D.R. Horton (DHI) 10-Q 26 Apr 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Mar. 31, 2021	Apr. 21, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		360,483,527
Entity Central Index Key	0000882184
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--09-30
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	DHI
Security Exchange Name	NYSE
Senior Notes due 2023 [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.750% Senior Notes due 2023
Trading Symbol	DHI 23A
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Sep. 30, 2020
ASSETS
Cash and cash equivalents	$ 2,205.2	$ 3,018.5
Restricted cash	26.7	21.6
Total cash, cash equivalents and restricted cash	2,231.9	3,040.1
Inventories:
Construction in progress and finished homes	7,300.1	5,984.1
Residential land and lots — developed and under development	7,066.1	6,171.8
Land held for development	86	53.2
Land held for sale	24.1	28.3
Total inventories	14,476.3	12,237.4
Mortgage loans held for sale	1,755.8	1,529
Deferred income taxes, net of valuation allowance of $7.4 million and $7.5 million at March 31, 2021 and September 30, 2020, respectively	142.8	144.9
Property and equipment, net	895	683.7
Other assets	1,418.5	1,113.7
Goodwill	163.5	163.5
Total assets	21,083.8	18,912.3
LIABILITIES
Accounts payable	1,137.4	900.5
Accrued expenses and other liabilities	2,198.1	1,607
Notes payable	4,472.3	4,283.3
Total liabilities	7,807.8	6,790.8
Commitments and contingencies (Note L)
EQUITY
Preferred stock, $.10 par value, 30,000,000 shares authorized, no shares issued	0	0
Common stock, $.01 par value, 1,000,000,000 shares authorized, 396,696,502 shares issued and 360,479,511 shares outstanding at March 31, 2021 and 394,741,349 shares issued and 363,999,982 shares outstanding at September 30, 2020	4	3.9
Additional paid-in capital	3,208.4	3,240.9
Retained earnings	11,333.5	9,757.8
Treasury stock, 36,216,991 shares and 30,741,367 shares at March 31, 2021 and September 30, 2020, respectively, at cost	(1,582.8)	(1,162.6)
Stockholders’ equity	12,963.1	11,840
Noncontrolling interests	312.9	281.5
Total equity	13,276	12,121.5
Total liabilities and equity	$ 21,083.8	$ 18,912.3

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues	$ 6,446.9	$ 4,500	$ 12,380.3	$ 8,520.7
Cost of sales	4,650.9	3,450.8	8,983.5	6,535
Selling, general and administrative expense	621.5	466.8	1,207.4	922.6
Gain on sale of assets	0	(28.5)	(14)	(59.5)
Other (income) expense	(5.4)	(10.4)	(10.8)	(21.9)
Income before income taxes	1,179.9	621.3	2,214.2	1,144.5
Income tax expense	246	137.3	485.1	228.1
Net income	933.9	484	1,729.1	916.4
Net income (loss) attributable to noncontrolling interests	4.4	1.3	7.8	2.4
Net income attributable to D.R. Horton, Inc.	$ 929.5	$ 482.7	$ 1,721.3	$ 914
Basic net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 2.57	$ 1.32	$ 4.74	$ 2.49
Weighted average number of common shares	362.3	365.8	363.4	367.1
Diluted net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 2.53	$ 1.30	$ 4.67	$ 2.46
Adjusted weighted average number of common shares	367.2	370.1	368.6	371.8

Consolidated Statements of Tota

Consolidated Statements of Total Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]
Beginning Balances at Sep. 30, 2019	$ 10,295.1	$ 3.9	$ 3,179.1	$ 7,640.1	$ (802.2)	$ 274.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	432.5	0	0	431.3	0	1.2
Exercise of stock options	4.1	0	4.1
Stock issued under employee incentive plans			0
Cash paid for shares withheld for taxes	(17.3)	0	(17.3)	0	0	0
Stock-based compensation expense	16.6		16.6
Cash dividends declared	(64.6)			(64.6)
Repurchases of common stock	(163.1)				(163.1)
Distributions to noncontrolling interests	(0.4)					(0.4)
Change of ownership interest in Forestar	0		(0.5)			0.5
Ending Balances at Dec. 31, 2019	10,502.9	3.9	3,182	8,006.8	(965.3)	275.5
Beginning Balances at Sep. 30, 2019	10,295.1	3.9	3,179.1	7,640.1	(802.2)	274.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	916.4
Cash paid for shares withheld for taxes	(38.1)
Ending Balances at Mar. 31, 2020	10,734.8	3.9	3,191.3	8,425.4	(1,162.6)	276.8
Beginning Balances at Dec. 31, 2019	10,502.9	3.9	3,182	8,006.8	(965.3)	275.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	484	0	0	482.7	0	1.3
Exercise of stock options	6.2	0	6.2
Stock issued under employee incentive plans	2.6		2.6
Cash paid for shares withheld for taxes	(20.8)	0	(20.8)	0	0	0
Stock-based compensation expense	21.3		21.3
Cash dividends declared	(64.1)			(64.1)
Repurchases of common stock	(197.3)				(197.3)
Ending Balances at Mar. 31, 2020	10,734.8	3.9	3,191.3	8,425.4	(1,162.6)	276.8
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
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	1,729.1
Cash paid for shares withheld for taxes	(82.9)
Ending Balances at Mar. 31, 2021	13,276	4	3,208.4	11,333.5	(1,582.8)	312.9
Beginning 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]
Net income	933.9	0	0	929.5	0	4.4
Exercise of stock options	1.4	0	1.4
Stock issued under employee incentive plans	3.2		3.2
Cash paid for shares withheld for taxes	(56.6)	0	(56.6)	0	0	0
Stock-based compensation expense	25.4		25.4
Cash dividends declared	(72.7)			(72.7)
Repurchases of common stock	(350.4)				(350.4)
Change of ownership interest in Forestar	21.5		(1.9)			23.4
Ending Balances at Mar. 31, 2021	$ 13,276	$ 4	$ 3,208.4	$ 11,333.5	$ (1,582.8)	$ 312.9

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net income	$ 1,729.1	$ 916.4
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	39.3	38.8
Amortization of discounts and fees	4.8	5.8
Stock-based compensation expense	47.1	37.9
Equity in earnings of unconsolidated entities	(1)	(0.9)
Deferred income taxes	2.6	10
Inventory and land option charges	12.1	12.8
Gain on sale of assets	(14)	(59.5)
Changes in operating assets and liabilities:
Increase in construction in progress and finished homes	(1,295.8)	(724.4)
Increase in residential land and lots – developed, under development, held for development and held for sale	(975.2)	(324.2)
Increase in other assets	(295.2)	(153.1)
Net increase in mortgage loans held for sale	(226.8)	(307.4)
Increase in accounts payable, accrued expenses and other liabilities	818.1	152.7
Net cash used in operating activities	(154.9)	(395.1)
INVESTING ACTIVITIES
Expenditures for property and equipment	(30.5)	(47.6)
Proceeds from sale of assets	31.8	129.8
Expenditures related to rental properties	173.9	113
Return of investment in unconsolidated entities	2.2	2.4
Net principal increase of other mortgage loans and real estate owned	(1.5)	(0.6)
Payments related to business acquisitions	(24.2)	(5.6)
Net cash used in investing activities	(196.1)	(34.6)
FINANCING ACTIVITIES
Proceeds from notes payable	494.1	1,591.3
Repayment of notes payable	(400.1)	(918.9)
Advances on mortgage repurchase facility, net	70.9	297.6
Proceeds from stock associated with certain employee benefit plans	5.6	12.9
Cash paid for shares withheld for taxes	(82.9)	(38.1)
Cash dividends paid	(145.6)	(128.7)
Repurchases of common stock	(420.2)	(360.4)
Distributions to noncontrolling interests, net	(0.1)	(0.4)
Net proceeds from issuance of Forestar common stock	23.3	0
Other financing activities	(2.2)	(2.3)
Net cash (used in) provided by financing activities	(457.2)	453
Net (decrease) increase in cash, cash equivalents and restricted cash	(808.2)	23.3
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	2,231.9	1,537.3
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
Notes payable issued for inventory	12.5	0
Stock issued under employee incentive plans	114.5	84.3
Accrued expenditures for property and equipment	24.9	8.6
Accrual for holdback payments related to acquisitions	$ 1.4	$ 3.9

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Sep. 30, 2020
Statement of Financial Position [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 7.4	$ 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, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	396,696,502	394,741,349
Common Stock, Shares, Outstanding	360,479,511	363,999,982
Treasury Stock, Shares	36,216,991	30,741,367

