D.R. Horton (DHI) 10-Q 24 Apr 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Mar. 31, 2023	Apr. 20, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		341,071,172
Entity Central Index Key	0000882184
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Sep. 30, 2022
ASSETS
Cash and cash equivalents	$ 3,051.1	$ 2,540.5
Restricted cash	23.5	32.4
Total cash, cash equivalents and restricted cash	3,074.6	2,572.9
Inventories:
Construction in progress and finished homes	9,290.6	9,798.2
Residential land and lots — developed and under development	9,940.4	9,173.1
Land held for development	88.3	110.8
Land held for sale	20.4	29.4
Rental properties	3,232	2,544.2
Total inventories	22,571.7	21,655.7
Mortgage loans held for sale	2,124	2,386
Deferred income taxes, net of valuation allowance of $17.8 million and $17.9 million at March 31, 2023 and September 30, 2022, respectively	112.3	141.1
Property and equipment, net	509.6	471.6
Other assets	2,615.1	2,960.3
Goodwill	163.5	163.5
Total assets	31,170.8	30,351.1
LIABILITIES
Accounts payable	1,251.3	1,360.3
Accrued expenses and other liabilities	2,830.8	3,138.3
Notes payable	5,966.9	6,066.9
Total liabilities	10,049	10,565.5
Commitments and contingencies (Note K)
EQUITY
Preferred stock, $.10 par value, 30,000,000 shares authorized, no shares issued	0	0
Common stock, $.01 par value, 1,000,000,000 shares authorized, 400,830,778 shares issued and 341,070,276 shares outstanding at March 31, 2023 and 399,172,937 shares issued and 343,953,023 shares outstanding at September 30, 2022	4	4
Additional paid-in capital	3,358	3,349.5
Retained earnings	20,914.5	19,185.3
Treasury stock, 59,760,502 shares and 55,219,914 shares at March 31, 2023 and September 30, 2022, respectively, at cost	(3,563.8)	(3,142.5)
Stockholders’ equity	20,712.7	19,396.3
Noncontrolling interests	409.1	389.3
Total equity	21,121.8	19,785.6
Total liabilities and equity	$ 31,170.8	$ 30,351.1

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 7,972.9	$ 7,999	$ 15,230.6	$ 15,052.4
Cost of sales	5,996.2	5,429.9	11,287.5	10,335.6
Selling, general and administrative expense	773.6	695.1	1,510.5	1,361
Other (income) expense	(42.2)	(9.3)	(79.9)	(24.8)
Income before income taxes	1,245.3	1,883.3	2,512.5	3,380.6
Income tax expense	295.7	441	594.6	792.5
Net income	949.6	1,442.3	1,917.9	2,588.1
Net income attributable to noncontrolling interests	7.4	6	17	10.2
Net income attributable to D.R. Horton, Inc.	$ 942.2	$ 1,436.3	$ 1,900.9	$ 2,577.9
Basic net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 2.75	$ 4.07	$ 5.54	$ 7.27
Weighted average number of common shares	342.1	353.1	343.2	354.6
Diluted net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 2.73	$ 4.03	$ 5.50	$ 7.20
Adjusted weighted average number of common shares	344.9	356.3	345.9	358.2

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, Common	Noncontrolling Interest [Member]
Beginning Balances at Sep. 30, 2021	$ 15,216.2	$ 4	$ 3,274.8	$ 13,644.3	$ (2,036.6)	$ 329.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,145.8	0	0	1,141.6	0	4.2
Exercise of stock options	5.8	0	5.8
Stock issued under employee incentive plans	11.4		11.4
Cash paid for shares withheld for taxes	(33)	0	(33)	0	0	0
Stock-based compensation expense	23.7		23.7
Cash dividends declared	(80.1)			(80.1)
Repurchases of common stock	(278.2)				(278.2)
Change of ownership interest in Forestar	1.8					1.8
Ending Balances at Dec. 31, 2021	16,013.4	4	3,282.7	14,705.8	(2,314.8)	335.7
Beginning Balances at Sep. 30, 2021	15,216.2	4	3,274.8	13,644.3	(2,036.6)	329.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,588.1
Cash paid for shares withheld for taxes	(61.7)
Ending Balances at Mar. 31, 2022	17,117.8	4	3,288.7	16,063	(2,580.8)	342.9
Beginning Balances at Dec. 31, 2021	16,013.4	4	3,282.7	14,705.8	(2,314.8)	335.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,442.3	0	0	1,436.3	0	6
Exercise of stock options	0.1	0	0.1
Stock issued under employee incentive plans	4.9		4.9
Cash paid for shares withheld for taxes	(28.7)	0	(28.7)	0	0	0
Stock-based compensation expense	30.9		30.9
Cash dividends declared	(79.1)			(79.1)
Repurchases of common stock	(266)				(266)
Change of ownership interest in Forestar	0		(1.2)			1.2
Ending Balances at Mar. 31, 2022	17,117.8	4	3,288.7	16,063	(2,580.8)	342.9
Beginning Balances at Sep. 30, 2022	19,785.6	4	3,349.5	19,185.3	(3,142.5)	389.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	968.3	0	0	958.7	0	9.6
Exercise of stock options	2.6	0	2.6
Stock issued under employee incentive plans	2.9		2.9
Cash paid for shares withheld for taxes	(25.7)	0	(25.7)	0	0	0
Stock-based compensation expense	22.9		22.9
Cash dividends declared	(86.1)			(86.1)
Repurchases of common stock	(118.1)				(118.1)
Change of ownership interest in Forestar	0		(0.2)			0.2
Ending Balances at Dec. 31, 2022	20,552.4	4	3,352	20,057.9	(3,260.6)	399.1
Beginning Balances at Sep. 30, 2022	19,785.6	4	3,349.5	19,185.3	(3,142.5)	389.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,917.9
Cash paid for shares withheld for taxes	(55.8)
Ending Balances at Mar. 31, 2023	21,121.8	4	3,358	20,914.5	(3,563.8)	409.1
Beginning Balances at Dec. 31, 2022	20,552.4	4	3,352	20,057.9	(3,260.6)	399.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	949.6	0	0	942.2	0	7.4
