D.R. Horton (DHI) 10-K 20 Nov 20 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Sep. 30, 2020	Nov. 12, 2020	Mar. 31, 2020
Entity Information [Line Items]
Entity Incorporation, State or Country Code	DE
Document Transition Report	false
Document Annual Report	true
Entity Registrant Name	D.R. Horton, Inc.
Entity Central Index Key	0000882184
Document Type	10-K
Entity File Number	1-14122
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 11.5
Entity Common Stock, Shares Outstanding		364,390,995
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 Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
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

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
ASSETS
Cash and cash equivalents	$ 3,018.5	$ 1,494.3
Restricted cash	21.6	19.7
Total cash, cash equivalents and restricted cash	3,040.1	1,514
Inventories:
Construction in progress and finished homes	5,984.1	5,245
Residential land and lots — developed and under development	6,171.8	5,939.4
Land held for development	53.2	77.8
Land held for sale	28.3	19.8
Total inventory	12,237.4	11,282
Mortgage loans held for sale	1,529	1,072
Deferred Tax Assets, Valuation Allowance	7.5	18.7
Deferred income taxes, net of valuation allowance of $7.5 million and $18.7 million at September 30, 2020 and 2019, respectively	144.9	163.1
Property and equipment, net	683.7	499.2
Other assets	1,113.7	912.8
Goodwill	163.5	163.5
Total assets	18,912.3	15,606.6
LIABILITIES
Accounts payable	900.5	634
Accrued expenses and other liabilities	1,607	1,278.1
Notes payable	4,283.3	3,399.4
Total liabilities	6,790.8	5,311.5
Commitments and Contingencies
EQUITY
Preferred stock, $.10 par value, 30,000,000 shares authorized, no shares issued	0	0
Common stock, $.01 par value, 1,000,000,000 shares authorized, 394,741,349 shares issued and 363,999,982 shares outstanding at September 30, 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	3,240.9	3,179.1
Retained earnings	9,757.8	7,640.1
Treasury stock, 30,741,367 shares and 23,741,367 shares at September 30, 2020 and 2019, respectively, at cost	(1,162.6)	(802.2)
Stockholders’ equity	11,840	10,020.9
Noncontrolling interests	281.5	274.2
Total equity	12,121.5	10,295.1
Total liabilities and equity	$ 18,912.3	$ 15,606.6
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
Treasury Stock, Shares	30,741,367	23,741,367

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Revenues	$ 20,311.1	$ 17,592.9	$ 16,068
Cost of sales	15,373.2	13,720.9	12,398.1
Selling, general and administrative expense	2,047.8	1,832.5	1,676.8
Equity in earnings of unconsolidated entities	(0.7)	(0.5)	(2.8)
Gain on sale of assets	(59.5)	(53.9)	(18.8)
Other (income) expense	(32.7)	(31.4)	(45.3)
Income before income taxes	2,983	2,125.3	2,060
Income tax expense	602.5	506.7	597.7
Net income	2,380.5	1,618.6	1,462.3
Net income attributable to noncontrolling interests	6.8	0.1	2
Net income attributable to D.R. Horton, Inc.	$ 2,373.7	$ 1,618.5	$ 1,460.3
Other comprehensive income, net of income tax:
Basic net income per common share attributable to D.R. Horton, Inc.	$ 6.49	$ 4.34	$ 3.88
Weighted average number of common shares	365.5	372.6	376.6
Diluted net income per common share attributable to D.R. Horton, Inc.	$ 6.41	$ 4.29	$ 3.81
Adjusted weighted average number of common shares	370.2	377.4	383.4

Consolidated Statements of Tota

Consolidated Statements of Total Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Non-controlling Interests
Beginning Balances at Sep. 30, 2017	$ 7,747.6	$ 3.8	$ 2,992.2	$ 4,946	$ (194.9)	$ 0.5
Increase (Decrease) in Stockholders' Equity
Net income	1,462.3			1,460.3		2
Proceeds from Noncontrolling Interests	175.2			0		175.2
Exercise of stock options	43.4	0.1	43.3
Stock issued under employee incentive plans	4		4
Cash paid for shares withheld for taxes	(10.3)	0	(10.3)	0	0	0
Stock based compensation expense	55.8		55.8
Cash dividends declared	(188.4)			(188.4)
Repurchases of common stock	(127.5)				(127.5)
Distributions to noncontrolling interests	(3.2)					(3.2)
Ending Balances at Sep. 30, 2018	9,158.9	3.9	3,085	6,217.9	(322.4)	174.5
Increase (Decrease) in Stockholders' Equity
Net income	1,618.6			1,618.5		0.1
Stockholders' Equity, Period Increase (Decrease)	27.1			27.1		0
Exercise of stock options	38.1		38.1
Stock issued under employee incentive plans	4.6		4.6
Cash paid for shares withheld for taxes	(19.7)	0	(19.7)	0	0	0
Stock based compensation expense	73.2		73.2
Cash dividends declared	(223.4)			(223.4)
Repurchases of common stock	(479.8)				(479.8)
Distributions to noncontrolling interests	(3.9)					(3.9)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests	101.4		(2.1)			103.5
Ending 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
Net income	2,380.5			2,373.7		6.8
Exercise of stock options	17.8	0	17.8
Stock issued under employee incentive plans	5.6		5.6
Cash paid for shares withheld for taxes	(38.2)	0	(38.2)	0	0	0
Stock based compensation expense	77.8		77.8
Cash dividends declared	(256)			(256)
Repurchases of common stock	(360.4)				(360.4)
Distributions to noncontrolling interests	(0.7)					(0.7)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests	0		(1.2)			1.2
Ending Balances at Sep. 30, 2020	$ 12,121.5	$ 3.9	$ 3,240.9	$ 9,757.8	$ (1,162.6)	$ 281.5

Consolidated Statements of To_2

Consolidated Statements of Total Equity (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Stockholders' Equity
Beginning Balances,shares	368,431,454
Common Stock, Dividends, Per Share, Cash Paid	$ 0.70	$ 0.60	$ 0.50
Ending Balances, shares	363,999,982	368,431,454
Common Stock
Increase (Decrease) in Stockholders' Equity
Beginning Balances,shares	368,431,454	376,261,635	374,986,079
Exercise of stock options, shares	959,742	2,634,802	2,547,139
Issuances under employee incentive plans, shares	1,608,786	1,417,776	1,536,954
Treasury Stock, Shares, Acquired	(7,000,000)	(11,882,759)	(2,808,537)
Ending Balances, shares	363,999,982	368,431,454	376,261,635

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Millions	12 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
OPERATING ACTIVITIES
Net income	$ 2,380.5	$ 1,618.6	$ 1,462.3
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	80.4	72	62.4
Amortization of discounts and fees	10.2	10.9	9.9
Stock-based compensation expense	77.8	73.2	55.8
Equity in earnings of unconsolidated entities	(0.7)	(0.5)	(2.8)
Distributions of earnings of unconsolidated entities	0	0.5	2
Deferred income taxes	14.1	20.1	170.9
Inventory and land option charges	23.8	54	50.4
Gain on sale of assets	(59.5)	(53.9)	(18.8)
Changes in operating assets and liabilities:
(Increase) decrease in construction in progress and finished homes	(739.1)	84.6	(482.8)
Increase in residential land and lots — developed, under development, held for development and held for sale	(324.4)	(676.4)	(573.8)
Increase in other assets	(150.7)	(161.6)	(110.6)
Net increase in mortgage loans held for sale	(457)	(275.6)	(208.8)
Increase in accounts payable, accrued expenses and other liabilities	566.2	126.2	129.1
Net cash provided by operating activities	1,421.6	892.1	545.2
INVESTING ACTIVITIES
Expenditures for property and equipment	(96.5)	(127.2)	(68.1)
Proceeds from sale of assets	129.8	143.8	292.9
Expenditures related to rental properties	(190.3)	(96.9)	(70.2)
Return of investment in unconsolidated entities	4.3	4.4	17.5
Net principal increase of other mortgage loans and real estate owned	(3.7)	(2.3)	(1.2)
Proceeds from debt securities collateralized by residential real estate	0	0	7.3
Payments related to business acquisitions, net of cash acquired	(9.7)	(315.8)	(159.2)
Net cash (used in) provided by investing activities	(166.1)	(394)	19
FINANCING ACTIVITIES
Proceeds from notes payable	2,346.1	2,528.2	2,163.5
Repayment of notes payable	(1,682.9)	(2,686.1)	(2,181.7)
Advances on mortgage repurchase facility, net	243.7	251.2	217.7
Proceeds from stock associated with certain employee benefit plans	23.4	42.7	47.4
Cash paid for shares withheld for taxes	(38.2)	(19.7)	(10.3)
Cash dividends paid	(256)	(223.4)	(188.4)
Repurchases of common stock	(360.4)	(479.8)	(127.5)
Distributions to noncontrolling interests, net	(0.7)	(3.9)	(3.2)
Net proceeds from issuance of Forestar common stock	0	100.7	0
Other financing activities	(4.4)	0	0
Net cash provided by (used in) financing activities	270.6	(490.1)	(82.5)
Net increase in cash, cash equivalents and restricted cash	1,526.1	8	481.7
Total cash, cash equivalents and restricted cash	3,040.1	1,514	1,506
Supplemental cash flow information:
Income taxes paid, net	581.3	488	387.2
Supplemental disclosures of non-cash activities:
Notes payable issued for inventory	5.1	83.6	0
Stock issued under employee incentive plans	84.4	49.6	64
Accrued expenditures for property and equipment	17.3	14.1	10.7
Accrual for holdback payment related to acquisition	$ 0.7	$ 10.1	$ 0

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited)	12 Months Ended
	Sep. 30, 2020
Quarterly Financial Data [Abstract]
Quarterly Results of Operations (Unaudited)	QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) Consolidated quarterly results of operations for fiscal 2020 and 2019 were (in millions, except per share amounts): Fiscal 2020 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenues $ 4,020.7 $ 4,500.0 $ 5,390.0 $ 6,400.4 Income before income taxes 523.3 621.3 782.4 1,056.1 Income tax expense (1) 90.8 137.3 149.5 224.9 Net income 432.5 484.0 632.9 831.2 Net income attributable to noncontrolling interests 1.2 1.3 2.2 2.2 Net income attributable to D.R. Horton, Inc. 431.3 482.7 630.7 829.0 Basic net income per common share attributable to D.R. Horton, Inc. 1.17 1.32 1.73 2.28 Diluted net income per common share attributable to D.R. Horton, Inc. 1.16 1.30 1.72 2.24 Fiscal 2019 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenues $ 3,519.0 $ 4,128.7 $ 4,906.3 $ 5,038.9 Income before income taxes 375.7 462.8 626.7 660.1 Income tax expense 89.0 108.4 153.1 156.2 Net income 286.7 354.4 473.6 503.9 Net (loss) income attributable to noncontrolling interests (0.5) 3.1 (1.2) (1.4) Net income attributable to D.R. Horton, Inc. 287.2 351.3 474.8 505.3 Basic net income per common share attributable to D.R. Horton, Inc. 0.77 0.94 1.28 1.37 Diluted net income per common share attributable to D.R. Horton, Inc. 0.76 0.93 1.26 1.35 ___________________ (1) Income tax expense in the first, second, third and fourth quarters of fiscal 2020 include a tax benefit of $32.9 million, $6.6 million, $38.1 million and $15.8 million, respectively, related to federal energy efficient homes tax credits that were retroactively reinstated during the first quarter. The Company experiences variability in its results of operations from quarter to quarter due to the seasonal nature of its homebuilding business. The Company generally closes more homes and has greater revenues and income before income taxes in the third and fourth quarters (June and September) than in the first and second quarters (December and March) of its fiscal year.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and 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. 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. 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 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 as permitted, this information is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations. In October 2020, the FASB issued ASU 2020-09, “Debt (Topic 470) - Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762,” to reflect the SEC’s new disclosure rules on guaranteed debt securities offerings adopted by the Company in March 2020. Revenue Recognition Homebuilding revenue and related profit are generally recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the buyer. The Company’s performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Proceeds from home closings held for the Company’s benefit at title companies are included in homebuilding cash and cash equivalents in the consolidated balance sheets. When the Company executes sales contracts with its homebuyers, or when it requires advance payment from homebuyers for custom changes, upgrades or options related to their homes, the cash deposits received are recorded as liabilities until the homes are closed or the contracts are cancelled. The Company either retains or refunds to the homebuyer deposits on cancelled sales contracts, depending upon the applicable provisions of the contract or other circumstances. The Company rarely purchases land for resale, but periodically may elect to sell parcels of land that no longer fit into its strategic operating plans. Revenue from land sales is typically recognized on the closing date, which is generally when performance obligations are satisfied. Financial services revenues associated with the Company’s title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur simultaneously as each home is closed. Revenues associated with the Company’s mortgage operations primarily include net gains on the sale of mortgage loans and servicing rights. The Company typically elects the fair value option for its mortgage loan originations whereby mortgage loans held for sale are recorded at fair value based on either sale commitments or current market quotes and loan values are adjusted through revenues for subsequent changes in fair value until the loans are sold. Expected gains and losses from the sale of servicing rights are included in the measurement of all written loan commitments that are accounted for at fair value through revenues at the time of commitment. The Company sells substantially all of the mortgages it originates and the majority of the related servicing rights to third-party purchasers. Interest income is earned from the date a mortgage loan is originated until the loan is sold. The Company collects insurance commissions on homeowner policies placed with third party carriers through its 100% owned insurance agency. The Company recognizes revenue and a contract asset for estimated future renewals of these policies upon issuance of the initial policy, the date at which the performance obligation is satisfied. Cash and Cash Equivalents The Company considers all highly liquid investments with an initial maturity of three months or less when purchased to be cash equivalents. Proceeds from home closings held for the Company’s benefit at title companies, which totaled $237.6 million and $244.8 million at September 30, 2020 and 2019, respectively, are included in homebuilding cash and cash equivalents in the consolidated balance sheets. Cash balances of the Company’s captive insurance subsidiary, which are expected to be used to fund the subsidiary’s operations and pay future anticipated legal claims, were $51.3 million and $48.6 million at September 30, 2020 and 2019, respectively, and are included in cash and cash equivalents in the consolidated balance sheets. Restricted Cash The Company has cash that is restricted as to its use. Restricted cash related to homebuilding and land development operations includes customer deposits that are temporarily restricted in accordance with regulatory requirements. Restricted cash related to financial services is mortgagor related funds held by the Company for taxes and insurance on an interim basis until the loans are sold. Inventories and Cost of Sales Inventory includes the costs of direct land acquisition, land development and home construction, capitalized interest, real estate taxes and direct overhead costs incurred during development and home construction. Costs incurred after development projects or homes are substantially complete, such as utilities, maintenance, and cleaning, are charged to selling, general and administrative (SG&A) expense as incurred. All indirect overhead costs, such as compensation of sales personnel, division and region management, and the costs of advertising and builder’s risk insurance are charged to SG&A expense as incurred. Land and development costs are typically allocated to individual residential lots on a pro-rata basis, and the costs of residential lots are transferred to construction in progress when home construction begins. Home construction costs are specifically identified and recorded to individual homes. Cost of sales for homes closed includes the specific construction costs of each home and all applicable land acquisition, land development and related costs (both incurred and estimated to be incurred) allocated to each residential lot based upon the total number of homes expected to be closed in each community. Cost of sales for lots sold includes all applicable land acquisition, land development and related costs (both incurred and estimated to be incurred) allocated to each residential lot in the community. Any changes to the estimated total development costs subsequent to the initial home or lot closings in a community are generally allocated on a pro-rata basis to the remaining homes or lots in the community associated with the relevant development activity. When a home is closed, the Company generally has not paid all incurred costs necessary to complete the home. A liability and a corresponding charge to cost of sales are recorded for the amount estimated to ultimately be paid related to completed homes that have been closed. Home construction budgets are compared to actual recorded costs to determine the additional costs remaining to be paid on each closed home. The Company rarely purchases land for resale. However, when the Company owns land or communities under development that do not fit into its development and construction plans, and the Company determines that it will sell the asset, the project is accounted for as land held for sale if certain criteria are met. The Company records land held for sale at the lesser of its carrying value or fair value less estimated costs to sell. 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. If indicators of impairment are present for a community, the Company performs an impairment evaluation of the community, which includes an analysis to determine if the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If so, impairment charges are recorded to cost of sales if the fair value of such assets is less than their carrying amounts. Impairment charges are also recorded on finished homes in substantially completed communities when events or circumstances indicate that the carrying values are greater than the fair values less estimated costs to sell these homes. The key assumptions relating to inventory valuations are impacted by local market and economic conditions and are inherently uncertain. Due to uncertainties in the estimation process, actual results could differ from such estimates. See Note C. 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 fiscal 2020, 2019 and 2018, the Company’s active inventory exceeded its debt level, and all interest incurred was capitalized to inventory. See Note E. Land Purchase Contract Deposits and Pre-Acquisition Costs 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. See Notes C and L. Variable Interests Land purchase contracts can result in the creation of a variable interest in the entity holding the land parcel under contract. There were no variable interest entities reported in the consolidated balance sheet at September 30, 2020 because, with regard to each entity, the Company determined it did not control the activities that most significantly impact the variable interest entity’s economic performance. At September 30, 2019, there was one variable interest entity reported in the Company’s consolidated balance sheet as a result of the related party transaction described in Note O. The maximum exposure to losses related to the Company’s unconsolidated variable interest entities is limited to the amounts of the Company’s related deposits. At September 30, 2020 and 2019, the deposits related to these contracts totaled $519.6 million and $396.9 million, respectively, and are included in other assets in the consolidated balance sheets. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Repairs and maintenance costs are expensed as incurred. Property under construction is not depreciated until the property is placed in service. Depreciation generally is recorded using the straight-line method over the estimated useful life of the asset. The depreciable life of model home furniture is 2 years, depreciable lives of other furniture and equipment typically range from 2 to 5 years, and depreciable lives of buildings and improvements typically range from 5 to 30 years. The depreciable lives of single-family rental homes and multi-family rental buildings typically range from 25 to 30 years. See Note F. Business Acquisitions The Company accounts for acquisitions of businesses by allocating the purchase price of the business to the various assets acquired and liabilities assumed at their respective fair values. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is often required in estimating the fair value of assets acquired, particularly intangible assets. These estimates and assumptions are based on historical experience, information obtained from the management of the acquired companies and the Company’s estimates of significant assumptions that a market participant would use when determining fair value. While the Company believes the estimates and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. Goodwill The Company records goodwill associated with its acquisitions of businesses when the purchase price of the business exceeds the fair value of the identifiable net assets acquired. Goodwill balances are evaluated for potential impairment on at least an annual basis by performing a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of an operating segment with goodwill is less than its carrying amount. If the qualitative assessment indicates that additional impairment testing is required, then a quantitative assessment is performed to determine the operating segment’s fair value. The estimated fair value is determined by discounting the future cash flows of the operating segment to present value. If the carrying value of the operating segment exceeds its fair value, the Company determines if an impairment exists based on the implied fair value of the operating segment’s goodwill. As a result of the qualitative assessments performed in fiscal 2020, 2019 and 2018, no impairment charges were indicated or recorded. The Company’s goodwill balances by reporting segment were as follows: September 30, 2020 2019 (In millions) East $ 26.4 $ 26.4 Midwest 49.7 49.7 Southeast 40.1 40.1 South Central 15.9 15.9 Southwest — — West 2.2 2.2 Forestar 29.2 29.2 Total goodwill $ 163.5 $ 163.5 Warranty Claims The Company typically provides its homebuyers with a ten-year limited warranty for major defects in structural elements such as framing components and foundation systems, a two-year limited warranty on major mechanical systems and a one-year limited warranty on other construction components. Since the Company subcontracts its construction work to subcontractors who typically provide it with an indemnity and a certificate of insurance prior to receiving payments for their work, claims relating to workmanship and materials are generally the primary responsibility of the subcontractors. Warranty liabilities have been established by charging cost of sales for each home delivered. The amounts charged are based on management’s estimate of expected warranty-related costs under all unexpired warranty obligation periods. 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. See Note L. Legal Claims and Insurance The Company records expenses and liabilities for legal claims related to construction defect matters, personal injury claims, employment matters, land development issues, contract disputes and other matters. The amounts recorded for these contingencies are based on the estimated costs of pending claims and the estimated costs of anticipated future claims related to previously closed homes. The Company estimates and records receivables under its applicable insurance policies for these legal claims 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. See Note L. Advertising Costs The Company expenses advertising costs as incurred. Advertising expense was approximately $41.7 million, $47.0 million and $44.1 million in fiscal 2020, 2019 and 2018, respectively. Income Taxes The Company’s income tax expense is calculated using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement amounts of assets and liabilities and their respective tax bases and attributable to net operating losses and tax credit carryforwards. When assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income in future periods and in the jurisdictions in which those temporary differences become deductible. The Company records a valuation allowance when it determines it is more likely than not that a portion of the deferred tax assets will not be realized. The 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 and liabilities. See Note H. Interest and penalties related to unrecognized tax benefits are recognized in the financial statements as a component of income tax expense. Significant judgment is required to evaluate uncertain tax positions. The Company evaluates its uncertain tax positions on a quarterly basis. The evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law, correspondence with tax authorities during the course of audits and effective settlement of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in increases or decreases in the Company’s income tax expense in the period in which the change is made. The Company’s unrecognized tax benefits totaled $8.9 million at September 30, 2020 and were insignificant at September 30, 2019. Earnings Per Share Basic earnings per share is based on the weighted average number of shares of common stock outstanding during each year. Diluted earnings per share is based on the weighted average number of shares of common stock and dilutive securities outstanding during each year. See Note I. Stock-Based Compensation The Company’s stockholders formally authorize shares of its common stock to be available for future grants of stock-based compensation awards. From time to time, the Compensation Committee of the Company’s Board of Directors authorizes the grant of stock-based compensation to its employees and directors from these available shares. At September 30, 2020, the outstanding stock-based compensation awards include stock options and restricted stock units. Grants of restricted stock units vest over a certain number of years as determined by the Compensation Committee of the Board of Directors. Restricted stock units outstanding at September 30, 2020 have a remaining vesting period up to 4.4 years. Stock options are granted at exercise prices which equal the market value of the Company’s common stock at the date of the grant. All stock options outstanding at September 30, 2020 have vested and expire 10 years after the dates on which they were granted. The compensation expense for stock-based awards is based on the fair value of the award and is recognized on a straight-line basis over the remaining vesting period. The fair values of restricted stock units are based on the Company’s stock price on the date of grant. The fair values of stock options granted are calculated on the date of grant using a Black-Scholes option pricing model. Determining the fair value of stock options requires judgment in developing assumptions and involves a number of estimates. These estimates include, but are not limited to, the expected stock price volatility over the term of the awards, the expected dividend yield and expected stock option exercise behavior. See Note K. Fair Value Measurements The FASB’s authoritative guidance for fair value measurements establishes a three-level hierarchy based upon the inputs to the valuation model of an asset or liability. When available, the Company uses quoted market prices in active markets to determine fair value. The Company considers the principal market and nonperformance risk associated with the Company’s counterparties when determining the fair value measurements, if applicable. Fair value measurements are used for the Company’s mortgage loans held for sale, debt securities collateralized by residential real estate, mortgage servicing rights, interest rate lock commitments and other derivative instruments on a recurring basis and are used for inventories, other mortgage loans and real estate owned on a nonrecurring basis, when events and circumstances indicate that the carrying value is not recoverable. See Note N. 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 that 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 or 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 can be applied prospectively through December 31, 2022. The Company will adopt this standard when LIBOR is discontinued and does not expect it to have a material impact on its consolidated financial statements or related disclosures.