Consolidated Statements of To_2

Consolidated Statements of Total Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Common Stock, Shares, Outstanding	360,479,511
Divedends declared (in dollars per sh	$ 0.20	$ 0.20	$ 0.175	$ 0.175
Common Stock [Member]
Common Stock, Shares, Outstanding	360,479,511	363,647,879	363,537,810	366,273,190	368,431,454
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	391,047	42,950	310,032	258,800
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture	916,209	604,947	954,588	582,936
Divedends declared (in dollars per sh	$ 0.20	$ 0.20	$ 0.175	$ 0.175
Stock Repurchased and Retired During Period, Shares	(4,475,624)	(1,000,000)	(4,000,000)	(3,000,000)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2021
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 64% controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 36% 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 and six months ended March 31, 2021 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 in Corpus Christi, Texas for approximately $23.0 million in cash. 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	6 Months Ended
	Mar. 31, 2021
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 91 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 six months ended March 31, 2021, 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 March 31, 2021, the Company’s homebuilding fixed assets included $182.6 million of assets related to 27 single-family rental communities compared to $87.2 million of assets related to 10 single-family rental communities at September 30, 2020. At March 31, 2021, the Company’s single-family rental platform included 1,650 homes and finished lots, of which 570 homes were completed, compared to 740 homes and finished lots, of which 440 homes were completed at September 30, 2020. The Forestar segment is a residential lot development company with operations in 54 markets across 22 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 March 31, 2021, the Company had eight multi-family rental projects under active construction and four projects that were substantially complete and in the lease-up phase. These 12 projects represent 3,760 multi-family units, including 2,450 units under active construction and 1,310 completed units. At March 31, 2021 and September 30, 2020, the consolidated balance sheets included $394.4 million and $246.2 million, respectively, of assets related to multi-family rental operations. 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: March 31, 2021 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Assets Cash and cash equivalents $ 1,887.2 $ 167.2 $ 94.7 $ 56.1 $ — $ 2,205.2 Restricted cash 14.0 — 12.4 0.3 — 26.7 Inventories: Construction in progress and finished homes 7,377.4 — — — (77.3) 7,300.1 Residential land and lots — developed and under development 5,464.4 1,643.1 — — (41.4) 7,066.1 Land held for development 30.5 55.5 — — — 86.0 Land held for sale 24.1 — — — — 24.1 12,896.4 1,698.6 — — (118.7) 14,476.3 Mortgage loans held for sale — — 1,755.8 — — 1,755.8 Deferred income taxes, net 143.5 — — — (0.7) 142.8 Property and equipment, net 463.2 2.0 3.5 432.4 (6.1) 895.0 Other assets 1,245.3 31.1 188.9 58.7 (105.5) 1,418.5 Goodwill 134.3 — — — 29.2 163.5 $ 16,783.9 $ 1,898.9 $ 2,055.3 $ 547.5 $ (201.8) $ 21,083.8 Liabilities Accounts payable $ 1,078.0 $ 39.8 $ — $ 19.6 $ — $ 1,137.4 Accrued expenses and other liabilities 1,881.2 260.0 195.4 13.2 (151.7) 2,198.1 Notes payable 2,616.9 654.6 1,203.5 — (2.7) 4,472.3 $ 5,576.1 $ 954.4 $ 1,398.9 $ 32.8 $ (154.4) $ 7,807.8 ______________ (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. 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 March 31, 2021 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues Home sales $ 6,170.4 $ — $ — $ — $ — $ 6,170.4 Land/lot sales and other 17.3 287.1 — 15.3 (268.3) 51.4 Financial services — — 225.1 — — 225.1 6,187.7 287.1 225.1 15.3 (268.3) 6,446.9 Cost of sales Home sales (3) 4,652.0 — — — (35.6) 4,616.4 Land/lot sales and other 12.7 233.2 — — (215.2) 30.7 Inventory and land option charges 3.2 0.6 — — — 3.8 4,667.9 233.8 — — (250.8) 4,650.9 Selling, general and administrative expense 469.5 16.3 123.7 11.9 0.1 621.5 Other (income) expense (1.8) (0.6) (6.3) 3.3 — (5.4) Income before income taxes $ 1,052.1 $ 37.6 $ 107.7 $ 0.1 $ (17.6) $ 1,179.9 ______________ (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. Six Months Ended March 31, 2021 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues: Home sales $ 11,869.1 $ — $ — $ — $ — $ 11,869.1 Land/lot sales and other 37.2 594.2 — 30.0 (562.5) 98.9 Financial services — — 412.3 — — 412.3 11,906.3 594.2 412.3 30.0 (562.5) 12,380.3 Cost of sales: Home sales (3) 8,977.1 — — — (63.3) 8,913.8 Land/lot sales and other 26.5 495.8 — — (464.7) 57.6 Inventory and land option charges 11.2 0.9 — — — 12.1 9,014.8 496.7 — — (528.0) 8,983.5 Selling, general and administrative expense 920.6 31.8 233.3 21.5 0.2 1,207.4 Gain on sale of assets (13.1) — — (0.9) — (14.0) Other (income) expense (3.3) (1.1) (12.8) 7.1 (0.7) (10.8) Income before income taxes $ 1,987.3 $ 66.8 $ 191.8 $ 2.3 $ (34.0) $ 2,214.2 Summary Cash Flow Information: Depreciation and amortization $ 30.0 $ 0.2 $ 0.8 $ 8.0 $ 0.3 $ 39.3 Cash provided by (used in) operating activities $ 138.0 $ (249.5) $ (32.3) $ 4.2 $ (15.3) $ (154.9) ______________ (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 March 31, 2020 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues Home sales $ 4,363.3 $ — $ — $ — $ — $ 4,363.3 Land/lot sales and other 15.5 159.1 — 9.5 (151.9) 32.2 Financial services — — 104.5 — — 104.5 4,378.8 159.1 104.5 9.5 (151.9) 4,500.0 Cost of sales Home sales (3) 3,435.5 — — — (11.0) 3,424.5 Land/lot sales and other 11.3 136.5 — — (130.4) 17.4 Inventory and land option charges 8.8 0.1 — — — 8.9 3,455.6 136.6 — — (141.4) 3,450.8 Selling, general and administrative expense 361.8 11.2 85.9 7.8 0.1 466.8 Gain on sale of assets — (0.3) — (28.2) — (28.5) Other (income) expense (4.1) (2.1) (6.1) 1.9 — (10.4) Income before income taxes $ 565.5 $ 13.7 $ 24.7 $ 28.0 $ (10.6) $ 621.3 ______________ (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. Six Months Ended March 31, 2020 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues: Home sales $ 8,226.6 $ — $ — $ — $ — $ 8,226.6 Land/lot sales and other 35.2 406.4 — 18.3 (373.2) 86.7 Financial services — — 207.4 — — 207.4 8,261.8 406.4 207.4 18.3 (373.2) 8,520.7 Cost of sales: Home sales (3) 6,487.0 — — — (17.7) 6,469.3 Land/lot sales and other 24.7 352.8 — — (324.6) 52.9 Inventory and land option charges 12.4 0.4 — — — 12.8 6,524.1 353.2 — — (342.3) 6,535.0 Selling, general and administrative expense 720.2 21.7 163.8 16.7 0.2 922.6 Gain on sale of assets — (0.1) — (59.4) — (59.5) Other (income) expense (9.6) (4.2) (11.6) 3.5 — (21.9) Income before income taxes $ 1,027.1 $ 35.8 $ 55.2 $ 57.5 $ (31.1) $ 1,144.5 Summary Cash Flow Information: Depreciation and amortization $ 33.7 $ 0.1 $ 0.8 $ 3.9 $ 0.3 $ 38.8 Cash provided by (used in) operating activities $ 52.1 $ (123.8) $ (312.1) $ 5.5 $ (16.8) $ (395.1) ______________ (1) Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (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) March 31, September 30, (In millions) East $ 1,518.8 $ 1,328.3 Midwest 1,113.5 958.5 Southeast 3,305.9 2,919.9 South Central 3,477.8 2,879.9 Southwest 888.1 695.8 West 2,376.9 2,009.1 Corporate and unallocated (2) 215.4 223.5 $ 12,896.4 $ 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 homebuilding capitalized interest and property taxes. Homebuilding Results by Reporting Segment Three Months Ended Six Months Ended 2021 2020 2021 2020 (In millions) Revenues East $ 861.5 $ 579.7 $ 1,670.7 $ 1,100.2 Midwest 468.4 308.7 881.5 591.3 Southeast 2,054.9 1,316.7 3,833.3 2,467.3 South Central 1,504.1 1,066.4 2,979.0 2,025.1 Southwest 243.1 199.7 475.7 410.7 West 1,055.7 907.6 2,066.1 1,667.2 $ 6,187.7 $ 4,378.8 $ 11,906.3 $ 8,261.8 Inventory and Land Option Charges East $ 0.7 $ (0.5) $ 1.3 $ (0.3) Midwest 0.2 1.4 0.3 1.5 Southeast 1.1 2.8 7.8 4.2 South Central 0.4 2.9 0.6 4.4 Southwest 0.3 — 0.4 0.1 West 0.5 2.2 0.8 2.5 $ 3.2 $ 8.8 $ 11.2 $ 12.4 Income before Income Taxes East $ 146.0 $ 73.3 $ 278.5 $ 133.2 Midwest 60.9 23.6 110.1 42.3 Southeast 376.7 187.8 682.5 333.9 South Central 266.8 156.2 531.5 288.9 Southwest 39.5 30.8 78.1 65.3 West 162.2 93.8 306.6 163.5 $ 1,052.1 $ 565.5 $ 1,987.3 $ 1,027.1

Inventory

Inventory	6 Months Ended
	Mar. 31, 2021
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 March 31, 2021, the Company determined that no communities were impaired, and no impairment charges were recorded during the three months ended March 31, 2021. During the six months ended March 31, 2021, impairment charges totaled $5.6 million. There were $1.7 million of impairment charges recorded in the three and six months ended March 31, 2020. During the three and six months ended March 31, 2021, earnest money and pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $3.8 million and $6.5 million, respectively, compared to $7.2 million and $11.1 million in the same periods of fiscal 2020. Inventory impairments and land option charges are included in cost of sales in the consolidated statements of operations.

Notes Payable

Notes Payable	6 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE The Company’s notes payable at their carrying amounts consist of the following: March 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility $ — $ — 364-day revolving credit facility — — 2.55% senior notes due 2020 (1) — 399.8 4.375% senior notes due 2022 (1) 349.4 349.2 4.75% senior notes due 2023 (1) 299.4 299.2 5.75% senior notes due 2023 (1) 398.9 398.7 2.5% senior notes due 2024 (1) 496.9 496.5 2.6% senior notes due 2025 (1) 495.8 495.1 1.4% senior notes due 2027 (1) 494.3 — Other secured notes (2) 79.5 71.1 2,614.2 2,509.6 Forestar: Unsecured: Revolving credit facility — — 8.0% senior notes due 2024 (3) 345.9 345.2 5.0% senior notes due 2028 (3) 296.2 295.9 Other secured notes 12.5 — 654.6 641.1 Financial Services: Mortgage repurchase facility 1,203.5 1,132.6 $ 4,472.3 $ 4,283.3 ____________________________ (1) Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $13.3 million and $10.7 million at March 31, 2021 and September 30, 2020, respectively. (2) Homebuilding other secured notes excludes $2.7 million and $4.8 million of earnest money notes payable due to Forestar at March 31, 2021 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 $7.9 million and $8.9 million at March 31, 2021 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 March 31, 2021, there were no borrowings outstanding and $143.6 million of letters of credit issued under the revolving credit facility, resulting in available capacity of $1.45 billion. In April 2021, the Company’s senior unsecured homebuilding revolving credit facility was amended to extend its maturity date to April 20, 2026. The maturity date may be extended subject to the approval of lenders holding a majority of the commitments. The capacity of the homebuilding revolving credit facility was increased to $2.19 billion with an uncommitted accordion feature that could increase the size of the facility to $3.0 billion, subject to certain conditions and availability of additional bank commitments. 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. There were no borrowings outstanding under the facility at March 31, 2021. This facility is not expected to be renewed upon its maturity on May 27, 2021. 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 March 31, 2021, 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 March 31, 2021. 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. The maturity date of the facility is October 2, 2022. At March 31, 2021, there were no borrowings outstanding and $46.0 million of letters of credit issued under the revolving credit facility, resulting in available capacity of $334.0 million. In April 2021, Forestar’s revolving credit facility was amended to extend its maturity date to April 16, 2025. The maturity date may be extended subject to the approval of lenders holding a majority of the commitments. The capacity of Forestar’s revolving credit facility was increased to $410 million with an uncommitted accordion feature that could increase the size of the facility to $600 million, subject to certain conditions and availability of additional bank 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. At March 31, 2021, Forestar was in compliance with all of the covenants, limitations and restrictions of its revolving credit facility. In April 2021, Forestar issued $400 million principal amount of 3.85% senior notes that mature May 15, 2026 with interest payable semi-annually. The annual effective interest rate of the notes after giving effect to the amortization of financing costs is 4.1%. A portion of the net proceeds from the issuance of the notes will be used to redeem the $350 million principal amount of 8.0% senior notes due April 15, 2024 in full, and the remainder of the proceeds will be used for general corporate purposes. In April 2021, Forestar delivered notice for the full redemption of its $350 million principal amount of 8.0% senior notes outstanding. The redemption price of $365.6 million includes a call premium of $14.0 million and accrued and unpaid interest of $1.6 million. The notes are scheduled to be redeemed May 7, 2021. Forestar’s revolving credit facility and its senior notes are not guaranteed by D.R. Horton, Inc. or any of the subsidiaries that guarantee the Company’s homebuilding debt. At March 31, 2021, 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 March 31, 2021. Financial Services: The Company’s mortgage subsidiary, DHI Mortgage, has a mortgage repurchase facility that provides financing and liquidity to DHI Mortgage by facilitating purchase transactions in which DHI Mortgage transfers eligible loans to the counterparties upon receipt of funds from the counterparties. DHI Mortgage then has the right and obligation to repurchase the purchased loans upon their sale to third-party purchasers in the secondary market or within specified time frames from 45 to 60 days in accordance with the terms of the mortgage repurchase facility. In February 2021, the mortgage repurchase facility was amended to increase its capacity and extend its maturity date to February 18, 2022. The total capacity of the facility is $1.4 billion; however, the capacity increases, without requiring additional commitments, to $1.633 billion for approximately 30 days at each quarter end and 45 days at fiscal year end. The capacity of the facility can also be increased to $1.8 billion, subject to the availability of additional commitments. As of March 31, 2021, $1.69 billion of mortgage loans held for sale with a collateral value of $1.66 billion were pledged under the mortgage repurchase facility. As a result of advance paydowns totaling $454.8 million, DHI Mortgage had an obligation of $1.2 billion outstanding under the mortgage repurchase facility at March 31, 2021 at a 2.1% annual interest rate. The mortgage repurchase facility is not guaranteed by D.R. Horton, Inc. or any of the subsidiaries that guarantee the Company’s homebuilding debt. The facility contains financial covenants as to the mortgage subsidiary’s minimum required tangible net worth, its maximum allowable leverage ratio and its minimum required liquidity. These covenants are measured and reported to the lenders monthly. At March 31, 2021, DHI Mortgage was in compliance with all of the conditions and covenants of the mortgage repurchase facility.

