D.R. Horton (DHI) 10-Q 27 Jan 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Dec. 31, 2020	Jan. 20, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	1-14122
Entity Registrant Name	D.R. Horton, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2386963
Entity Address, Address Line One	1341 Horton Circle
Entity Address, City or Town	Arlington
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76011
City Area Code	817
Local Phone Number	390-8200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		363,701,712
Entity Central Index Key	0000882184
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--09-30
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	DHI
Security Exchange Name	NYSE
Senior Notes due 2023 [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.750% Senior Notes due 2023
Trading Symbol	DHI 23A
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
ASSETS
Cash and cash equivalents	$ 2,454.9	$ 3,018.5
Restricted cash	20	21.6
Total cash, cash equivalents and restricted cash	2,474.9	3,040.1
Inventories:
Construction in progress and finished homes	6,598.8	5,984.1
Residential land and lots — developed and under development	6,856.1	6,171.8
Land held for development	97.8	53.2
Land held for sale	23.8	28.3
Total inventories	13,576.5	12,237.4
Mortgage loans held for sale	1,438.9	1,529
Deferred income taxes, net of valuation allowance of $7.5 million at December 31, 2020 and September 30, 2020	142	144.9
Property and equipment, net	748.4	683.7
Other assets	1,236.2	1,113.7
Goodwill	163.5	163.5
Total assets	19,780.4	18,912.3
LIABILITIES
Accounts payable	845.6	900.5
Accrued expenses and other liabilities	1,938.9	1,607
Notes payable	4,225.6	4,283.3
Total liabilities	7,010.1	6,790.8
Commitments and contingencies (Note L)
Preferred Stock, Shares Issued	0	0
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, 395,389,246 shares issued and 363,647,879 shares outstanding at December 31, 2020 and 394,741,349 shares issued and 363,999,982 shares outstanding at September 30, 2020	4	3.9
Additional paid-in capital	3,236.9	3,240.9
Retained earnings	10,476.7	9,757.8
Treasury stock, 31,741,367 shares and 30,741,367 shares at December 31, 2020 and September 30, 2020, respectively, at cost	(1,232.4)	(1,162.6)
Stockholders’ equity	12,485.2	11,840
Noncontrolling interests	285.1	281.5
Total equity	12,770.3	12,121.5
Total liabilities and equity	$ 19,780.4	$ 18,912.3

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenues	$ 5,933.4	$ 4,020.7
Cost of sales	4,332.5	3,084.2
Selling, general and administrative expense	585.9	455.8
Gain on sale of assets	(14)	(31.1)
Other (income) expense	(5.3)	(11.5)
Income before income taxes	1,034.3	523.3
Income tax expense	239.1	90.8
Net income	795.2	432.5
Net income (loss) attributable to noncontrolling interests	3.4	1.2
Net income attributable to D.R. Horton, Inc.	$ 791.8	$ 431.3
Basic net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 2.17	$ 1.17
Weighted average number of common shares	364.4	368.3
Diluted net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 2.14	$ 1.16
Adjusted weighted average number of common shares	370	373.4

Consolidated Statements of Tota

Consolidated Statements of Total Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares, Outstanding		368,431,454
Beginning Balances at Sep. 30, 2019	$ 10,295.1	$ 3.9	$ 3,179.1	$ 7,640.1	$ (802.2)	$ 274.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	432.5	0	0	431.3	0	1.2
Exercise of stock options	4.1	0	4.1
Stock issued under employee incentive plans			0
Cash paid for shares withheld for taxes	(17.3)	0	(17.3)	0	0	0
Stock-based compensation expense	16.6		16.6
Cash dividends declared	(64.6)			(64.6)
Repurchases of common stock	(163.1)				(163.1)
Distributions to noncontrolling interests	(0.4)					(0.4)
Change of ownership interest in Forestar	0		(0.5)			0.5
Ending Balances at Dec. 31, 2019	$ 10,502.9	$ 3.9	3,182	8,006.8	(965.3)	275.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		258,800
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		582,936
Divedends declared (in dollars per sh	$ 0.175	$ 0.175
Stock Repurchased and Retired During Period, Shares		(3,000,000)
Common Stock, Shares, Outstanding		366,273,190
Common Stock, Shares, Outstanding	363,999,982	363,999,982
Beginning Balances at Sep. 30, 2020	$ 12,121.5	$ 3.9	3,240.9	9,757.8	(1,162.6)	281.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	795.2	0	0	791.8	0	3.4
Exercise of stock options	0.9	0	0.9
Stock issued under employee incentive plans	0.1	0.1	0
Cash paid for shares withheld for taxes	(26.3)	0	(26.3)	0	0	0
Stock-based compensation expense	21.7		21.7
Cash dividends declared	(72.9)			(72.9)
Repurchases of common stock	(69.8)				(69.8)
Distributions to noncontrolling interests	(0.1)					(0.1)
Change of ownership interest in Forestar	0		(0.3)			0.3
Ending Balances at Dec. 31, 2020	$ 12,770.3	$ 4	$ 3,236.9	$ 10,476.7	$ (1,232.4)	$ 285.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		42,950
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		604,947
Divedends declared (in dollars per sh	$ 0.20	$ 0.20
Stock Repurchased and Retired During Period, Shares		(1,000,000)
Common Stock, Shares, Outstanding	363,647,879	363,647,879

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net income	$ 795.2	$ 432.5
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	20.4	19
Amortization of discounts and fees	2.5	3.1
Stock-based compensation expense	21.7	16.6
Equity in earnings of unconsolidated entities	(0.9)	(0.5)
Deferred income taxes	2.9	7.2
Inventory and land option charges	8.3	3.8
Gain on sale of assets	(14)	(31.1)
Changes in operating assets and liabilities:
Increase in construction in progress and finished homes	(591.2)	(334.8)
Increase in residential land and lots – developed, under development, held for development and held for sale	(716.8)	(373.1)
(Increase) decrease in other assets	(124.9)	2
Net decrease in mortgage loans held for sale	90.1	46.9
Increase in accounts payable, accrued expenses and other liabilities	254.6	94.6
Net cash used in operating activities	(252.1)	(113.8)
INVESTING ACTIVITIES
Expenditures for property and equipment	(16.3)	(21.6)
Proceeds from sale of assets	31.8	62.8
Expenditures related to rental properties	86.2	59.6
Return of investment in unconsolidated entities	2.1	1.9
Net principal decrease (increase) of other mortgage loans and real estate owned	0.2	(0.6)
Payments related to business acquisitions	(23)	(0.7)
Net cash (used in) provided by investing activities	(91.4)	(17.8)
FINANCING ACTIVITIES
Proceeds from notes payable	494.1	495.7
Repayment of notes payable	(400.1)	0
Payments on mortgage repurchase facility, net	(163.5)	(38.6)
Proceeds from stock associated with certain employee benefit plans	0.9	4.1
Cash paid for shares withheld for taxes	(26.3)	(17.3)
Cash dividends paid	(72.9)	(64.6)
Repurchases of common stock	(53.8)	(163.1)
Distributions to noncontrolling interests, net	(0.1)	(0.4)
Other financing activities	0	(2.3)
Net cash (used in) provided by financing activities	(221.7)	213.5
Net (decrease) increase in cash, cash equivalents and restricted cash	(565.2)	81.9
Cash, cash equivalents and restricted cash at beginning of period	3,040.1	1,514
Cash, cash equivalents and restricted cash at end of period	2,474.9	1,595.9
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
Notes payable issued for inventory	12.5	0
Stock issued under employee incentive plans	44.7	31.8
Accrued expenditures for property and equipment	21.8	7.7
Accrual for holdback payments related to acquisitions	2.6	9.5
Repurchase of common stock not settled	$ 16	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Statement of Financial Position [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 7.5	$ 7.5
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, Shares, Issued	395,389,246	394,741,349
Common Stock, Shares, Outstanding	363,647,879	363,999,982
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	31,741,367	30,741,367

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited, consolidated financial statements include the accounts of D.R. Horton, Inc. and all of its 100% owned, majority-owned and controlled subsidiaries, which are collectively referred to as the Company, unless the context otherwise requires. Noncontrolling interests represent the proportionate equity interests in consolidated entities that are not 100% owned by the Company. The Company owns a 65% controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 35% interest the Company does not own is accounted for as noncontrolling interests. All intercompany accounts, transactions and balances have been eliminated in consolidation. The financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, these financial statements reflect all adjustments considered necessary to fairly state the results for the interim periods shown, including normal recurring accruals and other items. These financial statements, including the consolidated balance sheet as of September 30, 2020, which was derived from audited financial statements, do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2020. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Seasonality Historically, the homebuilding industry has experienced seasonal fluctuations; therefore, the operating results for the three months ended December 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2021 or subsequent periods. Business Acquisition In October 2020, the Company acquired the homebuilding operations of Braselton Homes for approximately $23.0 million in cash. Braselton Homes operates in Corpus Christi, Texas. The assets acquired included approximately 90 homes in inventory, 95 lots and control of approximately 840 additional lots through purchase contracts. The Company also acquired a sales order backlog of approximately 125 homes. Pending Accounting Standards In December 2019, the Financial Accounting Standards Board (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. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform - Scope,” which clarified the scope and application of the original guidance. The Company will adopt these standards when LIBOR is discontinued and does not expect them to have a material impact on its consolidated financial statements or related disclosures.

