)Projects	Mar. 31, 2019USD ($)	Sep. 30, 2019USD ($)
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 865.2		$ 865.2		$ 760.1
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(275.5)		(275.5)		(260.9)
Property, Plant and Equipment, Net	589.7		589.7		499.2
Depreciation	17.3	$ 15.9	34.5	$ 31.7
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	335.7		335.7		329.4
2510 Household Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	134.5		134.5		128.3
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	126		126		128.6
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	91.9		91.9		71.6
Oil and Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	63.6		63.6		56.9
Multifamily [Member] | Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	75.5		75.5		65.2
Multifamily [Member] | Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	55.1		55.1		38
Multifamily [Member] | Other Property [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	53.1		53.1		50.7
Other Segments [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net	259.2		259.2		221.2
Single Family [Member] | Assets Leased to Others [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 101.6		$ 101.6		$ 37
Multifamily [Member] | Other Segments [Member] | Asset under Construction [Member]
Property, Plant and Equipment [Line Items]
Number of Projects | Projects	3		3
Multifamily [Member] | Other Segments [Member] | Assets Leased to Others [Member]
Property, Plant and Equipment [Line Items]
Number of Projects | Projects	1		1

Mortgage Loans Mortgage Loans H

Mortgage Loans Mortgage Loans Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Mortgage loans held for sale	$ 1,379.4		$ 1,379.4		$ 1,072
Mortgage loans held for sale, outstanding principal amount	1,300		1,300		1,000
Payments for Origination of Mortgage Loans Held-for-sale			4,900	$ 3,600
Proceeds from Sale of Mortgage Loans Held-for-sale			4,600	3,600
Gain (Loss) on Sales of Loans, Net	73.3	$ 73.1	$ 147	$ 132.9
Concentration Risk, Percentage			90.00%
Percentage Of Mortgage Loans Sold To Major Purchaser			33.00%
Loan Origination Commitments [Member]
Derivative, Notional Amount	383.4		$ 383.4
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Mortgage loans held for sale	1,356.6		1,356.6		$ 1,055.3
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Loan Origination Commitments [Member]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (4.9)		$ (4.9)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 137.3	$ 108.4	$ 228.1	$ 197.4
Effective tax rate (percent)	22.10%	23.40%	19.90%	23.50%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount	$ 6.6		$ 39.5
Deferred tax assets net of DTL	167.3		167.3		$ 181.8
Valuation allowance for deferred income taxes	$ 17.8		$ 17.8		$ 18.7

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net Income (Loss) Attributable to Parent	$ 482.7	$ 351.3	$ 914	$ 638.4
Denominator:
Denominator for basic earnings per share — weighted average common shares	365.8	373.3	367.1	374.2
Effect of dilutive securities:
Employee stock awards (shares)	4.3	4.4	4.7	4.7
Denominator for diluted earnings per share — adjusted weighted average common shares	370.1	377.7	371.8	378.9
Basic net income per common share attributable to Parent (in dollars per share)	$ 1.32	$ 0.94	$ 2.49	$ 1.71
Diluted net income per common share attributable to Parent (in dollars per share)	$ 1.30	$ 0.93	$ 2.46	$ 1.68

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended							6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2018
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Stock Repurchase Program, Authorized Amount				$ 1,000
Treasury Stock, Shares, Acquired								7,000,000
Payments for Repurchase of Common Stock								$ 360.4	$ 216.2
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 535.3						$ 535.3
Dividends, Common Stock [Abstract]
Divedends declared (in dollars per sh		$ 0.175	$ 0.175	$ 0.15	$ 0.15	$ 0.15	$ 0.15
Cash dividends paid per common share (in dollars per share)		$ 0.175	$ 0.175	$ 0.15	$ 0.15	$ 0.15	$ 0.15
Common Stock, Shares, Issued		394,279,177		392,172,821				394,279,177
Subsequent Event [Member]
Dividends, Common Stock [Abstract]
Divedends declared (in dollars per sh	$ 0.175
Forestar Group [Member]
Class of Stock [Line Items]
Equity Securities Registered, Value										$ 500
Dividends, Common Stock [Abstract]
Common Stock, Shares, Issued				6,000,000
Shares Issued, Price Per Share				$ 17.50
Common Stock Available for Issuance, Value Remaining		$ 394.3						$ 394.3