Capitalized Interest

Capitalized Interest	6 Months Ended
	Mar. 31, 2021
Interest Costs Incurred [Abstract]
CAPITALIZED INTEREST	CAPITALIZED INTEREST The Company capitalizes interest costs incurred to inventory during active development and construction (active inventory). Capitalized interest is charged to cost of sales as the related inventory is delivered to the buyer. During periods in which the Company’s active inventory is lower than its debt level, a portion of the interest incurred is reflected as interest expense in the period incurred. During the first six months of fiscal 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 and six months ended March 31, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In millions) Capitalized interest, beginning of period $ 215.1 $ 192.1 $ 207.7 $ 180.1 Interest incurred (1) 37.9 37.6 78.3 75.3 Interest charged to cost of sales (34.4) (29.2) (67.4) (54.9) Capitalized interest, end of period $ 218.6 $ 200.5 $ 218.6 $ 200.5 __________________ (1) Interest incurred includes interest on the Company's mortgage repurchase facility of $3.8 million and $8.3 million in the three and six months ended March 31, 2021, respectively, and $5.0 million and $9.7 million in the same periods of fiscal 2020. Also included in interest incurred is Forestar interest of $11.5 million and $23.0 million in the three and six months ended March 31, 2021, respectively, and $9.7 million and $18.4 million in the same periods of fiscal 2020.

Property and Equipment

Property and Equipment	6 Months Ended
	Mar. 31, 2021
Property and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	PROPERTY AND EQUIPMENT The Company’s property and equipment balances and the related accumulated depreciation at March 31, 2021 and September 30, 2020 are summarized below. March 31, September 30, (In millions) Homebuilding Buildings and improvements $ 275.0 $ 267.4 Model home furniture 133.1 134.0 Office furniture and equipment 110.8 108.1 Land 33.1 32.3 Single-family rental operations Single-family rental properties 158.7 68.1 Land 23.9 19.1 Total single-family rental operations 182.6 87.2 Accumulated depreciation (271.4) (256.2) Total homebuilding 463.2 372.8 Other Businesses Multi-family rental operations Multi-family rental properties 248.9 173.8 Land 106.5 58.3 Total multi-family rental operations 355.4 232.1 Oil and gas related assets 71.1 69.7 Office furniture and equipment 16.8 15.6 Land 19.7 19.7 Accumulated depreciation (30.6) (28.2) Total other businesses 432.4 308.9 Forestar, net 2.0 1.1 Financial services, net 3.5 3.9 Eliminations (6.1) (3.0) Property and equipment, net $ 895.0 $ 683.7 Depreciation expense was $17.0 million and $34.8 million during the three and six months ended March 31, 2021, respectively, compared to $17.3 million and $34.5 million in the same periods of fiscal 2020.

Mortgage Loans

Mortgage Loans	6 Months Ended
	Mar. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOANS	MORTGAGE LOANS Mortgage loans held for sale consist primarily of single-family residential loans collateralized by the underlying property. At March 31, 2021, mortgage loans held for sale had an aggregate carrying value of $1.76 billion and an aggregate outstanding principal balance of $1.73 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 six months ended March 31, 2021 and 2020, mortgage loans originated totaled $7.3 billion and $4.9 billion, respectively, and mortgage loans sold totaled $7.0 billion and $4.6 billion, respectively. The Company had gains on sales of loans and servicing rights of $178.6 million and $317.4 million during the three and six months ended March 31, 2021, respectively, compared to $73.3 million and $147.0 million in the prior year periods. Net gains on sales of loans and servicing rights are included in revenues in the consolidated statements of operations. During the six months ended March 31, 2021, approximately 54% 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 37% were sold to two other major financial entities. In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which included changes to forbearance options for government-backed loans designed to keep homeowners in their homes during the COVID-19 pandemic (C-19). Due to the uncertainty surrounding these forbearance options, servicing values declined rapidly at the end of March 2020. 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 six months ended March 31, 2021. The Company expects to continue retaining some servicing rights prior to selling them to third parties, typically within six months of loan origination. At March 31, 2021 and September 30, 2020, the fair value of mortgage servicing rights was $6.4 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 March 31, 2021 and September 30, 2020, the Company had mortgage-backed securities (MBS) totaling $1.5 billion and $1.1 billion, respectively, that did not yet have interest rate lock commitments or closed loans created or assigned and recorded an asset of $5.0 million and a liability of $5.3 million, respectively, for the fair value of such MBS position.

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax expense for the three and six months ended March 31, 2021 was $246.0 million and $485.1 million, respectively, compared to $137.3 million and $228.1 million in the prior year periods. The effective tax rate was 20.8% and 21.9% for the three and six months ended March 31, 2021 compared to 22.1% and 19.9% in the prior year periods. The effective tax rates for all 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 six months ended March 31, 2020, the retroactive reinstatement of the federal energy efficient homes tax credit reduced the effective tax rate by 2.6%. For the three and six months ended March 31, 2021, a change in the estimate of homes qualifying for the fiscal 2020 retroactive extension of the energy efficient tax credit reduced the effective tax rate by 0.6% and 0.3%, respectively. The Company’s deferred tax assets, net of deferred tax liabilities, were $150.2 million at March 31, 2021 compared to $152.4 million at September 30, 2020. The Company has a valuation allowance of $7.4 million and $7.5 million at March 31, 2021 and September 30, 2020, respectively, related to state deferred tax assets for net operating loss (NOL) carryforwards that are more likely than not to expire before being realized. The Company will continue to evaluate both the positive and negative evidence in determining the need for a valuation allowance with respect to the remaining state NOL carryforwards. Any reversal of the valuation allowance in future periods will impact the Company’s effective tax rate. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation of the Company’s deferred tax assets.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the numerators and denominators used in the computation of basic and diluted earnings per share. Three Months Ended Six Months Ended 2021 2020 2021 2020 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 929.5 $ 482.7 $ 1,721.3 $ 914.0 Denominator: Denominator for basic earnings per share — weighted average common shares 362.3 365.8 363.4 367.1 Effect of dilutive securities: Employee stock awards 4.9 4.3 5.2 4.7 Denominator for diluted earnings per share — adjusted weighted average common shares 367.2 370.1 368.6 371.8 Basic net income per common share attributable to D.R. Horton, Inc. $ 2.57 $ 1.32 $ 4.74 $ 2.49 Diluted net income per common share attributable to D.R. Horton, Inc. $ 2.53 $ 1.30 $ 4.67 $ 2.46