Segment Information

Segment Information	3 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company is a national homebuilder that is primarily engaged in the acquisition and development of land and the construction and sale of residential homes, with operations in 90 markets across 29 states. The Company’s operating segments are its 55 homebuilding divisions, its majority-owned Forestar residential lot development operations, its financial services operations and its other business activities. The Company’s reporting segments are its homebuilding reporting segments, its Forestar lot development segment and its financial services segment. The homebuilding operating segments are aggregated into the following six reporting segments: East, Midwest, Southeast, South Central, Southwest and West. These reporting segments have homebuilding operations located in the following states: East: Delaware, Georgia (Savannah only), Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina and Virginia Midwest: Colorado, Illinois, Indiana, Iowa, Minnesota and Ohio Southeast: Alabama, Florida, Georgia, Mississippi and Tennessee South Central: Louisiana, Oklahoma and Texas Southwest: Arizona and New Mexico West: California, Hawaii, Nevada, Oregon, Utah and Washington The Company’s homebuilding divisions design, build and sell single-family detached homes on lots they develop and on fully developed lots purchased ready for home construction. To a lesser extent, the homebuilding divisions also build and sell attached homes, such as townhomes, duplexes and triplexes. Most of the revenue generated by the Company’s homebuilding operations is from the sale of completed homes and to a lesser extent from the sale of land and lots. During fiscal 2020, the Company began constructing and leasing homes as income-producing single-family rental communities. After a rental community is constructed and achieves a stabilized level of leased occupancy, the Company generally expects to market the community for a bulk sale of homes. These operations are reported in the Company’s homebuilding segment. During the three months ended December 31, 2020, the Company completed its first sale of a single-family rental community representing 124 homes for $31.8 million, resulting in a gain on sale of $14.0 million. At December 31, 2020, the Company’s homebuilding fixed assets included $106.6 million of assets related to its single-family rental platform, representing 13 communities totaling 890 single-family rental homes and finished lots, which included 440 completed homes. At September 30, 2020, the Company’s homebuilding fixed assets included $87.2 million of assets related to its single-family rental platform, representing 10 communities totaling 740 single-family rental homes and finished lots, which included 440 completed homes. The Forestar segment is a residential lot development company with operations in 51 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 engages in other business activities through its subsidiaries. The Company conducts insurance-related operations, constructs and owns income-producing multi-family rental properties, owns non-residential real estate including ranch land and improvements and owns and operates oil and gas related assets. The results of these operations are immaterial for separate reporting and therefore are grouped together and presented as other. The Company’s multi-family rental operations develop, construct, lease and own multi-family rental properties, which are typically marketed for sale after achieving a stabilized level of leased occupancy. At December 31, 2020, the Company had four multi-family rental projects under active construction and four projects that were substantially complete. These eight projects represent 2,325 multi-family units, including 1,015 units under active construction and 1,310 completed units. At December 31, 2020 and September 30, 2020, the consolidated balance sheets included $294.3 million and $246.2 million, respectively, of multi-family rental assets. The accounting policies of the reporting segments are described throughout Note A included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2020. Financial information relating to the Company’s reporting segments is as follows: December 31, 2020 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Assets Cash and cash equivalents $ 2,129.3 $ 237.4 $ 65.3 $ 22.9 $ — $ 2,454.9 Restricted cash 10.8 — 9.0 0.2 — 20.0 Inventories: Construction in progress and finished homes 6,665.1 — — — (66.3) 6,598.8 Residential land and lots — developed and under development 5,407.3 1,484.9 — — (36.1) 6,856.1 Land held for development 42.3 55.5 — — — 97.8 Land held for sale 23.8 — — — — 23.8 12,138.5 1,540.4 — — (102.4) 13,576.5 Mortgage loans held for sale — — 1,438.9 — — 1,438.9 Deferred income taxes, net 142.6 — — — (0.6) 142.0 Property and equipment, net 388.3 1.9 3.7 359.1 (4.6) 748.4 Other assets 1,121.7 29.4 121.5 56.5 (92.9) 1,236.2 Goodwill 134.3 — — — 29.2 163.5 $ 16,065.5 $ 1,809.1 $ 1,638.4 $ 438.7 $ (171.3) $ 19,780.4 Liabilities Accounts payable $ 786.4 $ 42.2 $ — $ 17.0 $ — $ 845.6 Accrued expenses and other liabilities 1,741.6 218.8 101.0 10.9 (133.4) 1,938.9 Notes payable 2,606.2 654.1 969.1 — (3.8) 4,225.6 $ 5,134.2 $ 915.1 $ 1,070.1 $ 27.9 $ (137.2) $ 7,010.1 ______________ (1) Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2) Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. September 30, 2020 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) 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 — — (33.9) 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 — — (87.3) 12,237.4 Mortgage loans held for sale — — 1,529.0 — — 1,529.0 Deferred income taxes, net 142.3 — — — 2.6 144.9 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 (96.1) 1,113.7 Goodwill 134.3 — — — 29.2 163.5 $ 15,221.4 $ 1,739.9 $ 1,726.2 $ 379.4 $ (154.6) $ 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 (128.1) 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 $ (132.9) $ 6,790.8 ______________ (1) Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2) Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. Three Months Ended December 31, 2020 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues Home sales $ 5,698.7 $ — $ — $ — $ — $ 5,698.7 Land/lot sales and other 19.9 307.1 — 14.7 (294.2) 47.5 Financial services — — 187.2 — — 187.2 5,718.6 307.1 187.2 14.7 (294.2) 5,933.4 Cost of sales Home sales (3) 4,325.1 — — — (27.7) 4,297.4 Land/lot sales and other 13.8 262.5 — — (249.5) 26.8 Inventory and land option charges 7.9 0.4 — — — 8.3 4,346.8 262.9 — — (277.2) 4,332.5 Selling, general and administrative expense 451.2 15.5 109.5 9.6 0.1 585.9 Gain on sale of assets (13.1) — — (0.9) — (14.0) Other (income) expense (1.5) (0.5) (6.4) 3.8 (0.7) (5.3) Income before income taxes $ 935.2 $ 29.2 $ 84.1 $ 2.2 $ (16.4) $ 1,034.3 Summary Cash Flow Information Depreciation and amortization $ 15.4 $ 0.1 $ 0.4 $ 4.4 $ 0.1 $ 20.4 Cash (used in) provided by operating activities $ (269.2) $ (158.7) $ 173.1 $ 1.2 $ 1.5 $ (252.1) ______________ (1) Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2) Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. (3) Amount in the Eliminations and Other Adjustments column represents the profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. Three Months Ended December 31, 2019 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues Home sales $ 3,863.3 $ — $ — $ — $ — $ 3,863.3 Land/lot sales and other 19.7 247.2 — 8.8 (221.2) 54.5 Financial services — — 102.9 — — 102.9 3,883.0 247.2 102.9 8.8 (221.2) 4,020.7 Cost of sales Home sales (3) 3,051.6 — — — (6.7) 3,044.9 Land/lot sales and other 13.3 216.3 — — (194.1) 35.5 Inventory and land option charges 3.5 0.3 — — — 3.8 3,068.4 216.6 — — (200.8) 3,084.2 Selling, general and administrative expense 358.4 10.5 77.9 8.8 0.2 455.8 Loss (gain) on sale of assets — 0.1 — (31.2) — (31.1) Other (income) expense (5.4) (2.2) (5.5) 1.6 — (11.5) Income before income taxes $ 461.6 $ 22.2 $ 30.5 $ 29.6 $ (20.6) $ 523.3 Summary Cash Flow Information Depreciation and amortization $ 16.5 $ 0.1 $ 0.4 $ 1.9 $ 0.1 $ 19.0 Cash (used in) provided by operating activities $ (178.4) $ (11.7) $ 83.5 $ 3.9 $ (11.1) $ (113.8) ______________ (1) Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2) Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. (3) Amount in the Eliminations and Other Adjustments 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) December 31, September 30, (In millions) East $ 1,444.3 $ 1,328.3 Midwest 1,079.7 958.5 Southeast 3,142.8 2,919.9 South Central 3,255.8 2,879.9 Southwest 849.2 695.8 West 2,143.6 2,009.1 Corporate and unallocated (2) 223.1 223.5 $ 12,138.5 $ 11,015.0 _________________ (1) Homebuilding inventories are the only assets included in the measure of homebuilding segment assets used by the Company’s chief operating decision makers. (2) Corporate and unallocated consists primarily of capitalized interest and property taxes. Homebuilding Results by Reporting Segment Three Months Ended 2020 2019 (In millions) Revenues East $ 809.2 $ 520.5 Midwest 413.1 282.6 Southeast 1,778.4 1,150.6 South Central 1,474.9 958.7 Southwest 232.6 211.0 West 1,010.4 759.6 $ 5,718.6 $ 3,883.0 Inventory and Land Option Charges East $ 0.6 $ 0.1 Midwest 0.1 0.1 Southeast 6.7 1.4 South Central 0.1 1.5 Southwest 0.1 0.1 West 0.3 0.3 $ 7.9 $ 3.5 Income before Income Taxes East $ 132.5 $ 59.9 Midwest 49.2 18.6 Southeast 305.8 146.3 South Central 264.7 132.6 Southwest 38.6 34.5 West 144.4 69.7 $ 935.2 $ 461.6

Inventory

Inventory	3 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
INVENTORY	INVENTORIES At the end of each quarter, the Company reviews the performance and outlook for all of its communities and land inventories for indicators of potential impairment and performs detailed impairment evaluations and analyses when necessary. As of December 31, 2020, the Company performed detailed impairment evaluations of communities and land inventories with a combined carrying value of $33.5 million and recorded impairment charges of $5.6 million during the three months ended December 31, 2020 to reduce the carrying value of impaired land to fair value. There were no impairment charges recorded in the prior year period. During the three months ended December 31, 2020 and 2019, earnest money and pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $2.7 million and $3.8 million, respectively. Inventory impairments and land option charges are included in cost of sales in the consolidated statements of operations.