Exercise of stock options	5.6	0	5.6
Stock issued under employee incentive plans	4.7		4.7
Cash paid for shares withheld for taxes	(30.1)	0	(30.1)	0	0	0
Stock-based compensation expense	28.4		28.4
Cash dividends declared	(85.6)			(85.6)
Repurchases of common stock	(303.2)				(303.2)
Change of ownership interest in Forestar	0		(2.6)			2.6
Ending Balances at Mar. 31, 2023	$ 21,121.8	$ 4	$ 3,358	$ 20,914.5	$ (3,563.8)	$ 409.1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income	$ 1,917.9	$ 2,588.1
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	46.5	39.3
Stock-based compensation expense	51.3	54.6
Deferred income taxes	28.7	23.6
Inventory and land option charges	51.4	20
Changes in operating assets and liabilities:
Decrease (increase) in construction in progress and finished homes	537.3	(2,137.4)
Increase in residential land and lots – developed, under development, held for development and held for sale	(668.7)	(528.4)
Increase in rental properties	(689.2)	(655.9)
Decrease (increase) in other assets	339.8	(616.7)
Decrease (increase) in mortgage loans held for sale	262	(215.5)
(Decrease) increase in accounts payable, accrued expenses and other liabilities	(403.4)	593.7
Cash provided by (used in) operating activities	1,473.6	(834.6)
INVESTING ACTIVITIES
Expenditures for property and equipment	(79.2)	(72.5)
Payments related to business acquisitions	(103.5)	0
Other investing activities	2.1	3.8
Net cash used in investing activities	(180.6)	(68.7)
FINANCING ACTIVITIES
Proceeds from notes payable	575	750
Repayment of notes payable	(650)	(750.8)
(Payments) borrowings on mortgage repurchase facility, net	(63.4)	84.3
Proceeds from stock associated with certain employee benefit plans	12.9	22.2
Cash paid for shares withheld for taxes	(55.8)	(61.7)
Cash dividends paid	(171.7)	(159.2)
Repurchases of common stock	(419.8)	(569.8)
Net proceeds from issuance of Forestar common stock	0	1.7
Net other financing activities	(18.5)	38.5
Net cash used in financing activities	(791.3)	(644.8)
Net increase (decrease) in cash, cash equivalents and restricted cash	501.7	(1,548.1)
Cash, cash equivalents and restricted cash at beginning of period	2,572.9	3,237.2
Cash, cash equivalents and restricted cash at end of period	3,074.6	1,689.1
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
Notes payable issued for inventory	31.2	64.3
Stock issued under employee incentive plans	$ 107.4	$ 124.4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Statement of Financial Position [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 17.8	$ 17.9
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	400,830,778	399,172,937
Common Stock, Shares, Outstanding	341,070,276	343,953,023
Treasury Stock, Common, Shares	59,760,502	55,219,914

Consolidated Statements of To_2

Consolidated Statements of Total Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Common Stock, Shares, Outstanding	341,070,276
Divedends declared (in dollars per sh	$ 0.25	$ 0.25	$ 0.225	$ 0.225
Common Stock [Member]
Common Stock, Shares, Outstanding	341,070,276	343,278,561	351,955,435	354,277,601	356,015,843
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	234,796	108,457	4,533	244,182
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture	713,217	601,371	773,301	727,813
Divedends declared (in dollars per sh	$ 0.25	$ 0.25	$ 0.225	$ 0.225
Stock Repurchased and Retired During Period, Shares	(3,156,298)	(1,384,290)	(3,100,000)	(2,710,237)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	BASIS OF PRESENTATION The accompanying unaudited, consolidated financial statements include the accounts of D.R. Horton, Inc. and all of its wholly-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. As of March 31, 2023, the Company owned a 63% controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 37% 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, 2022, 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, 2022. 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, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2023 or subsequent periods. Business Acquisition In December 2022, the Company acquired the homebuilding operations of Riggins Custom Homes in Northwest Arkansas for approximately $107 million in cash. The assets acquired included approximately 170 homes in inventory, 3,000 lots and a sales order backlog of 100 homes. The purchase price was recorded to inventory and no goodwill was recorded as a result of this transaction. Pending Accounting Standards In October 2021, the Financial Accounting Standards Board (FASB) issued ASU 2021-08, which requires application of ASC 606, “Revenue from Contracts with Customers,” to recognize and measure contract assets and liabilities from contracts with customers acquired in a business combination. ASU 2021-08 creates an exception to the general recognition and measurement principle in ASC 805 and will result in recognition of contract assets and contract liabilities consistent with those recorded by the acquiree immediately before the acquisition date. The guidance is effective for the Company beginning October 1, 2023, with early adoption 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.