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Mar. 31, 2021
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, of which $100 million is reserved for sales under its at-the-market equity offering program that became effective in August 2020. During the three months ended March 31, 2021, Forestar issued 1.0 million shares of common stock under its at-the-market equity offering program for proceeds of $23.3 million, net of commissions and other issuance costs. At March 31, 2021, $370.6 million remained available for issuance under Forestar’s shelf registration statement, of which $76.3 million is reserved for sales under its 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 six months ended March 31, 2021, the Company repurchased 5.5 million shares of its common stock for $420.2 million. The Company’s remaining authorization at March 31, 2021 was $115.1 million. Effective April 20, 2021, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock, replacing the prior authorization. The authorization has no expiration date. During each of the first two quarters of fiscal 2021, the Board of Directors approved and paid quarterly cash dividends of $0.20 per common share, the most recent of which was paid on February 25, 2021 to stockholders of record on February 17, 2021. In April 2021, the Board of Directors approved a quarterly cash dividend of $0.20 per common share, payable on May 20, 2021 to stockholders of record on May 10, 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	6 Months Ended
	Mar. 31, 2021
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 In March 2021, the Company granted approximately 850,000 time-based RSUs to 1,030 recipients, including executive officers, other key employees and non-management directors. The weighted average grant date fair value of these equity awards was $83.11 per unit, and they vest annually in equal installments over periods of three to five years. Compensation expense related to this grant was $5.5 million in both the three and six months ended March 31, 2021, of which $4.8 million related to expense recognized for employees that were retirement eligible on the date of grant. Total stock-based compensation expense related to the Company’s performance-based and time-based restricted stock units was $24.0 million and $45.2 million during the three and six months ended March 31, 2021, respectively, compared to $20.3 million and $36.2 million during the three and six months ended March 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Warranty Claims The Company provides its homebuyers with a ten-year limited warranty for major defects in structural elements such as framing components and foundation systems, a two-year limited warranty on major mechanical systems and a one-year limited warranty on other construction components. The Company’s warranty liability is based upon historical warranty cost experience in each market in which it operates and is adjusted to reflect qualitative risks associated with the types of homes built and the geographic areas in which they are built. Changes in the Company’s warranty liability during the three and six months ended March 31, 2021 and 2020 were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In millions) Warranty liability, beginning of period $ 324.0 $ 251.6 $ 310.2 $ 247.3 Warranties issued 36.3 24.5 69.7 45.6 Changes in liability for pre-existing warranties 1.1 5.6 3.7 8.4 Settlements made (20.7) (19.0) (42.9) (38.6) Warranty liability, end of period $ 340.7 $ 262.7 $ 340.7 $ 262.7 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 $524.4 million and $473.8 million at March 31, 2021 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 March 31, 2021 and September 30, 2020. Expenses related to the Company’s legal contingencies were $37.3 million and $26.6 million in the six months ended March 31, 2021 and 2020, respectively. Changes in the Company’s legal claims reserves during the six months ended March 31, 2021 and 2020 were as follows: Six Months Ended 2021 2020 (In millions) Reserves for legal claims, beginning of period $ 473.8 $ 434.7 Increase in reserves 56.2 33.6 Payments (5.6) (26.1) Reserves for legal claims, end of period $ 524.4 $ 442.2 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 $90.5 million, $81.2 million and $76.6 million at March 31, 2021, September 30, 2020 and March 31, 2020, 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 March 31, 2021, the Company’s homebuilding segment had total deposits of $873.9 million, consisting of cash deposits of $798.6 million and promissory notes and surety bonds of $75.3 million, related to contracts to purchase land and lots with a total remaining purchase price of approximately $13.5 billion. The majority of land and lots under contract are currently expected to be purchased within three years. Of these amounts, $139.6 million of the deposits related to contracts with Forestar to purchase land and lots with a remaining purchase price of $1.5 billion. A limited number of the homebuilding land and lot purchase contracts at March 31, 2021, representing $80.5 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 $80.5 million remaining purchase price subject to specific performance provisions, $41.5 million related to contracts between the homebuilding segment and Forestar. During the three and six months ended March 31, 2021, Forestar reimbursed the homebuilding segment $8.0 million and $24.2 million, respectively, for previously paid earnest money and $7.3 million and $28.2 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. During the three and six months ended March 31, 2020, Forestar reimbursed the homebuilding segment $5.5 million and $16.2 million, respectively, for previously paid earnest money and $8.2 million and $13.3 million, respectively, for pre-acquisition and other due diligence costs. Other Commitments At March 31, 2021, the Company had outstanding surety bonds of $2.1 billion and letters of credit of $189.6 million to secure performance under various contracts. Of the total letters of credit, $143.6 million were issued under the homebuilding revolving credit facility and $46.0 million were issued under Forestar’s revolving credit facility.

Other Assets, Accrued Expenses

Other Assets, Accrued Expenses and Other Liabilities	6 Months Ended
	Mar. 31, 2021
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
OTHER ASSETS, ACCRUED EXPENSES AND OTHER LIABILITIES	OTHER ASSETS, ACCRUED EXPENSES AND OTHER LIABILITIES The Company’s other assets at March 31, 2021 and September 30, 2020 were as follows: March 31, September 30, (In millions) Earnest money and refundable deposits $ 860.6 $ 657.1 Insurance receivables 90.5 81.2 Other receivables 166.6 143.1 Prepaid assets 51.7 46.0 Forward sales of mortgage-backed securities 87.8 — Interest rate lock commitments 26.8 31.3 Margin deposits 0.2 16.2 Contract assets - insurance agency commissions 51.1 47.1 Lease right of use assets 33.9 34.7 Mortgage servicing rights 6.4 17.1 Other 42.9 39.9 $ 1,418.5 $ 1,113.7 The Company’s accrued expenses and other liabilities at March 31, 2021 and September 30, 2020 were as follows: March 31, September 30, (In millions) Reserves for legal claims $ 524.4 $ 473.8 Employee compensation and related liabilities 443.7 376.1 Warranty liability 340.7 310.2 Mortgage hedging instruments and commitments 49.2 16.5 Margin call liabilities 72.1 — Accrued interest 36.1 35.3 Federal and state income tax liabilities 241.4 42.6 Inventory related accruals 167.1 93.9 Customer deposits 163.6 93.1 Accrued property taxes 27.0 44.1 Lease liabilities 35.4 37.0 Other 97.4 84.4 $ 2,198.1 $ 1,607.0

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and September 30, 2020. Changes in the fair value of the Level 3 assets during the six months ended March 31, 2021 and 2020 were not material. Fair Value at March 31, 2021 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 — 1,727.0 18.5 1,745.5 Mortgage servicing rights (2) Other assets — — 6.4 6.4 Derivatives not designated as hedging instruments (3): Interest rate lock commitments (4) Other assets/other liabilities — (17.3) — (17.3) Forward sales of mortgage-backed securities Other assets — 87.8 — 87.8 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 March 31, 2021 and September 30, 2020 included $18.5 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 10%, 11% and 6%, respectively, at March 31, 2021 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 and six months ended March 31, 2021 and 2020 recognized in revenues in the consolidated statements of operations was not significant. (4) The fair value of interest rate lock commitments (IRLCs) at March 31, 2021 reflects $26.8 million of servicing release premiums in other assets and a change in fair value of $44.1 million in other liabilities. The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at March 31, 2021 and September 30, 2020: Fair Value at Fair Value at Balance Sheet Location Level 2 Level 3 Level 2 Level 3 (In millions) Mortgage loans held for sale (1) (2) Mortgage loans held for sale $ 1.0 $ 1.9 $ 1.5 $ 2.2 Other mortgage loans (1) (3) Other assets 2.4 1.9 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) 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). (3) The fair values of other mortgage loans were determined based on the value of the underlying collateral. For the financial assets and liabilities that the Company does not reflect at fair value, the following tables present both their respective carrying value and fair value at March 31, 2021 and September 30, 2020: Carrying Value Fair Value at March 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (1) $ 2,205.2 $ 2,205.2 $ — $ — $ 2,205.2 Restricted cash (1) 26.7 26.7 — — 26.7 Notes payable (2) (3) 4,472.3 — 3,345.8 1,295.5 4,641.3 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	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2021
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 64% controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 36% 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 in Corpus Christi, Texas for approximately $23.0 million in cash. 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)	6 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Financial information relating to the Company’s reporting segments is as follows: March 31, 2021 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Assets Cash and cash equivalents $ 1,887.2 $ 167.2 $ 94.7 $ 56.1 $ — $ 2,205.2 Restricted cash 14.0 — 12.4 0.3 — 26.7 Inventories: Construction in progress and finished homes 7,377.4 — — — (77.3) 7,300.1 Residential land and lots — developed and under development 5,464.4 1,643.1 — — (41.4) 7,066.1 Land held for development 30.5 55.5 — — — 86.0 Land held for sale 24.1 — — — — 24.1 12,896.4 1,698.6 — — (118.7) 14,476.3 Mortgage loans held for sale — — 1,755.8 — — 1,755.8 Deferred income taxes, net 143.5 — — — (0.7) 142.8 Property and equipment, net 463.2 2.0 3.5 432.4 (6.1) 895.0 Other assets 1,245.3 31.1 188.9 58.7 (105.5) 1,418.5 Goodwill 134.3 — — — 29.2 163.5 $ 16,783.9 $ 1,898.9 $ 2,055.3 $ 547.5 $ (201.8) $ 21,083.8 Liabilities Accounts payable $ 1,078.0 $ 39.8 $ — $ 19.6 $ — $ 1,137.4 Accrued expenses and other liabilities 1,881.2 260.0 195.4 13.2 (151.7) 2,198.1 Notes payable 2,616.9 654.6 1,203.5 — (2.7) 4,472.3 $ 5,576.1 $ 954.4 $ 1,398.9 $ 32.8 $ (154.4) $ 7,807.8 ______________ (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. 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 March 31, 2021 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues Home sales $ 6,170.4 $ — $ — $ — $ — $ 6,170.4 Land/lot sales and other 17.3 287.1 — 15.3 (268.3) 51.4 Financial services — — 225.1 — — 225.1 6,187.7 287.1 225.1 15.3 (268.3) 6,446.9 Cost of sales Home sales (3) 4,652.0 — — — (35.6) 4,616.4 Land/lot sales and other 12.7 233.2 — — (215.2) 30.7 Inventory and land option charges 3.2 0.6 — — — 3.8 4,667.9 233.8 — — (250.8) 4,650.9 Selling, general and administrative expense 469.5 16.3 123.7 11.9 0.1 621.5 Other (income) expense (1.8) (0.6) (6.3) 3.3 — (5.4) Income before income taxes $ 1,052.1 $ 37.6 $ 107.7 $ 0.1 $ (17.6) $ 1,179.9 ______________ (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. Six Months Ended March 31, 2021 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues: Home sales $ 11,869.1 $ — $ — $ — $ — $ 11,869.1 Land/lot sales and other 37.2 594.2 — 30.0 (562.5) 98.9 Financial services — — 412.3 — — 412.3 11,906.3 594.2 412.3 30.0 (562.5) 12,380.3 Cost of sales: Home sales (3) 8,977.1 — — — (63.3) 8,913.8 Land/lot sales and other 26.5 495.8 — — (464.7) 57.6 Inventory and land option charges 11.2 0.9 — — — 12.1 9,014.8 496.7 — — (528.0) 8,983.5 Selling, general and administrative expense 920.6 31.8 233.3 21.5 0.2 1,207.4 Gain on sale of assets (13.1) — — (0.9) — (14.0) Other (income) expense (3.3) (1.1) (12.8) 7.1 (0.7) (10.8) Income before income taxes $ 1,987.3 $ 66.8 $ 191.8 $ 2.3 $ (34.0) $ 2,214.2 Summary Cash Flow Information: Depreciation and amortization $ 30.0 $ 0.2 $ 0.8 $ 8.0 $ 0.3 $ 39.3 Cash provided by (used in) operating activities $ 138.0 $ (249.5) $ (32.3) $ 4.2 $ (15.3) $ (154.9) ______________ (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 March 31, 2020 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues Home sales $ 4,363.3 $ — $ — $ — $ — $ 4,363.3 Land/lot sales and other 15.5 159.1 — 9.5 (151.9) 32.2 Financial services — — 104.5 — — 104.5 4,378.8 159.1 104.5 9.5 (151.9) 4,500.0 Cost of sales Home sales (3) 3,435.5 — — — (11.0) 3,424.5 Land/lot sales and other 11.3 136.5 — — (130.4) 17.4 Inventory and land option charges 8.8 0.1 — — — 8.9 3,455.6 136.6 — — (141.4) 3,450.8 Selling, general and administrative expense 361.8 11.2 85.9 7.8 0.1 466.8 Gain on sale of assets — (0.3) — (28.2) — (28.5) Other (income) expense (4.1) (2.1) (6.1) 1.9 — (10.4) Income before income taxes $ 565.5 $ 13.7 $ 24.7 $ 28.0 $ (10.6) $ 621.3 ______________ (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. Six Months Ended March 31, 2020 Homebuilding Forestar (1) Financial Services Other Eliminations and Other Adjustments (2) Consolidated (In millions) Revenues: Home sales $ 8,226.6 $ — $ — $ — $ — $ 8,226.6 Land/lot sales and other 35.2 406.4 — 18.3 (373.2) 86.7 Financial services — — 207.4 — — 207.4 8,261.8 406.4 207.4 18.3 (373.2) 8,520.7 Cost of sales: Home sales (3) 6,487.0 — — — (17.7) 6,469.3 Land/lot sales and other 24.7 352.8 — — (324.6) 52.9 Inventory and land option charges 12.4 0.4 — — — 12.8 6,524.1 353.2 — — (342.3) 6,535.0 Selling, general and administrative expense 720.2 21.7 163.8 16.7 0.2 922.6 Gain on sale of assets — (0.1) — (59.4) — (59.5) Other (income) expense (9.6) (4.2) (11.6) 3.5 — (21.9) Income before income taxes $ 1,027.1 $ 35.8 $ 55.2 $ 57.5 $ (31.1) $ 1,144.5 Summary Cash Flow Information: Depreciation and amortization $ 33.7 $ 0.1 $ 0.8 $ 3.9 $ 0.3 $ 38.8 Cash provided by (used in) operating activities $ 52.1 $ (123.8) $ (312.1) $ 5.5 $ (16.8) $ (395.1) ______________ (1) Results are presented on Forestar’s historical cost basis, consistent with the manner in which management evaluates segment performance. (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) March 31, September 30, (In millions) East $ 1,518.8 $ 1,328.3 Midwest 1,113.5 958.5 Southeast 3,305.9 2,919.9 South Central 3,477.8 2,879.9 Southwest 888.1 695.8 West 2,376.9 2,009.1 Corporate and unallocated (2) 215.4 223.5 $ 12,896.4 $ 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 homebuilding capitalized interest and property taxes. Homebuilding Results by Reporting Segment Three Months Ended Six Months Ended 2021 2020 2021 2020 (In millions) Revenues East $ 861.5 $ 579.7 $ 1,670.7 $ 1,100.2 Midwest 468.4 308.7 881.5 591.3 Southeast 2,054.9 1,316.7 3,833.3 2,467.3 South Central 1,504.1 1,066.4 2,979.0 2,025.1 Southwest 243.1 199.7 475.7 410.7 West 1,055.7 907.6 2,066.1 1,667.2 $ 6,187.7 $ 4,378.8 $ 11,906.3 $ 8,261.8 Inventory and Land Option Charges East $ 0.7 $ (0.5) $ 1.3 $ (0.3) Midwest 0.2 1.4 0.3 1.5 Southeast 1.1 2.8 7.8 4.2 South Central 0.4 2.9 0.6 4.4 Southwest 0.3 — 0.4 0.1 West 0.5 2.2 0.8 2.5 $ 3.2 $ 8.8 $ 11.2 $ 12.4 Income before Income Taxes East $ 146.0 $ 73.3 $ 278.5 $ 133.2 Midwest 60.9 23.6 110.1 42.3 Southeast 376.7 187.8 682.5 333.9 South Central 266.8 156.2 531.5 288.9 Southwest 39.5 30.8 78.1 65.3 West 162.2 93.8 306.6 163.5 $ 1,052.1 $ 565.5 $ 1,987.3 $ 1,027.1