Notes Payable

Notes Payable	3 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The Company’s notes payable at their carrying amounts consist of the following: December 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility $ — $ — 364-day revolving credit facility — — 2.55% senior notes due 2020 (1) — 399.8 4.375% senior notes due 2022 (1) 349.3 349.2 4.75% senior notes due 2023 (1) 299.3 299.2 5.75% senior notes due 2023 (1) 398.8 398.7 2.5% senior notes due 2024 (1) 496.6 496.5 2.6% senior notes due 2025 (1) 495.6 495.1 1.4% senior notes due 2027 (1) 494.1 — Other secured notes (2) 68.7 71.1 2,602.4 2,509.6 Forestar: Unsecured: Revolving credit facility — — 8.0% senior notes due 2024 (3) 345.5 345.2 5.0% senior notes due 2028 (3) 296.1 295.9 Other secured notes 12.5 — 654.1 641.1 Financial Services: Mortgage repurchase facility 969.1 1,132.6 $ 4,225.6 $ 4,283.3 ____________________________ (1) Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $14.1 million and $10.7 million at December 31, 2020 and September 30, 2020, respectively. (2) Homebuilding other secured notes excludes $3.8 million and $4.8 million of earnest money notes payable due to Forestar at December 31, 2020 and September 30, 2020, respectively. These intercompany notes are eliminated in consolidation. (3) Debt issuance costs that were deducted from the carrying amount of Forestar’s senior notes totaled $8.4 million and $8.9 million at December 31, 2020 and September 30, 2020, respectively. Homebuilding: The Company has a $1.59 billion senior unsecured homebuilding revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $2.5 billion, subject to certain conditions and availability of additional bank commitments. The facility also provides for the issuance of letters of credit with a sublimit equal to 100% of the revolving credit commitment. Letters of credit issued under the facility reduce the available borrowing capacity. The interest rate on borrowings under the revolving credit facility may be based on either the Prime Rate or LIBOR plus an applicable margin, as defined in the credit agreement governing the facility. The maturity date of the facility is October 2, 2024. At December 31, 2020, there were no borrowings outstanding and $151.6 million of letters of credit issued under the revolving credit facility, resulting in available capacity of approximately $1.44 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 outstanding under the facility at December 31, 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 December 31, 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 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%. In December 2020, the Company repaid $400 million principal amount of its 2.55% senior notes at maturity. Effective July 30, 2019, the Board of Directors authorized the repurchase of up to $500 million of the Company’s debt securities. The authorization has no expiration date. All of the $500 million authorization was remaining at December 31, 2020. Forestar: Forestar has a $380 million senior unsecured revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $570 million, subject to certain conditions and availability of additional bank commitments. The facility also provides for the issuance of letters of credit with a sublimit equal to the greater of $100 million and 50% of the revolving credit commitment. Borrowings under the revolving credit facility are subject to a borrowing base 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 December 31, 2020, there were no borrowings outstanding and $40.5 million of letters of credit issued under the revolving credit facility, resulting in available capacity of $339.5 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. 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 December 31, 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 December 31, 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 increased 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. The Company is currently in discussions with its lenders and expects to renew and extend the facility on similar terms prior to its maturity date. As of December 31, 2020, $1.31 billion of mortgage loans held for sale with a collateral value of $1.29 billion were pledged under the mortgage repurchase facility. As a result of advance paydowns totaling $319.4 million, DHI Mortgage had an obligation of $969.1 million outstanding under the mortgage repurchase facility at December 31, 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 December 31, 2020, DHI Mortgage was in compliance with all of the conditions and covenants of the mortgage repurchase facility.

Capitalized Interest

Capitalized Interest	3 Months Ended
	Dec. 31, 2020
Interest Costs Incurred [Abstract]
CAPITALIZED INTEREST	CAPITALIZED INTEREST The Company capitalizes interest costs incurred to inventory during active development and construction (active inventory). Capitalized interest is charged to cost of sales as the related inventory is delivered to the buyer. During periods in which the Company’s active inventory is lower than its debt level, a portion of the interest incurred is reflected as interest expense in the period incurred. During the first three months of fiscal 2021 and fiscal 2020, the Company’s active inventory exceeded its debt level, and all interest incurred was capitalized to inventory. The following table summarizes the Company’s interest costs incurred, capitalized and expensed during the three months ended December 31, 2020 and 2019: Three Months Ended 2020 2019 (In millions) Capitalized interest, beginning of period $ 207.7 $ 180.1 Interest incurred (1) 40.4 37.7 Interest charged to cost of sales (33.0) (25.7) Capitalized interest, end of period $ 215.1 $ 192.1 _______________ (1) Interest incurred included interest on the Company's mortgage repurchase facility of $4.5 million and $4.7 million in the three months ended December 31, 2020 and 2019, respectively, and Forestar interest of $11.5 million and $8.7 million in those periods.

Property and Equipment

Property and Equipment	3 Months Ended
	Dec. 31, 2020
Property and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	PROPERTY AND EQUIPMENT The Company’s property and equipment balances and the related accumulated depreciation at December 31, 2020 and September 30, 2020 are summarized below. December 31, September 30, (In millions) Homebuilding Buildings and improvements $ 272.7 $ 267.4 Model home furniture 134.4 134.0 Office furniture and equipment 109.4 108.1 Land 31.8 32.3 Single-family rental operations Single-family rental properties 89.3 68.1 Land 17.3 19.1 Total single-family rental operations 106.6 87.2 Accumulated depreciation (266.6) (256.2) Total homebuilding 388.3 372.8 Other Businesses Multi-family rental operations Multi-family rental properties 204.2 173.8 Land 77.0 58.3 Total multi-family rental operations 281.2 232.1 Oil and gas related assets 69.2 69.7 Office furniture and equipment 16.1 15.6 Land 19.7 19.7 Accumulated depreciation (27.1) (28.2) Total other businesses 359.1 308.9 Forestar, net 1.9 1.1 Financial services, net 3.7 3.9 Eliminations (4.6) (3.0) Property and equipment, net $ 748.4 $ 683.7 Depreciation expense was $17.8 million and $17.2 million during the three months ended December 31, 2020 and 2019, respectively.

Mortgage Loans

Mortgage Loans	3 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOANS	MORTGAGE LOANS Mortgage loans held for sale consist primarily of single-family residential loans collateralized by the underlying property. At December 31, 2020, mortgage loans held for sale had an aggregate carrying value of $1.44 billion and an aggregate outstanding principal balance of $1.37 billion. 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. During the three months ended December 31, 2020 and 2019, mortgage loans originated totaled $3.5 billion and $2.3 billion, respectively, and mortgage loans sold totaled $3.6 billion and $2.3 billion, respectively. The Company had gains on sales of loans and servicing rights of $138.9 million during the three months ended December 31, 2020 compared to $73.6 million in the prior year period. Net gains on sales of loans and servicing rights are included in revenues in the consolidated statements of operations. During the three months ended December 31, 2020, approximately 66% of the Company’s mortgage loans were sold directly to the Federal National Mortgage Association (Fannie Mae) or into securities backed by the Government National Mortgage Association (Ginnie Mae) and 27% were sold to two other major financial entities. In response to the COVID-19 pandemic (C-19), the U.S. government has taken various actions to support the economy and the continued functioning of the financial markets. In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which included changes to current forbearance options for government-backed loans designed to keep homeowners in their homes. Due to the uncertainty surrounding these forbearance options, servicing values declined rapidly at the end of March. 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 sold a portion of its retained mortgage servicing rights in the three months ended December 31, 2020. The Company expects to continue retaining some servicing rights prior to selling them to third parties, typically within six months of loan origination. At December 31, 2020 and September 30, 2020, the fair value of mortgage servicing rights was $9.8 million and $17.1 million, respectively, and is included in other assets in the consolidated balance sheets. The Company also uses hedging instruments as part of a program to offer below market interest rate financing to its homebuyers. At December 31, 2020 and September 30, 2020, the Company had mortgage-backed securities (MBS) totaling $1.4 billion and $1.1 billion, respectively, that did not yet have interest rate lock commitments or closed loans created or assigned and recorded a liability of $7.5 million and $5.3 million for the fair value of such MBS position.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax expense for the three months ended December 31, 2020 and 2019 was $239.1 million and $90.8 million, respectively. The effective tax rate was 23.1% for the three months ended December 31, 2020 compared to 17.4% in the prior year period. The effective tax rates for both periods include an expense for state income taxes and tax benefits related to stock-based compensation and the federal energy efficient homes tax credit. For the three months ended December 31, 2019, the retroactive reinstatement of the federal energy efficient homes tax credit for homes closed from January 1, 2018 to September 30, 2019 reduced the effective tax rate by 5.6%. The Company’s deferred tax assets, net of deferred tax liabilities, were $149.5 million at December 31, 2020 compared to $152.4 million at September 30, 2020. The Company has a valuation allowance of $7.5 million at December 31, 2020 and September 30, 2020 related to state deferred tax assets for net operating loss (NOL) carryforwards that are more likely than not to expire before being realized. The Company will continue to evaluate both the positive and negative evidence in determining the need for a valuation allowance with respect to the remaining state NOL carryforwards. Any reversal of the valuation allowance in future periods will impact the Company’s effective tax rate. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation of the Company’s deferred tax assets.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the numerators and denominators used in the computation of basic and diluted earnings per share. Three Months Ended 2020 2019 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 791.8 $ 431.3 Denominator: Denominator for basic earnings per share — weighted average common shares 364.4 368.3 Effect of dilutive securities: Employee stock awards 5.6 5.1 Denominator for diluted earnings per share — adjusted weighted average common shares 370.0 373.4 Basic net income per common share attributable to D.R. Horton, Inc. $ 2.17 $ 1.17 Diluted net income per common share attributable to D.R. Horton, Inc. $ 2.14 $ 1.16