Segment Information

Segment Information	12 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company’s operating segments are its 53 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 Homebuilding is the Company’s core business, generating 97% of consolidated revenues in fiscal 2020, 2019 and 2018. The Company’s homebuilding divisions are primarily engaged in the acquisition and development of land and the construction and sale of residential homes, with operations in 88 markets across 29 states. 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 49 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 majority of 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 had five projects under active construction and one project that was substantially complete at September 30, 2020. These six projects represent 1,730 multi-family units, including 1,430 units under active construction and 300 completed units. During fiscal 2020 and 2019, DHI Communities sold two properties each year representing 540 and 820 multi-family rental units, respectively, for $128.5 million and $133.4 million, and recorded gains on sale totaling $59.4 million and $51.9 million. At September 30, 2020 and 2019, the consolidated balance sheets included $246.2 million and $204.0 million, respectively, of assets related to DHI Communities. The accounting policies of the reporting segments are described throughout Note A. Financial information relating to the Company’s reporting segments is as follows: September 30, 2020 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Assets Cash and cash equivalents $ 2,551.1 $ 394.3 $ 55.6 $ 17.5 $ — $ — $ 3,018.5 Restricted cash 9.5 — 11.9 0.2 — — 21.6 Inventories: Construction in progress and finished homes 6,037.5 — — — (53.4) — 5,984.1 Residential land and lots — developed and under development 4,901.4 1,304.3 — — (34.3) 0.4 6,171.8 Land held for development 47.8 5.4 — — — — 53.2 Land held for sale 28.3 — — — — — 28.3 11,015.0 1,309.7 — — (87.7) 0.4 12,237.4 Mortgage loans held for sale — — 1,529.0 — — — 1,529.0 Deferred income taxes, net 142.3 — — — 8.4 (5.8) 144.9 Property and equipment, net 372.8 1.1 3.9 308.9 (3.0) — 683.7 Other assets 996.4 34.8 125.8 52.8 (103.6) 7.5 1,113.7 Goodwill 134.3 — — — — 29.2 163.5 $ 15,221.4 $ 1,739.9 $ 1,726.2 $ 379.4 $ (185.9) $ 31.3 $ 18,912.3 Liabilities Accounts payable $ 859.3 $ 29.2 $ — $ 12.0 $ — $ — $ 900.5 Accrued expenses and other liabilities 1,438.3 197.8 86.8 12.2 (112.4) (15.7) 1,607.0 Notes payable 2,514.4 641.1 1,132.6 — (4.8) — 4,283.3 $ 4,812.0 $ 868.1 $ 1,219.4 $ 24.2 $ (117.2) $ (15.7) $ 6,790.8 _____________ (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. Year Ended September 30, 2020 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues Home sales $ 19,560.8 $ — $ — $ — $ — $ — $ 19,560.8 Land/lot sales and other 83.1 931.8 — 37.9 (887.4) — 165.4 Financial services — — 584.9 — — — 584.9 19,643.9 931.8 584.9 37.9 (887.4) — 20,311.1 Cost of sales Home sales (5) 15,305.8 — — — (58.6) — 15,247.2 Land/lot sales and other 58.3 812.8 — — (769.0) 0.1 102.2 Inventory and land option charges 22.9 0.9 — — — — 23.8 15,387.0 813.7 — — (827.6) 0.1 15,373.2 Selling, general and administrative expense 1,603.6 45.7 364.7 33.3 — 0.5 2,047.8 Equity in earnings of unconsolidated entities — (0.7) — — — — (0.7) Gain on sale of assets — (0.1) — (59.4) — — (59.5) Other (income) expense (11.7) (4.9) (25.0) 8.9 — — (32.7) Income before income taxes $ 2,665.0 $ 78.1 $ 245.2 $ 55.1 $ (59.8) $ (0.6) $ 2,983.0 Summary Cash Flow Information Depreciation and amortization $ 68.2 $ 0.3 $ 1.6 $ 9.8 $ — $ 0.5 $ 80.4 Cash provided by (used in) operating activities $ 1,904.2 $ (168.5) $ (292.8) $ (4.5) $ (16.8) $ — $ 1,421.6 _____________ (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. Year Ended September 30, 2019 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues Home sales $ 16,925.0 $ — $ — $ — $ — $ — $ 16,925.0 Land/lot sales and other 91.9 428.3 — 32.6 (326.6) — 226.2 Financial services — — 441.7 — — — 441.7 17,016.9 428.3 441.7 32.6 (326.6) — 17,592.9 Cost of sales Home sales (5) 13,507.1 — — — (8.3) — 13,498.8 Land/lot sales and other 75.1 361.9 — — (287.4) 18.5 168.1 Inventory and land option charges 53.2 0.8 — — — — 54.0 13,635.4 362.7 — — (295.7) 18.5 13,720.9 Selling, general and administrative expense 1,482.3 28.9 293.0 27.8 — 0.5 1,832.5 Equity in earnings of unconsolidated entities — (0.5) — — — — (0.5) Gain on sale of assets (2.0) (3.0) — (51.9) — 3.0 (53.9) Other (income) expense (9.5) (5.5) (17.6) 1.2 — — (31.4) Income before income taxes $ 1,910.7 $ 45.7 $ 166.3 $ 55.5 $ (30.9) $ (22.0) $ 2,125.3 Summary Cash Flow Information Depreciation and amortization $ 63.7 $ 0.2 $ 1.5 $ 6.1 $ — $ 0.5 $ 72.0 Cash provided by (used in) operating activities $ 1,438.0 $ (391.3) $ (150.2) $ 2.5 $ (2.5) $ (4.4) $ 892.1 _____________ (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. Year Ended September 30, 2018 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues Home sales $ 15,502.0 $ — $ — $ — $ — $ — $ 15,502.0 Land/lot sales and other 121.8 109.2 — — (39.1) (1.2) 190.7 Financial services — — 375.3 — — — 375.3 15,623.8 109.2 375.3 — (39.1) (1.2) 16,068.0 Cost of sales Home sales (5) 12,195.5 — — — (1.2) — 12,194.3 Land/lot sales and other 99.1 68.0 — — (30.1) 16.4 153.4 Inventory and land option charges 48.8 1.0 — — — 0.6 50.4 12,343.4 69.0 — — (31.3) 17.0 12,398.1 Selling, general and administrative expense 1,346.2 32.8 272.6 24.7 — 0.5 1,676.8 Equity in earnings of unconsolidated entities — (12.4) — — 2.5 7.1 (2.8) Gain on sale of assets (15.8) (27.7) — — — 24.7 (18.8) Interest expense — 5.8 — — (5.8) — — Other (income) expense (7.2) (7.0) (15.1) (17.0) — 1.0 (45.3) Income (loss) before income taxes $ 1,957.2 $ 48.7 $ 117.8 $ (7.7) $ (4.5) $ (51.5) $ 2,060.0 Summary Cash Flow Information Depreciation and amortization $ 53.4 $ 0.3 $ 1.4 $ 6.8 $ — $ 0.5 $ 62.4 Cash provided by (used in) operating activities $ 1,001.7 $ (320.3) $ (116.6) $ 0.8 $ (10.5) $ (9.9) $ 545.2 ______________ (1) Results are presented from the date of acquisition and on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2) Amounts represent the aggregate results of certain subsidiaries that are immaterial for separate reporting. (3) Amounts represent the elimination of intercompany transactions and the reclassification of Forestar interest expense to inventory. (4) Amounts represent purchase accounting adjustments related to the Forestar acquisition. (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) September 30, 2020 2019 (In millions) East $ 1,328.3 $ 1,288.8 Midwest 958.5 836.8 Southeast 2,919.9 2,768.0 South Central 2,879.9 2,533.2 Southwest 695.8 574.4 West 2,009.1 2,056.0 Corporate and unallocated (2) 223.5 228.4 $ 11,015.0 $ 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 Year Ended September 30, 2020 2019 2018 (In millions) Revenues East $ 2,642.3 $ 2,290.2 $ 1,893.4 Midwest 1,429.0 1,123.1 858.9 Southeast 5,845.2 4,977.8 4,578.6 South Central 4,998.1 4,202.4 3,769.9 Southwest 881.6 772.6 768.7 West 3,847.7 3,650.8 3,754.3 $ 19,643.9 $ 17,016.9 $ 15,623.8 Inventory and Land Option Charges East $ 1.8 $ 2.7 $ 2.3 Midwest 2.2 3.5 5.1 Southeast 7.8 10.7 28.8 South Central 6.7 11.6 4.6 Southwest 0.1 0.5 0.9 West 4.3 24.2 7.1 $ 22.9 $ 53.2 $ 48.8 Income Before Income Taxes (1) East $ 357.0 $ 238.8 $ 217.3 Midwest 128.8 57.7 77.5 Southeast 841.0 584.7 536.0 South Central 758.0 551.1 506.1 Southwest 136.9 100.4 97.4 West 443.3 378.0 522.9 $ 2,665.0 $ 1,910.7 $ 1,957.2 ________________________ (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	12 Months Ended
	Sep. 30, 2020
Inventory Impairments and Land Option Cost Write-Offs [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. As of September 30, 2020, the Company performed detailed impairment evaluations of communities with a combined carrying value of $36.1 million and determined that no communities were impaired. Impairment charges during fiscal 2020, 2019 and 2018 were $1.7 million, $25.7 million and $11.8 million, respectively. During fiscal 2020, 2019 and 2018, earnest money and pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $22.1 million, $28.3 million and $14.1 million, respectively. Total inventory and land option charges for fiscal 2018 also included a charge of $24.5 million related to the settlement of an outstanding dispute associated with a land transaction. Inventory impairments and land option charges are included in cost of sales in the consolidated statements of operations.

Notes Payable

Notes Payable	12 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Notes Payable	NOTES PAYABLE The Company’s notes payable at their carrying amounts consist of the following: September 30, 2020 2019 (In millions) Homebuilding: Unsecured: Revolving credit facility $ — $ — 364-day revolving credit facility — — 4.0% senior notes due 2020 (1) — 499.6 2.55% senior notes due 2020 (1) 399.8 398.9 4.375% senior notes due 2022 (1) 349.2 348.8 4.75% senior notes due 2023 (1) 299.2 298.9 5.75% senior notes due 2023 (1) 398.7 398.4 2.5% senior notes due 2024 (1) 496.5 — 2.6% senior notes due 2025 (1) 495.1 — Other secured notes (2) 71.1 103.0 2,509.6 2,047.6 Forestar: Unsecured: Revolving credit facility — — 3.75% convertible senior notes due 2020 (3) — 119.1 8.0% senior notes due 2024 (4) 345.2 343.8 5.0% senior notes due 2028 (4) 295.9 — 641.1 462.9 Financial Services: Mortgage repurchase facility 1,132.6 888.9 $ 4,283.3 $ 3,399.4 ______________________ (1) Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $10.7 million and $5.4 million at September 30, 2020 and 2019, respectively. (2) Homebuilding other secured notes at September 30, 2020 excludes $4.8 million of earnest money notes payable due to Forestar. These intercompany notes are eliminated in consolidation. (3) Forestar’s 3.75% convertible senior notes due March 2020 included an unamortized fair value adjustment of $2.4 million at September 30, 2019. (4) Debt issuance costs that were deducted from the carrying amount of Forestar’s senior notes totaled $8.9 million and $6.2 million at September 30, 2020 and 2019, respectively. As of September 30, 2020, maturities of consolidated notes payable, assuming the mortgage repurchase facility is not extended or renewed, are $1.6 billion in fiscal 2021, $350.3 million in fiscal 2022, $700.4 million in fiscal 2023, $352.7 million in fiscal 2024, $500.4 million in fiscal 2025 and $800.8 million thereafter. 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 totaled $1.06 billion each during fiscal 2020. At September 30, 2020, there were no borrowings outstanding and $142.9 million of letters of credit issued under the revolving credit facility, resulting in available capacity of approximately $1.45 billion. In May 2020, the Company entered into a credit agreement providing for a $375 million 364-day senior unsecured homebuilding revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $550 million, subject to certain conditions and availability of additional bank commitments. The interest rate on borrowings under the 364-day 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 May 27, 2021. There were no borrowings under the facility for the period from its inception through September 30, 2020. The Company’s homebuilding revolving credit facilities impose 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. Both facilities include substantially the same affirmative and negative covenants, events of default and financial covenants. These covenants are measured as defined in the credit agreements governing the facilities 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 facilities or cause any outstanding borrowings to become due and payable prior to maturity. The credit agreements governing the facilities and the indentures governing the senior notes also impose restrictions on the creation of secured debt and liens. At September 30, 2020, the Company was in compliance with all of the covenants, limitations and restrictions of its homebuilding revolving credit facilities 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. In May 2020, the Company issued $500 million principal amount of 2.6% senior notes due October 15, 2025 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 2.8%. In October 2020, the Company issued $500 million principal amount of 1.4% senior notes due October 15, 2027, 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 1.6%. The key terms of the Company’s homebuilding senior notes outstanding as of September 30, 2020 are summarized below. Notes Payable Principal Amount Date Issued Date Due Redeemable Effective (In millions) 2.55% senior notes $400 December 2017 December 1, 2020 Yes 2.8% 4.375% senior notes $350 September 2012 September 15, 2022 Yes 4.5% 4.75% senior notes $300 February 2013 February 15, 2023 Yes 4.9% 5.75% senior notes $400 August 2013 August 15, 2023 Yes 5.9% 2.5% senior notes $500 October 2019 October 15, 2024 Yes 2.7% 2.6% senior notes $500 May 2020 October 15, 2025 Yes 2.8% _____________ (1) The Company may redeem the notes in whole at any time or in part from time to time, at a redemption price equal to the greater of 100% of their principal amount or the present value of the remaining scheduled payments discounted to the redemption date, plus accrued and unpaid interest. In addition, the 4.375% senior notes, 4.75% senior notes and 5.75% senior notes are redeemable at a redemption price of 100% of their principal amount, plus accrued and unpaid interest, on or after the date that is three months prior to the final maturity date of the notes, and the 2.5% senior notes and 2.6% senior notes are redeemable at a redemption price of 100% of their principal amount, plus accrued and unpaid interest, on or after the date that is one month prior to the final maturity date of the notes. (2) Interest is payable semi-annually on each of the series of senior notes. The annual effective interest rate is calculated after giving effect to the amortization of debt issuance costs. All series of homebuilding senior notes and borrowings under the homebuilding revolving credit facility are senior obligations and rank pari passu in right of payment to all existing and future unsecured indebtedness and senior to all existing and future indebtedness expressly subordinated to them. The homebuilding senior notes and borrowings under the homebuilding revolving credit facilities are guaranteed by entities that hold approximately 79% of the Company’s assets. Upon the occurrence of both a change of control of the Company and a ratings downgrade event, as defined in the indentures governing its senior notes, the Company would be required in certain circumstances to offer to repurchase these notes at 101% of their principal amount, along with accrued and unpaid interest. Also, a change of control as defined in the revolving credit facility would constitute an event of default under the revolving credit facilities, which could result in the acceleration of any borrowings outstanding under the facilities and the termination of the commitments thereunder. 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 September 30, 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 calculation 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 September 30, 2020, there were no borrowings outstanding and $36.0 million of letters of credit issued under the revolving credit facility, resulting in available capacity of $344.0 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 mature March 1, 2028, with interest payable semi-annually, 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%. Forestar also has $350 million principal amount of 8.0% senior notes that mature April 15, 2024. These notes may be redeemed prior to maturity, subject to certain limitations and premiums defined in the indenture agreements. 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 September 30, 2020, Forestar was in compliance with all of the covenants, limitations and restrictions of its revolving credit facility and senior note obligations. Effective April 30, 2020, Forestar’s Board of Directors authorized the repurchase of up to $30 million of Forestar’s debt securities. The authorization has no expiration date. All of the $30 million authorization was remaining at September 30, 2020. 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. The total capacity of the facility is $1.35 billion; however, the capacity increased, without requiring additional commitments, to $1.575 billion for approximately 45 days around September 30, 2020 and increases again for approximately 30 days around December 31, 2020. The capacity of the facility can also be increased to $1.8 billion subject to the availability of additional commitments. The maturity date of the facility is February 19, 2021. As of September 30, 2020, $1.42 billion of mortgage loans held for sale with a collateral value of $1.39 billion were pledged under the mortgage repurchase facility. As a result of advance paydowns totaling $255.8 million, DHI Mortgage had an obligation of $1.13 billion outstanding under the mortgage repurchase facility at September 30, 2020 at a 2.4% annual interest rate. The mortgage repurchase facility is not guaranteed by D.R. Horton, Inc. or any of the subsidiaries that guarantee the Company’s homebuilding debt. The facility contains financial covenants as to the mortgage subsidiary’s minimum required tangible net worth, its maximum allowable leverage ratio and its minimum required liquidity. These covenants are measured and reported to the lenders monthly. At September 30, 2020, DHI Mortgage was in compliance with all of the conditions and covenants of the mortgage repurchase facility.

Capitalized Interest

Capitalized Interest	12 Months Ended
	Sep. 30, 2020
Interest Costs Incurred [Abstract]
Capitalized Interest	CAPITALIZED INTEREST The following table summarizes the Company’s interest costs incurred, capitalized and expensed during the years ended September 30, 2020, 2019 and 2018. Year Ended September 30, 2020 2019 2018 (In millions) Capitalized interest, beginning of year $ 180.1 $ 162.7 $ 167.9 Interest incurred (1) 153.3 140.2 125.4 Interest charged to cost of sales (125.7) (122.8) (130.6) Capitalized interest, end of year $ 207.7 $ 180.1 $ 162.7 _________________________ (1) Interest incurred included interest on the Company's mortgage repurchase facility of $19.1 million, $16.1 million and $12.1 million in fiscal 2020, 2019 and 2018, respectively. Also included in interest incurred is Forestar interest of $41.2 million, $19.4 million and $3.4 million in fiscal 2020, 2019 and 2018, respectively.

Property, Plant, and Equipment

Property, Plant, and Equipment	12 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure	NOTE F – PROPERTY AND EQUIPMENT The Company’s property and equipment balances and the related accumulated depreciation at September 30, 2020 and 2019 are summarized below. September 30, 2020 2019 (In millions) Homebuilding Buildings and improvements $ 267.4 $ 240.2 Model home furniture 134.0 128.3 Office furniture and equipment 108.1 107.4 Land 32.3 21.7 Single-family rental operations Single-family rental properties 68.1 6.4 Land 19.1 — Total single-family rental operations 87.2 6.4 Accumulated depreciation (256.2) (231.6) Total homebuilding 372.8 272.4 Other Businesses Multi-family rental operations Multi-family rental properties 173.8 116.1 Land 58.3 38.0 Total multi-family rental operations 232.1 154.1 Oil and gas related assets 69.7 56.9 Office furniture and equipment 15.6 15.1 Land 19.7 16.0 Accumulated depreciation (28.2) (20.9) Total other businesses 308.9 221.2 Forestar, net 1.1 2.4 Financial services, net 3.9 3.2 Eliminations (3.0) — Property and equipment, net $ 683.7 $ 499.2 Depreciation expense was $69.4 million, $66.1 million and $58.2 million in fiscal 2020, 2019 and 2018, respectively.