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of notes payable at principal amounts, net of unamortized discounts	The Company’s notes payable at their carrying amounts consist of the following: March 31, September 30, (In millions) Homebuilding: Unsecured: Revolving credit facility $ — $ — 364-day revolving credit facility — — 2.55% senior notes due 2020 (1) — 399.8 4.375% senior notes due 2022 (1) 349.4 349.2 4.75% senior notes due 2023 (1) 299.4 299.2 5.75% senior notes due 2023 (1) 398.9 398.7 2.5% senior notes due 2024 (1) 496.9 496.5 2.6% senior notes due 2025 (1) 495.8 495.1 1.4% senior notes due 2027 (1) 494.3 — Other secured notes (2) 79.5 71.1 2,614.2 2,509.6 Forestar: Unsecured: Revolving credit facility — — 8.0% senior notes due 2024 (3) 345.9 345.2 5.0% senior notes due 2028 (3) 296.2 295.9 Other secured notes 12.5 — 654.6 641.1 Financial Services: Mortgage repurchase facility 1,203.5 1,132.6 $ 4,472.3 $ 4,283.3 ____________________________ (1) Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $13.3 million and $10.7 million at March 31, 2021 and September 30, 2020, respectively. (2) Homebuilding other secured notes excludes $2.7 million and $4.8 million of earnest money notes payable due to Forestar at March 31, 2021 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 $7.9 million and $8.9 million at March 31, 2021 and September 30, 2020, respectively.

Capitalized Interest (Tables)

Capitalized Interest (Tables)	6 Months Ended
	Mar. 31, 2021
Interest Costs Incurred [Abstract]
Rollforward of capitalized interest	The following table summarizes the Company’s interest costs incurred, capitalized and expensed during the three and six months ended March 31, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In millions) Capitalized interest, beginning of period $ 215.1 $ 192.1 $ 207.7 $ 180.1 Interest incurred (1) 37.9 37.6 78.3 75.3 Interest charged to cost of sales (34.4) (29.2) (67.4) (54.9) Capitalized interest, end of period $ 218.6 $ 200.5 $ 218.6 $ 200.5 __________________ (1) Interest incurred includes interest on the Company's mortgage repurchase facility of $3.8 million and $8.3 million in the three and six months ended March 31, 2021, respectively, and $5.0 million and $9.7 million in the same periods of fiscal 2020. Also included in interest incurred is Forestar interest of $11.5 million and $23.0 million in the three and six months ended March 31, 2021, respectively, and $9.7 million and $18.4 million in the same periods of fiscal 2020.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Mar. 31, 2021
Property and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	The Company’s property and equipment balances and the related accumulated depreciation at March 31, 2021 and September 30, 2020 are summarized below. March 31, September 30, (In millions) Homebuilding Buildings and improvements $ 275.0 $ 267.4 Model home furniture 133.1 134.0 Office furniture and equipment 110.8 108.1 Land 33.1 32.3 Single-family rental operations Single-family rental properties 158.7 68.1 Land 23.9 19.1 Total single-family rental operations 182.6 87.2 Accumulated depreciation (271.4) (256.2) Total homebuilding 463.2 372.8 Other Businesses Multi-family rental operations Multi-family rental properties 248.9 173.8 Land 106.5 58.3 Total multi-family rental operations 355.4 232.1 Oil and gas related assets 71.1 69.7 Office furniture and equipment 16.8 15.6 Land 19.7 19.7 Accumulated depreciation (30.6) (28.2) Total other businesses 432.4 308.9 Forestar, net 2.0 1.1 Financial services, net 3.5 3.9 Eliminations (6.1) (3.0) Property and equipment, net $ 895.0 $ 683.7

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Numerator and denominator used to compute basic and diluted earnings per share	The following table sets forth the numerators and denominators used in the computation of basic and diluted earnings per share. Three Months Ended Six Months Ended 2021 2020 2021 2020 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 929.5 $ 482.7 $ 1,721.3 $ 914.0 Denominator: Denominator for basic earnings per share — weighted average common shares 362.3 365.8 363.4 367.1 Effect of dilutive securities: Employee stock awards 4.9 4.3 5.2 4.7 Denominator for diluted earnings per share — adjusted weighted average common shares 367.2 370.1 368.6 371.8 Basic net income per common share attributable to D.R. Horton, Inc. $ 2.57 $ 1.32 $ 4.74 $ 2.49 Diluted net income per common share attributable to D.R. Horton, Inc. $ 2.53 $ 1.30 $ 4.67 $ 2.46

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Changes in warranty liability	Changes in the Company’s warranty liability during the three and six months ended March 31, 2021 and 2020 were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In millions) Warranty liability, beginning of period $ 324.0 $ 251.6 $ 310.2 $ 247.3 Warranties issued 36.3 24.5 69.7 45.6 Changes in liability for pre-existing warranties 1.1 5.6 3.7 8.4 Settlements made (20.7) (19.0) (42.9) (38.6) Warranty liability, end of period $ 340.7 $ 262.7 $ 340.7 $ 262.7
Changes in legal claims reserves	Changes in the Company’s legal claims reserves during the six months ended March 31, 2021 and 2020 were as follows: Six Months Ended 2021 2020 (In millions) Reserves for legal claims, beginning of period $ 473.8 $ 434.7 Increase in reserves 56.2 33.6 Payments (5.6) (26.1) Reserves for legal claims, end of period $ 524.4 $ 442.2