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Dec. 31, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY D.R. Horton has an automatically effective universal shelf registration statement, filed with the SEC in August 2018, registering debt and equity securities that it may issue from time to time in amounts to be determined. Forestar also has an effective shelf registration statement filed with the SEC in September 2018, registering $500 million of equity securities. As of December 31, 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 December 31, 2020, no shares had been issued under the at-the-market equity offering program. Effective July 30, 2019, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock. The authorization has no expiration date. During the three months ended December 31, 2020, the Company repurchased 1.0 million shares of its common stock for $69.8 million. The Company’s remaining authorization at December 31, 2020 was $465.5 million. During the three months ended December 31, 2020, the Board of Directors approved a quarterly cash dividend of $0.20 per common share, which was paid on December 14, 2020 to stockholders of record on December 4, 2020. In January 2021, the Board of Directors approved a quarterly cash dividend of $0.20 per common share, payable on February 25, 2021 to stockholders of record on February 17, 2021. Cash dividends of $0.175 per common share were approved and paid in each quarter of fiscal 2020.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Dec. 31, 2020
Compensation Related Costs [Abstract]
Compensation Related Costs, General	EMPLOYEE BENEFIT PLANS Restricted Stock Units (RSUs) The Company’s Stock Incentive Plan provides for the granting of stock options and restricted stock units to executive officers, other key employees and non-management directors. Restricted stock unit awards may be based on performance (performance-based) or on service over a requisite time period (time-based). Performance-based and time-based RSU equity awards represent the contingent right to receive one share of the Company’s common stock per RSU if the vesting conditions and/or performance criteria are satisfied. The RSUs have no dividend or voting rights until vested. In November 2020, the Company granted 360,000 performance-based RSU equity awards to its executive officers. These awards vest at the end of a three Stock-based compensation expense related to the Company’s performance-based and time-based restricted stock units was $21.2 million during the three months ended December 31, 2020 compared to $15.9 million during the three months ended December 31, 2019.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Warranty Claims The Company provides its homebuyers with a ten-year limited warranty for major defects in structural elements such as framing components and foundation systems, a two-year limited warranty on major mechanical systems and a one-year limited warranty on other construction components. The Company’s warranty liability is based upon historical warranty cost experience in each market in which it operates and is adjusted to reflect qualitative risks associated with the types of homes built and the geographic areas in which they are built. Changes in the Company’s warranty liability during the three months ended December 31, 2020 and 2019 were as follows: Three Months Ended 2020 2019 (In millions) Warranty liability, beginning of period $ 310.2 $ 247.3 Warranties issued 33.3 21.2 Changes in liability for pre-existing warranties 2.6 2.7 Settlements made (22.1) (19.6) Warranty liability, end of period $ 324.0 $ 251.6 Legal Claims and Insurance The Company is named as a defendant in various claims, complaints and other legal actions in the ordinary course of business. At any point in time, the Company is managing several hundred individual claims related to construction defect matters, personal injury claims, employment matters, land development issues, 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 $491.8 million and $473.8 million at December 31, 2020 and September 30, 2020, respectively, and are included in accrued expenses and other liabilities in the consolidated balance sheets. Approximately 99% of these reserves related to construction defect matters at both December 31, 2020 and September 30, 2020. Expenses related to the Company’s legal contingencies were $17.4 million and $16.6 million in the three months ended December 31, 2020 and 2019, respectively. Changes in the Company’s legal claims reserves during the three months ended December 31, 2020 and 2019 were as follows: Three Months Ended 2020 2019 (In millions) Reserves for legal claims, beginning of period $ 473.8 $ 434.7 Increase in reserves 24.2 21.1 Payments (6.2) (23.3) Reserves for legal claims, end of period $ 491.8 $ 432.5 The Company estimates and records receivables under its applicable insurance policies related to its estimated contingencies for known claims and anticipated future construction defect claims on previously closed homes and other legal claims and lawsuits incurred in the ordinary course of business when recovery is probable. 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 related to previously closed homes totaled $82.2 million, $81.2 million and $76.9 million at December 31, 2020, September 30, 2020 and December 31, 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. The estimation of losses related to these reserves and the related estimates of recoveries from insurance policies are subject to a high degree of variability due to uncertainties such as trends in construction defect claims relative to the Company’s markets and the types of products built, claim frequency, claim settlement costs and patterns, insurance industry practices and legal interpretations, among others. Due to the high degree of judgment required in establishing reserves for these contingencies, actual future costs and recoveries from insurance could differ significantly from current estimated amounts, and it is not possible for the Company to make a reasonable estimate of the possible loss or range of loss in excess of its reserves. Land and Lot Purchase Contracts The Company enters into land and lot purchase contracts to acquire land or lots for the construction of homes. Under these contracts, the Company will fund a stated deposit in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms. Under the terms of many of the purchase contracts, the deposits are not refundable in the event the Company elects to terminate the contract. Land purchase contract deposits and capitalized pre-acquisition costs are expensed to inventory and land option charges when the Company believes it is probable that it will not acquire the property under contract and will not be able to recover these costs through other means. At December 31, 2020, the Company’s homebuilding segment had total deposits of $776.0 million, consisting of cash deposits of $710.3 million and promissory notes and surety bonds of $65.7 million, related to contracts to purchase land and lots with a total remaining purchase price of approximately $11.9 billion. The majority of land and lots under contract are currently expected to be purchased within three years. Of these amounts, $122.9 million of the deposits related to contracts with Forestar to purchase land and lots with a remaining purchase price of $1.3 billion. A limited number of the homebuilding land and lot purchase contracts at December 31, 2020, representing $73.5 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 $73.5 million remaining purchase price subject to specific performance provisions, $41.5 million related to contracts between the homebuilding segment and Forestar. During the three months ended December 31, 2020 and 2019, Forestar reimbursed the homebuilding segment $16.1 million and $10.7 million, respectively, for previously paid earnest money and $20.9 million and $5.2 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 December 31, 2020, the Company had outstanding surety bonds of $1.9 billion and letters of credit of $192.1 million to secure performance under various contracts. Of the total letters of credit, $151.6 million were issued under the homebuilding revolving credit facility and $40.5 million were issued under Forestar’s revolving credit facility.

Other Assets, Accrued Expenses

Other Assets, Accrued Expenses and Other Liabilities	3 Months Ended
	Dec. 31, 2020
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
OTHER ASSETS, ACCRUED EXPENSES AND OTHER LIABILITIES	OTHER ASSETS, ACCRUED EXPENSES AND OTHER LIABILITIES The Company’s other assets at December 31, 2020 and September 30, 2020 were as follows: December 31, September 30, (In millions) Earnest money and refundable deposits $ 763.4 $ 657.1 Insurance receivables 82.2 81.2 Other receivables 145.6 143.1 Prepaid assets 53.4 46.0 Interest rate lock commitments 26.4 31.3 Margin deposits 33.4 16.2 Contract assets - insurance agency commissions 49.1 47.1 Lease right of use assets 33.4 34.7 Mortgage servicing rights 9.8 17.1 Other 39.5 39.9 $ 1,236.2 $ 1,113.7 The Company’s accrued expenses and other liabilities at December 31, 2020 and September 30, 2020 were as follows: December 31, September 30, (In millions) Reserves for legal claims $ 491.8 $ 473.8 Employee compensation and related liabilities 361.8 376.1 Warranty liability 324.0 310.2 Mortgage hedging instruments and loan commitments 41.3 16.5 Accrued interest 37.9 35.3 Federal and state income tax liabilities 281.8 42.6 Inventory related accruals 68.5 59.7 Customer deposits 110.5 93.1 Accrued property taxes 32.6 44.1 Lease liabilities 35.5 37.0 Other 153.2 118.6 $ 1,938.9 $ 1,607.0