Mortgage Loans

Mortgage Loans	12 Months Ended
	Sep. 30, 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 and Related Derivatives Mortgage loans held for sale consist primarily of single-family residential loans collateralized by the underlying property. At September 30, 2020, mortgage loans held for sale had an aggregate carrying value of $1.53 billion and an aggregate outstanding principal balance of $1.46 billion. At September 30, 2019, mortgage loans held for sale had an aggregate carrying value of $1.07 billion and an aggregate outstanding principal balance of $1.04 billion. During the years ended September 30, 2020, 2019 and 2018, mortgage loans originated totaled $12.2 billion, $8.7 billion and $7.6 billion, respectively, and mortgage loans sold totaled $11.8 billion, $8.4 billion and $7.4 billion, respectively. The Company had gains on sales of loans and servicing rights of $437.2 million, $319.4 million and $265.1 million during the years ended September 30, 2020, 2019 and 2018, respectively. Net gains on sales of loans and servicing rights are included in revenues in the consolidated statements of operations. During fiscal 2020, approximately 66% of the Company’s mortgage loans were sold directly to Fannie Mae or into securities backed by Ginnie Mae and 28% were sold to two other major financial entities. In response to C-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, 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. As a result, the Company began retaining the servicing rights on a portion of its loan originations. Servicing values have since improved, and the Company expects to sell these rights to third parties. At September 30, 2020, the fair value of mortgage servicing rights was $17.1 million and is included in other assets in the consolidated balance sheet. To manage the interest rate risk inherent in its mortgage operations, the Company hedges its risk using derivative instruments, generally forward sales of mortgage-backed securities (MBS), which are referred to as “hedging instruments” in the following discussion. The Company does not enter into or hold derivatives for trading or speculative purposes. Newly originated loans that have been closed but not committed to third-party purchasers are hedged to mitigate the risk of changes in their fair value. Hedged loans are committed to third-party purchasers typically within three days after origination. The notional amounts of the hedging instruments used to hedge mortgage loans held for sale may vary in relationship to the underlying loan amounts, depending on the movements in the value of each hedging instrument relative to the value of the underlying mortgage loans. The fair value change related to the hedging instruments generally offsets the fair value change in the mortgage loans held for sale. The net fair value change, which for the years ended September 30, 2020, 2019 and 2018 was not significant, is recognized in revenues in the consolidated statements of operations. At September 30, 2020 and 2019, the Company’s mortgage loans held for sale that were not committed to third-party purchasers totaled $1.2 billion and $663.8 million, respectively. The Company also uses hedging instruments as part of a program to offer below market interest rate financing to its homebuyers. At September 30, 2020 and 2019, the Company had MBS totaling $1.1 billion and $111.4 million, respectively, that did not yet have interest rate lock commitments or closed loans created or assigned and recorded a liability of $5.3 million and $0.5 million for the fair value of such MBS position. Loan Commitments and Related Derivatives The Company is party to interest rate lock commitments (IRLCs), which are extended to borrowers who have applied for loan funding and meet defined credit and underwriting criteria. At September 30, 2020 and 2019, the notional amount of IRLCs, which are accounted for as derivative instruments recorded at fair value, totaled $1.8 billion and $727.9 million, respectively. The Company manages interest rate risk related to its IRLCs through the use of best-efforts whole loan delivery commitments and hedging instruments. These instruments are considered derivatives in an economic hedge and are accounted for at fair value with gains and losses recognized in revenues in the consolidated statements of operations. At September 30, 2020 and 2019, the notional amount of best-efforts whole loan delivery commitments totaled $84.6 million and $25.2 million, respectively, and the notional amount of hedging instruments related to IRLCs not yet committed to purchasers totaled $1.6 billion and $636.2 million, respectively. Other Mortgage Loans and Loss Reserves Mortgage loans are sold with limited recourse provisions derived from industry-standard representations and warranties in the relevant agreements. These representations and warranties primarily involve the absence of misrepresentations by the borrower or other parties, the appropriate underwriting of the loan and in some cases, a required minimum number of payments to be made by the borrower. The Company generally does not retain any other continuing interest related to mortgage loans sold in the secondary market. The majority of other mortgage loans consists of loans repurchased due to these limited recourse obligations. Typically, these loans are impaired, and some result in real estate owned through the foreclosure process. At September 30, 2020 and 2019, the Company’s total other mortgage loans and real estate owned, before loss reserves, totaled $14.9 million and $11.4 million, respectively. The Company has recorded reserves for estimated losses on other mortgage loans, real estate owned and future loan repurchase obligations due to the limited recourse provisions, all of which are recorded as reductions of revenue. The loss reserve for loan repurchase and settlement obligations is estimated based on analysis of the volume of mortgages originated, loan repurchase requests received, actual repurchases and losses through the disposition of such loans or requests and discussions with mortgage purchasers. The reserve balances at September 30, 2020 and 2019 totaled $8.9 million and $8.7 million, respectively. Other mortgage loans and real estate owned net of the related loss reserves are included in other assets, while loan repurchase obligations are included in accrued expenses and other liabilities in the Company’s consolidated balance sheets.

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income Tax Expense The components of the Company’s income tax expense are as follows: Year Ended September 30, 2020 2019 2018 (In millions) Current tax expense: Federal $ 484.0 $ 407.3 $ 373.2 State 104.4 79.3 53.6 588.4 486.6 426.8 Deferred tax expense (benefit): Federal 20.0 13.9 158.7 State (5.9) 6.2 12.2 14.1 20.1 170.9 Total income tax expense $ 602.5 $ 506.7 $ 597.7 The Company’s effective tax rate was 20.2%, 23.8% and 29.0% in fiscal 2020, 2019 and 2018, respectively. The effective tax rate for fiscal 2020 includes a tax benefit of $93.4 million 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 rate for fiscal 2020 also includes a tax benefit of $11.2 million related to the release of a valuation allowance against the Company’s state deferred tax assets. The effective tax rates for all years include an expense for state income taxes, reduced by tax benefits related to stock-based compensation. The effective tax rate for fiscal 2018 included the remeasurement of the Company’s deferred tax assets and liabilities as a result of the Tax Cuts and Jobs Act which, among other items, reduced the federal corporate tax rate from 35% to 21% and repealed the domestic production activities deduction effective for the Company beginning October 1, 2018. For fiscal year companies, the change in law required an application of a blended tax rate in the year of change, which for the Company was 24.5% for fiscal 2018. The effective tax rate for fiscal 2018 also included a tax benefit related to the retroactive reinstatement of the federal energy efficient homes tax credit to homes closed through December 31, 2017 and the release of a valuation allowance against deferred tax assets related to Forestar. Reconciliation of Expected Income Tax Expense Differences between income tax expense and tax computed by applying the federal statutory rate of 21% in fiscal 2020 and 2019, and 24.5% in fiscal 2018 to income before income taxes during each year is due to the following: Year Ended September 30, 2020 2019 2018 (In millions) Income taxes at federal statutory rate $ 626.4 $ 446.3 $ 505.0 Increase (decrease) in tax resulting from: State income taxes, net of federal benefit 79.1 69.1 59.4 Domestic production activities deduction — — (36.7) Valuation allowance (11.2) (0.2) (7.3) Tax credits (93.4) (1.6) (19.0) Excess tax benefit from stock-based compensation (22.3) (16.1) (21.2) Tax law change — — 108.7 Tax contingencies 8.9 — — Other 15.0 9.2 8.8 Total income tax expense $ 602.5 $ 506.7 $ 597.7 Deferred Income Taxes Deferred tax assets and liabilities reflect the tax consequences of temporary differences between the financial statement bases of assets and liabilities and their tax bases, tax losses and credit carryforwards. Components of deferred income taxes are summarized as follows: September 30, 2020 2019 (In millions) Deferred tax assets: Inventory costs $ 37.6 $ 39.8 Inventory impairments 21.5 27.9 Warranty and construction defect costs 156.7 135.1 Net operating loss carryforwards 17.5 31.5 Tax credit carryforwards 2.1 3.5 Incentive compensation plans 68.3 65.1 Other 15.6 7.2 Total deferred tax assets 319.3 310.1 Valuation allowance (7.5) (18.7) Total deferred tax assets, net of valuation allowance $ 311.8 $ 291.4 Deferred tax liabilities: Deferral of profit on home closings 131.9 95.4 Depreciation of fixed assets 19.0 14.2 Other 16.0 18.7 Total deferred tax liabilities $ 166.9 $ 128.3 Deferred income taxes, net $ 144.9 $ 163.1 D.R. Horton has $15.8 million of tax benefits for state net operating loss (NOL) carryforwards that expire at various times depending on the tax jurisdiction. Of the total amount, $5.4 million of the tax benefits expire over the next ten years and the remaining $10.4 million expires from fiscal years 2031 to 2040. Forestar has $1.7 million of tax benefits for state NOL carryforwards that expire at various times depending on the tax jurisdiction. 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. Valuation Allowance The Company has a valuation allowance of $7.5 million and $18.7 million at September 30, 2020 and 2019, respectively, related to state deferred tax assets for NOL carryforwards that are more likely than not to expire before being realized. The decrease in the valuation allowance is primarily attributable to the Company’s determination that it will have sufficient future taxable income in certain state tax jurisdictions to realize a portion of the state NOL carryforwards. 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. Unrecognized Tax Benefits Unrecognized tax benefits are the differences between tax positions taken or expected to be taken in a tax return and the benefits recognized in the financial statements. A reconciliation of the beginning and ending amounts of unrecognized tax benefits for fiscal 2020 is as follows. Year Ended September 30, 2020 (In millions) Unrecognized tax benefits, beginning of year $ — Additions attributable to tax positions taken in the current year 8.9 Additions attributable to tax positions taken in prior years — Settlements — Unrecognized tax benefits, end of year $ 8.9 The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $8.9 million. The Company had no accrued interest or penalties related to unrecognized tax benefits at September 30, 2020. The Company classifies interest expense and penalties on income taxes as income tax expense. Regulations and Legislation D.R. Horton is subject to federal income tax and state income tax in multiple jurisdictions. The statute of limitations for D.R. Horton’s major tax jurisdictions remains open for examination for fiscal years 2017 through 2020. D.R. Horton is not currently under audit for federal income tax, but is under audit by various states. The Company is not aware of any significant findings by the state taxing authorities. Forestar is subject to federal income tax and state income tax in multiple jurisdictions. The statute of limitations for Forestar’s major tax jurisdictions remains open for examination for tax years 2016 through 2020. Forestar is not currently under audit for federal or state income taxes.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share. Year Ended September 30, 2020 2019 2018 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 2,373.7 $ 1,618.5 $ 1,460.3 Denominator: Denominator for basic earnings per share — weighted average common shares 365.5 372.6 376.6 Effect of dilutive securities: Employee stock awards 4.7 4.8 6.8 Denominator for diluted earnings per share — adjusted weighted average common shares 370.2 377.4 383.4 Basic net income per common share attributable to D.R. Horton, Inc. $ 6.49 $ 4.34 $ 3.88 Diluted net income per common share attributable to D.R. Horton, Inc. $ 6.41 $ 4.29 $ 3.81

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Sep. 30, 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. At September 30, 2020, the Company had 394,741,349 shares of common stock issued and 363,999,982 shares outstanding. No shares of preferred stock were issued or outstanding. 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 fiscal 2020, the Company repurchased 7.0 million shares of its common stock for $360.4 million. At September 30, 2020, the Company’s remaining stock repurchase authorization was $535.3 million. The Board of Directors approved and paid quarterly cash dividends of $0.175 per common share in fiscal 2020 and $0.15 per common share in fiscal 2019. In November 2020, the Board of Directors approved a quarterly cash dividend of $0.20 per common share, payable on December 14, 2020, to stockholders of record on December 4, 2020. Forestar also has an effective shelf registration statement filed with the SEC in September 2018, registering $500 million of equity securities. As of September 30, 2020, $394.3 million remained available for issuance under Forestar’s shelf registration statement, $100 million of which is reserved for sales under its at-the-market equity offering program that became effective in August 2020. As of September 30, 2020, no shares had been issued under the at-the-market equity offering program.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Sep. 30, 2020
Compensation Related Costs [Abstract]
Employee Benefits Plans	EMPLOYEE BENEFIT PLANS Deferred Compensation Plans The Company has a 401(k) plan for all employees who have been with the Company for a period of six months or more. The Company matches portions of employees’ voluntary contributions. Additional employer contributions in the form of profit sharing may also be made at the Company’s discretion. The Company recorded $23.4 million, $21.7 million and $18.4 million of expense for matching contributions in fiscal 2020, 2019 and 2018, respectively. The Company’s Supplemental Executive Retirement Plan (SERP) is a non-qualified deferred compensation program that provides benefits payable to certain management employees upon retirement, death or termination of employment. Under the SERP, the Company accrues an unfunded benefit based on a percentage of the eligible employees’ salaries, as well as an interest factor based upon a predetermined formula. The Company’s liabilities related to the SERP were $44.5 million and $40.6 million at September 30, 2020 and 2019, respectively. The Company recorded $6.5 million, $5.8 million and $5.4 million of expense for this plan in fiscal 2020, 2019 and 2018, respectively. The Company has a deferred compensation plan available to a select group of employees which allows participating employees to contribute compensation into the plan on a before tax basis and defer income taxation on the contributions until the funds are withdrawn from the plan. The participating employees designate investments for their contributions; however, the Company is not required to invest the contributions in the designated investments. The Company’s net liabilities related to the deferred compensation plan were $91.0 million and $78.6 million at September 30, 2020 and 2019, respectively. The Company records as expense the amount that the employee contributions would have earned had the funds been invested in the designated investments. Related to this plan, the Company recorded expense of $5.3 million, $2.9 million and $5.8 million in fiscal 2020, 2019 and 2018, respectively. Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan provides eligible employees the opportunity to purchase common stock of the Company at a discounted price of 85% of the fair market value of the stock on the designated dates of purchase. The price to eligible employees may be further discounted depending on the average fair market value of the stock during the period and certain other criteria. Under the terms of the plan, the total fair market value of common stock that an eligible employee may purchase each year is limited to the lesser of 15% of the employee’s annual compensation or $25,000. Under the plan, employees purchased 131,348 shares for $5.6 million in fiscal 2020, 141,661 shares for $4.6 million in fiscal 2019 and 114,340 shares for $4.0 million in fiscal 2018. At September 30, 2020, the Company had 2.8 million shares of common stock reserved for issuance pursuant to the Employee Stock Purchase Plan. Incentive Bonus Plan The Company’s Incentive Bonus Plan provides for the Compensation Committee to award short-term performance bonuses to senior management based upon the level of achievement of certain criteria. For fiscal 2020, 2019 and 2018, the Compensation Committee approved awards whereby certain executive officers could earn performance bonuses based upon percentages of the Company’s pre-tax income. Compensation expense related to these plans was $34.3 million, $24.4 million and $23.7 million in fiscal 2020, 2019 and 2018, respectively. Stock-Based Compensation 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). At September 30, 2020, the Company had 16.4 million shares of common stock reserved for issuance and 9.4 million shares available for future grants under the Stock Incentive Plan. Stock Options Stock options are granted at exercise prices which equal the market value of the Company’s common stock at the date of the grant. The options outstanding at September 30, 2020 are all exercisable and expire 10 years after the dates on which they were granted. The Company did not grant stock options during fiscal 2020, 2019 or 2018. The following table provides information related to stock option activity during those years. Year Ended September 30, 2020 2019 2018 Stock Options Weighted Average Stock Options Weighted Average Stock Options Weighted Average Outstanding at beginning of year 3,184,157 $ 19.53 5,856,959 $ 17.25 8,431,348 $ 16.92 Exercised (959,742) 18.58 (2,634,802) 14.47 (2,547,139) 16.10 Cancelled or expired — — (38,000) 18.98 (27,250) 22.08 Outstanding at end of year 2,224,415 $ 19.94 3,184,157 $ 19.53 5,856,959 $ 17.25 Exercisable at end of year 2,224,415 $ 19.94 3,184,157 $ 19.53 4,955,392 $ 17.07 The aggregate intrinsic value of options exercised during fiscal 2020, 2019 and 2018 was $41.2 million, $70.6 million and $76.8 million, respectively. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the option exercise price. The aggregate intrinsic value of options outstanding and exercisable at September 30, 2020 was $123.9 million. Exercise prices for options outstanding at September 30, 2020 ranged from $9.97 to $23.86. The weighted average remaining contractual lives of options outstanding and exercisable at September 30, 2020 is 2.4 years. During fiscal 2020, there was no compensation expense related to stock options as all stock option awards were fully vested at September 30, 2019. For fiscal 2019 and 2018, compensation expense related to stock options was $1.0 million and $6.9 million, respectively. Performance-Based Restricted Stock Unit (RSU) Equity Awards During fiscal 2020, 2019 and 2018, performance-based RSU equity awards that vest at the end of three-year performance periods were granted to the Company’s executive officers. 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, SG&A expense containment and gross profit. Each of these performance-based RSUs represents the contingent right to receive one share of the Company’s common stock if the vesting conditions and performance criteria are satisfied. The performance-based RSUs have no dividend or voting rights during the performance period. Compensation expense related to these grants is 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. The following table provides additional information related to the performance-based RSUs outstanding at September 30, 2020. Grant Date Vesting Date Target Number of Performance Units Grant Date Fair Value per Unit Compensation Expense 2020 2019 2018 (In millions) November 2017 September 2020 330,000 $ 45.79 $ 7.7 $ 8.9 $ 4.8 November 2018 September 2021 360,000 37.75 6.7 6.1 — November 2019 September 2022 360,000 52.54 9.3 — — $ 23.7 $ 15.0 $ 4.8 In November 2020, the Compensation Committee approved the payout of the performance-based RSUs that vested in September 2020 in the form of 577,500 shares of common stock to satisfy the awards. Time-Based Restricted Stock Unit (RSU) Equity Awards Time-based RSUs represent the contingent right to receive one share of the Company’s common stock if the vesting conditions are satisfied. The time-based RSUs have no dividend or voting rights during the vesting period. During fiscal 2020, 2019 and 2018, time-based RSUs were granted to the Company’s executive officers, other key employees and non-management directors (collectively, approximately 960, 900 and 920 recipients, respectively). These awards vest annually in equal installments over periods of three The following table provides additional information related to time-based RSU activity during fiscal 2020, 2019 and 2018. The number of restricted stock units vested in fiscal 2020 and 2019 includes shares of common stock withheld by the Company on behalf of employees to satisfy the tax withholding requirements. Year Ended September 30, 2020 2019 2018 Number of Weighted Average Number of Weighted Average Number of Weighted Average Outstanding at beginning of year 4,889,534 $ 33.01 4,797,922 $ 31.77 4,365,782 $ 26.09 Granted 1,657,935 35.98 1,796,200 33.75 1,747,870 41.82 Vested (1,651,840) 30.85 (1,430,826) 29.83 (1,149,055) 25.80 Cancelled (169,928) 33.24 (273,762) 32.82 (166,675) 29.56 Outstanding at end of year 4,725,701 $ 34.79 4,889,534 $ 33.01 4,797,922 $ 31.77 The total fair value of shares vested on the vesting date during fiscal 2020, 2019 and 2018 was $95.6 million, $56.9 million and $51.0 million, respectively. For fiscal 2020, 2019 and 2018, compensation expense related to time-based RSUs was $50.6 million, $51.8 million and $39.3 million, respectively. At September 30, 2020, there was $120.6 million of unrecognized compensation expense related to unvested time-based RSU awards. This expense is expected to be recognized over a weighted average period of 2.7 years.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Warranty Claims The Company provides its homebuyers with warranties for defects in structural elements, mechanical systems and other construction components of the home. Warranty liabilities are established by charging cost of sales for each home delivered based on management’s estimate of expected warranty-related costs and by accruing for existing warranty claims. 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. The estimation of these costs is subject to a high degree of variability due to uncertainties related to these factors. Due to the high degree of judgment required in establishing the liability for warranty claims, actual future costs 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 warranty liability. Changes in the Company’s warranty liability during fiscal 2020 and 2019 were as follows: September 30, 2020 2019 (In millions) Warranty liability, beginning of year $ 247.3 $ 202.0 Warranties issued 114.4 92.7 Changes in liability for pre-existing warranties 25.5 32.0 Settlements made (77.0) (79.4) Warranty liability, end of year $ 310.2 $ 247.3 The change in liabilities for pre-existing warranties was $25.5 million and $32.0 million in fiscal 2020 and 2019, respectively. These amounts reflect the Company’s ongoing efforts to improve its customer service and relations, which in many cases results in the performance of warranty service after the original warranty period has expired. The Company has increased the amount of its warranties issued as a percentage of home cost of sales to reflect this increase in warranty costs. 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 $473.8 million and $434.7 million at September 30, 2020 and 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 September 30, 2020 and 2019. Expenses related to the Company’s legal contingencies were $64.4 million, $15.3 million and $41.0 million in fiscal 2020, 2019 and 2018, respectively. The Company’s reserves for construction defect claims include the estimated costs of both known claims and anticipated future claims. As of September 30, 2020, no individual existing claim was material to the Company’s financial statements. The Company has closed a significant number of homes during recent years and may be subject to future construction defect claims on these homes. Although regulations vary from state to state, construction defect issues can generally be reported for up to ten years after the home has closed in many states in which the Company operates. Historical data and trends regarding the frequency of claims incurred and the costs to resolve claims relative to the types of products and markets where the Company operates are used to estimate the construction defect liabilities for both existing and anticipated future claims. These estimates are subject to ongoing revision as the circumstances of individual pending claims and historical data and trends change. Adjustments to estimated reserves are recorded in the accounting period in which the change in estimate occurs. Historical trends in construction defect claims have been inconsistent, and the Company believes they may continue to fluctuate. The Company also believes that fluctuations in housing market conditions can affect the frequency and cost of construction defect claims. If the ultimate resolution of construction defect claims resulting from the Company’s home closings in prior years varies from current expectations, it could significantly change the Company’s estimates regarding the frequency and timing of claims incurred and the costs to resolve existing and anticipated future claims, which would impact the construction defect reserves in the future. If the frequency of claims incurred or costs of existing and future legal claims significantly exceed the Company’s current estimates, they will have a significant negative impact on its future earnings and liquidity. Changes in the Company’s legal claims reserves during fiscal 2020 and 2019 were as follows: September 30, 2020 2019 (In millions) Reserves for legal claims, beginning of year $ 434.7 $ 408.1 Increase in reserves 83.2 49.2 Payments (44.1) (22.6) Reserves for legal claims, end of year $ 473.8 $ 434.7 In the majority of states in which it operates, the Company has, and requires the majority of the subcontractors it uses to have, general liability insurance which includes construction defect coverage. The Company’s general liability insurance policies protect it against a portion of its risk of loss from construction defect and other claims and lawsuits. The Company estimates and records receivables under these policies 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. However, because the self-insured retentions under these policies are significant, the Company anticipates it will largely be self-insured. The Company’s estimated insurance receivables from estimated losses for pending legal claims and anticipated future claims relate to previously closed homes over the last 15 years. These receivables totaled $81.2 million and $75.1 million at September 30, 2020 and 2019, respectively, and are included in other assets in the consolidated balance sheets. 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. In some states where the Company believes it is too difficult or expensive for its subcontractors to obtain general liability insurance, the Company has waived its normal subcontractor general liability insurance requirements to obtain lower costs from subcontractors. In these states, the Company purchases insurance policies from either third-party carriers or its 100% owned captive insurance subsidiary and names certain subcontractors as additional insureds. The policies issued by the captive insurance subsidiary represent self-insurance of these risks by the Company. The Company is self-insured for the deductible amounts under its workers’ compensation insurance policies. The deductibles vary by policy year, but in no years exceed $0.5 million per occurrence. The deductible for the 2019, 2020 and 2021 policy years is $0.5 million per occurrence. 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. At September 30, 2020, the Company’s homebuilding segment had total deposits of $653.4 million, consisting of cash deposits of $584.5 million and promissory notes and surety bonds of $68.9 million, related to contracts to purchase land and lots with a total remaining purchase price of approximately $9.9 billion. The majority of land and lots under contract are currently expected to be purchased within three years. Of these amounts, $98.2 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 September 30, 2020, representing $32.6 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 $32.6 million remaining purchase price subject to specific performance provisions, $1.4 million related to contracts between the homebuilding segment and Forestar. During fiscal 2020 and 2019, Forestar reimbursed the homebuilding segment $27.0 million and $34.5 million, respectively, for previously paid earnest money and $36.3 million and $13.1 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. Other Commitments At September 30, 2020, the Company had outstanding surety bonds of $1.8 billion and letters of credit of $178.9 million to secure performance under various contracts. Of the total letters of credit, $142.9 million were issued under the homebuilding revolving credit facility and $36.0 million were issued under Forestar’s revolving credit facility. The Company leases office space and equipment under non-cancelable operating leases. At September 30, 2020, the future minimum annual lease payments under these agreements are as follows (in millions): Fiscal 2021 $ 17.4 Fiscal 2022 10.8 Fiscal 2023 6.0 Fiscal 2024 3.8 Fiscal 2025 1.4 Thereafter 0.1 $ 39.5 Rent expense was $31.5 million, $30.5 million and $27.8 million for fiscal 2020, 2019 and 2018, respectively.