Basis of Presentation	The accompanying unaudited, consolidated financial statements include the accounts of D.R. Horton, Inc. and all of its wholly-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. As of March 31, 2023, the Company owned a 63% controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 37% 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, 2022, 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, 2022

Segment Information

Segment Information	6 Months Ended
	Mar. 31, 2023
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 110 markets across 33 states. The Company’s operating segments are its 80 homebuilding divisions, its majority-owned Forestar residential lot development operations, its financial services operations, its rental operations and its other business activities. The Company’s reporting segments are its homebuilding reporting segments, its Forestar lot development segment, its financial services segment and its rental operations segment. Homebuilding The homebuilding operating segments are aggregated into six reporting segments. The reporting segments and the states in which the Company has homebuilding operations are as follows: Northwest: Colorado, Oregon, Utah and Washington Southwest: Arizona, California, Hawaii, Nevada and New Mexico South Central: Arkansas, Oklahoma and Texas Southeast: Alabama, Florida, Louisiana and Mississippi East: Georgia, North Carolina, South Carolina and Tennessee North: Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Minnesota, Nebraska, 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. Forestar The Forestar segment is a residential lot development company with operations in 52 markets across 20 states. The Company’s 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. Financial Services The Company’s financial services segment provides mortgage financing and title agency services to homebuyers in many of the Company’s homebuilding markets. The segment generates the substantial majority of its revenues from originating and selling mortgages and collecting fees for title insurance agency and closing services. The Company sells substantially all of the mortgages it originates and the related servicing rights to third-party purchasers. Rental The Company’s rental segment consists of multi-family and single-family rental operations. The multi-family rental operations develop, construct, lease and sell residential rental properties. The single-family rental operations primarily construct and lease single-family homes within a community and then market each community for a bulk sale of rental homes. Other In addition to its homebuilding, Forestar, financial services and rental operations, the Company engages in other business activities through its subsidiaries. The Company conducts insurance-related operations, owns water rights and other water-related assets, owns non-residential real estate including ranch land and improvements and owns and operates energy-related assets. The results of these operations are immaterial for separate reporting and therefore are grouped together and presented in the Eliminations and Other column in the tables that follow. 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, 2022. Financial information relating to the Company’s reporting segments is as follows: March 31, 2023 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Assets Cash and cash equivalents $ 2,364.5 $ 286.7 $ 285.5 $ 89.8 $ 24.6 $ 3,051.1 Restricted cash 8.5 — 12.6 2.4 — 23.5 Inventories: Construction in progress and finished homes 9,437.0 — — — (146.4) 9,290.6 Residential land and lots — developed and under development 8,093.0 1,920.4 — — (73.0) 9,940.4 Land held for development 20.7 67.6 — — — 88.3 Land held for sale 20.4 — — — — 20.4 Rental properties — — — 3,257.2 (25.2) 3,232.0 17,571.1 1,988.0 — 3,257.2 (244.6) 22,571.7 Mortgage loans held for sale — — 2,124.0 — — 2,124.0 Deferred income taxes, net 117.4 — — (7.1) 2.0 112.3 Property and equipment, net 381.0 5.6 4.0 2.5 116.5 509.6 Other assets 2,477.5 56.0 135.1 37.6 (91.1) 2,615.1 Goodwill 134.3 — — — 29.2 163.5 $ 23,054.3 $ 2,336.3 $ 2,561.2 $ 3,382.4 $ (163.4) $ 31,170.8 Liabilities Accounts payable $ 1,030.7 $ 67.7 $ — $ 558.7 $ (405.8) $ 1,251.3 Accrued expenses and other liabilities 2,508.7 313.0 123.1 30.2 (144.2) 2,830.8 Notes payable 2,680.2 706.8 1,554.9 1,025.0 — 5,966.9 $ 6,219.6 $ 1,087.5 $ 1,678.0 $ 1,613.9 $ (550.0) $ 10,049.0 ______________ (1) Amounts include the balances of the Company’s other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments. September 30, 2022 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Assets Cash and cash equivalents $ 2,040.7 $ 264.8 $ 103.3 $ 109.9 $ 21.8 $ 2,540.5 Restricted cash 11.3 — 19.7 1.4 — 32.4 Inventories: Construction in progress and finished homes 9,951.5 — — — (153.3) 9,798.2 Residential land and lots — developed and under development 7,322.5 1,932.6 — — (82.0) 9,173.1 Land held for development 21.0 89.8 — — — 110.8 Land held for sale 29.4 — — — — 29.4 Rental properties — — — 2,572.1 (27.9) 2,544.2 17,324.4 2,022.4 — 2,572.1 (263.2) 21,655.7 Mortgage loans held for sale — — 2,386.0 — — 2,386.0 Deferred income taxes, net 146.3 — — (7.1) 1.9 141.1 Property and equipment, net 361.8 5.7 4.3 2.0 97.8 471.6 Other assets 2,266.5 50.1 492.5 18.4 132.8 2,960.3 Goodwill 134.3 — — — 29.2 163.5 $ 22,285.3 $ 2,343.0 $ 3,005.8 $ 2,696.7 $ 20.3 $ 30,351.1 Liabilities Accounts payable $ 1,149.1 $ 72.2 $ 0.2 $ 233.6 $ (94.8) $ 1,360.3 Accrued expenses and other liabilities 2,365.7 365.4 596.2 25.0 (214.0) 3,138.3 Notes payable 2,942.6 706.0 1,618.3 800.0 — 6,066.9 $ 6,457.4 $ 1,143.6 $ 2,214.7 $ 1,058.6 $ (308.8) $ 10,565.5 ______________ (1) Amounts include the balances of the Company’s other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments. Three Months Ended March 31, 2023 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Revenues Home sales $ 7,449.7 $ — $ — $ — $ — $ 7,449.7 Land/lot sales and other 19.9 301.5 — — (238.7) 82.7 Rental property sales — — — 224.1 — 224.1 Financial services — — 216.4 — — 216.4 7,469.6 301.5 216.4 224.1 (238.7) 7,972.9 Cost of sales Home sales (2) 5,843.0 — — — (61.8) 5,781.2 Land/lot sales and other 13.4 225.3 — — (204.3) 34.4 Rental property sales — — — 157.6 (0.8) 156.8 Inventory and land option charges 14.2 20.3 — 0.4 (11.1) 23.8 5,870.6 245.6 — 158.0 (278.0) 5,996.2 Selling, general and administrative expense 545.6 22.0 146.9 53.5 5.6 773.6 Other (income) expense (14.5) (2.0) (16.1) (22.0) 12.4 (42.2) Income before income taxes $ 1,067.9 $ 35.9 $ 85.6 $ 34.6 $ 21.3 $ 1,245.3 ______________ (1) Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions. (2) Amount in the Eliminations and Other column represents the recognition of 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, 2023 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Revenues Home sales $ 14,158.9 $ — $ — $ — $ — $ 14,158.9 Land/lot sales and other 54.7 518.2 — — (406.2) 166.7 Rental property sales — — — 551.6 — 551.6 Financial services — — 353.4 — — 353.4 14,213.6 518.2 353.4 551.6 (406.2) 15,230.6 Cost of sales Home sales (2) 10,949.7 — — — (110.9) 10,838.8 Land/lot sales and other 18.3 392.1 — — (352.1) 58.3 Rental property sales — — — 341.4 (2.4) 339.0 Inventory and land option charges 38.4 22.7 — 1.4 (11.1) 51.4 11,006.4 414.8 — 342.8 (476.5) 11,287.5 Selling, general and administrative expense 1,072.6 44.9 281.0 101.0 11.0 1,510.5 Other (income) expense (27.7) (5.3) (31.4) (37.1) 21.6 (79.9) Income before income taxes $ 2,162.3 $ 63.8 $ 103.8 $ 144.9 $ 37.7 $ 2,512.5 Summary Cash Flow Information Depreciation and amortization $ 30.7 $ 1.5 $ 1.1 $ 1.0 $ 12.2 $ 46.5 Cash provided by (used in) operating activities $ 1,456.4 $ 21.3 $ 232.2 $ (263.3) $ 27.0 $ 1,473.6 ______________ (1) Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions. (2) Amount in the Eliminations and Other column represents the recognition of 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, 2022 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Revenues Home sales $ 7,499.2 $ — $ — $ — $ — $ 7,499.2 Land/lot sales and other 7.6 421.6 — — (374.4) 54.8 Rental property sales — — — 222.9 — 222.9 Financial services — — 222.1 — — 222.1 7,506.8 421.6 222.1 222.9 (374.4) 7,999.0 Cost of sales Home sales (2) 5,335.2 — — — (43.7) 5,291.5 Land/lot sales and other 3.3 328.7 — — (307.0) 25.0 Rental property sales — — — 102.5 (4.3) 98.2 Inventory and land option charges 9.8 5.4 — — — 15.2 5,348.3 334.1 — 102.5 (355.0) 5,429.9 Selling, general and administrative expense 507.3 24.3 138.0 22.8 2.7 695.1 Other (income) expense (1.6) — (8.7) (4.9) 5.9 (9.3) Income before income taxes $ 1,652.8 $ 63.2 $ 92.8 $ 102.5 $ (28.0) $ 1,883.3 ______________ (1) Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions. (2) Amount in the Eliminations and Other column represents the recognition of 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, 2022 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Revenues Home sales $ 14,155.6 $ — $ — $ — $ — $ 14,155.6 Land/lot sales and other 30.5 829.2 — — (748.7) 111.0 Rental property sales — — — 379.4 — 379.4 Financial services — — 406.4 — — 406.4 14,186.1 829.2 406.4 379.4 (748.7) 15,052.4 Cost of sales Home sales (2) 10,169.1 — — — (81.3) 10,087.8 Land/lot sales and other 20.4 662.3 — — (624.8) 57.9 Rental property sales — — — 175.0 (5.1) 169.9 Inventory and land option charges 13.7 6.0 — 0.3 — 20.0 10,203.2 668.3 — 175.3 (711.2) 10,335.6 Selling, general and administrative expense 1,004.9 45.8 263.2 41.4 5.7 1,361.0 Other (income) expense (7.9) (1.6) (16.7) (9.8) 11.2 (24.8) Income before income taxes $ 2,985.9 $ 116.7 $ 159.9 $ 172.5 $ (54.4) $ 3,380.6 Summary Cash Flow Information Depreciation and amortization $ 30.9 $ 1.3 $ 0.9 $ 0.2 $ 6.0 $ 39.3 Cash (used in) provided by operating activities $ (416.2) $ 76.6 $ (63.0) $ (409.1) $ (22.9) $ (834.6) ______________ (1) Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions. (2) Amount in the Eliminations and Other column represents the recognition of 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) Northwest $ 1,777.0 $ 1,802.2 Southwest 3,020.0 2,801.7 South Central 3,801.4 3,931.7 Southeast 3,979.1 4,091.1 East 2,754.1 2,542.7 North 2,007.2 1,935.7 Corporate and unallocated (2) 232.3 219.3 $ 17,571.1 $ 17,324.4 ____________________________ (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 2023 2022 2023 2022 (In millions) Revenues Northwest $ 691.1 $ 637.0 $ 1,211.5 $ 1,205.9 Southwest 920.9 1,135.1 1,723.9 2,046.7 South Central 1,805.8 1,838.4 3,447.9 3,532.7 Southeast 2,106.1 1,946.5 4,102.4 3,757.5 East 1,206.9 1,219.5 2,350.8 2,294.3 North 738.8 730.3 1,377.1 1,349.0 $ 7,469.6 $ 7,506.8 $ 14,213.6 $ 14,186.1 Income before Income Taxes Northwest $ 96.4 $ 148.2 $ 155.0 $ 260.0 Southwest 81.7 226.6 165.7 385.9 South Central 267.9 416.0 549.5 770.3 Southeast 381.7 482.2 793.0 897.7 East 183.5 265.9 373.0 468.2 North 56.7 113.9 126.1 203.8 $ 1,067.9 $ 1,652.8 $ 2,162.3 $ 2,985.9

Inventory

Inventory	6 Months Ended
	Mar. 31, 2023
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, 2023, the Company performed detailed impairment evaluations of communities and land inventories and determined that communities with a combined carrying value of $30.6 million were impaired. As a result, impairment charges of $9.2 million were recorded during the three months ended March 31, 2023 to reduce the carrying value of the related inventory to fair value. During the six months ended March 31, 2023, impairment charges totaled $14.0 million. There were $3.8 million of impairment charges recorded in the three and six months ended March 31, 2022. During the three and six months ended March 31, 2023, earnest money and pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $14.6 million and $37.4 million, respectively, compared to $11.4 million and $16.2 million in the same periods of fiscal 2022. 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, 2023
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 $ — $ — 4.75% senior notes due 2023 (1) — 299.9 5.75% senior notes due 2023 (1) 399.8 399.6 2.5% senior notes due 2024 (1) 498.6 498.2 2.6% senior notes due 2025 (1) 497.6 497.1 1.3% senior notes due 2026 (1) 596.0 595.5 1.4% senior notes due 2027 (1) 496.1 495.7 Other secured notes 192.1 156.6 2,680.2 2,942.6 Forestar Unsecured: Revolving credit facility — — 3.85% senior notes due 2026 (2) 397.0 396.5 5.0% senior notes due 2028 (2) 297.3 297.0 Other secured notes 12.5 12.5 706.8 706.0 Financial Services Mortgage repurchase facility 1,554.9 1,618.3 Rental Unsecured: Revolving credit facility 1,025.0 800.0 Total (3) $ 5,966.9 $ 6,066.9 _____________ (1) Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $10.2 million and $12.2 million at March 31, 2023 and September 30, 2022, respectively. (2) Debt issuance costs that were deducted from the carrying amount of Forestar’s senior notes totaled $5.7 million and $6.5 million at March 31, 2023 and September 30, 2022, respectively. (3) The fair value of notes payable at March 31, 2023 totaled $5.7 billion, of which $2.9 billion were measured using Level 2 inputs and $2.8 billion were measured using Level 3 inputs. The fair value of notes payable at September 30, 2022 totaled $5.7 billion, of which $3.1 billion were measured using Level 2 inputs and $2.6 billion were measured using Level 3 inputs. Homebuilding The Company has a $2.19 billion senior unsecured homebuilding revolving credit facility 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. The facility also provides for the issuance of letters of credit with a sublimit equal to 100% of the total revolving credit commitments. Letters of credit issued under the facility reduce the available borrowing capacity. The maturity date of the facility is October 28, 2027. At March 31, 2023, there were no borrowings outstanding and $202.6 million of letters of credit issued