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and September 30, 2020. Changes in the fair value of the Level 3 assets during the three months ended December 31, 2020 and 2019 were not material. Fair Value at December 31, 2020 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Debt securities collateralized by residential real estate Other assets $ — $ — $ 3.9 $ 3.9 Mortgage loans held for sale (1) Mortgage loans held for sale — 1,411.6 17.9 1,429.5 Mortgage servicing rights (2) Other assets — — 9.8 9.8 Derivatives not designated as hedging instruments (3): Interest rate lock commitments Other assets — 26.4 — 26.4 Forward sales of mortgage-backed securities Other liabilities — (38.5) — (38.5) 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) ___________________ (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 December 31, 2020 and September 30, 2020 include $17.9 million and $15.1 million, respectively, of loans for which the Company elected the fair value option upon origination and did not sell into the secondary market. The fair value of these mortgage loans held for sale is generally calculated considering pricing in the secondary market and adjusted for the value of the underlying collateral, including interest rate risk, liquidity risk and prepayment risk. The Company plans to sell these loans as market conditions permit. (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 key assumptions used in the valuation, which are generally unobservable inputs, are mortgage prepayment rates, discount rates and delinquency rates, which were 11%, 11% and 5%, respectively, at December 31, 2020 and 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 for the three months ended December 31, 2020 and 2019 recognized in revenues in the consolidated statements of operations was not significant. The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at December 31, 2020 and September 30, 2020: Fair Value at Fair Value at Balance Sheet Location Level 2 Level 3 Level 2 Level 3 (In millions) Inventory held and used (1) (2) Inventories $ — $ 9.7 $ — $ — Mortgage loans held for sale (1) (3) Mortgage loans held for sale — 1.5 1.5 2.2 Other mortgage loans (1) (4) Other assets — 1.1 0.6 2.0 ___________________ (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) The fair value of inventory was determined based on recent offers received from outside parties. (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 December 31, 2020 and September 30, 2020: Carrying Value Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (1) $ 2,454.9 $ 2,454.9 $ — $ — $ 2,454.9 Restricted cash (1) 20.0 20.0 — — 20.0 Notes payable (2) (3) 4,225.6 — 3,389.9 1,050.3 4,440.2 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 ___________________ (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.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited, consolidated financial statements include the accounts of D.R. Horton, Inc. and all of its 100% owned, majority-owned and controlled subsidiaries, which are collectively referred to as the Company, unless the context otherwise requires. Noncontrolling interests represent the proportionate equity interests in consolidated entities that are not 100% owned by the Company. The Company owns a 65% controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 35% interest the Company does not own is accounted for as noncontrolling interests. All intercompany accounts, transactions and balances have been eliminated in consolidation. The financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, these financial statements reflect all adjustments considered necessary to fairly state the results for the interim periods shown, including normal recurring accruals and other items. These financial statements, including the consolidated balance sheet as of September 30, 2020, which was derived from audited financial statements, do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2020.
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.
Business Combinations Policy	Business Acquisition In October 2020, the Company acquired the homebuilding operations of Braselton Homes for approximately $23.0 million in cash. Braselton Homes operates in Corpus Christi, Texas. The assets acquired included approximately 90 homes in inventory, 95 lots and control of approximately 840 additional lots through purchase contracts. The Company also acquired a sales order backlog of approximately 125 homes.
Recent Accounting Pronouncements	Pending Accounting Standards In December 2019, the Financial Accounting Standards Board (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. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform - Scope,” which clarified the scope and application of the original guidance. The Company will adopt these standards when LIBOR is discontinued and does not expect them to have a material impact on its consolidated financial statements or related disclosures.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Financial information relating to the Company’s reporting segments is as follows: December 31, 2020 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Assets Cash and cash equivalents $ 2,129.3 $ 237.4 $ 65.3 $ 22.9 $ — $ 2,454.9 Restricted cash 10.8 — 9.0 0.2 — 20.0 Inventories: Construction in progress and finished homes 6,665.1 — — — (66.3) 6,598.8 Residential land and lots — developed and under development 5,407.3 1,484.9 — — (36.1) 6,856.1 Land held for development 42.3 55.5 — — — 97.8 Land held for sale 23.8 — — — — 23.8 12,138.5 1,540.4 — — (102.4) 13,576.5 Mortgage loans held for sale — — 1,438.9 — — 1,438.9 Deferred income taxes, net 142.6 — — — (0.6) 142.0 Property and equipment, net 388.3 1.9 3.7 359.1 (4.6) 748.4 Other assets 1,121.7 29.4 121.5 56.5 (92.9) 1,236.2 Goodwill 134.3 — — — 29.2 163.5 $ 16,065.5 $ 1,809.1 $ 1,638.4 $ 438.7 $ (171.3) $ 19,780.4 Liabilities Accounts payable $ 786.4 $ 42.2 $ — $ 17.0 $ — $ 845.6 Accrued expenses and other liabilities 1,741.6 218.8 101.0 10.9 (133.4) 1,938.9 Notes payable 2,606.2 654.1 969.1 — (3.8) 4,225.6 $ 5,134.2 $ 915.1 $ 1,070.1 $ 27.9 $ (137.2) $ 7,010.1 ______________ (1) Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2) Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. September 30, 2020 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) 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 — — (33.9) 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 — — (87.3) 12,237.4 Mortgage loans held for sale — — 1,529.0 — — 1,529.0 Deferred income taxes, net 142.3 — — — 2.6 144.9 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 (96.1) 1,113.7 Goodwill 134.3 — — — 29.2 163.5 $ 15,221.4 $ 1,739.9 $ 1,726.2 $ 379.4 $ (154.6) $ 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 (128.1) 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 $ (132.9) $ 6,790.8 ______________ (1) Amounts are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2) Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. Three Months Ended December 31, 2020 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues Home sales $ 5,698.7 $ — $ — $ — $ — $ 5,698.7 Land/lot sales and other 19.9 307.1 — 14.7 (294.2) 47.5 Financial services — — 187.2 — — 187.2 5,718.6 307.1 187.2 14.7 (294.2) 5,933.4 Cost of sales Home sales (3) 4,325.1 — — — (27.7) 4,297.4 Land/lot sales and other 13.8 262.5 — — (249.5) 26.8 Inventory and land option charges 7.9 0.4 — — — 8.3 4,346.8 262.9 — — (277.2) 4,332.5 Selling, general and administrative expense 451.2 15.5 109.5 9.6 0.1 585.9 Gain on sale of assets (13.1) — — (0.9) — (14.0) Other (income) expense (1.5) (0.5) (6.4) 3.8 (0.7) (5.3) Income before income taxes $ 935.2 $ 29.2 $ 84.1 $ 2.2 $ (16.4) $ 1,034.3 Summary Cash Flow Information Depreciation and amortization $ 15.4 $ 0.1 $ 0.4 $ 4.4 $ 0.1 $ 20.4 Cash (used in) provided by operating activities $ (269.2) $ (158.7) $ 173.1 $ 1.2 $ 1.5 $ (252.1) ______________ (1) Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2) Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. (3) Amount in the Eliminations and Other Adjustments column represents the profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. Three Months Ended December 31, 2019 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues Home sales $ 3,863.3 $ — $ — $ — $ — $ 3,863.3 Land/lot sales and other 19.7 247.2 — 8.8 (221.2) 54.5 Financial services — — 102.9 — — 102.9 3,883.0 247.2 102.9 8.8 (221.2) 4,020.7 Cost of sales Home sales (3) 3,051.6 — — — (6.7) 3,044.9 Land/lot sales and other 13.3 216.3 — — (194.1) 35.5 Inventory and land option charges 3.5 0.3 — — — 3.8 3,068.4 216.6 — — (200.8) 3,084.2 Selling, general and administrative expense 358.4 10.5 77.9 8.8 0.2 455.8 Loss (gain) on sale of assets — 0.1 — (31.2) — (31.1) Other (income) expense (5.4) (2.2) (5.5) 1.6 — (11.5) Income before income taxes $ 461.6 $ 22.2 $ 30.5 $ 29.6 $ (20.6) $ 523.3 Summary Cash Flow Information Depreciation and amortization $ 16.5 $ 0.1 $ 0.4 $ 1.9 $ 0.1 $ 19.0 Cash (used in) provided by operating activities $ (178.4) $ (11.7) $ 83.5 $ 3.9 $ (11.1) $ (113.8) ______________ (1) Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (2) Amounts primarily represent the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments related to the Forestar acquisition. (3) Amount in the Eliminations and Other Adjustments 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) December 31, September 30, (In millions) East $ 1,444.3 $ 1,328.3 Midwest 1,079.7 958.5 Southeast 3,142.8 2,919.9 South Central 3,255.8 2,879.9 Southwest 849.2 695.8 West 2,143.6 2,009.1 Corporate and unallocated (2) 223.1 223.5 $ 12,138.5 $ 11,015.0 _________________ (1) Homebuilding inventories are the only assets included in the measure of homebuilding segment assets used by the Company’s chief operating decision makers. (2) Corporate and unallocated consists primarily of capitalized interest and property taxes. Homebuilding Results by Reporting Segment Three Months Ended 2020 2019 (In millions) Revenues East $ 809.2 $ 520.5 Midwest 413.1 282.6 Southeast 1,778.4 1,150.6 South Central 1,474.9 958.7 Southwest 232.6 211.0 West 1,010.4 759.6 $ 5,718.6 $ 3,883.0 Inventory and Land Option Charges East $ 0.6 $ 0.1 Midwest 0.1 0.1 Southeast 6.7 1.4 South Central 0.1 1.5 Southwest 0.1 0.1 West 0.3 0.3 $ 7.9 $ 3.5 Income before Income Taxes East $ 132.5 $ 59.9 Midwest 49.2 18.6 Southeast 305.8 146.3 South Central 264.7 132.6 Southwest 38.6 34.5 West 144.4 69.7 $ 935.2 $ 461.6

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Summary of notes payable at principal amounts, net of unamortized discounts	The Company’s notes payable at their carrying amounts consist of the following: December 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility $ — $ — 364-day revolving credit facility — — 2.55% senior notes due 2020 (1) — 399.8 4.375% senior notes due 2022 (1) 349.3 349.2 4.75% senior notes due 2023 (1) 299.3 299.2 5.75% senior notes due 2023 (1) 398.8 398.7 2.5% senior notes due 2024 (1) 496.6 496.5 2.6% senior notes due 2025 (1) 495.6 495.1 1.4% senior notes due 2027 (1) 494.1 — Other secured notes (2) 68.7 71.1 2,602.4 2,509.6 Forestar: Unsecured: Revolving credit facility — — 8.0% senior notes due 2024 (3) 345.5 345.2 5.0% senior notes due 2028 (3) 296.1 295.9 Other secured notes 12.5 — 654.1 641.1 Financial Services: Mortgage repurchase facility 969.1 1,132.6 $ 4,225.6 $ 4,283.3 ____________________________ (1) Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $14.1 million and $10.7 million at December 31, 2020 and September 30, 2020, respectively. (2) Homebuilding other secured notes excludes $3.8 million and $4.8 million of earnest money notes payable due to Forestar at December 31, 2020 and September 30, 2020, respectively. These intercompany notes are eliminated in consolidation. (3) Debt issuance costs that were deducted from the carrying amount of Forestar’s senior notes totaled $8.4 million and $8.9 million at December 31, 2020 and September 30, 2020, respectively.

Capitalized Interest (Tables)

Capitalized Interest (Tables)	3 Months Ended
	Dec. 31, 2020
Interest Costs Incurred [Abstract]
Rollforward of capitalized interest	The following table summarizes the Company’s interest costs incurred, capitalized and expensed during the three months ended December 31, 2020 and 2019: Three Months Ended 2020 2019 (In millions) Capitalized interest, beginning of period $ 207.7 $ 180.1 Interest incurred (1) 40.4 37.7 Interest charged to cost of sales (33.0) (25.7) Capitalized interest, end of period $ 215.1 $ 192.1 _______________ (1) Interest incurred included interest on the Company's mortgage repurchase facility of $4.5 million and $4.7 million in the three months ended December 31, 2020 and 2019, respectively, and Forestar interest of $11.5 million and $8.7 million in those periods.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Dec. 31, 2020
Property and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	The Company’s property and equipment balances and the related accumulated depreciation at December 31, 2020 and September 30, 2020 are summarized below. December 31, September 30, (In millions) Homebuilding Buildings and improvements $ 272.7 $ 267.4 Model home furniture 134.4 134.0 Office furniture and equipment 109.4 108.1 Land 31.8 32.3 Single-family rental operations Single-family rental properties 89.3 68.1 Land 17.3 19.1 Total single-family rental operations 106.6 87.2 Accumulated depreciation (266.6) (256.2) Total homebuilding 388.3 372.8 Other Businesses Multi-family rental operations Multi-family rental properties 204.2 173.8 Land 77.0 58.3 Total multi-family rental operations 281.2 232.1 Oil and gas related assets 69.2 69.7 Office furniture and equipment 16.1 15.6 Land 19.7 19.7 Accumulated depreciation (27.1) (28.2) Total other businesses 359.1 308.9 Forestar, net 1.9 1.1 Financial services, net 3.7 3.9 Eliminations (4.6) (3.0) Property and equipment, net $ 748.4 $ 683.7

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Numerator and denominator used to compute basic and diluted earnings per share	The following table sets forth the numerators and denominators used in the computation of basic and diluted earnings per share. Three Months Ended 2020 2019 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 791.8 $ 431.3 Denominator: Denominator for basic earnings per share — weighted average common shares 364.4 368.3 Effect of dilutive securities: Employee stock awards 5.6 5.1 Denominator for diluted earnings per share — adjusted weighted average common shares 370.0 373.4 Basic net income per common share attributable to D.R. Horton, Inc. $ 2.17 $ 1.17 Diluted net income per common share attributable to D.R. Horton, Inc. $ 2.14 $ 1.16

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Changes in warranty liability	Changes in the Company’s warranty liability during the three months ended December 31, 2020 and 2019 were as follows: Three Months Ended 2020 2019 (In millions) Warranty liability, beginning of period $ 310.2 $ 247.3 Warranties issued 33.3 21.2 Changes in liability for pre-existing warranties 2.6 2.7 Settlements made (22.1) (19.6) Warranty liability, end of period $ 324.0 $ 251.6
Changes in legal claims reserves	Changes in the Company’s legal claims reserves during the three months ended December 31, 2020 and 2019 were as follows: Three Months Ended 2020 2019 (In millions) Reserves for legal claims, beginning of period $ 473.8 $ 434.7 Increase in reserves 24.2 21.1 Payments (6.2) (23.3) Reserves for legal claims, end of period $ 491.8 $ 432.5