Other Assets, Accrued Expenses

Other Assets, Accrued Expenses and Other Liabilities	12 Months Ended
	Sep. 30, 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 September 30, 2020 and 2019 were as follows: September 30, 2020 2019 (In millions) Earnest money and refundable deposits $ 657.1 540.0 Insurance receivables 81.2 75.1 Other receivables 143.1 103.6 Prepaid assets 46.0 49.6 Interest rate lock commitments 31.3 19.2 Margin deposits 16.2 19.6 Multi-family rental property held for sale — 28.9 Contract assets - insurance agency commissions 47.1 39.3 Lease right of use assets 34.7 — Mortgage servicing rights 17.1 — Other 39.9 37.5 $ 1,113.7 $ 912.8 The Company’s accrued expenses and other liabilities at September 30, 2020 and 2019 were as follows: September 30, 2020 2019 (In millions) Reserves for legal claims $ 473.8 $ 434.7 Employee compensation and related liabilities 376.1 282.1 Warranty liability 310.2 247.3 Mortgage hedging instruments and loan commitments 16.5 — Accrued interest 35.3 26.3 Federal and state income tax liabilities 42.6 33.4 Inventory related accruals 59.7 61.5 Customer deposits 93.1 57.7 Accrued property taxes 44.1 40.1 Lease liabilities 37.0 — Other 118.6 95.0 $ 1,607.0 $ 1,278.1

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value measurements are used for the Company’s mortgage loans held for sale, debt securities collateralized by residential real estate, mortgage servicing rights, IRLCs and other derivative instruments on a recurring basis and are used for inventories, other mortgage loans, rental properties and real estate owned on a nonrecurring basis, when events and circumstances indicate that the carrying value is not recoverable. The fair value hierarchy and its application to the Company’s assets and liabilities is as follows: • Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. The Company does not currently have any assets or liabilities measured at fair value using Level 1 inputs. • Level 2 – Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model-based techniques in which all significant inputs are observable in the market. The Company’s assets and liabilities measured at fair value using Level 2 inputs on a recurring basis are as follows: ◦ Mortgage loans held for sale - The fair value of these loans is generally calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics. Closed mortgage loans are typically sold shortly after origination, which limits exposure to nonperformance by loan buyer counterparties to a short time period. In addition, the Company actively monitors the financial strength of its counterparties. ◦ IRLCs - The fair value of IRLCs is calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics. These valuations do not contain adjustments for expirations as any expired commitments are excluded from the fair value measurement. The Company generally only issues IRLCs for products that meet specific purchaser guidelines. Should any purchaser become insolvent, the Company would not be required to close the transaction based on the terms of the commitment. Since not all IRLCs will become closed loans, the Company adjusts its fair value measurements for the estimated amount of IRLCs that will not close. ◦ Loan sale commitments and hedging instruments - The fair values of best-efforts and mandatory loan sale commitments and derivative instruments such as forward sales of MBS that are utilized as hedging instruments are calculated by reference to quoted prices for similar assets. The Company mitigates exposure to nonperformance risk associated with derivative instruments by limiting the number of counterparties and actively monitoring their financial strength and creditworthiness. Further, the Company’s derivative contracts typically have short-term durations with maturities from one to four months. Accordingly, the Company’s risk of nonperformance relative to its derivative positions is not significant. The Company’s assets measured at fair value using Level 2 inputs on a nonrecurring basis are a limited number of mortgage loans held for sale with some degree of impairment affecting their marketability and are reported at the lower of carrying value or fair value. When available, fair value is determined by reference to quoted prices in the secondary markets for such assets. After consideration of nonperformance risk, no additional adjustments were made to the fair value measurements of mortgage loans held for sale, IRLCs or hedging instruments. • Level 3 – Valuation is typically derived from model-based techniques in which at least one significant input is unobservable and based on the Company’s own estimates about the assumptions that market participants would use to value the asset or liability. The Company’s assets measured at fair value using Level 3 inputs on a recurring basis are its debt securities collateralized by residential real estate, mortgage servicing rights and a limited number of mortgage loans held for sale with some degree of impairment affecting their marketability and for which reference to quoted prices in the secondary markets is not available. The Company’s assets measured at fair value using Level 3 inputs that are typically reported at the lower of carrying value or fair value on a nonrecurring basis are as follows: ◦ Inventory held and used - In determining the fair values of its inventory held and used in its impairment evaluations, the Company performs an analysis of the undiscounted cash flows estimated to be generated by those assets. The most significant factors used to estimate undiscounted future cash flows include pricing and incentive levels actually realized by the community, the rate at which the homes are sold and the costs incurred to develop the lots and construct the homes. Inventory held and used measured at fair value represents those communities for which the estimated undiscounted cash flows are less than their carrying amounts and therefore, the Company recorded impairments during the period to record the inventory at fair value calculated based on its discounted estimated future cash flows. ◦ Inventory available for sale - The factors considered in determining fair values of the Company’s land held for sale primarily include actual sale contracts and recent offers received from outside third parties, and may also include prices for land in recent comparable sales transactions and other market analysis. If the estimated fair value less the costs to sell an asset is less than the asset’s current carrying value, the asset is written down to its estimated fair value less costs to sell. ◦ Certain mortgage loans held for sale - A limited number of mortgage loans held for sale have some degree of impairment affecting their marketability. For some of these loans, quoted prices in the secondary market are not available and therefore, a cash flow valuation model is used to determine fair value. ◦ Certain other mortgage loans, rental properties and real estate owned - Other mortgage loans include performing and nonperforming mortgage loans, which often become real estate owned through the foreclosure process. The fair values of other mortgage loans, rental properties and real estate owned are determined based on the Company’s assessment of the value of the underlying collateral or the value of the property, as applicable. The Company uses different methods to assess the value of the properties, which may include broker price opinions, appraisals or cash flow valuation models. The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2020 and 2019, and the changes in the fair value of the Level 3 assets during fiscal 2020 and 2019. Fair Value at September 30, 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 (1) Mortgage loans held for sale — 1,503.2 15.1 1,518.3 Mortgage servicing rights (2) Other assets — — 17.1 17.1 Derivatives not designated as hedging instruments (3): Interest rate lock commitments Other assets — 31.3 — 31.3 Forward sales of mortgage-backed securities Other liabilities — (16.2) — (16.2) 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 (1) Mortgage loans held for sale — 1,055.3 9.8 1,065.1 Derivatives not designated as hedging instruments (3): 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) Level 3 Assets at Fair Value for the Year Ended September 30, 2020 Balance at Net realized and unrealized gains (losses) Purchases / Originations Sales and Settlements Principal Reductions Net transfers to (out of) Level 3 Balance at (In millions) Debt securities collateralized by residential real estate $ 3.9 $ — $ — $ — $ — $ — $ 3.9 Mortgage loans held for sale (1) 9.8 0.2 — (2.6) — 7.7 15.1 Mortgage servicing rights (2) — 1.9 15.2 — — — 17.1 Level 3 Assets at Fair Value for the Year Ended September 30, 2019 Balance at Net realized and unrealized gains (losses) Purchases / Originations Sales and Settlements Principal Reductions Net transfers to (out of) Level 3 Balance at (In millions) Debt securities collateralized by residential real estate $ 3.9 $ — $ — $ — $ — $ — $ 3.9 Mortgage loans held for sale (1) 7.8 0.9 — (5.4) — 6.5 9.8 ___________________________________________ (1) 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 September 30, 2020 and 2019 include $15.1 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. Mortgage loans held for sale totaling $7.7 million and $6.5 million were transferred to Level 3 during fiscal 2020 and 2019, respectively, due to significant unobservable inputs used in determining the fair value of these loans. The fair value of these mortgage loans held for sale is generally calculated considering pricing in the secondary market and adjusted for the value of the underlying collateral, including interest rate risk, liquidity risk and prepayment risk. The Company plans to sell these loans as market conditions permit. (2) Although the majority of the Company’s mortgage loans are sold on a servicing-released basis, when the servicing rights are retained, the Company records them at fair value using third-party valuations. The valuation at the time the servicing asset is retained is reflected in the purchases/originations column with subsequent changes in value classified as realized and unrealized gains (losses). The key assumptions used in the valuation, which are generally unobservable inputs, are mortgage prepayment rates, discount rates and delinquency rates, which were 13%, 11% and 5%, respectively, at September 30, 2020. (3) Fair value measurements of these derivatives represent changes in fair value, as calculated by reference to quoted prices for similar assets, and are reflected in the balance sheet as other assets or accrued expenses and other liabilities. Changes in the fair value of these derivatives are included in revenues in the consolidated statements of operations. The net fair value change in fiscal 2020 and 2019 was not significant. The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at September 30, 2020 and 2019. Fair Value at September 30, Balance Sheet Location 2020 2019 Level 2 Level 3 Level 2 Level 3 (In millions) Inventory held and used (1) (2) Inventories $ — $ — $ — $ 4.5 Mortgage loans held for sale (1) (3) Mortgage loans held for sale 1.5 2.2 — 2.7 Other mortgage loans (1) (4) Other assets 0.6 2.0 — 1.8 ______________ (1) 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. (2) In performing its impairment analysis of communities, discount rates ranging from 16% to 18% were used in the periods presented. (3) 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). (4) 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 September 30, 2020 and 2019. Carrying Value Fair Value at September 30, 2020 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (1) $ 3,018.5 $ 3,018.5 $ — $ — $ 3,018.5 Restricted cash (1) 21.6 21.6 — — 21.6 Notes payable (2) (3) 4,283.3 — 3,285.5 1,203.7 4,489.2 Carrying Value Fair Value at September 30, 2019 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (1) $ 1,494.3 $ 1,494.3 $ — $ — $ 1,494.3 Restricted cash (1) 19.7 19.7 — — 19.7 Notes payable (2) (3) 3,399.4 — 2,533.9 991.9 3,525.8 ______________ (1) 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. (2) The fair value of the senior notes is determined based on quoted prices, which is classified as Level 2 within the fair value hierarchy. (3) 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 (Not

Related Party Transactions (Notes)	12 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and 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.
Change in Presentation and Reclassifications	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	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	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 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 as permitted, this information is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations. In October 2020, the FASB issued ASU 2020-09, “Debt (Topic 470) - Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762,” to reflect the SEC’s new disclosure rules on guaranteed debt securities offerings adopted by the Company in March 2020.
Revenue Recognition	Revenue Recognition Homebuilding revenue and related profit are generally recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the buyer. The Company’s performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Proceeds from home closings held for the Company’s benefit at title companies are included in homebuilding cash and cash equivalents in the consolidated balance sheets. When the Company executes sales contracts with its homebuyers, or when it requires advance payment from homebuyers for custom changes, upgrades or options related to their homes, the cash deposits received are recorded as liabilities until the homes are closed or the contracts are cancelled. The Company either retains or refunds to the homebuyer deposits on cancelled sales contracts, depending upon the applicable provisions of the contract or other circumstances. The Company rarely purchases land for resale, but periodically may elect to sell parcels of land that no longer fit into its strategic operating plans. Revenue from land sales is typically recognized on the closing date, which is generally when performance obligations are satisfied. Financial services revenues associated with the Company’s title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur simultaneously as each home is closed. Revenues associated with the Company’s mortgage operations primarily include net gains on the sale of mortgage loans and servicing rights. The Company typically elects the fair value option for its mortgage loan originations whereby mortgage loans held for sale are recorded at fair value based on either sale commitments or current market quotes and loan values are adjusted through revenues for subsequent changes in fair value until the loans are sold. Expected gains and losses from the sale of servicing rights are included in the measurement of all written loan commitments that are accounted for at fair value through revenues at the time of commitment. The Company sells substantially all of the mortgages it originates and the majority of the related servicing rights to third-party purchasers. Interest income is earned from the date a mortgage loan is originated until the loan is sold. The Company collects insurance commissions on homeowner policies placed with third party carriers through its 100% owned insurance agency. The Company recognizes revenue and a contract asset for estimated future renewals of these policies upon issuance of the initial policy, the date at which the performance obligation is satisfied.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an initial maturity of three months or less when purchased to be cash equivalents. Proceeds from home closings held for the Company’s benefit at title companies, which totaled $237.6 million and $244.8 million at September 30, 2020 and 2019, respectively, are included in homebuilding cash and cash equivalents in the consolidated balance sheets. Cash balances of the Company’s captive insurance subsidiary, which are expected to be used to fund the subsidiary’s operations and pay future anticipated legal claims, were $51.3 million and $48.6 million at September 30, 2020 and 2019, respectively, and are included in cash and cash equivalents in the consolidated balance sheets.
Restricted Cash	Restricted Cash The Company has cash that is restricted as to its use. Restricted cash related to homebuilding and land development operations includes customer deposits that are temporarily restricted in accordance with regulatory requirements. Restricted cash related to financial services is mortgagor related funds held by the Company for taxes and insurance on an interim basis until the loans are sold.
Inventories and Cost of Sales	Inventories and Cost of Sales Inventory includes the costs of direct land acquisition, land development and home construction, capitalized interest, real estate taxes and direct overhead costs incurred during development and home construction. Costs incurred after development projects or homes are substantially complete, such as utilities, maintenance, and cleaning, are charged to selling, general and administrative (SG&A) expense as incurred. All indirect overhead costs, such as compensation of sales personnel, division and region management, and the costs of advertising and builder’s risk insurance are charged to SG&A expense as incurred. Land and development costs are typically allocated to individual residential lots on a pro-rata basis, and the costs of residential lots are transferred to construction in progress when home construction begins. Home construction costs are specifically identified and recorded to individual homes. Cost of sales for homes closed includes the specific construction costs of each home and all applicable land acquisition, land development and related costs (both incurred and estimated to be incurred) allocated to each residential lot based upon the total number of homes expected to be closed in each community. Cost of sales for lots sold includes all applicable land acquisition, land development and related costs (both incurred and estimated to be incurred) allocated to each residential lot in the community. Any changes to the estimated total development costs subsequent to the initial home or lot closings in a community are generally allocated on a pro-rata basis to the remaining homes or lots in the community associated with the relevant development activity. When a home is closed, the Company generally has not paid all incurred costs necessary to complete the home. A liability and a corresponding charge to cost of sales are recorded for the amount estimated to ultimately be paid related to completed homes that have been closed. Home construction budgets are compared to actual recorded costs to determine the additional costs remaining to be paid on each closed home. The Company rarely purchases land for resale. However, when the Company owns land or communities under development that do not fit into its development and construction plans, and the Company determines that it will sell the asset, the project is accounted for as land held for sale if certain criteria are met. The Company records land held for sale at the lesser of its carrying value or fair value less estimated costs to sell. 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. If indicators of impairment are present for a community, the Company performs an impairment evaluation of the community, which includes an analysis to determine if the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If so, impairment charges are recorded to cost of sales if the fair value of such assets is less than their carrying amounts. Impairment charges are also recorded on finished homes in substantially completed communities when events or circumstances indicate that the carrying values are greater than the fair values less estimated costs to sell these homes. The key assumptions relating to inventory valuations are impacted by local market and economic conditions and are inherently uncertain. Due to uncertainties in the estimation process, actual results could differ from such estimates. See Note C.
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 fiscal 2020, 2019 and 2018, the Company’s active inventory exceeded its debt level, and all interest incurred was capitalized to inventory. See Note E.
Land Option Deposits and Pre-Acquisition Costs	Land Purchase Contract Deposits and Pre-Acquisition Costs 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. See Notes C and L.
Variable Interests	Variable Interests Land purchase contracts can result in the creation of a variable interest in the entity holding the land parcel under contract. There were no variable interest entities reported in the consolidated balance sheet at September 30, 2020 because, with regard to each entity, the Company determined it did not control the activities that most significantly impact the variable interest entity’s economic performance. At September 30, 2019, there was one variable interest entity reported in the Company’s consolidated balance sheet as a result of the related party transaction described in Note O. The maximum exposure to losses related to the Company’s unconsolidated variable interest entities is limited to the amounts of the Company’s related deposits. At September 30, 2020 and 2019, the deposits related to these contracts totaled $519.6 million and $396.9 million, respectively, and are included in other assets in the consolidated balance sheets.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Repairs and maintenance costs are expensed as incurred. Property under construction is not depreciated until the property is placed in service. Depreciation generally is recorded using the straight-line method over the estimated useful life of the asset. The depreciable life of model home furniture is 2 years, depreciable lives of other furniture and equipment typically range from 2 to 5 years, and depreciable lives of buildings and improvements typically range from 5 to 30 years. The depreciable lives of single-family rental homes and multi-family rental buildings typically range from 25 to 30 years. See Note F.
Business Acquisitions	Business Acquisitions The Company accounts for acquisitions of businesses by allocating the purchase price of the business to the various assets acquired and liabilities assumed at their respective fair values. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is often required in estimating the fair value of assets acquired, particularly intangible assets. These estimates and assumptions are based on historical experience, information obtained from the management of the acquired companies and the Company’s estimates of significant assumptions that a market participant would use when determining fair value. While the Company believes the estimates and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions.
Goodwill	Goodwill The Company records goodwill associated with its acquisitions of businesses when the purchase price of the business exceeds the fair value of the identifiable net assets acquired. Goodwill balances are evaluated for potential impairment on at least an annual basis by performing a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of an operating segment with goodwill is less than its carrying amount. If the qualitative assessment indicates that additional impairment testing is required, then a quantitative assessment is performed to determine the operating segment’s fair value. The estimated fair value is determined by discounting the future cash flows of the operating segment to present value. If the carrying value of the operating segment exceeds its fair value, the Company determines if an impairment exists based on the implied fair value of the operating segment’s goodwill. As a result of the qualitative assessments performed in fiscal 2020, 2019 and 2018, no impairment charges were indicated or recorded. The Company’s goodwill balances by reporting segment were as follows: September 30, 2020 2019 (In millions) East $ 26.4 $ 26.4 Midwest 49.7 49.7 Southeast 40.1 40.1 South Central 15.9 15.9 Southwest — — West 2.2 2.2 Forestar 29.2 29.2 Total goodwill $ 163.5 $ 163.5
Warranty Claims	Warranty Claims The Company typically provides its homebuyers with a ten-year limited warranty for major defects in structural elements such as framing components and foundation systems, a two-year limited warranty on major mechanical systems and a one-year limited warranty on other construction components. Since the Company subcontracts its construction work to subcontractors who typically provide it with an indemnity and a certificate of insurance prior to receiving payments for their work, claims relating to workmanship and materials are generally the primary responsibility of the subcontractors. Warranty liabilities have been established by charging cost of sales for each home delivered. The amounts charged are based on management’s estimate of expected warranty-related costs under all unexpired warranty obligation periods. 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. See Note L.
Legal Claims and Insurance	Legal Claims and Insurance The Company records expenses and liabilities for legal claims related to construction defect matters, personal injury claims, employment matters, land development issues, contract disputes and other matters. The amounts recorded for these contingencies are based on the estimated costs of pending claims and the estimated costs of anticipated future claims related to previously closed homes. The Company estimates and records receivables under its applicable insurance policies for these legal claims 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. See Note L.
Advertising Costs	Advertising Costs The Company expenses advertising costs as incurred. Advertising expense was approximately $41.7 million, $47.0 million and $44.1 million in fiscal 2020, 2019 and 2018, respectively.
Income Taxes	Income Taxes The Company’s income tax expense is calculated using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement amounts of assets and liabilities and their respective tax bases and attributable to net operating losses and tax credit carryforwards. When assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income in future periods and in the jurisdictions in which those temporary differences become deductible. The Company records a valuation allowance when it determines it is more likely than not that a portion of the deferred tax assets will not be realized. The 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 and liabilities. See Note H. Interest and penalties related to unrecognized tax benefits are recognized in the financial statements as a component of income tax expense. Significant judgment is required to evaluate uncertain tax positions. The Company evaluates its uncertain tax positions on a quarterly basis. The evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law, correspondence with tax authorities during the course of audits and effective settlement of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in increases or decreases in the Company’s income tax expense in the period in which the change is made. The Company’s unrecognized tax benefits totaled $8.9 million at September 30, 2020 and were insignificant at September 30, 2019.
Earnings Per Share	Earnings Per Share Basic earnings per share is based on the weighted average number of shares of common stock outstanding during each year. Diluted earnings per share is based on the weighted average number of shares of common stock and dilutive securities outstanding during each year. See Note I.
Stock-Based Compensation	Stock-Based Compensation The Company’s stockholders formally authorize shares of its common stock to be available for future grants of stock-based compensation awards. From time to time, the Compensation Committee of the Company’s Board of Directors authorizes the grant of stock-based compensation to its employees and directors from these available shares. At September 30, 2020, the outstanding stock-based compensation awards include stock options and restricted stock units. Grants of restricted stock units vest over a certain number of years as determined by the Compensation Committee of the Board of Directors. Restricted stock units outstanding at September 30, 2020 have a remaining vesting period up to 4.4 years. Stock options are granted at exercise prices which equal the market value of the Company’s common stock at the date of the grant. All stock options outstanding at September 30, 2020 have vested and expire 10 years after the dates on which they were granted. The compensation expense for stock-based awards is based on the fair value of the award and is recognized on a straight-line basis over the remaining vesting period. The fair values of restricted stock units are based on the Company’s stock price on the date of grant. The fair values of stock options granted are calculated on the date of grant using a Black-Scholes option pricing model. Determining the fair value of stock options requires judgment in developing assumptions and involves a number of estimates. These estimates include, but are not limited to, the expected stock price volatility over the term of the awards, the expected dividend yield and expected stock option exercise behavior. See Note K.
Fair Value Measurements	Fair Value Measurements The FASB’s authoritative guidance for fair value measurements establishes a three-level hierarchy based upon the inputs to the valuation model of an asset or liability. When available, the Company uses quoted market prices in active markets to determine fair value. The Company considers the principal market and nonperformance risk associated with the Company’s counterparties when determining the fair value measurements, if applicable. Fair value measurements are used for the Company’s mortgage loans held for sale, debt securities collateralized by residential real estate, mortgage servicing rights, interest rate lock commitments and other derivative instruments on a recurring basis and are used for inventories, other mortgage loans and real estate owned on a nonrecurring basis, when events and circumstances indicate that the carrying value is not recoverable. See Note N.
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	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 that 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 or 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 can be applied prospectively through December 31, 2022. The Company will adopt this standard when LIBOR is discontinued and does not expect it to have a material impact on its consolidated financial statements or related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Goodwill by reporting segment	The Company’s goodwill balances by reporting segment were as follows: September 30, 2020 2019 (In millions) East $ 26.4 $ 26.4 Midwest 49.7 49.7 Southeast 40.1 40.1 South Central 15.9 15.9 Southwest — — West 2.2 2.2 Forestar 29.2 29.2 Total goodwill $ 163.5 $ 163.5