under the revolving credit facility, resulting in available capacity of $1.99 billion. In February 2023, the Company repaid $300 million principal amount of its 4.75% senior notes at maturity. The Company’s homebuilding revolving credit facility imposes restrictions on its operations and activities, including requiring the maintenance of a maximum allowable leverage ratio and a borrowing base restriction if the leverage ratio exceeds a certain level. These covenants are measured as defined in the credit agreement governing the facility and are reported to the lenders quarterly. A failure to comply with these financial covenants could allow the lending banks to terminate the availability of funds under the revolving credit facility or cause any outstanding borrowings to become due and payable prior to maturity. The credit agreement governing the facility and the indentures governing the senior notes also impose restrictions on the creation of secured debt and liens. At March 31, 2023, the Company was in compliance with all of the covenants, limitations and restrictions of its homebuilding revolving credit facility and public debt obligations. The Company’s homebuilding revolving credit facility and homebuilding senior notes are guaranteed by D.R. Horton, Inc.’s significant wholly-owned homebuilding subsidiaries. D.R. Horton has an automatically effective universal shelf registration statement filed with the Securities and Exchange Commission (SEC) in July 2021, registering debt and equity securities that the Company may issue from time to time in amounts to be determined. In July 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, 2023. Forestar Forestar has a $410 million senior unsecured revolving credit facility 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 facility also provides for the issuance of letters of credit with a sublimit equal to the greater of $100 million and 50% of the total revolving credit commitments. Borrowings under the revolving credit facility are subject to a borrowing base calculation based on the book value of Forestar’s 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 28, 2026. At March 31, 2023, there were no borrowings outstanding and $42.6 million of letters of credit issued under the revolving credit facility, resulting in available capacity of $367.4 million. The Forestar revolving credit facility includes customary affirmative and negative covenants, events of default and financial covenants. The financial covenants require Forestar to maintain a minimum level of tangible net worth, a minimum level of liquidity and a maximum allowable leverage ratio. These covenants are measured as defined in the credit agreement governing the facility and are reported to the lenders quarterly. A failure to comply with these financial covenants could allow the lending banks to terminate the availability of funds under the revolving credit facility or cause any outstanding borrowings to become due and payable prior to maturity. Forestar’s revolving credit facility and its senior notes are guaranteed by Forestar’s wholly-owned subsidiaries that are not immaterial subsidiaries or have not been designated as unrestricted subsidiaries. They are not guaranteed by D.R. Horton, Inc. or any of the subsidiaries that guarantee the debt of the Company’s homebuilding, financial services or rental operations. At March 31, 2023, Forestar was in compliance with all of the covenants, limitations and restrictions of its revolving credit facility and senior note obligations. In April 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, 2023. 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 2023, the mortgage repurchase facility was amended to increase its capacity to $2.0 billion and extend its maturity date to February 16, 2024. The capacity of the facility can be increased to $2.3 billion subject to the availability of additional commitments. As of March 31, 2023, $2.14 billion of mortgage loans held for sale with a collateral value of $2.10 billion were pledged under the mortgage repurchase facility. As a result of advance paydowns totaling $541.0 million, DHI Mortgage had an obligation of $1.55 billion outstanding under the mortgage repurchase facility at March 31, 2023 at a 6.4% annual interest rate. The mortgage repurchase facility is not guaranteed by D.R. Horton, Inc. or any of the subsidiaries that guarantee the debt of the Company’s homebuilding, Forestar or rental operations. 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, 2023, DHI Mortgage was in compliance with all of the conditions and covenants of the mortgage repurchase facility. Rental The Company’s rental subsidiary, DRH Rental, has a $1.025 billion senior unsecured revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $1.25 billion, subject to certain conditions and availability of additional bank commitments. Availability under the rental revolving credit facility is subject to a borrowing base calculation based on the book value of DRH Rental’s real estate assets and unrestricted cash. 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 total revolving credit commitments. The maturity date of the facility is March 4, 2026. Borrowings and repayments under the facility totaled $575 million and $350 million, respectively, during the six months ended March 31, 2023. At March 31, 2023, the capacity of the facility was fully utilized, with $1.025 billion of borrowings outstanding at a 7.2% annual interest rate. The revolving credit facility includes customary affirmative and negative covenants, events of default and financial covenants. The financial covenants require DRH Rental 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, 2023, DRH Rental was in compliance with all of the covenants, limitations and restrictions of its revolving credit facility.

Capitalized Interest

Capitalized Interest	6 Months Ended
	Mar. 31, 2023
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 2023 and fiscal 2022, 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, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In millions) Capitalized interest, beginning of period $ 255.1 $ 221.3 $ 237.4 $ 217.7 Interest incurred (1) 50.6 36.7 96.8 73.6 Interest charged to cost of sales (34.0) (34.7) (62.5) (68.0) Capitalized interest, end of period $ 271.7 $ 223.3 $ 271.7 $ 223.3 __________________ (1) Interest incurred includes (a) interest on the Company's mortgage repurchase facility of $9.7 million and $17.8 million in the three and six months ended March 31, 2023, respectively, and $3.0 million and $7.0 million in the same periods of fiscal 2022; (b) Forestar interest of $8.2 million and $16.4 million in the three and six months ended March 31, 2023, respectively, and $8.1 million and $16.2 million in the same periods of fiscal 2022; and (c) interest on DRH Rental’s revolving credit facility of $13.7 million and $22.7 million in the three and six months ended March 31, 2023, respectively.