Other Assets, Accrued Expense_2

Other Assets, Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Dec. 31, 2020
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
Other assets	The Company’s other assets at December 31, 2020 and September 30, 2020 were as follows: December 31, September 30, (In millions) Earnest money and refundable deposits $ 763.4 $ 657.1 Insurance receivables 82.2 81.2 Other receivables 145.6 143.1 Prepaid assets 53.4 46.0 Interest rate lock commitments 26.4 31.3 Margin deposits 33.4 16.2 Contract assets - insurance agency commissions 49.1 47.1 Lease right of use assets 33.4 34.7 Mortgage servicing rights 9.8 17.1 Other 39.5 39.9 $ 1,236.2 $ 1,113.7
Accrued expenses and other liabilities	The Company’s accrued expenses and other liabilities at December 31, 2020 and September 30, 2020 were as follows: December 31, September 30, (In millions) Reserves for legal claims $ 491.8 $ 473.8 Employee compensation and related liabilities 361.8 376.1 Warranty liability 324.0 310.2 Mortgage hedging instruments and loan commitments 41.3 16.5 Accrued interest 37.9 35.3 Federal and state income tax liabilities 281.8 42.6 Inventory related accruals 68.5 59.7 Customer deposits 110.5 93.1 Accrued property taxes 32.6 44.1 Lease liabilities 35.5 37.0 Other 153.2 118.6 $ 1,938.9 $ 1,607.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value measurements of assets and liabilities on a recurring basis	The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and September 30, 2020. Changes in the fair value of the Level 3 assets during the three months ended December 31, 2020 and 2019 were not material. Fair Value at December 31, 2020 Balance Sheet Location Level 1 Level 2 Level 3 Total (In millions) Debt securities collateralized by residential real estate Other assets $ — $ — $ 3.9 $ 3.9 Mortgage loans held for sale (1) Mortgage loans held for sale — 1,411.6 17.9 1,429.5 Mortgage servicing rights (2) Other assets — — 9.8 9.8 Derivatives not designated as hedging instruments (3): Interest rate lock commitments Other assets — 26.4 — 26.4 Forward sales of mortgage-backed securities Other liabilities — (38.5) — (38.5) 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) ___________________ (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 December 31, 2020 and September 30, 2020 include $17.9 million and $15.1 million, respectively, of loans for which the Company elected the fair value option upon origination and did not sell into the secondary market. The fair value of these mortgage loans held for sale is generally calculated considering pricing in the secondary market and adjusted for the value of the underlying collateral, including interest rate risk, liquidity risk and prepayment risk. The Company plans to sell these loans as market conditions permit. (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 key assumptions used in the valuation, which are generally unobservable inputs, are mortgage prepayment rates, discount rates and delinquency rates, which were 11%, 11% and 5%, respectively, at December 31, 2020 and 13%, 11% and 5%, respectively, at September 30, 2020.
Fair value measurements of assets on a non-recurring basis	The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at December 31, 2020 and September 30, 2020: Fair Value at Fair Value at Balance Sheet Location Level 2 Level 3 Level 2 Level 3 (In millions) Inventory held and used (1) (2) Inventories $ — $ 9.7 $ — $ — Mortgage loans held for sale (1) (3) Mortgage loans held for sale — 1.5 1.5 2.2 Other mortgage loans (1) (4) Other assets — 1.1 0.6 2.0 ___________________ (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) The fair value of inventory was determined based on recent offers received from outside parties. (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.
Carrying values and fair values of financial assets and liabilities not reflected at fair value	For the financial assets and liabilities that the Company does not reflect at fair value, the following tables present both their respective carrying value and fair value at December 31, 2020 and September 30, 2020: Carrying Value Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (1) $ 2,454.9 $ 2,454.9 $ — $ — $ 2,454.9 Restricted cash (1) 20.0 20.0 — — 20.0 Notes payable (2) (3) 4,225.6 — 3,389.9 1,050.3 4,440.2 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 ___________________ (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.

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	3 Months Ended
	Dec. 31, 2020USD ($)Home	Dec. 31, 2019USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent	65.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	35.00%
Payments related to business acquisitions | $	$ 23	$ 0.7
Business Acquisition, Number of Homes Acquired	90
Business Acquisition, Number of Finished Lots Acquired	95
Business Acquisition, Number of Lots Under Option Contracts	840
Business Acquisition, Sales Order Backlog Acquired	125

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	3 Months Ended
	Dec. 31, 2020USD ($)SegmentsHomeMarketStateProjectsOperatingDivisions	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)Home
Segment Reporting Information [Line Items]
Gain (Loss) on Sale of Properties	$ 14	$ 31.1
Total assets	19,780.4		$ 18,912.3
Other Segments [Member]
Segment Reporting Information [Line Items]
Gain (Loss) on Sale of Properties	0.9	31.2
Total assets	$ 438.7		379.4
Home Building [Member]
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	90
Number of housing construction states | State	29
Number of home building operating divisions | OperatingDivisions	55
Number of homebuilding reporting segments | Segments	6
Gain (Loss) on Sale of Properties	$ 13.1	0
Total assets	$ 16,065.5		15,221.4
Forestar Group [Member]
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	51
Number of housing construction states | State	21
Gain (Loss) on Sale of Properties	$ 0	$ (0.1)
Total assets	1,809.1		1,739.9
Single Family [Member]
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Gross	106.6		87.2
Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Total assets	$ 294.3		246.2
Multi-Family Units, Total | Home	2,325
Multi-Family Units, Under Active Construction | Home	1,015
Multi-Family Units, Completed | Home	1,310
Single Family [Member] | Home Building [Member]
Segment Reporting Information [Line Items]
Unit Sales, Single-Family | Home	124
Home sales	$ 31.8
Property, Plant and Equipment, Gross	$ 106.6		$ 87.2
Single Family Rental Units, Completed Homes | Home	440		440
Single Family Rental Units, Homes and Lots, Total | Home	890		740
Asset under Construction [Member] | Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Number of Projects | Projects	4
Assets Leased to Others [Member] | Single Family [Member]
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Gross	$ 89.3		$ 68.1
Assets Leased to Others [Member] | Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Number of Projects | Projects	4