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Reporting segment results	Financial information relating to the Company’s reporting segments is as follows: September 30, 2020 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Assets Cash and cash equivalents $ 2,551.1 $ 394.3 $ 55.6 $ 17.5 $ — $ — $ 3,018.5 Restricted cash 9.5 — 11.9 0.2 — — 21.6 Inventories: Construction in progress and finished homes 6,037.5 — — — (53.4) — 5,984.1 Residential land and lots — developed and under development 4,901.4 1,304.3 — — (34.3) 0.4 6,171.8 Land held for development 47.8 5.4 — — — — 53.2 Land held for sale 28.3 — — — — — 28.3 11,015.0 1,309.7 — — (87.7) 0.4 12,237.4 Mortgage loans held for sale — — 1,529.0 — — — 1,529.0 Deferred income taxes, net 142.3 — — — 8.4 (5.8) 144.9 Property and equipment, net 372.8 1.1 3.9 308.9 (3.0) — 683.7 Other assets 996.4 34.8 125.8 52.8 (103.6) 7.5 1,113.7 Goodwill 134.3 — — — — 29.2 163.5 $ 15,221.4 $ 1,739.9 $ 1,726.2 $ 379.4 $ (185.9) $ 31.3 $ 18,912.3 Liabilities Accounts payable $ 859.3 $ 29.2 $ — $ 12.0 $ — $ — $ 900.5 Accrued expenses and other liabilities 1,438.3 197.8 86.8 12.2 (112.4) (15.7) 1,607.0 Notes payable 2,514.4 641.1 1,132.6 — (4.8) — 4,283.3 $ 4,812.0 $ 868.1 $ 1,219.4 $ 24.2 $ (117.2) $ (15.7) $ 6,790.8 _____________ (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. Year Ended September 30, 2020 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues Home sales $ 19,560.8 $ — $ — $ — $ — $ — $ 19,560.8 Land/lot sales and other 83.1 931.8 — 37.9 (887.4) — 165.4 Financial services — — 584.9 — — — 584.9 19,643.9 931.8 584.9 37.9 (887.4) — 20,311.1 Cost of sales Home sales (5) 15,305.8 — — — (58.6) — 15,247.2 Land/lot sales and other 58.3 812.8 — — (769.0) 0.1 102.2 Inventory and land option charges 22.9 0.9 — — — — 23.8 15,387.0 813.7 — — (827.6) 0.1 15,373.2 Selling, general and administrative expense 1,603.6 45.7 364.7 33.3 — 0.5 2,047.8 Equity in earnings of unconsolidated entities — (0.7) — — — — (0.7) Gain on sale of assets — (0.1) — (59.4) — — (59.5) Other (income) expense (11.7) (4.9) (25.0) 8.9 — — (32.7) Income before income taxes $ 2,665.0 $ 78.1 $ 245.2 $ 55.1 $ (59.8) $ (0.6) $ 2,983.0 Summary Cash Flow Information Depreciation and amortization $ 68.2 $ 0.3 $ 1.6 $ 9.8 $ — $ 0.5 $ 80.4 Cash provided by (used in) operating activities $ 1,904.2 $ (168.5) $ (292.8) $ (4.5) $ (16.8) $ — $ 1,421.6 _____________ (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. Year Ended September 30, 2019 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues Home sales $ 16,925.0 $ — $ — $ — $ — $ — $ 16,925.0 Land/lot sales and other 91.9 428.3 — 32.6 (326.6) — 226.2 Financial services — — 441.7 — — — 441.7 17,016.9 428.3 441.7 32.6 (326.6) — 17,592.9 Cost of sales Home sales (5) 13,507.1 — — — (8.3) — 13,498.8 Land/lot sales and other 75.1 361.9 — — (287.4) 18.5 168.1 Inventory and land option charges 53.2 0.8 — — — — 54.0 13,635.4 362.7 — — (295.7) 18.5 13,720.9 Selling, general and administrative expense 1,482.3 28.9 293.0 27.8 — 0.5 1,832.5 Equity in earnings of unconsolidated entities — (0.5) — — — — (0.5) Gain on sale of assets (2.0) (3.0) — (51.9) — 3.0 (53.9) Other (income) expense (9.5) (5.5) (17.6) 1.2 — — (31.4) Income before income taxes $ 1,910.7 $ 45.7 $ 166.3 $ 55.5 $ (30.9) $ (22.0) $ 2,125.3 Summary Cash Flow Information Depreciation and amortization $ 63.7 $ 0.2 $ 1.5 $ 6.1 $ — $ 0.5 $ 72.0 Cash provided by (used in) operating activities $ 1,438.0 $ (391.3) $ (150.2) $ 2.5 $ (2.5) $ (4.4) $ 892.1 _____________ (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. Year Ended September 30, 2018 Homebuilding Forestar (1) Financial Services Other (2) Eliminations (3) Other Adjustments (4) Consolidated (In millions) Revenues Home sales $ 15,502.0 $ — $ — $ — $ — $ — $ 15,502.0 Land/lot sales and other 121.8 109.2 — — (39.1) (1.2) 190.7 Financial services — — 375.3 — — — 375.3 15,623.8 109.2 375.3 — (39.1) (1.2) 16,068.0 Cost of sales Home sales (5) 12,195.5 — — — (1.2) — 12,194.3 Land/lot sales and other 99.1 68.0 — — (30.1) 16.4 153.4 Inventory and land option charges 48.8 1.0 — — — 0.6 50.4 12,343.4 69.0 — — (31.3) 17.0 12,398.1 Selling, general and administrative expense 1,346.2 32.8 272.6 24.7 — 0.5 1,676.8 Equity in earnings of unconsolidated entities — (12.4) — — 2.5 7.1 (2.8) Gain on sale of assets (15.8) (27.7) — — — 24.7 (18.8) Interest expense — 5.8 — — (5.8) — — Other (income) expense (7.2) (7.0) (15.1) (17.0) — 1.0 (45.3) Income (loss) before income taxes $ 1,957.2 $ 48.7 $ 117.8 $ (7.7) $ (4.5) $ (51.5) $ 2,060.0 Summary Cash Flow Information Depreciation and amortization $ 53.4 $ 0.3 $ 1.4 $ 6.8 $ — $ 0.5 $ 62.4 Cash provided by (used in) operating activities $ 1,001.7 $ (320.3) $ (116.6) $ 0.8 $ (10.5) $ (9.9) $ 545.2 ______________ (1) Results are presented from the date of acquisition and on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. All purchase accounting adjustments are included in the Other Adjustments column. (2) Amounts represent the aggregate results of certain subsidiaries that are immaterial for separate reporting. (3) Amounts represent the elimination of intercompany transactions and the reclassification of Forestar interest expense to inventory. (4) Amounts represent purchase accounting adjustments related to the Forestar acquisition. (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) September 30, 2020 2019 (In millions) East $ 1,328.3 $ 1,288.8 Midwest 958.5 836.8 Southeast 2,919.9 2,768.0 South Central 2,879.9 2,533.2 Southwest 695.8 574.4 West 2,009.1 2,056.0 Corporate and unallocated (2) 223.5 228.4 $ 11,015.0 $ 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 Year Ended September 30, 2020 2019 2018 (In millions) Revenues East $ 2,642.3 $ 2,290.2 $ 1,893.4 Midwest 1,429.0 1,123.1 858.9 Southeast 5,845.2 4,977.8 4,578.6 South Central 4,998.1 4,202.4 3,769.9 Southwest 881.6 772.6 768.7 West 3,847.7 3,650.8 3,754.3 $ 19,643.9 $ 17,016.9 $ 15,623.8 Inventory and Land Option Charges East $ 1.8 $ 2.7 $ 2.3 Midwest 2.2 3.5 5.1 Southeast 7.8 10.7 28.8 South Central 6.7 11.6 4.6 Southwest 0.1 0.5 0.9 West 4.3 24.2 7.1 $ 22.9 $ 53.2 $ 48.8 Income Before Income Taxes (1) East $ 357.0 $ 238.8 $ 217.3 Midwest 128.8 57.7 77.5 Southeast 841.0 584.7 536.0 South Central 758.0 551.1 506.1 Southwest 136.9 100.4 97.4 West 443.3 378.0 522.9 $ 2,665.0 $ 1,910.7 $ 1,957.2 ________________________ (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)	12 Months Ended
	Sep. 30, 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: September 30, 2020 2019 (In millions) Homebuilding: Unsecured: Revolving credit facility $ — $ — 364-day revolving credit facility — — 4.0% senior notes due 2020 (1) — 499.6 2.55% senior notes due 2020 (1) 399.8 398.9 4.375% senior notes due 2022 (1) 349.2 348.8 4.75% senior notes due 2023 (1) 299.2 298.9 5.75% senior notes due 2023 (1) 398.7 398.4 2.5% senior notes due 2024 (1) 496.5 — 2.6% senior notes due 2025 (1) 495.1 — Other secured notes (2) 71.1 103.0 2,509.6 2,047.6 Forestar: Unsecured: Revolving credit facility — — 3.75% convertible senior notes due 2020 (3) — 119.1 8.0% senior notes due 2024 (4) 345.2 343.8 5.0% senior notes due 2028 (4) 295.9 — 641.1 462.9 Financial Services: Mortgage repurchase facility 1,132.6 888.9 $ 4,283.3 $ 3,399.4 ______________________ (1) Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $10.7 million and $5.4 million at September 30, 2020 and 2019, respectively. (2) Homebuilding other secured notes at September 30, 2020 excludes $4.8 million of earnest money notes payable due to Forestar. These intercompany notes are eliminated in consolidation. (3) Forestar’s 3.75% convertible senior notes due March 2020 included an unamortized fair value adjustment of $2.4 million at September 30, 2019. (4) Debt issuance costs that were deducted from the carrying amount of Forestar’s senior notes totaled $8.9 million and $6.2 million at September 30, 2020 and 2019, respectively.
Summary of notes payable terms	The key terms of the Company’s homebuilding senior notes outstanding as of September 30, 2020 are summarized below. Notes Payable Principal Amount Date Issued Date Due Redeemable Effective (In millions) 2.55% senior notes $400 December 2017 December 1, 2020 Yes 2.8% 4.375% senior notes $350 September 2012 September 15, 2022 Yes 4.5% 4.75% senior notes $300 February 2013 February 15, 2023 Yes 4.9% 5.75% senior notes $400 August 2013 August 15, 2023 Yes 5.9% 2.5% senior notes $500 October 2019 October 15, 2024 Yes 2.7% 2.6% senior notes $500 May 2020 October 15, 2025 Yes 2.8% _____________ (1) The Company may redeem the notes in whole at any time or in part from time to time, at a redemption price equal to the greater of 100% of their principal amount or the present value of the remaining scheduled payments discounted to the redemption date, plus accrued and unpaid interest. In addition, the 4.375% senior notes, 4.75% senior notes and 5.75% senior notes are redeemable at a redemption price of 100% of their principal amount, plus accrued and unpaid interest, on or after the date that is three months prior to the final maturity date of the notes, and the 2.5% senior notes and 2.6% senior notes are redeemable at a redemption price of 100% of their principal amount, plus accrued and unpaid interest, on or after the date that is one month prior to the final maturity date of the notes. (2) Interest is payable semi-annually on each of the series of senior notes. The annual effective interest rate is calculated after giving effect to the amortization of debt issuance costs.

Capitalized Interest (Tables)

Capitalized Interest (Tables)	12 Months Ended
	Sep. 30, 2020
Interest Costs Incurred [Abstract]
Interest costs incurred, capitalized and expensed	The following table summarizes the Company’s interest costs incurred, capitalized and expensed during the years ended September 30, 2020, 2019 and 2018. Year Ended September 30, 2020 2019 2018 (In millions) Capitalized interest, beginning of year $ 180.1 $ 162.7 $ 167.9 Interest incurred (1) 153.3 140.2 125.4 Interest charged to cost of sales (125.7) (122.8) (130.6) Capitalized interest, end of year $ 207.7 $ 180.1 $ 162.7 _________________________ (1) Interest incurred included interest on the Company's mortgage repurchase facility of $19.1 million, $16.1 million and $12.1 million in fiscal 2020, 2019 and 2018, respectively. Also included in interest incurred is Forestar interest of $41.2 million, $19.4 million and $3.4 million in fiscal 2020, 2019 and 2018, respectively.

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	12 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	The Company’s property and equipment balances and the related accumulated depreciation at September 30, 2020 and 2019 are summarized below. September 30, 2020 2019 (In millions) Homebuilding Buildings and improvements $ 267.4 $ 240.2 Model home furniture 134.0 128.3 Office furniture and equipment 108.1 107.4 Land 32.3 21.7 Single-family rental operations Single-family rental properties 68.1 6.4 Land 19.1 — Total single-family rental operations 87.2 6.4 Accumulated depreciation (256.2) (231.6) Total homebuilding 372.8 272.4 Other Businesses Multi-family rental operations Multi-family rental properties 173.8 116.1 Land 58.3 38.0 Total multi-family rental operations 232.1 154.1 Oil and gas related assets 69.7 56.9 Office furniture and equipment 15.6 15.1 Land 19.7 16.0 Accumulated depreciation (28.2) (20.9) Total other businesses 308.9 221.2 Forestar, net 1.1 2.4 Financial services, net 3.9 3.2 Eliminations (3.0) — Property and equipment, net $ 683.7 $ 499.2

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Components of income tax expense (benefit)	The components of the Company’s income tax expense are as follows: Year Ended September 30, 2020 2019 2018 (In millions) Current tax expense: Federal $ 484.0 $ 407.3 $ 373.2 State 104.4 79.3 53.6 588.4 486.6 426.8 Deferred tax expense (benefit): Federal 20.0 13.9 158.7 State (5.9) 6.2 12.2 14.1 20.1 170.9 Total income tax expense $ 602.5 $ 506.7 $ 597.7
Comparison of income tax expense (benefit) and tax computed at the statutory rate	Differences between income tax expense and tax computed by applying the federal statutory rate of 21% in fiscal 2020 and 2019, and 24.5% in fiscal 2018 to income before income taxes during each year is due to the following: Year Ended September 30, 2020 2019 2018 (In millions) Income taxes at federal statutory rate $ 626.4 $ 446.3 $ 505.0 Increase (decrease) in tax resulting from: State income taxes, net of federal benefit 79.1 69.1 59.4 Domestic production activities deduction — — (36.7) Valuation allowance (11.2) (0.2) (7.3) Tax credits (93.4) (1.6) (19.0) Excess tax benefit from stock-based compensation (22.3) (16.1) (21.2) Tax law change — — 108.7 Tax contingencies 8.9 — — Other 15.0 9.2 8.8 Total income tax expense $ 602.5 $ 506.7 $ 597.7
Components of deferred tax assets and liabilities	Components of deferred income taxes are summarized as follows: September 30, 2020 2019 (In millions) Deferred tax assets: Inventory costs $ 37.6 $ 39.8 Inventory impairments 21.5 27.9 Warranty and construction defect costs 156.7 135.1 Net operating loss carryforwards 17.5 31.5 Tax credit carryforwards 2.1 3.5 Incentive compensation plans 68.3 65.1 Other 15.6 7.2 Total deferred tax assets 319.3 310.1 Valuation allowance (7.5) (18.7) Total deferred tax assets, net of valuation allowance $ 311.8 $ 291.4 Deferred tax liabilities: Deferral of profit on home closings 131.9 95.4 Depreciation of fixed assets 19.0 14.2 Other 16.0 18.7 Total deferred tax liabilities $ 166.9 $ 128.3 Deferred income taxes, net $ 144.9 $ 163.1
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amounts of unrecognized tax benefits for fiscal 2020 is as follows. Year Ended September 30, 2020 (In millions) Unrecognized tax benefits, beginning of year $ — Additions attributable to tax positions taken in the current year 8.9 Additions attributable to tax positions taken in prior years — Settlements — Unrecognized tax benefits, end of year $ 8.9

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Numerator and denominator used to compute basic and diluted earnings (loss) per share	The following table sets forth the computation of basic and diluted earnings per share. Year Ended September 30, 2020 2019 2018 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 2,373.7 $ 1,618.5 $ 1,460.3 Denominator: Denominator for basic earnings per share — weighted average common shares 365.5 372.6 376.6 Effect of dilutive securities: Employee stock awards 4.7 4.8 6.8 Denominator for diluted earnings per share — adjusted weighted average common shares 370.2 377.4 383.4 Basic net income per common share attributable to D.R. Horton, Inc. $ 6.49 $ 4.34 $ 3.88 Diluted net income per common share attributable to D.R. Horton, Inc. $ 6.41 $ 4.29 $ 3.81

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Sep. 30, 2020
Compensation Related Costs [Abstract]
Summarized information related to activity under the Company's Stock Incentive Plan	The Company did not grant stock options during fiscal 2020, 2019 or 2018. The following table provides information related to stock option activity during those years. Year Ended September 30, 2020 2019 2018 Stock Options Weighted Average Stock Options Weighted Average Stock Options Weighted Average Outstanding at beginning of year 3,184,157 $ 19.53 5,856,959 $ 17.25 8,431,348 $ 16.92 Exercised (959,742) 18.58 (2,634,802) 14.47 (2,547,139) 16.10 Cancelled or expired — — (38,000) 18.98 (27,250) 22.08 Outstanding at end of year 2,224,415 $ 19.94 3,184,157 $ 19.53 5,856,959 $ 17.25 Exercisable at end of year 2,224,415 $ 19.94 3,184,157 $ 19.53 4,955,392 $ 17.07
Additional information related to performance-based RSUs outstanding	The following table provides additional information related to the performance-based RSUs outstanding at September 30, 2020. Grant Date Vesting Date Target Number of Performance Units Grant Date Fair Value per Unit Compensation Expense 2020 2019 2018 (In millions) November 2017 September 2020 330,000 $ 45.79 $ 7.7 $ 8.9 $ 4.8 November 2018 September 2021 360,000 37.75 6.7 6.1 — November 2019 September 2022 360,000 52.54 9.3 — — $ 23.7 $ 15.0 $ 4.8
Additional information related to time-based RSU activity	The following table provides additional information related to time-based RSU activity during fiscal 2020, 2019 and 2018. The number of restricted stock units vested in fiscal 2020 and 2019 includes shares of common stock withheld by the Company on behalf of employees to satisfy the tax withholding requirements. Year Ended September 30, 2020 2019 2018 Number of Weighted Average Number of Weighted Average Number of Weighted Average Outstanding at beginning of year 4,889,534 $ 33.01 4,797,922 $ 31.77 4,365,782 $ 26.09 Granted 1,657,935 35.98 1,796,200 33.75 1,747,870 41.82 Vested (1,651,840) 30.85 (1,430,826) 29.83 (1,149,055) 25.80 Cancelled (169,928) 33.24 (273,762) 32.82 (166,675) 29.56 Outstanding at end of year 4,725,701 $ 34.79 4,889,534 $ 33.01 4,797,922 $ 31.77

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Changes in warranty liability	Changes in the Company’s warranty liability during fiscal 2020 and 2019 were as follows: September 30, 2020 2019 (In millions) Warranty liability, beginning of year $ 247.3 $ 202.0 Warranties issued 114.4 92.7 Changes in liability for pre-existing warranties 25.5 32.0 Settlements made (77.0) (79.4) Warranty liability, end of year $ 310.2 $ 247.3
Rollforward of reserves for legal claims	Changes in the Company’s legal claims reserves during fiscal 2020 and 2019 were as follows: September 30, 2020 2019 (In millions) Reserves for legal claims, beginning of year $ 434.7 $ 408.1 Increase in reserves 83.2 49.2 Payments (44.1) (22.6) Reserves for legal claims, end of year $ 473.8 $ 434.7
Minimum annual lease payments	At September 30, 2020, the future minimum annual lease payments under these agreements are as follows (in millions): Fiscal 2021 $ 17.4 Fiscal 2022 10.8 Fiscal 2023 6.0 Fiscal 2024 3.8 Fiscal 2025 1.4 Thereafter 0.1 $ 39.5