Mortgage Loans

Mortgage Loans	6 Months Ended
	Mar. 31, 2023
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. The Company typically sells the servicing rights for the majority of loans when the loans are sold. Servicing rights retained are typically sold within six months of loan origination. At March 31, 2023, mortgage loans held for sale of $2.12 billion had an aggregate outstanding principal balance of $2.14 billion. At September 30, 2022, mortgage loans held for sale of $2.39 billion had an aggregate outstanding principal balance of $2.51 billion. Mortgage loans held for sale at both dates were primarily composed of mortgage loans measured at fair value on a recurring basis using Level 2 inputs. During the six months ended March 31, 2023 and 2022, mortgage loans originated totaled $9.6 billion and $8.4 billion, respectively, and mortgage loans sold totaled $9.9 billion and $8.1 billion, respectively. The Company had gains on sales of loans and servicing rights of $154.5 million and $233.8 million during the three and six months ended March 31, 2023, respectively, compared to $168.0 million and $302.0 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, 2023, approximately 53% of the Company’s mortgage loans were sold directly to the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or into securities backed by the Government National Mortgage Association (Ginnie Mae), and 43% were sold to one other major financial entity. The Company also uses hedging instruments as part of a program to offer below market interest rate financing to its homebuyers. At March 31, 2023 and September 30, 2022, the Company had mortgage-backed securities (MBS) totaling $1.1 billion and $532.4 million, respectively, that did not yet have interest rate lock commitments (IRLCs) or closed loans created or assigned. The Company recorded a liability of $2.4 million at March 31, 2023 and an asset of $4.8 million at September 30, 2022 for the fair value of such MBS position which is measured using Level 2 inputs. The Company is party to IRLCs, which are extended to borrowers who have applied for loan funding and meet defined credit and underwriting criteria. At March 31, 2023 and September 30, 2022, the notional amount of IRLCs, which are accounted for as derivative instruments recorded at fair value using Level 2 inputs, totaled $3.0 billion and $4.0 billion, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax expense for the three and six months ended March 31, 2023 was $295.7 million and $594.6 million, respectively, compared to $441.0 million and $792.5 million in the prior year periods. The effective tax rate was 23.7% for both the three and six months ended March 31, 2023 compared to 23.4% in both of 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 federal energy efficient homes tax credits. The Company’s deferred tax assets, net of deferred tax liabilities, were $130.1 million at March 31, 2023 compared to $159.0 million at September 30, 2022. The Company has a valuation allowance of $17.8 million and $17.9 million at March 31, 2023 and September 30, 2022, respectively, related to deferred tax assets for state net operating loss (NOL), state capital loss and tax credit carryforwards that are expected 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, state capital loss and tax credit 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, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share. Three Months Ended Six Months Ended 2023 2022 2023 2022 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 942.2 $ 1,436.3 $ 1,900.9 $ 2,577.9 Denominator: Denominator for basic earnings per share — weighted average common shares 342.1 353.1 343.2 354.6 Effect of dilutive securities: Employee stock awards 2.8 3.2 2.7 3.6 Denominator for diluted earnings per share — adjusted weighted average common shares 344.9 356.3 345.9 358.2 Basic net income per common share attributable to D.R. Horton, Inc. $ 2.75 $ 4.07 $ 5.54 $ 7.27 Diluted net income per common share attributable to D.R. Horton, Inc. $ 2.73 $ 4.03 $ 5.50 $ 7.20

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY D.R. Horton has an automatically effective universal shelf registration statement, filed with the SEC in July 2021, registering debt and equity securities that it may issue from time to time in amounts to be determined. In April 2022, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock. During the six months ended March 31, 2023, the Company repurchased 4.5 million shares at a total cost including commissions and excise taxes of $421.3 million, leaving $17.0 million remaining on the repurchase authorization at March 31, 2023. In April 2023, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock, replacing the previous authorization. The authorization has no expiration date. During each of the first two quarters of fiscal 2023, the Board of Directors approved a quarterly cash dividend of $0.25 per common share, the most recent of which was paid on February 14, 2023 to stockholders of record on February 7, 2023. In April 2023, the Board of Directors approved a quarterly cash dividend of $0.25 per common share, payable on May 10, 2023 to stockholders of record on May 3, 2023. Cash dividends of $0.225 per common share were approved and paid in each quarter of fiscal 2022. Forestar has an effective shelf registration statement, filed with the SEC in October 2021, registering $750 million of equity securities, of which $300 million was reserved for sales under its at-the-market equity offering (ATM) program that became effective in November 2021. During the six months ended March 31, 2023, there were no shares issued under Forestar’s ATM program. At March 31, 2023, $748.2 million remained available for issuance under Forestar’s shelf registration statement, of which $298.2 million was reserved for sales under its ATM program.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Mar. 31, 2023
Compensation Related Costs [Abstract]