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Assets [Abstract]
Cash and cash equivalents	$ 2,454.9		$ 3,018.5
Restricted cash	20		21.6
Inventories:
Construction in progress and finished homes	6,598.8		5,984.1
Residential land and lots — developed and under development	6,856.1		6,171.8
Land held for development	97.8		53.2
Land held for sale	23.8		28.3
Total inventories	13,576.5		12,237.4
Mortgage loans held for sale	1,438.9		1,529
Deferred income taxes, net	142		144.9
Property and equipment, net	748.4		683.7
Other assets	1,236.2		1,113.7
Goodwill	163.5		163.5
Total assets	19,780.4		18,912.3
Liabilities [Abstract]
Accounts payable	845.6		900.5
Accrued expenses and other liabilities	1,938.9		1,607
Notes payable	4,225.6		4,283.3
Total liabilities	7,010.1		6,790.8
Revenues
Total revenues	5,933.4	$ 4,020.7
Inventory and land option charges	8.3	3.8
Cost of sales	4,332.5	3,084.2
Selling, General and Administrative Expense	585.9	455.8
Gain on sale of assets	(14)	(31.1)
Other (income) expense	(5.3)	(11.5)
Income (loss) before income taxes	1,034.3	523.3
Depreciation and amortization	20.4	19
Net cash used in operating activities	(252.1)	(113.8)
Intersegment Eliminations [Member]
Assets [Abstract]
Cash and cash equivalents	0		0
Restricted cash	0		0
Inventories:
Construction in progress and finished homes	(66.3)		(53.4)
Residential land and lots — developed and under development	(36.1)		(33.9)
Land held for development	0		0
Land held for sale	0		0
Total inventories	(102.4)		(87.3)
Mortgage loans held for sale	0		0
Deferred income taxes, net	(0.6)		2.6
Property and equipment, net	(4.6)		(3)
Other assets	(92.9)		(96.1)
Goodwill	29.2		29.2
Total assets	(171.3)		(154.6)
Liabilities [Abstract]
Accounts payable	0		0
Accrued expenses and other liabilities	(133.4)		(128.1)
Notes payable	(3.8)		(4.8)
Total liabilities	(137.2)		(132.9)
Revenues
Total revenues	(294.2)	(221.2)
Inventory and land option charges	0	0
Cost of sales	(277.2)	(200.8)
Selling, General and Administrative Expense	0.1	0.2
Gain on sale of assets	0	0
Other (income) expense	(0.7)	0
Income (loss) before income taxes	(16.4)	(20.6)
Depreciation and amortization	0.1	0.1
Net cash used in operating activities	1.5	(11.1)
Financial Services [Member]
Assets [Abstract]
Cash and cash equivalents	65.3		55.6
Restricted cash	9		11.9
Inventories:
Construction in progress and finished homes	0		0
Residential land and lots — developed and under development	0		0
Land held for development	0		0
Land held for sale	0		0
Total inventories	0		0
Mortgage loans held for sale	1,438.9		1,529
Deferred income taxes, net	0		0
Property and equipment, net	3.7		3.9
Other assets	121.5		125.8
Goodwill	0		0
Total assets	1,638.4		1,726.2
Liabilities [Abstract]
Accounts payable	0		0
Accrued expenses and other liabilities	101		86.8
Notes payable	969.1		1,132.6
Total liabilities	1,070.1		1,219.4
Revenues
Total revenues	187.2	102.9
Inventory and land option charges	0	0
Cost of sales	0	0
Selling, General and Administrative Expense	109.5	77.9
Gain on sale of assets	0	0
Other (income) expense	(6.4)	(5.5)
Income (loss) before income taxes	84.1	30.5
Depreciation and amortization	0.4	0.4
Net cash used in operating activities	173.1	83.5
Home Building [Member]
Assets [Abstract]
Cash and cash equivalents	2,129.3		2,551.1
Restricted cash	10.8		9.5
Inventories:
Construction in progress and finished homes	6,665.1		6,037.5
Residential land and lots — developed and under development	5,407.3		4,901.4
Land held for development	42.3		47.8
Land held for sale	23.8		28.3
Total inventories	12,138.5		11,015
Mortgage loans held for sale	0		0
Deferred income taxes, net	142.6		142.3
Property and equipment, net	388.3		372.8
Other assets	1,121.7		996.4
Goodwill	134.3		134.3
Total assets	16,065.5		15,221.4
Liabilities [Abstract]
Accounts payable	786.4		859.3
Accrued expenses and other liabilities	1,741.6		1,438.3
Notes payable	2,606.2		2,514.4
Total liabilities	5,134.2		4,812
Revenues
Total revenues	5,718.6	3,883
Inventory and land option charges	7.9	3.5
Cost of sales	4,346.8	3,068.4
Selling, General and Administrative Expense	451.2	358.4
Gain on sale of assets	(13.1)	0
Other (income) expense	(1.5)	(5.4)
Income (loss) before income taxes	935.2	461.6
Depreciation and amortization	15.4	16.5
Net cash used in operating activities	(269.2)	(178.4)
Forestar Group [Member]
Assets [Abstract]
Cash and cash equivalents	237.4		394.3
Restricted cash	0		0
Inventories:
Construction in progress and finished homes	0		0
Residential land and lots — developed and under development	1,484.9		1,304.3
Land held for development	55.5		5.4
Land held for sale	0		0
Total inventories	1,540.4		1,309.7
Mortgage loans held for sale	0		0
Deferred income taxes, net	0		0
Property and equipment, net	1.9		1.1
Other assets	29.4		34.8
Goodwill	0		0
Total assets	1,809.1		1,739.9
Liabilities [Abstract]
Accounts payable	42.2		29.2
Accrued expenses and other liabilities	218.8		197.8
Notes payable	654.1		641.1
Total liabilities	915.1		868.1
Revenues
Total revenues	307.1	247.2
Inventory and land option charges	0.4	0.3
Cost of sales	262.9	216.6
Selling, General and Administrative Expense	15.5	10.5
Gain on sale of assets	0	0.1
Other (income) expense	(0.5)	(2.2)
Income (loss) before income taxes	29.2	22.2
Depreciation and amortization	0.1	0.1
Net cash used in operating activities	(158.7)	(11.7)
Other Segments [Member]
Assets [Abstract]
Cash and cash equivalents	22.9		17.5
Restricted cash	0.2		0.2
Inventories:
Construction in progress and finished homes	0		0
Residential land and lots — developed and under development	0		0
Land held for development	0		0
Land held for sale	0		0
Total inventories	0		0
Mortgage loans held for sale	0		0
Deferred income taxes, net	0		0
Property and equipment, net	359.1		308.9
Other assets	56.5		52.8
Goodwill	0		0
Total assets	438.7		379.4
Liabilities [Abstract]
Accounts payable	17		12
Accrued expenses and other liabilities	10.9		12.2
Notes payable	0		0
Total liabilities	27.9		24.2
Revenues
Total revenues	14.7	8.8
Inventory and land option charges	0	0
Cost of sales	0	0
Selling, General and Administrative Expense	9.6	8.8
Gain on sale of assets	(0.9)	(31.2)
Other (income) expense	3.8	1.6
Income (loss) before income taxes	2.2	29.6
Depreciation and amortization	4.4	1.9
Net cash used in operating activities	1.2	3.9
East [Member] | Home Building [Member]
Inventories:
Total inventories	1,444.3		1,328.3
Revenues
Total revenues	809.2	520.5
Inventory and land option charges	0.6	0.1
Income (loss) before income taxes	132.5	59.9
Midwest [Member] | Home Building [Member]
Inventories:
Total inventories	1,079.7		958.5
Revenues
Total revenues	413.1	282.6
Inventory and land option charges	0.1	0.1
Income (loss) before income taxes	49.2	18.6
Southeast [Member] | Home Building [Member]
Inventories:
Total inventories	3,142.8		2,919.9
Revenues
Total revenues	1,778.4	1,150.6
Inventory and land option charges	6.7	1.4
Income (loss) before income taxes	305.8	146.3
South Central [Member] | Home Building [Member]
Inventories:
Total inventories	3,255.8		2,879.9
Revenues
Total revenues	1,474.9	958.7
Inventory and land option charges	0.1	1.5
Income (loss) before income taxes	264.7	132.6
Southwest [Member] | Home Building [Member]
Inventories:
Total inventories	849.2		695.8
Revenues
Total revenues	232.6	211
Inventory and land option charges	0.1	0.1
Income (loss) before income taxes	38.6	34.5
West [Member] | Home Building [Member]
Inventories:
Total inventories	2,143.6		2,009.1
Revenues
Total revenues	1,010.4	759.6
Inventory and land option charges	0.3	0.3
Income (loss) before income taxes	144.4	69.7
Corporate, Non-Segment [Member] | Home Building [Member]
Inventories:
Total inventories	223.1		223.5
Multifamily [Member] | Other Segments [Member]
Inventories:
Total assets	294.3		$ 246.2
Financial Service [Member]
Revenues
Home sales	187.2	102.9
Financial Service [Member] | Intersegment Eliminations [Member]
Revenues
Home sales	0	0
Financial Service [Member] | Financial Services [Member]
Revenues
Home sales	187.2	102.9
Financial Service [Member] | Home Building [Member]
Revenues
Home sales	0	0
Financial Service [Member] | Forestar Group [Member]
Revenues
Home sales	0	0
Financial Service [Member] | Other Segments [Member]
Revenues
Home sales	0	0
Land [Member]
Revenues
Home sales	47.5	54.5
Cost of Goods and Services Sold	26.8	35.5
Land [Member] | Intersegment Eliminations [Member]
Revenues
Home sales	(294.2)	(221.2)
Cost of Goods and Services Sold	(249.5)	(194.1)
Land [Member] | Financial Services [Member]
Revenues
Home sales	0	0
Cost of Goods and Services Sold	0	0
Land [Member] | Home Building [Member]
Revenues
Home sales	19.9	19.7
Cost of Goods and Services Sold	13.8	13.3
Land [Member] | Forestar Group [Member]
Revenues
Home sales	307.1	247.2
Cost of Goods and Services Sold	262.5	216.3
Land [Member] | Other Segments [Member]
Revenues
Home sales	14.7	8.8
Cost of Goods and Services Sold	0	0
Home Building [Member]
Revenues
Home sales	5,698.7	3,863.3
Cost of Goods and Services Sold	4,297.4	3,044.9
Home Building [Member] | Intersegment Eliminations [Member]
Revenues
Home sales	0	0
Cost of Goods and Services Sold	(27.7)	(6.7)
Home Building [Member] | Financial Services [Member]
Revenues
Home sales	0	0
Cost of Goods and Services Sold	0	0
Home Building [Member] | Home Building [Member]
Revenues
Home sales	5,698.7	3,863.3
Cost of Goods and Services Sold	4,325.1	3,051.6
Home Building [Member] | Forestar Group [Member]
Revenues
Home sales	0	0
Cost of Goods and Services Sold	0	0
Home Building [Member] | Other Segments [Member]
Revenues
Home sales	0	0
Cost of Goods and Services Sold	$ 0	$ 0

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Carrying value of communities with impairment indicators	$ 33.5
Impairment charges	5.6	$ 0
Write-offs (recoveries) of earnest money deposits and pre-acquisition costs	$ 2.7	$ 3.8

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Oct. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	$ 192.1
Notes payable	4,225.6		$ 4,283.3
Intersegment Eliminations [Member]
Debt Instrument [Line Items]
Notes payable	(3.8)		(4.8)
Home Building [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	14.1		10.7
Notes payable	2,606.2		2,514.4
Forestar Group [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	8.4		8.9
Notes payable	654.1		641.1
Financial Services [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	1,350
Line of Credit Facility, Maximum Borrowing Capacity	1,575
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Repurchase Agreements	1,310
Participating Mortgage Loans, Mortgage Obligations, Amount	1,290
Advance Pay Downs on Mortgage Repurchase Facility	$ 319.4
Assets Sold under Agreements to Repurchase, Interest Rate	2.40%
Notes payable	$ 969.1		1,132.6
Financial Services [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	1,800
Forestar Group [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	380
Line of Credit Facility, Maximum Borrowing Capacity	$ 570
Letters of credit, sublimit borrowing capacity, as a percentage	50.00%
Revolving credit facility	$ 0		0
Letters of Credit Outstanding, Amount	40.5
Line of Credit Facility, Remaining Borrowing Capacity	339.5
Debt Repurchase Authorization Remaining	30
Authorized Repurchase Of Debt Securities				$ 30
Letter of Credit, Maximum Borrowing Capacity (in dollars)	100
Notes payable	654.1		641.1
Home Building Consolidated
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	1,590
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,500
Letters of credit, sublimit borrowing capacity, as a percentage	100.00%
Revolving credit facility	$ 0		0
Letters of Credit Outstanding, Amount	151.6
Line of Credit Facility, Remaining Borrowing Capacity	1,440
Line of Credit, Current	0		0
Debt Repurchase Authorization Remaining	500
Authorized Repurchase Of Debt Securities					$ 500
Notes payable	2,602.4		2,509.6
Home Building Consolidated | Short-term Debt [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	375
Line of Credit Facility, Maximum Borrowing Capacity	550
2.55% senior notes due 2020 [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Maturities of Senior Debt	$ 400
Debt Instrument, Interest Rate, Stated Percentage	2.55%
Notes payable	$ 0		399.8
4.375% senior notes due 2022 [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.375%
Notes payable	$ 349.3		349.2
4.75% senior notes due 2023 [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.75%
Notes payable	$ 299.3		299.2
5.75% senior notes due 2023 [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.75%
Notes payable	$ 398.8		398.7
SeniorNoteFortyTwo [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.50%
Notes payable	$ 496.6		496.5
SeniorNoteFortyFour | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.60%
Notes payable	$ 495.6		495.1
Senior Note Forty Five | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500
Debt Instrument, Interest Rate, Effective Percentage		1.60%
Debt Instrument, Interest Rate, Stated Percentage	1.40%	1.40%
Notes payable	$ 494.1		0
Senior Note Member Forty One [Member] | Forestar Group [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Notes payable	$ 345.5		345.2
Senior Note Member Forty Three | Forestar Group [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Notes payable	$ 296.1		295.9
Secured Debt [Member] | Forestar Group [Member]
Debt Instrument [Line Items]
Notes payable	12.5		0
Secured Debt [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Notes payable	$ 68.7		$ 71.1

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Rollforward of capitalized interest
Capitalized interest, beginning of period	$ 207.7	$ 180.1
Interest incurred	40.4	37.7
Interest charged to cost of sales	(33)	(25.7)
Capitalized interest, end of period	215.1	192.1
Financial Services [Member]
Rollforward of capitalized interest
Interest incurred	4.5	4.7
Forestar Group [Member]
Rollforward of capitalized interest
Interest incurred	$ 11.5	$ 8.7