Other Assets, Accrued Expense_2

Other Assets, Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Sep. 30, 2020
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
Homebuilding other assets	The Company’s other assets at September 30, 2020 and 2019 were as follows: September 30, 2020 2019 (In millions) Earnest money and refundable deposits $ 657.1 540.0 Insurance receivables 81.2 75.1 Other receivables 143.1 103.6 Prepaid assets 46.0 49.6 Interest rate lock commitments 31.3 19.2 Margin deposits 16.2 19.6 Multi-family rental property held for sale — 28.9 Contract assets - insurance agency commissions 47.1 39.3 Lease right of use assets 34.7 — Mortgage servicing rights 17.1 — Other 39.9 37.5 $ 1,113.7 $ 912.8
Homebuilding accrued expenses and other liabilities	The Company’s accrued expenses and other liabilities at September 30, 2020 and 2019 were as follows: September 30, 2020 2019 (In millions) Reserves for legal claims $ 473.8 $ 434.7 Employee compensation and related liabilities 376.1 282.1 Warranty liability 310.2 247.3 Mortgage hedging instruments and loan commitments 16.5 — Accrued interest 35.3 26.3 Federal and state income tax liabilities 42.6 33.4 Inventory related accruals 59.7 61.5 Customer deposits 93.1 57.7 Accrued property taxes 44.1 40.1 Lease liabilities 37.0 — Other 118.6 95.0 $ 1,607.0 $ 1,278.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Sep. 30, 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 September 30, 2020 and 2019, and the changes in the fair value of the Level 3 assets during fiscal 2020 and 2019. Fair Value at September 30, 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 (1) Mortgage loans held for sale — 1,503.2 15.1 1,518.3 Mortgage servicing rights (2) Other assets — — 17.1 17.1 Derivatives not designated as hedging instruments (3): Interest rate lock commitments Other assets — 31.3 — 31.3 Forward sales of mortgage-backed securities Other liabilities — (16.2) — (16.2) 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 (1) Mortgage loans held for sale — 1,055.3 9.8 1,065.1 Derivatives not designated as hedging instruments (3): 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) Level 3 Assets at Fair Value for the Year Ended September 30, 2020 Balance at Net realized and unrealized gains (losses) Purchases / Originations Sales and Settlements Principal Reductions Net transfers to (out of) Level 3 Balance at (In millions) Debt securities collateralized by residential real estate $ 3.9 $ — $ — $ — $ — $ — $ 3.9 Mortgage loans held for sale (1) 9.8 0.2 — (2.6) — 7.7 15.1 Mortgage servicing rights (2) — 1.9 15.2 — — — 17.1 Level 3 Assets at Fair Value for the Year Ended September 30, 2019 Balance at Net realized and unrealized gains (losses) Purchases / Originations Sales and Settlements Principal Reductions Net transfers to (out of) Level 3 Balance at (In millions) Debt securities collateralized by residential real estate $ 3.9 $ — $ — $ — $ — $ — $ 3.9 Mortgage loans held for sale (1) 7.8 0.9 — (5.4) — 6.5 9.8 ___________________________________________ (1) 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 September 30, 2020 and 2019 include $15.1 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. Mortgage loans held for sale totaling $7.7 million and $6.5 million were transferred to Level 3 during fiscal 2020 and 2019, respectively, due to significant unobservable inputs used in determining the fair value of these loans. The fair value of these mortgage loans held for sale is generally calculated considering pricing in the secondary market and adjusted for the value of the underlying collateral, including interest rate risk, liquidity risk and prepayment risk. The Company plans to sell these loans as market conditions permit. (2) Although the majority of the Company’s mortgage loans are sold on a servicing-released basis, when the servicing rights are retained, the Company records them at fair value using third-party valuations. The valuation at the time the servicing asset is retained is reflected in the purchases/originations column with subsequent changes in value classified as realized and unrealized gains (losses). The key assumptions used in the valuation, which are generally unobservable inputs, are mortgage prepayment rates, discount rates and delinquency rates, which were 13%, 11% and 5%, respectively, at September 30, 2020. (3) Fair value measurements of these derivatives represent changes in fair value, as calculated by reference to quoted prices for similar assets, and are reflected in the balance sheet as other assets or accrued expenses and other liabilities. Changes in the fair value of these derivatives are included in revenues in the consolidated statements of operations. The net fair value change in fiscal 2020 and 2019 was not significant.
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 September 30, 2020 and 2019. Fair Value at September 30, Balance Sheet Location 2020 2019 Level 2 Level 3 Level 2 Level 3 (In millions) Inventory held and used (1) (2) Inventories $ — $ — $ — $ 4.5 Mortgage loans held for sale (1) (3) Mortgage loans held for sale 1.5 2.2 — 2.7 Other mortgage loans (1) (4) Other assets 0.6 2.0 — 1.8 ______________ (1) 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. (2) In performing its impairment analysis of communities, discount rates ranging from 16% to 18% were used in the periods presented. (3) 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).
Fair value of financial assets and liabilities	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 September 30, 2020 and 2019. Carrying Value Fair Value at September 30, 2020 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (1) $ 3,018.5 $ 3,018.5 $ — $ — $ 3,018.5 Restricted cash (1) 21.6 21.6 — — 21.6 Notes payable (2) (3) 4,283.3 — 3,285.5 1,203.7 4,489.2 Carrying Value Fair Value at September 30, 2019 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (1) $ 1,494.3 $ 1,494.3 $ — $ — $ 1,494.3 Restricted cash (1) 19.7 19.7 — — 19.7 Notes payable (2) (3) 3,399.4 — 2,533.9 991.9 3,525.8 ______________ (1) 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. (2) The fair value of the senior notes is determined based on quoted prices, which is classified as Level 2 within the fair value hierarchy. (3) 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.

Quarterly Results of Operatio_2

Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Sep. 30, 2020
Quarterly Financial Data [Abstract]
Summary of quarterly results of operations	Consolidated quarterly results of operations for fiscal 2020 and 2019 were (in millions, except per share amounts): Fiscal 2020 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenues $ 4,020.7 $ 4,500.0 $ 5,390.0 $ 6,400.4 Income before income taxes 523.3 621.3 782.4 1,056.1 Income tax expense (1) 90.8 137.3 149.5 224.9 Net income 432.5 484.0 632.9 831.2 Net income attributable to noncontrolling interests 1.2 1.3 2.2 2.2 Net income attributable to D.R. Horton, Inc. 431.3 482.7 630.7 829.0 Basic net income per common share attributable to D.R. Horton, Inc. 1.17 1.32 1.73 2.28 Diluted net income per common share attributable to D.R. Horton, Inc. 1.16 1.30 1.72 2.24 Fiscal 2019 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenues $ 3,519.0 $ 4,128.7 $ 4,906.3 $ 5,038.9 Income before income taxes 375.7 462.8 626.7 660.1 Income tax expense 89.0 108.4 153.1 156.2 Net income 286.7 354.4 473.6 503.9 Net (loss) income attributable to noncontrolling interests (0.5) 3.1 (1.2) (1.4) Net income attributable to D.R. Horton, Inc. 287.2 351.3 474.8 505.3 Basic net income per common share attributable to D.R. Horton, Inc. 0.77 0.94 1.28 1.37 Diluted net income per common share attributable to D.R. Horton, Inc. 0.76 0.93 1.26 1.35 ___________________ (1) Income tax expense in the first, second, third and fourth quarters of fiscal 2020 include a tax benefit of $32.9 million, $6.6 million, $38.1 million and $15.8 million, respectively, related to federal energy efficient homes tax credits that were retroactively reinstated during the first quarter.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Oct. 01, 2019
Business Information [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	65.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	35.00%
Cash and cash equivalents	$ 3,018.5	$ 1,494.3
Advertising expense	41.7	47	$ 44.1
Lease right of use assets	34.7	0		$ 39
Lease liabilities	37	0		$ 40.3
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	8.9
Single Family [Member] | Assets Leased to Others [Member]
Business Information [Line Items]
Prior Period Reclassification Adjustment		37
Variable Interest Entity, Not Primary Beneficiary [Member]
Business Information [Line Items]
Earnest Money Deposits	519.6	396.9
Subsidiaries [Member]
Business Information [Line Items]
Cash and cash equivalents	51.3	48.6
Accounts Receivable [Member]
Business Information [Line Items]
Cash and cash equivalents	$ 237.6	$ 244.8

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Sep. 30, 2020
2510 Household Furniture [Member]
Property and Equipment [Line Items]
Property and Equipment, Useful Life	2 years
Minimum [Member] | Furniture and Fixtures
Property and Equipment [Line Items]
Property and Equipment, Useful Life	2 years
Minimum [Member] | Building and Building Improvements [Member]
Property and Equipment [Line Items]
Property and Equipment, Useful Life	5 years
Minimum [Member] | Assets Leased to Others [Member]
Property and Equipment [Line Items]
Property and Equipment, Useful Life	25 years
Maximum [Member] | Furniture and Fixtures
Property and Equipment [Line Items]
Property and Equipment, Useful Life	5 years
Maximum [Member] | Building and Building Improvements [Member]
Property and Equipment [Line Items]
Property and Equipment, Useful Life	30 years
Maximum [Member] | Assets Leased to Others [Member]
Property and Equipment [Line Items]
Property and Equipment, Useful Life	30 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0
Goodwill	163.5	163.5
Home Building [Member]
Goodwill [Line Items]
Goodwill	134.3	134.3
Home Building [Member] | East [Member]
Goodwill [Line Items]
Goodwill	26.4	26.4
Home Building [Member] | Midwest [Member]
Goodwill [Line Items]
Goodwill	49.7	49.7
Home Building [Member] | Southeast [Member]
Goodwill [Line Items]
Goodwill	40.1	40.1
Home Building [Member] | South Central [Member]
Goodwill [Line Items]
Goodwill	15.9	15.9
Home Building [Member] | Southwest [Member]
Goodwill [Line Items]
Goodwill	0	0
Home Building [Member] | West [Member]
Goodwill [Line Items]
Goodwill	2.2	2.2
Segment Reconciling Items [Member]
Goodwill [Line Items]
Goodwill	$ 29.2	$ 29.2

Summary of Significant Accoun_7

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Stock Based Compensation (Details)	12 Months Ended
	Sep. 30, 2020
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining vesting period	4 years 4 months 24 days
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)OperatingDivisionsStateHomeMarketSegments	Sep. 30, 2020USD ($)StateHomeMarket	Sep. 30, 2019USD ($)Home	Sep. 30, 2018USD ($)
Segment Reporting Information [Line Items]
Proceeds from Sale of Buildings		$ 129.8	$ 143.8	$ 292.9
Gain (Loss) on Sale of Properties		59.5	53.9	$ 18.8
Assets	$ 18,912.3	$ 18,912.3	$ 15,606.6
Home Building [Member]
Segment Reporting Information [Line Items]
Number of homebuilding operating divisions | OperatingDivisions	53
Number of homebuilding reporting segments | Segments	6
Homebuilding percentage of consolidated revenues		97.00%	97.00%	97.00%
Number of housing construction markets | Market	88	88
Number of housing construction states | State	29	29
Gain (Loss) on Sale of Properties		$ 0	$ 2	$ 15.8
Assets	$ 15,221.4	15,221.4	12,715.9
Other Segments [Member]
Segment Reporting Information [Line Items]
Gain (Loss) on Sale of Properties		59.4	51.9	$ 0
Assets	$ 379.4	379.4	317.9
Other Segments [Member] | Multifamily [Member]
Segment Reporting Information [Line Items]
Proceeds from Sale of Buildings		128.5	133.4
Gain (Loss) on Sale of Properties		$ 59.4	$ 51.9
Multi-Family Units, Total | Home	1,730	1,730
Multi-Family Units, Under Active Construction | Home	1,430	1,430
Multi-Family Units, Completed | Home	300	300
Unit Sales, Multi-Family | Home		540	820
Assets	$ 246.2	$ 246.2	$ 204
Other Segments [Member] | Multifamily [Member] | Asset under Construction [Member]
Segment Reporting Information [Line Items]
Number of Projects | Home	5	5
Other Segments [Member] | Multifamily [Member] | Assets Leased to Others [Member]
Segment Reporting Information [Line Items]
Number of Projects | Home	1	1
Forestar Group [Member]
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	49	49
Number of housing construction states | State	21	21

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Assets
Cash and cash equivalents	$ 3,018.5				$ 1,494.3				$ 3,018.5	$ 1,494.3
Restricted cash	21.6				19.7				21.6	19.7
Inventories:
Construction in progress and finished homes	5,984.1				5,245				5,984.1	5,245
Residential land and lots — developed and under development	6,171.8				5,939.4				6,171.8	5,939.4
Land held for development	53.2				77.8				53.2	77.8
Land held for sale	28.3				19.8				28.3	19.8
Total inventories	12,237.4				11,282				12,237.4	11,282
Mortgage loans held for sale	1,529				1,072				1,529	1,072
Deferred income taxes, net	144.9				163.1				144.9	163.1
Property and equipment, net	683.7				499.2				683.7	499.2
Other Assets	1,113.7				912.8				1,113.7	912.8
Goodwill	163.5				163.5				163.5	163.5
Total assets	18,912.3				15,606.6				18,912.3	15,606.6
Liabilities
Accounts payable	900.5				634				900.5	634
Accrued expenses and other liabilities	1,607				1,278.1				1,607	1,278.1
Notes payable	(4,283.3)				(3,399.4)				(4,283.3)	(3,399.4)
Total liabilities	6,790.8				5,311.5				6,790.8	5,311.5
Revenues:
Revenues	6,400.4	$ 5,390	$ 4,500	$ 4,020.7	5,038.9	$ 4,906.3	$ 4,128.7	$ 3,519	20,311.1	17,592.9	$ 16,068
Cost of sales:
Inventory and land option charges									23.8	54	50.4
Cost of sales									15,373.2	13,720.9	12,398.1
Selling, general and administrative expense									2,047.8	1,832.5	1,676.8
Equity in earnings of unconsolidated entities									(0.7)	(0.5)	(2.8)
Gain on sale of assets									(59.5)	(53.9)	(18.8)
Interest Expense											0
Other (income) expense									(32.7)	(31.4)	(45.3)
Income before income taxes	1,056.1	$ 782.4	$ 621.3	$ 523.3	660.1	$ 626.7	$ 462.8	$ 375.7	2,983	2,125.3	2,060
Depreciation and amortization									80.4	72	62.4
Cash provided by (used in) operating activities									1,421.6	892.1	545.2
Segment Reconciling Items [Member]
Assets
Cash and cash equivalents	0				0				0	0
Restricted cash	0				0				0	0
Inventories:
Construction in progress and finished homes	0				0				0	0
Residential land and lots — developed and under development	0.4				2.9				0.4	2.9
Land held for development	0				0				0	0
Land held for sale	0				0				0	0
Total inventories	0.4				2.9				0.4	2.9
Mortgage loans held for sale	0				0				0	0
Deferred income taxes, net	(5.8)				(5.8)				(5.8)	(5.8)
Property and equipment, net	0				0				0	0
Other Assets	7.5				11.1				7.5	11.1
Goodwill	29.2				29.2				29.2	29.2
Total assets	31.3				37.4				31.3	37.4
Liabilities
Accounts payable	0				0				0	0
Accrued expenses and other liabilities	(15.7)				(12.6)				(15.7)	(12.6)
Notes payable	0				(2.4)				0	(2.4)
Total liabilities	(15.7)				(10.2)				(15.7)	(10.2)
Revenues:
Revenues									0	0	(1.2)
Cost of sales:
Inventory and land option charges									0	0	0.6
Cost of sales									0.1	18.5	17
Selling, general and administrative expense									0.5	0.5	0.5
Equity in earnings of unconsolidated entities									0	0	7.1
Gain on sale of assets									0	3	24.7
Interest Expense											0
Other (income) expense									0	0	1
Income before income taxes									(0.6)	(22)	(51.5)
Depreciation and amortization									0.5	0.5	0.5
Cash provided by (used in) operating activities									0	(4.4)	(9.9)
Intersegment Eliminations [Member]
Assets
Cash and cash equivalents	0				0				0	0
Restricted cash	0				0				0	0
Inventories:
Construction in progress and finished homes	(53.4)				(4)				(53.4)	(4)
Residential land and lots — developed and under development	(34.3)				(31.4)				(34.3)	(31.4)
Land held for development	0				0				0	0
Land held for sale	0				0				0	0
Total inventories	(87.7)				(35.4)				(87.7)	(35.4)
Mortgage loans held for sale	0				0				0	0
Deferred income taxes, net	8.4				5.1				8.4	5.1
Property and equipment, net	(3)				0				(3)	0
Other Assets	(103.6)				(88.5)				(103.6)	(88.5)
Goodwill	0				0				0	0
Total assets	(185.9)				(118.8)				(185.9)	(118.8)
Liabilities
Accounts payable	0				0				0	0
Accrued expenses and other liabilities	(112.4)				(93.6)				(112.4)	(93.6)
Notes payable	(4.8)				0				(4.8)	0
Total liabilities	(117.2)				(93.6)				(117.2)	(93.6)
Revenues:
Revenues									(887.4)	(326.6)	(39.1)
Cost of sales:
Inventory and land option charges									0	0	0
Cost of sales									(827.6)	(295.7)	(31.3)
Selling, general and administrative expense									0	0	0
Equity in earnings of unconsolidated entities									0	0	2.5
Gain on sale of assets									0	0	0
Interest Expense											(5.8)
Other (income) expense									0	0	0
Income before income taxes									(59.8)	(30.9)	(4.5)
Depreciation and amortization									0	0	0
Cash provided by (used in) operating activities									(16.8)	(2.5)	(10.5)
Home Building [Member]
Assets
Cash and cash equivalents	2,551.1				1,043				2,551.1	1,043
Restricted cash	9.5				8				9.5	8
Inventories:
Construction in progress and finished homes	6,037.5				5,249				6,037.5	5,249
Residential land and lots — developed and under development	4,901.4				4,956.1				4,901.4	4,956.1
Land held for development	47.8				60.7				47.8	60.7
Land held for sale	28.3				19.8				28.3	19.8
Total inventories	11,015				10,285.6				11,015	10,285.6
Mortgage loans held for sale	0				0				0	0
Deferred income taxes, net	142.3				146.4				142.3	146.4
Property and equipment, net	372.8				272.4				372.8	272.4
Other Assets	996.4				826.2				996.4	826.2
Goodwill	134.3				134.3				134.3	134.3
Total assets	15,221.4				12,715.9				15,221.4	12,715.9
Liabilities
Accounts payable	859.3				598.6				859.3	598.6
Accrued expenses and other liabilities	1,438.3				1,152.5				1,438.3	1,152.5
Notes payable	(2,514.4)				(2,047.6)				(2,514.4)	(2,047.6)
Total liabilities	4,812				3,798.7				4,812	3,798.7
Revenues:
Revenues									19,643.9	17,016.9	15,623.8
Cost of sales:
Inventory and land option charges									22.9	53.2	48.8
Cost of sales									15,387	13,635.4	12,343.4
Selling, general and administrative expense									1,603.6	1,482.3	1,346.2
Equity in earnings of unconsolidated entities									0	0	0
Gain on sale of assets									0	(2)	(15.8)
Interest Expense											0
Other (income) expense									(11.7)	(9.5)	(7.2)
Income before income taxes									2,665	1,910.7	1,957.2
Depreciation and amortization									68.2	63.7	53.4
Cash provided by (used in) operating activities									1,904.2	1,438	1,001.7
Forestar Group [Member]
Assets
Cash and cash equivalents	394.3				382.8				394.3	382.8
Restricted cash	0				0				0	0
Inventories:
Construction in progress and finished homes	0				0				0	0
Residential land and lots — developed and under development	1,304.3				1,011.8				1,304.3	1,011.8
Land held for development	5.4				17.1				5.4	17.1
Land held for sale	0				0				0	0
Total inventories	1,309.7				1,028.9				1,309.7	1,028.9
Mortgage loans held for sale	0				0				0	0
Deferred income taxes, net	0				17.4				0	17.4
Property and equipment, net	1.1				2.4				1.1	2.4
Other Assets	34.8				24.2				34.8	24.2
Goodwill	0				0				0	0
Total assets	1,739.9				1,455.7				1,739.9	1,455.7
Liabilities
Accounts payable	29.2				16.8				29.2	16.8
Accrued expenses and other liabilities	197.8				169.5				197.8	169.5
Notes payable	(641.1)				(460.5)				(641.1)	(460.5)
Total liabilities	868.1				646.8				868.1	646.8
Revenues:
Revenues									931.8	428.3	109.2
Cost of sales:
Inventory and land option charges									0.9	0.8	1
Cost of sales									813.7	362.7	69
Selling, general and administrative expense									45.7	28.9	32.8
Equity in earnings of unconsolidated entities									(0.7)	(0.5)	(12.4)
Gain on sale of assets									(0.1)	(3)	(27.7)
Interest Expense											5.8
Other (income) expense									(4.9)	(5.5)	(7)
Income before income taxes									78.1	45.7	48.7
Depreciation and amortization									0.3	0.2	0.3
Cash provided by (used in) operating activities									(168.5)	(391.3)	(320.3)
Financial Services [Member]
Assets
Cash and cash equivalents	55.6				43.4				55.6	43.4
Restricted cash	11.9				11.6				11.9	11.6
Inventories:
Construction in progress and finished homes	0				0				0	0
Residential land and lots — developed and under development	0				0				0	0
Land held for development	0				0				0	0
Land held for sale	0				0				0	0
Total inventories	0				0				0	0
Mortgage loans held for sale	1,529				1,072				1,529	1,072
Deferred income taxes, net	0				0				0	0
Property and equipment, net	3.9				3.2				3.9	3.2
Other Assets	125.8				68.3				125.8	68.3
Goodwill	0				0				0	0
Total assets	1,726.2				1,198.5				1,726.2	1,198.5
Liabilities
Accounts payable	0				7				0	7
Accrued expenses and other liabilities	86.8				53				86.8	53
Notes payable	(1,132.6)				(888.9)				(1,132.6)	(888.9)
Total liabilities	1,219.4				948.9				1,219.4	948.9
Revenues:
Revenues									584.9	441.7	375.3
Cost of sales:
Inventory and land option charges									0	0	0
Cost of sales									0	0	0
Selling, general and administrative expense									364.7	293	272.6
Equity in earnings of unconsolidated entities									0	0	0
Gain on sale of assets									0	0	0
Interest Expense											0
Other (income) expense									(25)	(17.6)	(15.1)
Income before income taxes									245.2	166.3	117.8
Depreciation and amortization									1.6	1.5	1.4
Cash provided by (used in) operating activities									(292.8)	(150.2)	(116.6)
Other Segments [Member]
Assets
Cash and cash equivalents	17.5				25.1				17.5	25.1
Restricted cash	0.2				0.1				0.2	0.1
Inventories:
Construction in progress and finished homes	0				0				0	0
Residential land and lots — developed and under development	0				0				0	0
Land held for development	0				0				0	0
Land held for sale	0				0				0	0
Total inventories	0				0				0	0
Mortgage loans held for sale	0				0				0	0
Deferred income taxes, net	0				0				0	0
Property and equipment, net	308.9				221.2				308.9	221.2
Other Assets	52.8				71.5				52.8	71.5
Goodwill	0				0				0	0
Total assets	379.4				317.9				379.4	317.9
Liabilities
Accounts payable	12				11.6				12	11.6
Accrued expenses and other liabilities	12.2				9.3				12.2	9.3
Notes payable	0				0				0	0
Total liabilities	24.2				20.9				24.2	20.9
Revenues:
Revenues									37.9	32.6	0
Cost of sales:
Inventory and land option charges									0	0	0
Cost of sales									0	0	0
Selling, general and administrative expense									33.3	27.8	24.7
Equity in earnings of unconsolidated entities									0	0	0
Gain on sale of assets									(59.4)	(51.9)	0
Interest Expense											0
Other (income) expense									8.9	1.2	(17)
Income before income taxes									55.1	55.5	(7.7)
Depreciation and amortization									9.8	6.1	6.8
Cash provided by (used in) operating activities									(4.5)	2.5	0.8
East [Member] | Home Building [Member]
Inventories:
Total inventories	1,328.3				1,288.8				1,328.3	1,288.8
Goodwill	26.4				26.4				26.4	26.4
Revenues:
Revenues									2,642.3	2,290.2	1,893.4
Cost of sales:
Inventory and land option charges									1.8	2.7	2.3
Income before income taxes									357	238.8	217.3
Midwest [Member] | Home Building [Member]
Inventories:
Total inventories	958.5				836.8				958.5	836.8
Goodwill	49.7				49.7				49.7	49.7
Revenues:
Revenues									1,429	1,123.1	858.9
Cost of sales:
Inventory and land option charges									2.2	3.5	5.1
Income before income taxes									128.8	57.7	77.5
Southeast [Member] | Home Building [Member]
Inventories:
Total inventories	2,919.9				2,768				2,919.9	2,768
Goodwill	40.1				40.1				40.1	40.1
Revenues:
Revenues									5,845.2	4,977.8	4,578.6
Cost of sales:
Inventory and land option charges									7.8	10.7	28.8
Income before income taxes									841	584.7	536
South Central [Member] | Home Building [Member]
Inventories:
Total inventories	2,879.9				2,533.2				2,879.9	2,533.2
Goodwill	15.9				15.9				15.9	15.9
Revenues:
Revenues									4,998.1	4,202.4	3,769.9
Cost of sales:
Inventory and land option charges									6.7	11.6	4.6
Income before income taxes									758	551.1	506.1
Southwest [Member] | Home Building [Member]
Inventories:
Total inventories	695.8				574.4				695.8	574.4
Goodwill	0				0				0	0
Revenues:
Revenues									881.6	772.6	768.7
Cost of sales:
Inventory and land option charges									0.1	0.5	0.9
Income before income taxes									136.9	100.4	97.4
West [Member] | Home Building [Member]
Inventories:
Total inventories	2,009.1				2,056				2,009.1	2,056
Goodwill	2.2				2.2				2.2	2.2
Revenues:
Revenues									3,847.7	3,650.8	3,754.3
Cost of sales:
Inventory and land option charges									4.3	24.2	7.1
Income before income taxes									443.3	378	522.9
Corporate, Non-Segment [Member] | Home Building [Member]
Inventories:
Total inventories	$ 223.5				$ 228.4				223.5	228.4
Home Building [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									19,560.8	16,925	15,502
Cost of sales:
Cost of Goods and Services Sold									15,247.2	13,498.8	12,194.3
Home Building [Member] | Segment Reconciling Items [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									0	0	0
Cost of sales:
Cost of Goods and Services Sold									0	0	0
Home Building [Member] | Intersegment Eliminations [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									0	0	0
Cost of sales:
Cost of Goods and Services Sold									(58.6)	(8.3)	(1.2)
Home Building [Member] | Home Building [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									19,560.8	16,925	15,502
Cost of sales:
Cost of Goods and Services Sold									15,305.8	13,507.1	12,195.5
Home Building [Member] | Forestar Group [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									0	0	0
Cost of sales:
Cost of Goods and Services Sold									0	0	0
Home Building [Member] | Financial Services [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									0	0	0
Cost of sales:
Cost of Goods and Services Sold									0	0	0
Home Building [Member] | Other Segments [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									0	0	0
Cost of sales:
Cost of Goods and Services Sold									0	0	0
Land [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									165.4	226.2	190.7
Cost of sales:
Cost of Goods and Services Sold									102.2	168.1	153.4
Land [Member] | Segment Reconciling Items [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									0	0	(1.2)
Cost of sales:
Cost of Goods and Services Sold									0.1	18.5	16.4
Land [Member] | Intersegment Eliminations [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									(887.4)	(326.6)	(39.1)
Cost of sales:
Cost of Goods and Services Sold									(769)	(287.4)	(30.1)
Land [Member] | Home Building [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									83.1	91.9	121.8
Cost of sales:
Cost of Goods and Services Sold									58.3	75.1	99.1
Land [Member] | Forestar Group [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									931.8	428.3	109.2
Cost of sales:
Cost of Goods and Services Sold									812.8	361.9	68
Land [Member] | Financial Services [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									0	0	0
Cost of sales:
Cost of Goods and Services Sold									0	0	0
Land [Member] | Other Segments [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									37.9	32.6	0
Cost of sales:
Cost of Goods and Services Sold									0	0	0
Financial Service [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									584.9	441.7	375.3
Financial Service [Member] | Segment Reconciling Items [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									0	0	0
Financial Service [Member] | Intersegment Eliminations [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									0	0	0
Financial Service [Member] | Home Building [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									0	0	0
Financial Service [Member] | Forestar Group [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									0	0	0
Financial Service [Member] | Financial Services [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									584.9	441.7	375.3
Financial Service [Member] | Other Segments [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax									$ 0	$ 0	$ 0