Compensation Related Costs, General	EMPLOYEE BENEFIT PLANS Stock-Based Compensation The Company’s Stock Incentive Plan provides for the granting of stock options and restricted stock units to executive officers, other key employees and non-management directors. Restricted stock unit (RSU) awards may be based on performance (performance-based) or on service over a requisite time period (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 October 2022, the Company granted 600,000 performance-based RSUs to its executive officers. These awards vest at the end of a three During the three months ended March 31, 2023, the Company granted approximately 790,000 time-based RSUs to approximately 1,370 employees. The grant date fair value of these equity awards was $92.34 per unit, and they vest annually in equal installments over five years. Compensation expense related to these grants was $2.3 million in both the three and six months ended March 31, 2023, which primarily 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 RSUs was $26.0 million and $47.1 million during the three and six months ended March 31, 2023, respectively, compared to $28.9 million and $50.9 million during the three and six months ended March 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In millions) Warranty liability, beginning of period $ 464.0 $ 390.0 $ 454.3 $ 376.3 Warranties issued 44.0 43.6 83.9 82.5 Changes in liability for pre-existing warranties (4.0) 3.0 (2.9) 7.3 Settlements made (29.3) (28.8) (60.6) (58.3) Warranty liability, end of period $ 474.7 $ 407.8 $ 474.7 $ 407.8 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 $768.3 million and $729.1 million at March 31, 2023 and September 30, 2022, 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, 2023 and September 30, 2022. Expenses related to the Company’s legal contingencies were $53.3 million and $44.1 million in the six months ended March 31, 2023 and 2022, respectively. Changes in the Company’s legal claims reserves during the six months ended March 31, 2023 and 2022 were as follows: Six Months Ended 2023 2022 (In millions) Reserves for legal claims, beginning of period $ 729.1 $ 577.5 Increase in reserves 58.7 55.7 Payments (19.5) (16.1) Reserves for legal claims, end of period $ 768.3 $ 617.1 The Company estimates and records receivables under its applicable insurance policies related to its estimated contingencies for known claims and anticipated future construction defect claims on previously closed homes and other legal claims and lawsuits incurred in the ordinary course of business when recovery is probable. 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 $139.0 million, $137.9 million and $112.0 million at March 31, 2023, September 30, 2022 and March 31, 2022, 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, 2023, the Company had total deposits of $1.6 billion, consisting of cash deposits of $1.5 billion and promissory notes and surety bonds of $94.7 million, related to contracts to purchase land and lots with a total remaining purchase price of approximately $19.2 billion. The majority of land and lots under contract are currently expected to be purchased within three years. Of these amounts, $124.3 million of the deposits related to contracts with Forestar to purchase land and lots with a remaining purchase price of $1.2 billion. A limited number of the homebuilding land and lot purchase contracts at March 31, 2023, representing $76.7 million of remaining purchase price, were subject to specific performance provisions that may require the Company to purchase the land or lots upon the land sellers meeting their respective contractual obligations. Of the $76.7 million remaining purchase price subject to specific performance provisions, $44.5 million related to contracts between the homebuilding segment and Forestar. During the three and six months ended March 31, 2023, Forestar reimbursed the homebuilding segment $5.7 million and $10.4 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, 2022, Forestar reimbursed the homebuilding segment $16.2 million and $37.8 million, respectively, for such pre-acquisition and due diligence costs and also reimbursed the homebuilding segment $2.7 million and $5.4 million, respectively, for previously paid earnest money. Other Commitments At March 31, 2023, the Company had outstanding surety bonds of $2.9 billion and letters of credit of $245.2 million to secure performance under various contracts. Of the total letters of credit, $202.6 million were issued under the homebuilding revolving credit facility and $42.6 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, 2023
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, 2023 and September 30, 2022 were as follows: March 31, September 30, (In millions) Earnest money and refundable deposits $ 1,684.5 $ 1,685.7 Mortgage hedging instruments and commitments 10.6 330.2 Water rights and other water-related assets 319.3 286.6 Other receivables 143.3 210.9 Insurance receivables 139.0 137.9 Prepaid assets 83.1 77.4 Contract assets - insurance agency commissions 77.3 74.3 Interest rate lock commitments 58.8 47.7 Lease right of use assets 43.4 46.6 Mortgage servicing rights 4.6 10.6 Other 51.2 52.4 $ 2,615.1 $ 2,960.3 The Company’s accrued expenses and other liabilities at March 31, 2023 and September 30, 2022 were as follows: March 31, September 30, (In millions) Reserves for legal claims $ 768.3 $ 729.1 Employee compensation and related liabilities 465.4 524.3 Warranty liability 474.7 454.3 Inventory related accruals 349.4 403.6 Broker deposits related to hedging instruments 6.6 240.9 Customer deposits 171.6 224.2 Interest rate lock commitments 1.5 183.5 Federal and state income tax liabilities 330.0 110.9 Accrued property taxes 34.9 60.1 Lease liabilities 44.7 47.9 Accrued interest 32.0 33.8 Mortgage hedging instruments and commitments 22.7 12.4 Other 129.0 113.3 $ 2,830.8 $ 3,138.3

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Mar. 31, 2023
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 wholly-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. As of March 31, 2023, the Company owned a 63% controlling interest in Forestar Group Inc. (Forestar) and therefore is required to consolidate 100% of Forestar within its consolidated financial statements, and the 37% 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, 2022, 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, 2022
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 December 2022, the Company acquired the homebuilding operations of Riggins Custom Homes in Northwest Arkansas for approximately $107 million in cash. The assets acquired included approximately 170 homes in inventory, 3,000 lots and a sales order backlog of 100 homes. The purchase price was recorded to inventory and no goodwill was recorded as a result of this transaction.