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net	$ 748.4		$ 683.7
Depreciation	17.8	$ 17.2
Intersegment Eliminations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net	(4.6)		(3)
Multifamily [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	281.2		232.1
Multifamily [Member] | Assets Leased to Others [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	204.2		173.8
Multifamily [Member] | Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	77		58.3
Other Segments [Member]
Property, Plant and Equipment [Line Items]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(27.1)		(28.2)
Property, Plant and Equipment, Net	359.1		308.9
Other Segments [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	16.1		15.6
Other Segments [Member] | Other Assets [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	69.2		69.7
Other Segments [Member] | Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	19.7		19.7
Single Family [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	106.6		87.2
Single Family [Member] | Assets Leased to Others [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	89.3		68.1
Single Family [Member] | Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	17.3		19.1
Home Building [Member]
Property, Plant and Equipment [Line Items]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(266.6)		(256.2)
Property, Plant and Equipment, Net	388.3		372.8
Home Building [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	272.7		267.4
Home Building [Member] | 2510 Household Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	134.4		134
Home Building [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	109.4		108.1
Home Building [Member] | Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	31.8		32.3
Forestar Group [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net	1.9		1.1
Financial Services [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net	$ 3.7		$ 3.9

Mortgage Loans Mortgage Loans H

Mortgage Loans Mortgage Loans Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Mortgage loans held for sale	$ 1,438.9		$ 1,529
Mortgage loans held for sale, outstanding principal amount	1,370		1,460
Payments for Origination of Mortgage Loans Held-for-sale	3,500	$ 2,300
Proceeds from Sale of Mortgage Loans Held-for-sale	3,600	2,300
Gain (Loss) on Sales of Loans, Net	138.9	$ 73.6
Mortgage servicing rights	$ 9.8		17.1
Loans Sold to FNMA or securities backed by GNMA [Member]
Concentration Risk, Percentage	66.00%
Other Customer [Member]
Concentration Risk, Percentage	27.00%
Loan Origination Commitments [Member]
Derivative, Notional Amount	$ 1,400		1,100
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Mortgage loans held for sale	1,411.6		1,503.2
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Loan Origination Commitments [Member]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ (7.5)		$ (5.3)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 239.1	$ 90.8
Effective tax rate (percent)	23.10%	17.40%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent		5.60%
Deferred tax assets net of DTL	$ 149.5		$ 152.4
Valuation allowance for deferred income taxes	$ 7.5		$ 7.5

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net Income (Loss) Attributable to Parent	$ 791.8	$ 431.3
Denominator:
Denominator for basic earnings per share — weighted average common shares	364.4	368.3
Effect of dilutive securities:
Employee stock awards (shares)	5.6	5.1
Denominator for diluted earnings per share — adjusted weighted average common shares	370	373.4
Basic net income per common share attributable to Parent (in dollars per share)	$ 2.17	$ 1.17
Diluted net income per common share attributable to Parent (in dollars per share)	$ 2.14	$ 1.16

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Stock Repurchase Program, Authorized Amount							$ 1,000
Treasury Stock, Shares, Acquired		1,000,000
Payments for Repurchase of Common Stock		$ 69.8
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 465.5
Dividends, Common Stock [Abstract]
Divedends declared (in dollars per sh		$ 0.20	$ 0.175	$ 0.175	$ 0.175	$ 0.175
Cash dividends paid per common share (in dollars per share)		$ 0.20	$ 0.175	$ 0.175	$ 0.175	$ 0.175
Subsequent Event [Member]
Dividends, Common Stock [Abstract]
Divedends declared (in dollars per sh	$ 0.20
Forestar Group [Member]
Class of Stock [Line Items]
Equity Securities Registered, Value		$ 500
Dividends, Common Stock [Abstract]
Common Stock Available for Issuance, Value Remaining		$ 394.3
At-the-market Equity Offering Program, Common Stock Issued		0
At-the-market Equity Offering Program, Common Stock Available for Issuance		$ 100

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense		$ 21.7	$ 16.6
Performance Shares [Member] | November Two Thousand Twenty Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted in the period	360,000
Award vesting period	3 years
Fair value of equity awards on the date of grant (in US$ per unit)	$ 70.60
Share-based Payment Arrangement, Noncash Expense		3.2
Performance Shares [Member] | November Two Thousand Twenty Grant [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total units granted that vest in the period	0.00%
Performance Shares [Member] | November Two Thousand Twenty Grant [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total units granted that vest in the period	200.00%
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense		$ 21.2	$ 15.9

Commitments and Contingencies -

Commitments and Contingencies - Warranty Claims (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Standard Product Warranty Accrual	$ 324	$ 251.6	$ 310.2	$ 247.3
Standard Product Warranty Accrual, Increase for Warranties Issued	33.3	21.2
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	2.6	2.7
Standard Product Warranty Accrual, Decrease for Payments	$ 22.1	$ 19.6

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Commitments and Contingencies [Abstract]
Liabilities for various claims, complaints and other legal actions	$ 491.8	$ 432.5	$ 473.8	$ 434.7
Construction defect portion of loss contingency accrual, percentage	99.00%		99.00%
Expenses related to legal claims	$ 17.4	16.6
Estimated insurance recoveries related to legal claims	82.2	76.9	$ 81.2
Surety bonds	1,900
Outstanding letters of credit	192.1
Home Building [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	776
Remaining purchase price of land under option contracts	11,900
Home Building [Member] | Option Contracts Subject to Specific Performance Clauses [Member]
Commitments and Contingencies [Abstract]
Remaining purchase price of land under option contracts	73.5
Home Building [Member] | Cash [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	710.3
Home Building [Member] | Notes Payable, Other Payables [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	65.7
Home Building Consolidated
Commitments and Contingencies [Abstract]
Outstanding letters of credit	151.6
Forestar Group [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	122.9
Remaining purchase price of land under option contracts	1,300
Outstanding letters of credit	40.5
Forestar Group [Member] | Option Contracts Subject to Specific Performance Clauses [Member]
Commitments and Contingencies [Abstract]
Remaining purchase price of land under option contracts	41.5
Forestar Group [Member]
Commitments and Contingencies [Abstract]
Increase (Decrease) in Earnest Money Deposits Outstanding	16.1	10.7
Increase (Decrease) in Prepaid Expenses, Other	$ 20.9	$ 5.2

Commitments and Contingencies_3

Commitments and Contingencies - Legal Claims and Insurance (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Rollforward of reserves for legal claims
Reserves for legal claims, beginning of period	$ 473.8	$ 434.7
Increase in reserves	24.2	21.1
Payments	(6.2)	(23.3)
Reserves for legal claims, end of period	$ 491.8	$ 432.5

Other Assets, Accrued Expense_3

Other Assets, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Other assets
Earnest money and refundable deposits	$ 763.4	$ 657.1
Insurance receivables	82.2	81.2	$ 76.9
Other receivables	145.6	143.1
Prepaid assets	53.4	46
Margin deposits	33.4	16.2
Contract assets - insurance agency commissions	49.1	47.1
Lease right of use assets	33.4	34.7
Mortgage servicing rights	9.8	17.1
Other	39.5	39.9
Other assets	1,236.2	1,113.7
Accrued expenses and other liabilities
Reserves for legal claims	491.8	473.8	432.5	$ 434.7
Employee compensation and related liabilities	361.8	376.1
Warranty liability	324	310.2	$ 251.6	$ 247.3
Mortgage hedging instruments and loan commitments	41.3	16.5
Accrued interest	37.9	35.3
Federal and state income tax liabilities	281.8	42.6
Inventory related accruals	68.5	59.7
Customer deposits	110.5	93.1
Accrued property taxes	32.6	44.1
Lease liabilities	35.5	37
Other	153.2	118.6
Accrued expenses and other liabilities	1,938.9	1,607
Interest rate lock commitments [Member]
Other assets
Interest rate lock commitments	$ 26.4	$ 31.3

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held for sale	$ 1,438,900,000	$ 1,529,000,000
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities collateralized by residential real estate	3,900,000	3,900,000
Mortgage loans held for sale	1,429,500,000	1,518,300,000
Servicing Asset at Fair Value, Amount	9,800,000	17,100,000
Fair Value, Recurring [Member] | Interest rate lock commitments [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	26,400,000	31,300,000
Fair Value, Recurring [Member] | Forward sales of MBS [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	(38,500,000)	(16,200,000)
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities collateralized by residential real estate	0	0
Mortgage loans held for sale	0	0
Servicing Asset at Fair Value, Amount	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Interest rate lock commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Forward sales of MBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities collateralized by residential real estate	0	0
Mortgage loans held for sale	1,411,600,000	1,503,200,000
Servicing Asset at Fair Value, Amount	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest rate lock commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	26,400,000	31,300,000
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Forward sales of MBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	(38,500,000)	(16,200,000)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities collateralized by residential real estate	3,900,000	3,900,000
Mortgage loans held for sale	17,900,000	15,100,000
Servicing Asset at Fair Value, Amount	9,800,000	17,100,000
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Measurement Input, Prepayment Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing Asset at Fair Value, Amount	0.11	0.13
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Measurement Input, Discount Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing Asset at Fair Value, Amount	0.11	0.11
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Measurement Input, Default Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Servicing Asset at Fair Value, Amount	0.05	0.05
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest rate lock commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Forward sales of MBS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ 0	$ 0

Fair Value Measurements - Nonre

Fair Value Measurements - Nonrecurring Bais (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held for sale	$ 1,438.9	$ 1,529
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held for sale	0	1.5
Loans Receivable, Fair Value Disclosure	0	0.6
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | Inventories [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Inventories	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held for sale	1.5	2.2
Loans Receivable, Fair Value Disclosure	1.1	2
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Inventories [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Inventories	$ 9.7	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents, Carrying value	$ 2,454.9	$ 3,018.5
Restricted Cash and Cash Equivalents	20	21.6
Notes payable	4,225.6	4,283.3
Estimate of Fair Value Measurement [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents, Fair value	2,454.9	3,018.5
Restricted cash, Fair value	20	21.6
Notes payable, Fair value	4,440.2	4,489.2
Fair Value, Inputs, Level 1 [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents, Fair value	2,454.9	3,018.5
Restricted cash, Fair value	20	21.6
Notes payable, Fair value	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents, Fair value	0	0
Restricted cash, Fair value	0	0
Notes payable, Fair value	3,389.9	3,285.5
Fair Value, Inputs, Level 3 [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash and cash equivalents, Fair value	0	0
Restricted cash, Fair value	0	0
Notes payable, Fair value	$ 1,050.3	$ 1,203.7