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Inventory Impairments Information [Line Items]
Carrying value of communities with impairment indicators	$ 36.1
Impairment charges	1.7	$ 25.7	$ 11.8
Write-offs (recoveries) of earnest money deposits and pre-acquisition costs	$ 22.1	$ 28.3	14.1
Payments for Legal Settlements			$ 24.5

Notes Payable - Principal Amoun

Notes Payable - Principal Amounts (Details) - USD ($) $ in Millions	Sep. 30, 2020	May 01, 2020	Oct. 01, 2019	Sep. 30, 2019
Summary of notes payable at principal amounts, net of unamortized discounts
Notes payable	$ 4,283.3			$ 3,399.4
Financial Services [Member]
Summary of notes payable at principal amounts, net of unamortized discounts
Notes payable	1,132.6			888.9
Forestar Consolidated [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	8.9			6.2
Summary of notes payable at principal amounts, net of unamortized discounts
Line of credit, amount outstanding	0			0
Notes payable	641.1			462.9
Home Building Consolidated
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	10.7			5.4
Summary of notes payable at principal amounts, net of unamortized discounts
Line of credit, amount outstanding	0			0
Line of Credit, Current	0			0
Notes payable	$ 2,509.6			2,047.6
Senior Note Member Thirty [Member] | Home Building Consolidated
Summary of notes payable at principal amounts, net of unamortized discounts
Senior notes, stated interest rate	4.00%
Notes payable	$ 0			499.6
Senior Note Member Thirty-One [Member] | Home Building Consolidated
Summary of notes payable at principal amounts, net of unamortized discounts
Senior notes, stated interest rate	2.55%
Notes payable	$ 399.8			398.9
Senior Note Member Twenty Five [Member] | Home Building Consolidated
Summary of notes payable at principal amounts, net of unamortized discounts
Senior notes, stated interest rate	4.375%
Notes payable	$ 349.2			348.8
Senior Note Twenty Seven [Member] | Home Building Consolidated
Summary of notes payable at principal amounts, net of unamortized discounts
Senior notes, stated interest rate	4.75%
Notes payable	$ 299.2			298.9
SeniorNoteTwentyEight [Member] | Home Building Consolidated
Summary of notes payable at principal amounts, net of unamortized discounts
Senior notes, stated interest rate	5.75%
Notes payable	$ 398.7			398.4
SeniorNoteFortyTwo [Member] | Home Building Consolidated
Summary of notes payable at principal amounts, net of unamortized discounts
Senior notes, stated interest rate	2.50%		2.50%
Notes payable	$ 496.5			0
SeniorNoteFortyFour | Home Building Consolidated
Summary of notes payable at principal amounts, net of unamortized discounts
Senior notes, stated interest rate	2.60%	2.60%
Notes payable	$ 495.1			0
Senior Note Member Forty [Member] | Forestar Consolidated [Member]
Summary of notes payable at principal amounts, net of unamortized discounts
Senior notes, stated interest rate	3.75%
Notes payable	$ 0			119.1
Senior Note Member Forty One [Member] | Forestar Consolidated [Member]
Summary of notes payable at principal amounts, net of unamortized discounts
Senior notes, stated interest rate	8.00%
Notes payable	$ 345.2			343.8
Senior Note Member Forty Three | Forestar Consolidated [Member]
Summary of notes payable at principal amounts, net of unamortized discounts
Senior notes, stated interest rate	5.00%
Notes payable	$ 295.9			0
Secured Debt [Member] | Home Building Consolidated
Summary of notes payable at principal amounts, net of unamortized discounts
Notes payable	71.1			103
Segment Reconciling Items [Member]
Summary of notes payable at principal amounts, net of unamortized discounts
Notes payable	0			2.4
Intersegment Eliminations [Member]
Summary of notes payable at principal amounts, net of unamortized discounts
Notes payable	$ 4.8			$ 0

Notes Payable - Terms (Details)

Notes Payable - Terms (Details) - Home Building Consolidated - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	May 01, 2020	Oct. 01, 2019
Summary of unsecured homebuilding notes payable outstanding
Debt Repurchase Authorization Remaining		$ 500
Authorized Repurchase Of Debt Securities		$ 500
Senior Note Member Thirty-One [Member]
Summary of unsecured homebuilding notes payable outstanding
Date Due		Dec. 1, 2020
Redeemable Prior to Maturity		Yes
Effective Interest Rate		2.80%
Debt Instrument, Face Amount		$ 400
Senior Note Member Twenty Five [Member]
Summary of unsecured homebuilding notes payable outstanding
Date Due		Sep. 15, 2022
Redeemable Prior to Maturity		Yes
Effective Interest Rate		4.50%
Debt Instrument, Face Amount		$ 350
Senior Note Twenty Seven [Member]
Summary of unsecured homebuilding notes payable outstanding
Date Due		Feb. 15, 2023
Redeemable Prior to Maturity		Yes
Effective Interest Rate		4.90%
Debt Instrument, Face Amount		$ 300
SeniorNoteTwentyEight [Member]
Summary of unsecured homebuilding notes payable outstanding
Date Due		Aug. 15, 2023
Redeemable Prior to Maturity		Yes
Effective Interest Rate		5.90%
Debt Instrument, Face Amount		$ 400
SeniorNoteFortyTwo [Member]
Summary of unsecured homebuilding notes payable outstanding
Date Due	Oct. 15, 2024	Oct. 15, 2024
Redeemable Prior to Maturity		Yes
Effective Interest Rate		2.70%		2.70%
Debt Instrument, Face Amount		$ 500		$ 500
SeniorNoteFortyFour
Summary of unsecured homebuilding notes payable outstanding
Date Due		Oct. 15, 2025
Redeemable Prior to Maturity		Yes
Effective Interest Rate		2.80%	2.80%
Debt Instrument, Face Amount		$ 500	$ 500

Notes Payable - Homebuilding Te

Notes Payable - Homebuilding Textuals (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	May 01, 2020	Oct. 01, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Notes payable				$ 4,283.3			$ 3,399.4
Maturities of Long-term Debt [Abstract]
Maturities of notes payable in fiscal 2019				1,600
Maturities of notes payable in fiscal 2020				350.3
Maturities of notes payable in fiscal 2021				700.4
Maturities of notes payable in fiscal 2022				352.7
Maturities of notes payable in fiscal 2023				500.4
Long-Term Debt, Maturity, after Year Five				800.8
Letters of credit, amount outstanding				$ 178.9
Percentage of Company Assets Owned by Entities that Guarantee Homebuilding Senior Notes and Revolving Credit Facility				79.00%
Home Building [Member]
Debt Instrument [Line Items]
Notes payable				$ 2,514.4			2,047.6
Home Building Consolidated
Debt Instrument [Line Items]
Notes payable				2,509.6			2,047.6
Maturities of Long-term Debt [Abstract]
Line of credit, current borrowing capacity				1,590
Line of credit, maximum borrowing capacity				$ 2,500
Letter of Credit, Maximum Borrowing Capacity				100.00%
Proceeds from Lines of Credit				$ 1,060
Repayments of Long-term Lines of Credit				1,060
Line of credit, amount outstanding				0			0
Letters of credit, amount outstanding				142.9
Line of Credit Facility, Remaining Borrowing Capacity				1,450
Authorized repurchase of debt securities				500
Debt repurchase program, remaining authorized repurchase amount				500
Home Building Consolidated | Short-term Debt [Member]
Maturities of Long-term Debt [Abstract]
Line of credit, current borrowing capacity				375
Line of credit, maximum borrowing capacity				$ 550
SeniorNoteFortyTwo [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Senior notes, stated interest rate				2.50%		2.50%
Notes payable				$ 496.5			0
Maturities of Long-term Debt [Abstract]
Debt Instrument, Face Amount				$ 500		$ 500
Debt Instrument, Maturity Date			Oct. 15, 2024	Oct. 15, 2024
Debt Instrument, Interest Rate, Effective Percentage				2.70%		2.70%
Debt Instrument, Call Feature				Yes
Senior Notes Subject to Repurchase Upon Change of Control and Ratings Downgrade [Member] | Home Building Consolidated
Maturities of Long-term Debt [Abstract]
Debt Instrument, Redemption Price, Percentage				101.00%
Senior Note Thirty [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Senior notes, stated interest rate				4.00%
Maturities of Long-term Debt [Abstract]
Maturities of Senior Debt		$ 500
SeniorNoteFortyFour | Home Building Consolidated
Debt Instrument [Line Items]
Senior notes, stated interest rate				2.60%	2.60%
Notes payable				$ 495.1			0
Maturities of Long-term Debt [Abstract]
Debt Instrument, Face Amount				$ 500	$ 500
Debt Instrument, Maturity Date				Oct. 15, 2025
Debt Instrument, Interest Rate, Effective Percentage				2.80%	2.80%
Debt Instrument, Call Feature				Yes
SeniorNoteTwentyEight [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Senior notes, stated interest rate				5.75%
Notes payable				$ 398.7			$ 398.4
Maturities of Long-term Debt [Abstract]
Debt Instrument, Face Amount				$ 400
Debt Instrument, Maturity Date				Aug. 15, 2023
Debt Instrument, Interest Rate, Effective Percentage				5.90%
Debt Instrument, Call Feature				Yes
Senior Notes [Member] | Home Building Consolidated
Maturities of Long-term Debt [Abstract]
Debt Instrument, Redemption Price, Percentage				100.00%
Subsequent Event [Member] | Senior Note Forty Five [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Senior notes, stated interest rate	1.40%
Maturities of Long-term Debt [Abstract]
Debt Instrument, Face Amount	$ 500
Debt Instrument, Maturity Date	Oct. 15, 2027
Debt Instrument, Interest Rate, Effective Percentage	1.60%

Notes Payable Notes Payable - F

Notes Payable Notes Payable - Forestar Textuals (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Letters of credit, amount outstanding	$ 178.9
Forestar Consolidated [Member]
Debt Instrument [Line Items]
Line of credit, current borrowing capacity	380
Line of credit, maximum borrowing capacity	570
Letter of Credit, Maximum Borrowing Capacity (in dollars)	$ 100
Letter of Credit, Maximum Borrowing Capacity	50.00%
Line of credit, amount outstanding	$ 0	$ 0
Letters of credit, amount outstanding	36
Line of Credit Facility, Remaining Borrowing Capacity	344
Authorized Repurchase Of Debt Securities	30
Debt Repurchase Authorization Remaining	$ 30
Forestar Consolidated [Member] | Senior Note Member Forty [Member]
Debt Instrument [Line Items]
Senior notes, stated interest rate	3.75%
Maturities of Senior Debt	$ 118.9
Forestar Consolidated [Member] | Senior Note Member Forty One [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 350
Senior notes, stated interest rate	8.00%
Debt Instrument, Maturity Date	Apr. 15, 2024
Forestar Consolidated [Member] | Senior Note Member Forty Three
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 300
Senior notes, stated interest rate	5.00%
Debt Instrument, Maturity Date	Mar. 1, 2028
Debt Instrument, Interest Rate, Effective Percentage	5.20%

Notes Payable Notes Payable -_2

Notes Payable Notes Payable - Financial Services Textuals (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Notes payable	$ 4,283.3	$ 3,399.4
Financial Services [Member]
Debt Instrument [Line Items]
Mortgage repurchase facility, current capacity	1,350
Mortgage repurchase facility, maximum borrowing capacity	1,800
Mortgage loans held for sale pledged under repurchase agreement	1,420
Mortgage loans held for sale pledged under repurchase agreement, collateral value	1,390
Notes payable	$ 1,132.6	$ 888.9
Interest rate on mortgage repurchase facility	2.40%
Advance Pay Downs on Mortgage Repurchase Facility	$ 255.8
Maximum [Member] | Financial Services [Member]
Debt Instrument [Line Items]
Mortgage repurchase facility, current capacity	$ 1,575

Capitalized Interest Capitalize

Capitalized Interest Capitalized Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest, beginning of year	$ 180.1	$ 162.7	$ 167.9
Interest incurred	153.3	140.2	125.4
Charged to cost of sales	(125.7)	(122.8)	(130.6)
Capitalized interest, end of year	207.7	180.1	162.7
Financial Services [Member]
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest incurred	19.1	16.1	12.1
Forestar Group [Member]
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest incurred	$ 41.2	$ 19.4	$ 3.4

Property, Plant, and Equipmen_2

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Property and Equipment [Line Items]
Property, Plant and Equipment, Net	$ 683.7	$ 499.2
Depreciation	69.4	66.1	$ 58.2
Intersegment Eliminations [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Net	(3)	0
Single Family [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	87.2	6.4
Other Segments [Member]
Property and Equipment [Line Items]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(28.2)	(20.9)
Property, Plant and Equipment, Net	308.9	221.2
Multifamily [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	232.1	154.1
Home Building [Member]
Property and Equipment [Line Items]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(256.2)	(231.6)
Property, Plant and Equipment, Net	372.8	272.4
Forestar Group [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Net	1.1	2.4
Financial Services [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Net	3.9	3.2
Building and Building Improvements [Member] | Home Building [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	267.4	240.2
2510 Household Furniture [Member] | Home Building [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	134	128.3
Furniture and Fixtures | Other Segments [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	15.6	15.1
Furniture and Fixtures | Home Building [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	108.1	107.4
Land [Member] | Single Family [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	19.1	0
Land [Member] | Other Segments [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	19.7	16
Land [Member] | Multifamily [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	58.3	38
Land [Member] | Home Building [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	32.3	21.7
Assets Leased to Others [Member] | Single Family [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	68.1	6.4
Assets Leased to Others [Member] | Multifamily [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	173.8	116.1
Other Assets | Other Segments [Member]
Property and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 69.7	$ 56.9

Mortgage Loans - Mortgage Loans

Mortgage Loans - Mortgage Loans Held for Sale Textual (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Loans Receivable [Line Items]
Mortgage loans held for sale, principal amount	$ 1,460	$ 1,040
Mortgage loans held for sale	1,529	1,072
Payments for Origination of Mortgage Loans Held-for-sale	12,200	8,700	$ 7,600
Proceeds from Sale of Mortgage Loans Held-for-sale	11,800	8,400	7,400
Net gain on sales of loans	437.2	319.4	$ 265.1
Mortgage servicing rights	$ 17.1	0
Other Customer [Member]
Loans Receivable [Line Items]
Percentage of Mortgage Loans Sold to Major Purchasers	28.00%
Concentration Risk, Percentage	28.00%
Loans Sold to FNMA or securities backed by GNMA [Member]
Loans Receivable [Line Items]
Percentage of Mortgage Loans Sold to Major Purchasers	66.00%
Concentration Risk, Percentage	66.00%
Uncommitted Loans [Member]
Loans Receivable [Line Items]
Mortgage loans held for sale	$ 1,200	$ 663.8

Mortgage Loans - Other Mortgage

Mortgage Loans - Other Mortgage Loans and Real Estate Owned (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Other mortgage loans and real estate owned, before loss reserves	$ 14.9	$ 11.4

Mortgage Loans - Mortgage Loss

Mortgage Loans - Mortgage Loss Reserves (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Loss reserves related to:
Reserve balances	$ 8.9	$ 8.7

Mortgage Loans - Loan Commitmen

Mortgage Loans - Loan Commitments and Related Derivatives Textual (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Interest rate lock commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 1,800	$ 727.9
Best-efforts whole loan delivery commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount	84.6	25.2
Hedging Instruments Related To IRLCs [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,600	636.2
Loan Origination Commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,100	111.4
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest rate lock commitments [Member]
Derivative [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	31.3	19.2
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Best-efforts whole loan delivery commitments [Member]
Derivative [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net		(1)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Hedging Instruments Related To IRLCs [Member]
Derivative [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	(16.2)	(4.1)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Loan Origination Commitments [Member]
Derivative [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (5.3)	$ (0.5)