Other Assets, Accrued Expense_2

Other Assets, Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Mar. 31, 2021
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
Other assets	The Company’s other assets at March 31, 2021 and September 30, 2020 were as follows: March 31, September 30, (In millions) Earnest money and refundable deposits $ 860.6 $ 657.1 Insurance receivables 90.5 81.2 Other receivables 166.6 143.1 Prepaid assets 51.7 46.0 Forward sales of mortgage-backed securities 87.8 — Interest rate lock commitments 26.8 31.3 Margin deposits 0.2 16.2 Contract assets - insurance agency commissions 51.1 47.1 Lease right of use assets 33.9 34.7 Mortgage servicing rights 6.4 17.1 Other 42.9 39.9 $ 1,418.5 $ 1,113.7
Accrued expenses and other liabilities	The Company’s accrued expenses and other liabilities at March 31, 2021 and September 30, 2020 were as follows: March 31, September 30, (In millions) Reserves for legal claims $ 524.4 $ 473.8 Employee compensation and related liabilities 443.7 376.1 Warranty liability 340.7 310.2 Mortgage hedging instruments and commitments 49.2 16.5 Margin call liabilities 72.1 — Accrued interest 36.1 35.3 Federal and state income tax liabilities 241.4 42.6 Inventory related accruals 167.1 93.9 Customer deposits 163.6 93.1 Accrued property taxes 27.0 44.1 Lease liabilities 35.4 37.0 Other 97.4 84.4 $ 2,198.1 $ 1,607.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair value measurements of assets and liabilities on a recurring basis	The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and September 30, 2020. Changes in the fair value of the Level 3 assets during the six months ended March 31, 2021 and 2020 were not material. Fair Value at March 31, 2021 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 — 1,727.0 18.5 1,745.5 Mortgage servicing rights (2) Other assets — — 6.4 6.4 Derivatives not designated as hedging instruments (3): Interest rate lock commitments (4) Other assets/other liabilities — (17.3) — (17.3) Forward sales of mortgage-backed securities Other assets — 87.8 — 87.8 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 March 31, 2021 and September 30, 2020 included $18.5 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 10%, 11% and 6%, respectively, at March 31, 2021 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 and six months ended March 31, 2021 and 2020 recognized in revenues in the consolidated statements of operations was not significant. (4) The fair value of interest rate lock commitments (IRLCs) at March 31, 2021 reflects $26.8 million of servicing release premiums in other assets and a change in fair value of $44.1 million in other liabilities.
Fair value measurements of assets on a non-recurring basis	The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at March 31, 2021 and September 30, 2020: Fair Value at Fair Value at Balance Sheet Location Level 2 Level 3 Level 2 Level 3 (In millions) Mortgage loans held for sale (1) (2) Mortgage loans held for sale $ 1.0 $ 1.9 $ 1.5 $ 2.2 Other mortgage loans (1) (3) Other assets 2.4 1.9 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) 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). (3) The fair values of other mortgage loans were determined based on the value of the underlying collateral.
Carrying values and fair values of financial assets and liabilities not reflected at fair value	For the financial assets and liabilities that the Company does not reflect at fair value, the following tables present both their respective carrying value and fair value at March 31, 2021 and September 30, 2020: Carrying Value Fair Value at March 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Cash and cash equivalents (1) $ 2,205.2 $ 2,205.2 $ — $ — $ 2,205.2 Restricted cash (1) 26.7 26.7 — — 26.7 Notes payable (2) (3) 4,472.3 — 3,345.8 1,295.5 4,641.3 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	6 Months Ended
	Dec. 31, 2020USD ($)Home	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		64.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		36.00%
Payments related to business acquisitions | $	$ 23	$ 24.2	$ 5.6
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		6 Months Ended
	Mar. 31, 2021USD ($)SegmentsMarketHomeOperatingDivisionsProjectsState	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)MarketHomeProjectsState	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)Home
Segment Reporting Information [Line Items]
Gain (Loss) on Sale of Properties	$ 0	$ 28.5	$ 14	$ 59.5
Total assets	21,083.8		21,083.8		$ 18,912.3
Other Segments [Member]
Segment Reporting Information [Line Items]
Gain (Loss) on Sale of Properties		28.2	0.9	59.4
Total assets	$ 547.5		$ 547.5		379.4
Forestar Group [Member]
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	54		54
Number of housing construction states | State	22		22
Gain (Loss) on Sale of Properties		0.3	$ 0	0.1
Total assets	$ 1,898.9		$ 1,898.9		1,739.9
HomeBuildingMember
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	91		91
Number of housing construction states | State	29		29
Number of home building operating divisions | OperatingDivisions	55
Number of homebuilding reporting segments | Segments	6
Gain (Loss) on Sale of Properties		$ 0	$ 13.1	$ 0
Total assets	$ 16,783.9		16,783.9		15,221.4
Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Total assets	$ 394.4		$ 394.4		246.2
Multi-Family Units, Total | Home	3,760		3,760
Multi-Family Units, Under Active Construction | Home	2,450		2,450
Multi-Family Units, Completed | Home	1,310		1,310
Single Family [Member] | HomeBuildingMember
Segment Reporting Information [Line Items]
Unit Sales, Single-Family | Home			124
Home sales			$ 31.8
Property, Plant and Equipment, Gross	$ 182.6		$ 182.6		$ 87.2
Single Family Rental Units, Completed Homes | Home	570		570		440
Single Family Rental Units, Homes and Lots, Total | Home	1,650		1,650		740
Asset under Construction [Member] | Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Number of Projects | Projects	8		8
Property, Plant and Equipment, Other Types | Multifamily [Member] | Other Segments [Member]
Segment Reporting Information [Line Items]
Number of Projects | Projects	4		4