Employee Benefit Plans (Details

Employee Benefit Plans (Details) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2020grant_recipient$ / sharesshares	Nov. 30, 2019$ / sharesshares	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Document Period End Date					Mar. 31, 2020
Share-based Payment Arrangement, Noncash Expense					$ 37.9	$ 35.9
Performance Shares [Member] | November Two Thousand Nineteen Grant [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		$ 52.54
Share-based Payment Arrangement, Noncash Expense			$ 2.3		4.5
Performance Shares [Member] | November Two Thousand Nineteen Grant [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] | November Two Thousand Nineteen Grant [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] | November Two Thousand Nineteen Grant [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense			20.3	$ 17.2	36.2	$ 34.4
Restricted Stock [Member] | March Two Thousand Twenty Grant [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	$ 35.98
RSU Grant Recipients | grant_recipient	960
Share-based Payment Arrangement, Noncash Expense			4.1		4.1
Retirement Eligible [Member] | Restricted Stock [Member] | March Two Thousand Twenty Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense			$ 3.5		$ 3.5

Commitments and Contingencies -

Commitments and Contingencies - Warranty Claims (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Movement in Standard Product Warranty Accrual [Roll Forward]
Standard Product Warranty Accrual, Decrease for Payments	$ 19	$ 18.7	$ 38.6	$ 38.5
Standard Product Warranty Accrual	262.7	213.9	262.7	213.9	$ 251.6	$ 247.3	$ 205.6	$ 202
Standard Product Warranty Accrual, Increase for Warranties Issued	24.5	21	45.6	38.9
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	$ 5.6	$ 6	$ 8.4	$ 11.5

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018
Commitments and Contingencies [Abstract]
Liabilities for various claims, complaints and other legal actions	$ 442.2	$ 419.1	$ 442.2	$ 419.1	$ 434.7	$ 408.1
Construction defect portion of loss contingency accrual, percentage	99.00%		99.00%
Expenses related to legal claims			$ 26.6	14.6
Estimated insurance recoveries related to legal claims	$ 76.6	56.9	76.6	56.9	$ 75.1
Surety bonds	1,800		1,800
Outstanding letters of credit	147.3		147.3
Forestar Consolidated [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	99.3		99.3
Remaining purchase price of land under option contracts	1,000		1,000
Forestar Consolidated [Member] | Option Contracts Subject to Specific Performance Clauses [Member]
Commitments and Contingencies [Abstract]
Remaining purchase price of land under option contracts	24.2		24.2
Home Building [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	566.5		566.5
Remaining purchase price of land under option contracts	8,100		8,100
Outstanding letters of credit	116.3		116.3
Home Building [Member] | Option Contracts Subject to Specific Performance Clauses [Member]
Commitments and Contingencies [Abstract]
Remaining purchase price of land under option contracts	70.7		70.7
Home Building [Member] | Cash [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	534.9		534.9
Home Building [Member] | Notes Payable, Other Payables [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	31.6		31.6
Forestar Group [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	31		31
Increase (Decrease) in Earnest Money Deposits Outstanding	5.5	4.7	16.2	16.8
Increase (Decrease) in Prepaid Expenses, Other	$ 8.2	$ 0.7	$ 13.3	$ 3.7

Commitments and Contingencies_3

Commitments and Contingencies - Legal Claims and Insurance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Rollforward of reserves for legal claims
Reserves for legal claims, beginning of period			$ 434.7	$ 408.1
Increase in reserves			33.6	23.3
Payments			(26.1)	(12.3)
Reserves for legal claims, end of period	$ 442.2	$ 419.1	442.2	419.1
Forestar Group [Member]
Rollforward of reserves for legal claims
Increase (Decrease) in Prepaid Expenses, Other	$ 8.2	$ 0.7	$ 13.3	$ 3.7