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Current tax expense (benefit):
Federal									$ 484	$ 407.3	$ 373.2
State									104.4	79.3	53.6
Total current tax expense (benefit)									588.4	486.6	426.8
Deferred tax expense:
Federal									20	13.9	158.7
State									(5.9)	6.2	12.2
Total deferred tax expense (benefit)									14.1	20.1	170.9
Total income tax expense (benefit)	$ 224.9	$ 149.5	$ 137.3	$ 90.8	$ 156.2	$ 153.1	$ 108.4	$ 89	602.5	506.7	597.7
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount									$ (11.2)	$ (0.2)	$ (7.3)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Expected Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Comparison of income tax expense (benefit) and tax computed at the statutory rate
Income taxes at federal statutory rate									$ 626.4	$ 446.3	$ 505
Increase (decrease) in tax resulting from:
State income taxes, net of federal benefit									79.1	69.1	59.4
Domestic production activities deduction									0	0	(36.7)
Valuation allowance									(11.2)	(0.2)	(7.3)
Tax credits									(93.4)	(1.6)	(19)
Excess tax benefit from equity compensation									(22.3)	(16.1)	(21.2)
Tax law change from enactment of Tax Act									0	0	108.7
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount									8.9	0	0
Other									15	9.2	8.8
Total income tax expense (benefit)	$ 224.9	$ 149.5	$ 137.3	$ 90.8	$ 156.2	$ 153.1	$ 108.4	$ 89	$ 602.5	$ 506.7	$ 597.7

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Deferred tax assets:
Inventory costs	$ 37.6	$ 39.8
Inventory impairments	21.5	27.9
Warranty and construction defect costs	156.7	135.1
Net operating loss carryforwards	17.5	31.5
Tax credit carryforwards	2.1	3.5
Incentive compensation plans	68.3	65.1
Other	15.6	7.2
Total deferred tax assets	319.3	310.1
Valuation allowance	(7.5)	(18.7)
Total deferred tax assets, net of valuation allowance	311.8	291.4
Deferred tax liabilities:
Deferral of profit on home sales	131.9	95.4
Deferred Tax Liabilities, Property, Plant and Equipment	19	14.2
Other	16	18.7
Total deferred tax liabilities	166.9	128.3
Deferred income taxes, net	$ 144.9	$ 163.1

Income Taxes - Textual (Details

Income Taxes - Textual (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Operating Loss Carryforwards [Line Items]
Effective tax rate	20.20%	23.80%	29.00%
Federal statutory rate	21.00%	21.00%	35.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	$ 0	$ 0	$ 108.7
Deferred Tax Assets, Valuation Allowance	7.5	18.7
Net operating loss carryforwards	17.5	31.5
Effective Income Tax Rate Reconciliation, Tax Credit, Amount	93.4	$ 1.6	$ 19
Forestar Consolidated [Member] | State [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	1.7
Home Building [Member] | State [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	15.8
Home Building [Member] | State [Member] | NOL Carryforwards to Expire in One to Ten Years [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, subject to expiration	5.4
Home Building [Member] | State [Member] | NOL Carryforward to Expire in Eleven to Twenty Years [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, subject to expiration	$ 10.4
Weighted Average [Member]
Operating Loss Carryforwards [Line Items]
Federal statutory rate			24.50%

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	$ 8.9	$ 0
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	8.9
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	0
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	0
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 8.9

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share Reconciliation [Abstract]
Net Income (Loss) Attributable to Parent	$ 829	$ 630.7	$ 482.7	$ 431.3	$ 505.3	$ 474.8	$ 351.3	$ 287.2	$ 2,373.7	$ 1,618.5	$ 1,460.3
Denominator:
Denominator for basic earnings per share - weighted average common shares									365.5	372.6	376.6
Effect of dilutive securities:
Employee stock awards									4.7	4.8	6.8
Denominator for diluted earnings per share - adjusted weighted average common shares									370.2	377.4	383.4
Basic net income per common share attributable to D.R. Horton, Inc.	$ 2.28	$ 1.73	$ 1.32	$ 1.17	$ 1.37	$ 1.28	$ 0.94	$ 0.77	$ 6.49	$ 4.34	$ 3.88
Diluted net income per common share attributable to D.R. Horton, Inc.	$ 2.24	$ 1.72	$ 1.30	$ 1.16	$ 1.35	$ 1.26	$ 0.93	$ 0.76	$ 6.41	$ 4.29	$ 3.81

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended									12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, shares issued		394,741,349				392,172,821				394,741,349	392,172,821
Common stock, shares outstanding		363,999,982				368,431,454				363,999,982	368,431,454
Preferred stock, shares issued		0				0				0	0
Treasury Stock, Common, Shares										7,000,000
Payments for Repurchase of Common Stock										$ 360.4	$ 479.8	$ 127.5
Amount of stock repurchase authorization						$ 1,000					$ 1,000
Amount remaining under stock repurchase authorization		$ 535.3								$ 535.3
Dividends, Common Stock [Abstract]
Cash dividends declared per common share		$ 0.175	$ 0.175	$ 0.175	$ 0.175	$ 0.15	$ 0.15	$ 0.15	$ 0.15
Cash dividends paid per common share		$ 0.175	$ 0.175	$ 0.175	$ 0.175	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.70	$ 0.60	$ 0.50
Forestar Group [Member]
Class of Stock [Line Items]
Equity Securities Registered, Value												$ 500
Common Stock Available for Issuance, Value Remaining		$ 394.3								$ 394.3
Dividends, Common Stock [Abstract]
At-the-market Equity Offering Program, Common Stock Available for Issuance		100								100
At-the-market Equity Offering Program, Common Stock Issued		$ 0								$ 0
Subsequent Event [Member]
Dividends, Common Stock [Abstract]
Cash dividends declared per common share	$ 0.20

Employee Benefit Plans - Deferr

Employee Benefit Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Defined Contribution Plan, Cost	$ 23.4	$ 21.7	$ 18.4
Supplemental Executive Retirement Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred Compensation Liability, Current and Noncurrent	44.5	40.6
Compensation expense (reduction in expense)	6.5	5.8	5.4
Deferred Compensation Plan For Select Group Of Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred Compensation Liability, Current and Noncurrent	91	78.6
Compensation expense (reduction in expense)	$ 5.3	$ 2.9	$ 5.8

Employee Benefit Plans Employee

Employee Benefit Plans Employee Benefit Plans - Employee Stock Purchase Plan, Incentive Bonus Plan and Stock-Based Compensation (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discounted Price For Purchasing Company's Common Stock	85.00%
Employee Stock Purchase Plan, Maximum Percent of Annual Compensation	15.00%
Fair Market Value Of Common Stock Available For Purchase To Eligible Employees Maximum	$ 25,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans	131,348	141,661	114,340
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 5,600,000	$ 4,600,000	$ 4,000,000
Salary and Wage, Officer, Excluding Cost of Good and Service Sold	$ 34,300,000	$ 24,400,000	$ 23,700,000
Shares available for grant	9,400,000
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance, shares	2,800,000
Share-based Payment Arrangement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance, shares	16,400,000

Employee Benefit Plans - Stock

Employee Benefit Plans - Stock Options (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Stock Options
Outstanding at beginning of year, shares	3,184,157	5,856,959	8,431,348
Exercised, shares	(959,742)	(2,634,802)	(2,547,139)
Canceled or expired, shares	0	(38,000)	(27,250)
Outstanding at end of year, shares	2,224,415	3,184,157	5,856,959
Exercisable at end of year, shares	2,224,415	3,184,157	4,955,392
Weighted Average Exercise Price
Outstanding at beginning of year, weighted average exercise price, per share	$ 19.53	$ 17.25	$ 16.92
Exercised, weighted average exercise price, per share	18.58	14.47	16.10
Canceled or expired, weighted average exercise price, per share	0	18.98	22.08
Outstanding at end of year, weighted average exercise price, per share	19.94	19.53	17.25
Exercisable at end of year, weighted average exercise price, per share	$ 19.94	$ 19.53	$ 17.07
Additional information - stock options
Expiration period	10 years
Total intrinsic value of options exercised	$ 41.2	$ 70.6	$ 76.8
Aggregate intrinsic value of options outstanding	$ 123.9
Lower range of options outstanding exercise price	$ 9.97
Upper range of options outstanding exercise price	$ 23.86
Weighted average remaining contractual term of options outstanding	2 years 4 months 24 days
Stock based compensation expense	$ 0	$ 1	$ 6.9

Employee Benefit Plans - Perfor

Employee Benefit Plans - Performance-Based Restricted Stock Units (Details) - Performance Shares [Member] - USD ($) $ / shares in Units, $ in Millions	1 Months Ended				12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 23.7	$ 15	$ 4.8
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of percentage of units vested upon achieving performance criteria					0.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of percentage of units vested upon achieving performance criteria					200.00%
November Two Thousand Seventeen Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of performance units				330,000
Granted, weighted average grant date fair value, per share				$ 45.79
Share-based compensation expense					$ 7.7	8.9	4.8
November Two Thousand Seventeen Grant [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awarded	577,500
November Two Thousand Eighteen Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of performance units			360,000
Granted, weighted average grant date fair value, per share			$ 37.75
Share-based compensation expense					6.7	6.1	0
Fiscal 2020 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of performance units		360,000
Granted, weighted average grant date fair value, per share		$ 52.54
Share-based compensation expense					$ 9.3	$ 0	$ 0

Employee Benefit Plans - Time-B

Employee Benefit Plans - Time-Based Restricted Stock Unit Equity Awards (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2020USD ($)grant_recipient$ / sharesshares	Sep. 30, 2019USD ($)grant_recipient$ / sharesshares	Sep. 30, 2018USD ($)grant_recipient$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $	$ 95.6	$ 56.9	$ 51
Number of Restricted Stock Units
Outstanding at beginning of year, shares | shares	4,889,534	4,797,922	4,365,782
Granted, shares | shares	1,657,935	1,796,200	1,747,870
Vested, shares | shares	(1,651,840)	(1,430,826)	(1,149,055)
Cancelled, shares | shares	(169,928)	(273,762)	(166,675)
Outstanding at end of year, shares | shares	4,725,701	4,889,534	4,797,922
Weighted Average Grant Date Fair Value
Outstanding at beginning of year, weighted average grant date fair value, per share | $ / shares	$ 33.01	$ 31.77	$ 26.09
Granted, weighted average grant date fair value, per share | $ / shares	35.98	33.75	41.82
Vested, weighted average grant date fair value, per share | $ / shares	30.85	29.83	25.80
Cancelled, weighted average grant date fair value, per share | $ / shares	33.24	32.82	29.56
Outstanding at end of year, weighted average grant date fair value, per share | $ / shares	$ 34.79	$ 33.01	$ 31.77
Additional information - restricted stock units
Share-based compensation expense | $	$ 50.6	$ 51.8	$ 39.3
Unrecognized compensation expense | $	$ 120.6
Weighted average period over which unrecognized compensation cost is expected to be recognized	2 years 8 months 12 days
Maximum [Member]
Additional information - restricted stock units
Vesting period	5 years
Minimum [Member]
Additional information - restricted stock units
Vesting period	3 years
Fiscal 2020 Grant [Member]
Additional information - restricted stock units
RSU grant recipients | grant_recipient	960
Fiscal 2019 Grant [Member]
Additional information - restricted stock units
RSU grant recipients | grant_recipient		900
Fiscal 2018 Grant [Member]
Additional information - restricted stock units
RSU grant recipients | grant_recipient			920

Commitments and Contingencies -

Commitments and Contingencies - Warranty Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Changes in warranty liability
Warranty liability, beginning of year	$ 247.3	$ 202
Warranties issued	114.4	92.7
Changes in liability for pre-existing warranties	25.5	32
Settlements made	(77)	(79.4)
Warranty liability, end of year	$ 310.2	$ 247.3

Commitments and Contingencies_2

Commitments and Contingencies (Details Textuals) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Loss Contingency [Abstract]
Liabilities for various claims, complaints and other legal actions	$ 473.8	$ 434.7	$ 408.1
Construction defect portion of loss contingency accrual	99.00%	99.00%
Expenses related to legal claims	$ 64.4	$ 15.3	41
Maximum amount deductible under workers compensation insurance policy	0.5
Deductible policy amount per occurrence	0.5	0.5
Estimated insurance recoveries related to legal claims	81.2	75.1
Other Commitments [Abstract]
Surety bonds	1,800
Outstanding letters of credit	178.9
Rent expense	31.5	30.5	$ 27.8
Home Building [Member]
Land and Lot Option Purchase Contracts [Abstract]
Deposits	653.4
Purchase Obligation	9,900
Home Building [Member] | Cash Deposits [Member]
Land and Lot Option Purchase Contracts [Abstract]
Deposits	584.5
Home Building [Member] | Promissory notes and letters of credit [Member]
Land and Lot Option Purchase Contracts [Abstract]
Deposits	68.9
Forestar Consolidated [Member]
Land and Lot Option Purchase Contracts [Abstract]
Deposits	98.2
Purchase Obligation	1,000
Other Commitments [Abstract]
Outstanding letters of credit	36
Forestar Group [Member]
Land and Lot Option Purchase Contracts [Abstract]
Increase (Decrease) in Earnest Money Deposits Outstanding	27	34.5
Increase (Decrease) in Prepaid Expenses, Other	36.3	$ 13.1
Home Building Consolidated
Other Commitments [Abstract]
Outstanding letters of credit	142.9
Option Contracts Subject to Specific Performance Clauses [Member] | Home Building [Member]
Land and Lot Option Purchase Contracts [Abstract]
Purchase Obligation	32.6
Option Contracts Subject to Specific Performance Clauses [Member] | Forestar Consolidated [Member]
Land and Lot Option Purchase Contracts [Abstract]
Purchase Obligation	$ 1.4

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies - Reserves for Legal Claims (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Rollforward of reserves for legal claims
Reserves for legal claims, beginning of period	$ 434.7	$ 408.1
Change in reserves	83.2	49.2
Payments	(44.1)	(22.6)
Reserves for legal claims, end of period	$ 473.8	$ 434.7

Commitments and Contingencies_3

Commitments and Contingencies - Minimum Annual Lease Payments (Details) $ in Millions	Sep. 30, 2020USD ($)
Minimum annual lease payments
Fiscal 2021	$ 17.4
Fiscal 2022	10.8
Fiscal 2023	6
Fiscal 2024	3.8
Fiscal 2025	1.4
Thereafter	0.1
Total	$ 39.5

Other Assets, Accrued Expense_3

Other Assets, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Oct. 01, 2019	Sep. 30, 2019	Sep. 30, 2018
Other assets
Earnest money and refundable deposits	$ 657.1		$ 540
Insurance receivables	81.2		75.1
Other receivables	143.1		103.6
Prepaid assets	46		49.6
Margin deposits	16.2		19.6
Contract assets - insurance agency commissions	47.1		39.3
Lease right of use assets	34.7	$ 39	0
Mortgage servicing rights	17.1		0
Other	39.9		37.5
Total other assets	1,113.7		912.8
Accrued expenses and other liabilities
Reserves for legal claims	473.8		434.7	$ 408.1
Employee compensation and related liabilities	376.1		282.1
Warranty liability	310.2		247.3	$ 202
Mortgage hedging instruments and loan commitments	16.5		0
Accrued interest	35.3		26.3
Federal and state income tax liabilities	42.6		33.4
Inventory related accruals	59.7		61.5
Customer deposits	93.1		57.7
Accrued property taxes	44.1		40.1
Lease liabilities	37	$ 40.3	0
Other	118.6		95
Total accrued expenses and other liabilities	$ 1,607		$ 1,278.1
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities		us-gaap:OtherLiabilities
Interest Rate Lock Commitments
Other assets
Interest rate lock commitments	$ 31.3		$ 19.2
Multifamily [Member]
Other assets
Multi-family rental property held for sale	$ 0		$ 28.9

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Estimate fair value [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities collateralized by residential real estate	$ 3,900,000	$ 3,900,000
Mortgage loans held for sale	1,518,300,000	1,065,100,000
Mortgage servicing rights	17,100,000
Estimate fair value [Member] | Recurring [Member] | Interest rate lock commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments	31,300,000	19,200,000
Estimate fair value [Member] | Recurring [Member] | Forward Sales Of MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments	(16,200,000)	(4,100,000)
Estimate fair value [Member] | Recurring [Member] | Best-efforts and mandatory commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments		(1,000,000)
Mortgage loans held for sale	1,529,000,000	1,072,000,000
Mortgage servicing rights	17,100,000	0
Recurring [Member] | 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
Mortgage servicing rights	0
Recurring [Member] | Level 1 [Member] | Interest rate lock commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments	0	0
Recurring [Member] | Level 1 [Member] | Forward Sales Of MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments	0	0
Recurring [Member] | Level 1 [Member] | Best-efforts and mandatory commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments		0
Recurring [Member] | 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	1,503,200,000	1,055,300,000
Mortgage servicing rights	0
Recurring [Member] | Level 2 [Member] | Interest rate lock commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments	31,300,000	19,200,000
Recurring [Member] | Level 2 [Member] | Forward Sales Of MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments	(16,200,000)	(4,100,000)
Recurring [Member] | Level 2 [Member] | Best-efforts and mandatory commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments		(1,000,000)
Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities collateralized by residential real estate	3,900,000	3,900,000	$ 3,900,000
Mortgage loans held for sale	15,100,000	9,800,000	$ 7,800,000
Mortgage servicing rights	17,100,000	0
Recurring [Member] | Level 3 [Member] | Measurement Input, Prepayment Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing Asset at Fair Value, Amount	0.13
Recurring [Member] | Level 3 [Member] | Measurement Input, Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing Asset at Fair Value, Amount	0.11
Recurring [Member] | Level 3 [Member] | Measurement Input, Default Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing Asset at Fair Value, Amount	0.05
Recurring [Member] | Level 3 [Member] | Interest rate lock commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments	0	0
Recurring [Member] | Level 3 [Member] | Forward Sales Of MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments	$ 0	0
Recurring [Member] | Level 3 [Member] | Best-efforts and mandatory commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives not designated as hedging instruments		$ 0

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements - Level 3 Rollforward (Details) $ in Millions	12 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage loans held for sale	$ 1,529	$ 1,072
Mortgage servicing rights	17.1	0
Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net realized and unrealized gains (losses)	0	0
Purchases	0	0
Sales and Settlements	0	0
Principal Reductions	0	0
Net transfers to (out of) Level 3	0	0
Loans Receivable [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net realized and unrealized gains (losses)	0.2	0.9
Purchases	0	0
Sales and Settlements	(2.6)	(5.4)
Principal Reductions	0	0
Net transfers to (out of) Level 3	7.7	6.5
Contractual Rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net realized and unrealized gains (losses)	1.9
Purchases	15.2
Sales and Settlements	0
Principal Reductions	0
Net transfers to (out of) Level 3	0
Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage loans held for sale	15.1	9.8	$ 7.8
Debt securities collateralized by residential real estate	3.9	3.9	$ 3.9
Mortgage servicing rights	$ 17.1	$ 0
Minimum [Member] | Measurement Input, Discount Rate [Member] | Inventories [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Real Estate Owned, Measurement Input	0.16
Maximum [Member] | Measurement Input, Discount Rate [Member] | Inventories [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Real Estate Owned, Measurement Input	0.18

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	$ 1,529	$ 1,072
Nonrecurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	1.5	0
Other mortgage loans	0.6	0
Nonrecurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	2.2	2.7
Other mortgage loans	2	1.8
Inventories [Member] | Nonrecurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventories	0	0
Inventories [Member] | Nonrecurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventories	$ 0	$ 4.5

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Estimate fair value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	$ 3,018.5	$ 1,494.3
Restricted cash, fair value	21.6	19.7
Notes payable, fair value	4,489.2	3,525.8
Cash and Cash Equivalents, carrying value	3,018.5	1,494.3
Restricted cash, carrying value	21.6	19.7
Notes payable, carrying value	4,283.3	3,399.4
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, fair value	3,018.5	1,494.3
Restricted cash, fair value	21.6	19.7
Notes payable, fair value	0	0
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	3,285.5	2,533.9
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	$ 1,203.7	$ 991.9

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2019USD ($)	Mar. 31, 2019USD ($)a	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Related Party Transaction [Line Items]
Inventory, Real Estate, Land and Land Development Costs			$ 6,171.8	$ 5,939.4
Immediate Family Member of Management or Principal Owner [Member]
Related Party Transaction [Line Items]
Land under Purchase Options, Recorded		$ 77.5
Payments to Acquire Land	$ 84.2
Area of Land | a		119
Notes Receivable, Related Parties		$ 77.5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate		2.55%
Related Party Transaction, Rate		16.00%
Inventory, Real Estate, Land and Land Development Costs				$ 77.5

Quarterly Results of Operatio_3

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Summary of quarterly results of operations
Revenues	$ 6,400.4	$ 5,390	$ 4,500	$ 4,020.7	$ 5,038.9	$ 4,906.3	$ 4,128.7	$ 3,519	$ 20,311.1	$ 17,592.9	$ 16,068
Income before income taxes	1,056.1	782.4	621.3	523.3	660.1	626.7	462.8	375.7	2,983	2,125.3	2,060
Income tax expense	224.9	149.5	137.3	90.8	156.2	153.1	108.4	89	602.5	506.7	597.7
Net income	831.2	632.9	484	432.5	503.9	473.6	354.4	286.7	2,380.5	1,618.6	1,462.3
Net income attributable to noncontrolling interests	2.2	2.2	1.3	1.2	(1.4)	(1.2)	3.1	(0.5)	6.8	0.1	2
Net income attributable to D.R. Horton, Inc.	$ 829	$ 630.7	$ 482.7	$ 431.3	$ 505.3	$ 474.8	$ 351.3	$ 287.2	$ 2,373.7	$ 1,618.5	$ 1,460.3
Basic net income per common share attributable to D.R. Horton, Inc.	$ 2.28	$ 1.73	$ 1.32	$ 1.17	$ 1.37	$ 1.28	$ 0.94	$ 0.77	$ 6.49	$ 4.34	$ 3.88
Diluted net income per common share attributable to D.R. Horton, Inc.	$ 2.24	$ 1.72	$ 1.30	$ 1.16	$ 1.35	$ 1.26	$ 0.93	$ 0.76	$ 6.41	$ 4.29	$ 3.81

Quarterly Results of Operatio_4

Quarterly Results of Operations (Unaudited) (Details Textuals) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Quarterly Financial Data [Abstract]
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount	$ 15.8	$ 38.1	$ 6.6	$ 32.9