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020
Assets [Abstract]
Cash and cash equivalents	$ 2,205.2		$ 2,205.2		$ 3,018.5
Restricted cash	26.7		26.7		21.6
Inventories:
Construction in progress and finished homes	7,300.1		7,300.1		5,984.1
Residential land and lots — developed and under development	7,066.1		7,066.1		6,171.8
Land held for development	86		86		53.2
Land held for sale	24.1		24.1		28.3
Total inventories	14,476.3		14,476.3		12,237.4
Mortgage loans held for sale	1,755.8		1,755.8		1,529
Deferred income taxes, net	142.8		142.8		144.9
Property and equipment, net	895		895		683.7
Other assets	1,418.5		1,418.5		1,113.7
Goodwill	163.5		163.5		163.5
Total assets	21,083.8		21,083.8		18,912.3
Liabilities [Abstract]
Accounts payable	1,137.4		1,137.4		900.5
Accrued expenses and other liabilities	2,198.1		2,198.1		1,607
Notes payable	4,472.3		4,472.3		4,283.3
Total liabilities	7,807.8		7,807.8		6,790.8
Revenues
Total revenues	6,446.9	$ 4,500	12,380.3	$ 8,520.7
Inventory and land option charges	3.8	8.9	12.1	12.8
Cost of sales	4,650.9	3,450.8	8,983.5	6,535
Selling, General and Administrative Expense	621.5	466.8	1,207.4	922.6
Gain on sale of assets	0	(28.5)	(14)	(59.5)
Other (income) expense	(5.4)	(10.4)	(10.8)	(21.9)
Income (loss) before income taxes	1,179.9	621.3	2,214.2	1,144.5
Depreciation and amortization			39.3	38.8
Net cash used in operating activities			(154.9)	(395.1)
Intersegment Eliminations [Member]
Assets [Abstract]
Cash and cash equivalents	0		0		0
Restricted cash	0		0		0
Inventories:
Construction in progress and finished homes	(77.3)		(77.3)		(53.4)
Residential land and lots — developed and under development	(41.4)		(41.4)		(33.9)
Land held for development	0		0		0
Land held for sale	0		0		0
Total inventories	(118.7)		(118.7)		(87.3)
Mortgage loans held for sale	0		0		0
Deferred income taxes, net	(0.7)		(0.7)		2.6
Property and equipment, net	(6.1)		(6.1)		(3)
Other assets	(105.5)		(105.5)		(96.1)
Goodwill	29.2		29.2		29.2
Total assets	(201.8)		(201.8)		(154.6)
Liabilities [Abstract]
Accounts payable	0		0		0
Accrued expenses and other liabilities	(151.7)		(151.7)		(128.1)
Notes payable	(2.7)		(2.7)		(4.8)
Total liabilities	(154.4)		(154.4)		(132.9)
Revenues
Total revenues	(268.3)	(151.9)	(562.5)	(373.2)
Inventory and land option charges	0	0	0	0
Cost of sales	(250.8)	(141.4)	(528)	(342.3)
Selling, General and Administrative Expense	0.1	0.1	0.2	0.2
Gain on sale of assets		0	0	0
Other (income) expense	0	0	(0.7)	0
Income (loss) before income taxes	(17.6)	(10.6)	(34)	(31.1)
Depreciation and amortization			0.3	0.3
Net cash used in operating activities			(15.3)	(16.8)
Financial Services [Member]
Assets [Abstract]
Cash and cash equivalents	94.7		94.7		55.6
Restricted cash	12.4		12.4		11.9
Inventories:
Construction in progress and finished homes	0		0		0
Residential land and lots — developed and under development	0		0		0
Land held for development	0		0		0
Land held for sale	0		0		0
Total inventories	0		0		0
Mortgage loans held for sale	1,755.8		1,755.8		1,529
Deferred income taxes, net	0		0		0
Property and equipment, net	3.5		3.5		3.9
Other assets	188.9		188.9		125.8
Goodwill	0		0		0
Total assets	2,055.3		2,055.3		1,726.2
Liabilities [Abstract]
Accounts payable	0		0		0
Accrued expenses and other liabilities	195.4		195.4		86.8
Notes payable	1,203.5		1,203.5		1,132.6
Total liabilities	1,398.9		1,398.9		1,219.4
Revenues
Total revenues	225.1	104.5	412.3	207.4
Inventory and land option charges	0	0	0	0
Cost of sales	0	0	0	0
Selling, General and Administrative Expense	123.7	85.9	233.3	163.8
Gain on sale of assets		0	0	0
Other (income) expense	(6.3)	(6.1)	(12.8)	(11.6)
Income (loss) before income taxes	107.7	24.7	191.8	55.2
Depreciation and amortization			0.8	0.8
Net cash used in operating activities			(32.3)	(312.1)
Forestar Group [Member]
Assets [Abstract]
Cash and cash equivalents	167.2		167.2		394.3
Restricted cash	0		0		0
Inventories:
Construction in progress and finished homes	0		0		0
Residential land and lots — developed and under development	1,643.1		1,643.1		1,304.3
Land held for development	55.5		55.5		5.4
Land held for sale	0		0		0
Total inventories	1,698.6		1,698.6		1,309.7
Mortgage loans held for sale	0		0		0
Deferred income taxes, net	0		0		0
Property and equipment, net	2		2		1.1
Other assets	31.1		31.1		34.8
Goodwill	0		0		0
Total assets	1,898.9		1,898.9		1,739.9
Liabilities [Abstract]
Accounts payable	39.8		39.8		29.2
Accrued expenses and other liabilities	260		260		197.8
Notes payable	654.6		654.6		641.1
Total liabilities	954.4		954.4		868.1
Revenues
Total revenues	287.1	159.1	594.2	406.4
Inventory and land option charges	0.6	0.1	0.9	0.4
Cost of sales	233.8	136.6	496.7	353.2
Selling, General and Administrative Expense	16.3	11.2	31.8	21.7
Gain on sale of assets		(0.3)	0	(0.1)
Other (income) expense	(0.6)	(2.1)	(1.1)	(4.2)
Income (loss) before income taxes	37.6	13.7	66.8	35.8
Depreciation and amortization			0.2	0.1
Net cash used in operating activities			(249.5)	(123.8)
Other Segments [Member]
Assets [Abstract]
Cash and cash equivalents	56.1		56.1		17.5
Restricted cash	0.3		0.3		0.2
Inventories:
Construction in progress and finished homes	0		0		0
Residential land and lots — developed and under development	0		0		0
Land held for development	0		0		0
Land held for sale	0		0		0
Total inventories	0		0		0
Mortgage loans held for sale	0		0		0
Deferred income taxes, net	0		0		0
Property and equipment, net	432.4		432.4		308.9
Other assets	58.7		58.7		52.8
Goodwill	0		0		0
Total assets	547.5		547.5		379.4
Liabilities [Abstract]
Accounts payable	19.6		19.6		12
Accrued expenses and other liabilities	13.2		13.2		12.2
Notes payable	0		0		0
Total liabilities	32.8		32.8		24.2
Revenues
Total revenues	15.3	9.5	30	18.3
Inventory and land option charges	0	0	0	0
Cost of sales	0	0	0	0
Selling, General and Administrative Expense	11.9	7.8	21.5	16.7
Gain on sale of assets		(28.2)	(0.9)	(59.4)
Other (income) expense	3.3	1.9	7.1	3.5
Income (loss) before income taxes	0.1	28	2.3	57.5
Depreciation and amortization			8	3.9
Net cash used in operating activities			4.2	5.5
HomeBuildingMember
Assets [Abstract]
Cash and cash equivalents	1,887.2		1,887.2		2,551.1
Restricted cash	14		14		9.5
Inventories:
Construction in progress and finished homes	7,377.4		7,377.4		6,037.5
Residential land and lots — developed and under development	5,464.4		5,464.4		4,901.4
Land held for development	30.5		30.5		47.8
Land held for sale	24.1		24.1		28.3
Total inventories	12,896.4		12,896.4		11,015
Mortgage loans held for sale	0		0		0
Deferred income taxes, net	143.5		143.5		142.3
Property and equipment, net	463.2		463.2		372.8
Other assets	1,245.3		1,245.3		996.4
Goodwill	134.3		134.3		134.3
Total assets	16,783.9		16,783.9		15,221.4
Liabilities [Abstract]
Accounts payable	1,078		1,078		859.3
Accrued expenses and other liabilities	1,881.2		1,881.2		1,438.3
Notes payable	2,616.9		2,616.9		2,514.4
Total liabilities	5,576.1		5,576.1		4,812
Revenues
Total revenues	6,187.7	4,378.8	11,906.3	8,261.8
Inventory and land option charges	3.2	8.8	11.2	12.4
Cost of sales	4,667.9	3,455.6	9,014.8	6,524.1
Selling, General and Administrative Expense	469.5	361.8	920.6	720.2
Gain on sale of assets		0	(13.1)	0
Other (income) expense	(1.8)	(4.1)	(3.3)	(9.6)
Income (loss) before income taxes	1,052.1	565.5	1,987.3	1,027.1
Depreciation and amortization			30	33.7
Net cash used in operating activities			138	52.1
East [Member] | HomeBuildingMember
Inventories:
Total inventories	1,518.8		1,518.8		1,328.3
Revenues
Total revenues	861.5	579.7	1,670.7	1,100.2
Inventory and land option charges	0.7	(0.5)	1.3	(0.3)
Income (loss) before income taxes	146	73.3	278.5	133.2
Midwest [Member] | HomeBuildingMember
Inventories:
Total inventories	1,113.5		1,113.5		958.5
Revenues
Total revenues	468.4	308.7	881.5	591.3
Inventory and land option charges	0.2	1.4	0.3	1.5
Income (loss) before income taxes	60.9	23.6	110.1	42.3
Southeast [Member] | HomeBuildingMember
Inventories:
Total inventories	3,305.9		3,305.9		2,919.9
Revenues
Total revenues	2,054.9	1,316.7	3,833.3	2,467.3
Inventory and land option charges	1.1	2.8	7.8	4.2
Income (loss) before income taxes	376.7	187.8	682.5	333.9
South Central [Member] | HomeBuildingMember
Inventories:
Total inventories	3,477.8		3,477.8		2,879.9
Revenues
Total revenues	1,504.1	1,066.4	2,979	2,025.1
Inventory and land option charges	0.4	2.9	0.6	4.4
Income (loss) before income taxes	266.8	156.2	531.5	288.9
Southwest [Member] | HomeBuildingMember
Inventories:
Total inventories	888.1		888.1		695.8
Revenues
Total revenues	243.1	199.7	475.7	410.7
Inventory and land option charges	0.3	0	0.4	0.1
Income (loss) before income taxes	39.5	30.8	78.1	65.3
West [Member] | HomeBuildingMember
Inventories:
Total inventories	2,376.9		2,376.9		2,009.1
Revenues
Total revenues	1,055.7	907.6	2,066.1	1,667.2
Inventory and land option charges	0.5	2.2	0.8	2.5
Income (loss) before income taxes	162.2	93.8	306.6	163.5
Corporate, Non-Segment [Member] | HomeBuildingMember
Inventories:
Total inventories	215.4		215.4		223.5
Multifamily [Member] | Other Segments [Member]
Inventories:
Total assets	394.4		394.4		$ 246.2
Land [Member]
Revenues
Home sales	51.4	32.2	98.9	86.7
Cost of Goods and Services Sold	30.7	17.4	57.6	52.9
Land [Member] | Intersegment Eliminations [Member]
Revenues
Home sales	(268.3)	(151.9)	(562.5)	(373.2)
Cost of Goods and Services Sold	(215.2)	(130.4)	(464.7)	(324.6)
Land [Member] | Financial Services [Member]
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Land [Member] | Forestar Group [Member]
Revenues
Home sales	287.1	159.1	594.2	406.4
Cost of Goods and Services Sold	233.2	136.5	495.8	352.8
Land [Member] | Other Segments [Member]
Revenues
Home sales	15.3	9.5	30	18.3
Cost of Goods and Services Sold	0	0	0	0
Land [Member] | HomeBuildingMember
Revenues
Home sales	17.3	15.5	37.2	35.2
Cost of Goods and Services Sold	12.7	11.3	26.5	24.7
HomeBuildingMember
Revenues
Home sales	6,170.4	4,363.3	11,869.1	8,226.6
Cost of Goods and Services Sold	4,616.4	3,424.5	8,913.8	6,469.3
HomeBuildingMember | Intersegment Eliminations [Member]
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	(35.6)	(11)	(63.3)	(17.7)
HomeBuildingMember | Financial Services [Member]
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
HomeBuildingMember | Forestar Group [Member]
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
HomeBuildingMember | Other Segments [Member]
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
HomeBuildingMember | HomeBuildingMember
Revenues
Home sales	6,170.4	4,363.3	11,869.1	8,226.6
Cost of Goods and Services Sold	4,652	3,435.5	8,977.1	6,487
Financial Services [Member]
Revenues
Home sales	225.1	104.5	412.3	207.4
Financial Services [Member] | Intersegment Eliminations [Member]
Revenues
Home sales	0	0	0	0
Financial Services [Member] | Financial Services [Member]
Revenues
Home sales	225.1	104.5	412.3	207.4
Financial Services [Member] | Forestar Group [Member]
Revenues
Home sales	0	0	0	0
Financial Services [Member] | Other Segments [Member]
Revenues
Home sales	0	0	0	0
Financial Services [Member] | HomeBuildingMember
Revenues
Home sales	$ 0	$ 0	$ 0	$ 0

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Inventory [Line Items]
Impairment charges	$ 0	$ 1.7	$ 5.6	$ 1.7
Write-offs (recoveries) of earnest money deposits and pre-acquisition costs	$ 3.8	$ 7.2	$ 6.5	$ 11.1

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2021	Oct. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		$ 189.6
Notes payable		4,472.3				$ 4,283.3
Intersegment Eliminations [Member]
Debt Instrument [Line Items]
Notes payable		(2.7)				(4.8)
Forestar Group [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		7.9				8.9
Notes payable		654.6				641.1
Financial Services [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity		1,400
Line of Credit Facility, Maximum Borrowing Capacity		1,633
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Repurchase Agreements		1,690
Participating Mortgage Loans, Mortgage Obligations, Amount		1,660
Advance Pay Downs on Mortgage Repurchase Facility		$ 454.8
Assets Sold under Agreements to Repurchase, Interest Rate		2.10%
Notes payable		$ 1,203.5				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		46
Line of Credit Facility, Remaining Borrowing Capacity		334
Debt Repurchase Authorization Remaining		30
Authorized Repurchase Of Debt Securities							$ 30
Letter of Credit, Maximum Borrowing Capacity (in dollars)		100
Notes payable		654.6				641.1
Forestar Group [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity				$ 410
Line of Credit Facility, Maximum Borrowing Capacity				600
Home Building Consolidated
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		13.3				10.7
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		143.6
Line of Credit Facility, Remaining Borrowing Capacity		1,450
Line of Credit, Current		0				0
Debt Repurchase Authorization Remaining		500
Authorized Repurchase Of Debt Securities								$ 500
Notes payable		2,614.2				2,509.6
Home Building Consolidated | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity				2,190
Line of Credit Facility, Maximum Borrowing Capacity				3,000
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%	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		$ 349.4				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		$ 299.4				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		$ 398.9				398.7
SeniorNoteFortyTwo [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		2.50%
Notes payable		$ 496.9				496.5
SeniorNoteFortyFour | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		2.60%
Notes payable		$ 495.8				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		$ 494.3				0
Senior Note Member Forty One [Member] | Forestar Group [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 350
Debt Instrument, Interest Rate, Stated Percentage		8.00%
Notes payable		$ 345.9				345.2
Senior Note Member Forty One [Member] | Forestar Group [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	$ 350
Debt Instrument, Redemption Price				365.6
Debt Instrument, Redemption, Accrued and Unpaid Interest				1.6
Debt Instrument, Redemption, Call Premium				14
Senior Note Member Forty Three | Forestar Group [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.00%
Notes payable		$ 296.2				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		$ 79.5				$ 71.1
Senior Note Forty Six | Forestar Group [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 400
Debt Instrument, Interest Rate, Effective Percentage				4.10%
Debt Instrument, Interest Rate, Stated Percentage				3.85%

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Rollforward of capitalized interest
Capitalized interest, beginning of period	$ 215.1	$ 192.1	$ 207.7	$ 180.1
Interest incurred	37.9	37.6	78.3	75.3
Interest charged to cost of sales	(34.4)	(29.2)	(67.4)	(54.9)
Capitalized interest, end of period	218.6	200.5	218.6	200.5
Financial Services [Member]
Rollforward of capitalized interest
Interest incurred	3.8	5	8.3	9.7
Forestar Group [Member]
Rollforward of capitalized interest
Interest incurred	$ 11.5	$ 9.7	$ 23	$ 18.4