Other Assets, Accrued Expense_3

Other Assets, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Oct. 01, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Other assets
Earnest money and refundable deposits	$ 580.9			$ 540
Insurance receivables	76.6			75.1	$ 56.9
Other receivables	112.4			103.6
Prepaid assets	48.4			49.6
Margin deposits	83.7			19.6
Contract Asset Insurance Renewals	42.2			39.3
Operating Lease, Right-of-Use Asset	37.8		$ 39	0
Other	104.1			56.7
Other assets	1,086.1			912.8
Accrued expenses and other liabilities
Reserves for legal claims	442.2			434.7	419.1		$ 408.1
Employee compensation and related liabilities	269.2			282.1
Warranty liability	262.7	$ 251.6		247.3	$ 213.9	$ 205.6	$ 202
Mortgage hedging instruments and loan commitments	81.5			0
Accrued interest	30.7			26.3
Federal and state income tax liabilities	20			33.4
Inventory related accruals	48.9			61.5
Customer deposits	68.3			57.7
Accrued property taxes	23.8			40.1
Operating Lease, Liability	40.5		$ 40.3	0
Other	93.8			95
Accrued expenses and other liabilities	1,381.6			1,278.1
Multifamily [Member]
Other assets
Real Estate Held-for-sale	0			28.9
Other Segments [Member]
Other assets
Other assets	47.9			71.5
Accrued expenses and other liabilities
Accrued expenses and other liabilities	$ 10.5			$ 9.3

Fair Value Measurements - Recur

Fair Value Measurements - Recurring (Details) - USD ($) $ in Millions	Mar. 31, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	$ 1,379.4	$ 1,072
Fair Value, 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
Mortgage loans held for sale	1,370.7	1,065.1
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Interest rate lock commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	64.4	19.2
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Forward sales of MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	(69.1)	(4.1)
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Best-efforts and mandatory commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	(11.7)	(1)
Fair Value, 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
Mortgage loans held for sale	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest rate lock commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Forward sales of MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Best-efforts and mandatory commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	0	0
Fair Value, 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
Mortgage loans held for sale	1,356.6	1,055.3
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate lock commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	64.4	19.2
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward sales of MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	(69.1)	(4.1)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Best-efforts and mandatory commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	(11.7)	(1)
Fair Value, 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
Mortgage loans held for sale	14.1	9.8
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate lock commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Forward sales of MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Best-efforts and mandatory commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate derivatives	$ 0	$ 0

Fair Value Measurements - Nonre

Fair Value Measurements - Nonrecurring (Details) $ in Millions	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	$ 1,379.4	$ 1,072
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	0	0
Other mortgage loans	0	0
Fair Value, 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, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	1.3	2.7
Other mortgage loans	1.1	1.8
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Inventories [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventories	0	4.5
Home Building [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	$ 0	$ 0
Measurement Input, Discount Rate [Member] | Inventories [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Real Estate Owned, Measurement Input	0.16
Measurement Input, Discount Rate [Member] | Inventories [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Real Estate Owned, Measurement Input	0.18

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Not Reflected at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2020	Sep. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group	$ 1,379.4	$ 1,072
Cash and cash equivalents, Carrying value	1,522.8	1,494.3
Restricted Cash and Cash Equivalents	14.5	19.7
Notes payable	4,306.6	3,399.4
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	1,522.8	1,494.3
Restricted cash, Fair value	14.5	19.7
Notes payable, Fair value	4,265.7	3,525.8
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, Fair value	1,522.8	1,494.3
Restricted cash, Fair value	14.5	19.7
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	2,541.2	2,533.9
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	1,724.5	991.9
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group	0	0
Loans Receivable, Fair Value Disclosure	0	0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Inventories [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Inventories	0	0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Inventories	0	0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group	1.3	2.7
Loans Receivable, Fair Value Disclosure	1.1	1.8
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Inventories [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Inventories	0	4.5
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Inventories	$ 12.3	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2019USD ($)	Mar. 31, 2019USD ($)a	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)
Related Party Transaction [Line Items]
Inventory, Real Estate, Land and Land Development Costs			$ 6,151.9	$ 5,939.4
Immediate Family Member of Management or Principal Owner [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party		$ 77.5
Area of Land | a		119
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate		2.55%
Inventory, Real Estate, Land and Land Development Costs				77.5
Payments to Acquire Land	$ 84.2
Land under Purchase Options, Recorded		$ 77.5
Related Party Transaction, Rate		16.00%
Forestar Group [Member]
Related Party Transaction [Line Items]
Inventory, Real Estate, Land and Land Development Costs			$ 1,171	$ 1,011.8