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net	$ 895		$ 895		$ 683.7
Depreciation	17	$ 17.3	34.8	$ 34.5
Intersegment Eliminations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net	(6.1)		(6.1)		(3)
Other Segments [Member]
Property, Plant and Equipment [Line Items]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(30.6)		(30.6)		(28.2)
Property, Plant and Equipment, Net	432.4		432.4		308.9
Other Segments [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	16.8		16.8		15.6
Other Segments [Member] | Other Assets [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	71.1		71.1		69.7
Other Segments [Member] | LandMember
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	19.7		19.7		19.7
Forestar Group [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net	2		2		1.1
Financial Services [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net	3.5		3.5		3.9
HomeBuildingMember
Property, Plant and Equipment [Line Items]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(271.4)		(271.4)		(256.2)
Property, Plant and Equipment, Net	463.2		463.2		372.8
HomeBuildingMember | Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	275		275		267.4
HomeBuildingMember | 2510 Household Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	133.1		133.1		134
HomeBuildingMember | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	110.8		110.8		108.1
HomeBuildingMember | LandMember
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	33.1		33.1		32.3
MultifamilyMember
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	355.4		355.4		232.1
MultifamilyMember | LandMember
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	106.5		106.5		58.3
MultifamilyMember | Property, Plant and Equipment, Other Types
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	248.9		248.9		173.8
SingleFamilyMember
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	182.6		182.6		87.2
SingleFamilyMember | LandMember
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	23.9		23.9		19.1
SingleFamilyMember | Property, Plant and Equipment, Other Types
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 158.7		$ 158.7		$ 68.1

Mortgage Loans Mortgage Loans H

Mortgage Loans Mortgage Loans Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020
Mortgage loans held for sale	$ 1,755.8		$ 1,755.8		$ 1,529
Mortgage loans held for sale, outstanding principal amount	1,730		1,730		1,460
Payments for Origination of Mortgage Loans Held-for-sale			7,300	$ 4,900
Proceeds from Sale of Mortgage Loans Held-for-sale			7,000	4,600
Gain (Loss) on Sales of Loans, Net	178.6	$ 73.3	317.4	$ 147
Mortgage servicing rights	6.4		$ 6.4		17.1
Loans Sold to FNMA or securities backed by GNMA [Member]
Concentration Risk, Percentage			54.00%
Other Customer [Member]
Concentration Risk, Percentage			37.00%
Loan Origination Commitments [Member]
Derivative, Notional Amount	1,500		$ 1,500		1,100
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Mortgage loans held for sale	1,727		1,727		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	$ 5		$ 5		$ (5.3)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 246	$ 137.3	$ 485.1	$ 228.1
Effective tax rate (percent)	20.80%	22.10%	21.90%	19.90%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	0.60%		0.30%	2.60%
Deferred tax assets net of DTL	$ 150.2		$ 150.2		$ 152.4
Valuation allowance for deferred income taxes	$ 7.4		$ 7.4		$ 7.5

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net Income (Loss) Attributable to Parent	$ 929.5	$ 482.7	$ 1,721.3	$ 914
Denominator:
Denominator for basic earnings per share — weighted average common shares	362.3	365.8	363.4	367.1
Effect of dilutive securities:
Employee stock awards (shares)	4.9	4.3	5.2	4.7
Denominator for diluted earnings per share — adjusted weighted average common shares	367.2	370.1	368.6	371.8
Basic net income per common share attributable to Parent (in dollars per share)	$ 2.57	$ 1.32	$ 4.74	$ 2.49
Diluted net income per common share attributable to Parent (in dollars per share)	$ 2.53	$ 1.30	$ 4.67	$ 2.46

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended							6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2021	Apr. 30, 2021	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount										$ 1,000
Treasury Stock, Shares, Acquired								5.5
Payments for Repurchase of Common Stock								$ 420.2
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 115.1						115.1
Divedends declared (in dollars per sh		$ 0.20	$ 0.20	$ 0.175	$ 0.175	$ 0.175	$ 0.175
Cash dividends paid per common share (in dollars per share)		$ 0.20	$ 0.20	$ 0.175	$ 0.175	$ 0.175	$ 0.175
Subsequent Event [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount									$ 1,000
Divedends declared (in dollars per sh	$ 0.20
Forestar Group [Member]
Class of Stock [Line Items]
Equity Securities Registered, Value											$ 500
At-the-market Equity Offering Program, Common Stock Available for Issuance		$ 76.3		$ 100				76.3
At-the-market Equity Offering Program, Common Stock Issued		1
Stock Issued During Period, Value, New Issues		$ 23.3
Common Stock Available for Issuance, Value Remaining		$ 370.6						$ 370.6

Employee Benefit Plans (Details

Employee Benefit Plans (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2020$ / sharesshares	Mar. 31, 2021USD ($)grant_recipient$ / sharesshares	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense				$ 47.1	$ 37.9
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 | shares	360,000
Award vesting period	3 years
Fair value of equity awards on the date of grant (in US$ per unit) | $ / shares	$ 70.60
Share-based Payment Arrangement, Noncash Expense		$ 3		6.2
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		$ 24	$ 20.3	45.2	$ 36.2
Restricted Stock [Member] | March Two Thousand Twenty One Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted in the period | shares		850,000
Fair value of equity awards on the date of grant (in US$ per unit) | $ / shares		$ 83.11
Share-based Payment Arrangement, Noncash Expense		$ 5.5		5.5
RSU Grant Recipients | grant_recipient		1,030
Restricted Stock [Member] | March Two Thousand Twenty One Grant | Retirement Eligible [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense		$ 4.8		$ 4.8

Commitments and Contingencies -

Commitments and Contingencies - Warranty Claims (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Standard Product Warranty Accrual	$ 340.7	$ 262.7	$ 340.7	$ 262.7	$ 324	$ 310.2	$ 251.6	$ 247.3
Standard Product Warranty Accrual, Increase for Warranties Issued	36.3	24.5	69.7	45.6
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	1.1	5.6	3.7	8.4
Standard Product Warranty Accrual, Decrease for Payments	$ 20.7	$ 19	$ 42.9	$ 38.6

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Commitments and Contingencies [Abstract]
Liabilities for various claims, complaints and other legal actions	$ 524.4	$ 442.2	$ 524.4	$ 442.2	$ 473.8	$ 434.7
Construction defect portion of loss contingency accrual, percentage	99.00%		99.00%		99.00%
Expenses related to legal claims			$ 37.3	26.6
Estimated insurance recoveries related to legal claims	$ 90.5	76.6	90.5	76.6	$ 81.2
Surety bonds	2,100		2,100
Outstanding letters of credit	189.6		189.6
Home Building Consolidated
Commitments and Contingencies [Abstract]
Outstanding letters of credit	143.6		143.6
Forestar Group [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	46		46
HomeBuildingMember
Commitments and Contingencies [Abstract]
Earnest money deposits	873.9		873.9
Remaining purchase price of land under option contracts	13,500		13,500
HomeBuildingMember | Option Contracts Subject to Specific Performance Clauses [Member]
Commitments and Contingencies [Abstract]
Remaining purchase price of land under option contracts	80.5		80.5
HomeBuildingMember | Cash [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	798.6		798.6
HomeBuildingMember | Notes Payable, Other Payables [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	75.3		75.3
Forestar Group [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	139.6		139.6
Remaining purchase price of land under option contracts	1,500		1,500
Increase (Decrease) in Earnest Money Deposits Outstanding	8	5.5	24.2	16.2
Increase (Decrease) in Prepaid Expenses, Other	7.3	$ 8.2	28.2	$ 13.3
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		$ 41.5

Commitments and Contingencies_3

Commitments and Contingencies - Legal Claims and Insurance (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Rollforward of reserves for legal claims
Reserves for legal claims, beginning of period	$ 473.8	$ 434.7
Increase in reserves	56.2	33.6
Payments	(5.6)	(26.1)
Reserves for legal claims, end of period	$ 524.4	$ 442.2

Other Assets, Accrued Expense_3

Other Assets, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Other assets
Earnest money and refundable deposits	$ 860.6		$ 657.1
Insurance receivables	90.5		81.2	$ 76.6
Other receivables	166.6		143.1
Prepaid assets	51.7		46
Margin deposits	0.2		16.2
Contract assets - insurance agency commissions	51.1		47.1
Lease right of use assets	33.9		34.7
Mortgage servicing rights	6.4		17.1
Other	42.9		39.9
Other assets	1,418.5		1,113.7
Accrued expenses and other liabilities
Reserves for legal claims	524.4		473.8	442.2		$ 434.7
Employee compensation and related liabilities	443.7		376.1
Warranty liability	340.7	$ 324	310.2	$ 262.7	$ 251.6	$ 247.3
Mortgage hedging instruments and commitments	49.2		16.5
Additional Collateral, Aggregate Fair Value	72.1		0
Accrued interest	36.1		35.3
Federal and state income tax liabilities	241.4		42.6
Inventory related accruals	167.1		93.9
Customer deposits	163.6		93.1
Accrued property taxes	27		44.1
Lease liabilities	35.4		37
Other	97.4		84.4
Accrued expenses and other liabilities	2,198.1		1,607
Interest rate lock commitments [Member]
Other assets
Interest rate lock commitments	26.8		31.3
Interest rate lock commitments [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member]
Other assets
Other	26.8
Accrued expenses and other liabilities
Other	44.1
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	(17.3)		31.3
Forward sales of MBS [Member]
Other assets
Interest rate lock commitments	87.8		0
Forward sales of MBS [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member]
Accrued expenses and other liabilities
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net	$ 87.8		$ (16.2)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)	Mar. 31, 2021	Sep. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held for sale	$ 1,755,800,000	$ 1,529,000,000
Other Assets, Miscellaneous	42,900,000	39,900,000
Other Accrued Liabilities	97,400,000	84,400,000
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	1,745,500,000	1,518,300,000
Servicing Asset at Fair Value, Amount	6,400,000	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	(17,300,000)	31,300,000
Other Assets, Miscellaneous	26,800,000
Other Accrued Liabilities	44,100,000
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	87,800,000	(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	1,727,000,000	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	(17,300,000)	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	87,800,000	(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	18,500,000	15,100,000
Servicing Asset at Fair Value, Amount	6,400,000	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	0.10	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	0.06	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	Mar. 31, 2021	Sep. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans held for sale	$ 1,755.8	$ 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	1	1.5
Loans Receivable, Fair Value Disclosure	2.4	0.6
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	1.9	2.2
Loans Receivable, Fair Value Disclosure	$ 1.9	$ 2

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2021	Sep. 30, 2020
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	$ 2,205.2	$ 3,018.5
Restricted cash, Fair value	26.7	21.6
Notes payable, Fair value	4,641.3	4,489.2
Cash and cash equivalents, Carrying value	2,205.2	3,018.5
Restricted Cash and Cash Equivalents	26.7	21.6
Notes payable	4,472.3	4,283.3
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	2,205.2	3,018.5
Restricted cash, Fair value	26.7	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	3,345.8	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	$ 1,295.5	$ 1,203.7