Recent Accounting Pronouncements	Pending Accounting Standards In October 2021, the Financial Accounting Standards Board (FASB) issued ASU 2021-08, which requires application of ASC 606, “Revenue from Contracts with Customers,” to recognize and measure contract assets and liabilities from contracts with customers acquired in a business combination. ASU 2021-08 creates an exception to the general recognition and measurement principle in ASC 805 and will result in recognition of contract assets and contract liabilities consistent with those recorded by the acquiree immediately before the acquisition date. The guidance is effective for the Company beginning October 1, 2023, with early adoption 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.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Financial information relating to the Company’s reporting segments is as follows: March 31, 2023 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Assets Cash and cash equivalents $ 2,364.5 $ 286.7 $ 285.5 $ 89.8 $ 24.6 $ 3,051.1 Restricted cash 8.5 — 12.6 2.4 — 23.5 Inventories: Construction in progress and finished homes 9,437.0 — — — (146.4) 9,290.6 Residential land and lots — developed and under development 8,093.0 1,920.4 — — (73.0) 9,940.4 Land held for development 20.7 67.6 — — — 88.3 Land held for sale 20.4 — — — — 20.4 Rental properties — — — 3,257.2 (25.2) 3,232.0 17,571.1 1,988.0 — 3,257.2 (244.6) 22,571.7 Mortgage loans held for sale — — 2,124.0 — — 2,124.0 Deferred income taxes, net 117.4 — — (7.1) 2.0 112.3 Property and equipment, net 381.0 5.6 4.0 2.5 116.5 509.6 Other assets 2,477.5 56.0 135.1 37.6 (91.1) 2,615.1 Goodwill 134.3 — — — 29.2 163.5 $ 23,054.3 $ 2,336.3 $ 2,561.2 $ 3,382.4 $ (163.4) $ 31,170.8 Liabilities Accounts payable $ 1,030.7 $ 67.7 $ — $ 558.7 $ (405.8) $ 1,251.3 Accrued expenses and other liabilities 2,508.7 313.0 123.1 30.2 (144.2) 2,830.8 Notes payable 2,680.2 706.8 1,554.9 1,025.0 — 5,966.9 $ 6,219.6 $ 1,087.5 $ 1,678.0 $ 1,613.9 $ (550.0) $ 10,049.0 ______________ (1) Amounts include the balances of the Company’s other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments. September 30, 2022 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Assets Cash and cash equivalents $ 2,040.7 $ 264.8 $ 103.3 $ 109.9 $ 21.8 $ 2,540.5 Restricted cash 11.3 — 19.7 1.4 — 32.4 Inventories: Construction in progress and finished homes 9,951.5 — — — (153.3) 9,798.2 Residential land and lots — developed and under development 7,322.5 1,932.6 — — (82.0) 9,173.1 Land held for development 21.0 89.8 — — — 110.8 Land held for sale 29.4 — — — — 29.4 Rental properties — — — 2,572.1 (27.9) 2,544.2 17,324.4 2,022.4 — 2,572.1 (263.2) 21,655.7 Mortgage loans held for sale — — 2,386.0 — — 2,386.0 Deferred income taxes, net 146.3 — — (7.1) 1.9 141.1 Property and equipment, net 361.8 5.7 4.3 2.0 97.8 471.6 Other assets 2,266.5 50.1 492.5 18.4 132.8 2,960.3 Goodwill 134.3 — — — 29.2 163.5 $ 22,285.3 $ 2,343.0 $ 3,005.8 $ 2,696.7 $ 20.3 $ 30,351.1 Liabilities Accounts payable $ 1,149.1 $ 72.2 $ 0.2 $ 233.6 $ (94.8) $ 1,360.3 Accrued expenses and other liabilities 2,365.7 365.4 596.2 25.0 (214.0) 3,138.3 Notes payable 2,942.6 706.0 1,618.3 800.0 — 6,066.9 $ 6,457.4 $ 1,143.6 $ 2,214.7 $ 1,058.6 $ (308.8) $ 10,565.5 ______________ (1) Amounts include the balances of the Company’s other businesses, the elimination of intercompany transactions and, to a lesser extent, purchase accounting adjustments. Three Months Ended March 31, 2023 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Revenues Home sales $ 7,449.7 $ — $ — $ — $ — $ 7,449.7 Land/lot sales and other 19.9 301.5 — — (238.7) 82.7 Rental property sales — — — 224.1 — 224.1 Financial services — — 216.4 — — 216.4 7,469.6 301.5 216.4 224.1 (238.7) 7,972.9 Cost of sales Home sales (2) 5,843.0 — — — (61.8) 5,781.2 Land/lot sales and other 13.4 225.3 — — (204.3) 34.4 Rental property sales — — — 157.6 (0.8) 156.8 Inventory and land option charges 14.2 20.3 — 0.4 (11.1) 23.8 5,870.6 245.6 — 158.0 (278.0) 5,996.2 Selling, general and administrative expense 545.6 22.0 146.9 53.5 5.6 773.6 Other (income) expense (14.5) (2.0) (16.1) (22.0) 12.4 (42.2) Income before income taxes $ 1,067.9 $ 35.9 $ 85.6 $ 34.6 $ 21.3 $ 1,245.3 ______________ (1) Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions. (2) Amount in the Eliminations and Other column represents the recognition of 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, 2023 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Revenues Home sales $ 14,158.9 $ — $ — $ — $ — $ 14,158.9 Land/lot sales and other 54.7 518.2 — — (406.2) 166.7 Rental property sales — — — 551.6 — 551.6 Financial services — — 353.4 — — 353.4 14,213.6 518.2 353.4 551.6 (406.2) 15,230.6 Cost of sales Home sales (2) 10,949.7 — — — (110.9) 10,838.8 Land/lot sales and other 18.3 392.1 — — (352.1) 58.3 Rental property sales — — — 341.4 (2.4) 339.0 Inventory and land option charges 38.4 22.7 — 1.4 (11.1) 51.4 11,006.4 414.8 — 342.8 (476.5) 11,287.5 Selling, general and administrative expense 1,072.6 44.9 281.0 101.0 11.0 1,510.5 Other (income) expense (27.7) (5.3) (31.4) (37.1) 21.6 (79.9) Income before income taxes $ 2,162.3 $ 63.8 $ 103.8 $ 144.9 $ 37.7 $ 2,512.5 Summary Cash Flow Information Depreciation and amortization $ 30.7 $ 1.5 $ 1.1 $ 1.0 $ 12.2 $ 46.5 Cash provided by (used in) operating activities $ 1,456.4 $ 21.3 $ 232.2 $ (263.3) $ 27.0 $ 1,473.6 ______________ (1) Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions. (2) Amount in the Eliminations and Other column represents the recognition of 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, 2022 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Revenues Home sales $ 7,499.2 $ — $ — $ — $ — $ 7,499.2 Land/lot sales and other 7.6 421.6 — — (374.4) 54.8 Rental property sales — — — 222.9 — 222.9 Financial services — — 222.1 — — 222.1 7,506.8 421.6 222.1 222.9 (374.4) 7,999.0 Cost of sales Home sales (2) 5,335.2 — — — (43.7) 5,291.5 Land/lot sales and other 3.3 328.7 — — (307.0) 25.0 Rental property sales — — — 102.5 (4.3) 98.2 Inventory and land option charges 9.8 5.4 — — — 15.2 5,348.3 334.1 — 102.5 (355.0) 5,429.9 Selling, general and administrative expense 507.3 24.3 138.0 22.8 2.7 695.1 Other (income) expense (1.6) — (8.7) (4.9) 5.9 (9.3) Income before income taxes $ 1,652.8 $ 63.2 $ 92.8 $ 102.5 $ (28.0) $ 1,883.3 ______________ (1) Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions. (2) Amount in the Eliminations and Other column represents the recognition of 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, 2022 Homebuilding Forestar Financial Services Rental Eliminations and Other (1) Consolidated (In millions) Revenues Home sales $ 14,155.6 $ — $ — $ — $ — $ 14,155.6 Land/lot sales and other 30.5 829.2 — — (748.7) 111.0 Rental property sales — — — 379.4 — 379.4 Financial services — — 406.4 — — 406.4 14,186.1 829.2 406.4 379.4 (748.7) 15,052.4 Cost of sales Home sales (2) 10,169.1 — — — (81.3) 10,087.8 Land/lot sales and other 20.4 662.3 — — (624.8) 57.9 Rental property sales — — — 175.0 (5.1) 169.9 Inventory and land option charges 13.7 6.0 — 0.3 — 20.0 10,203.2 668.3 — 175.3 (711.2) 10,335.6 Selling, general and administrative expense 1,004.9 45.8 263.2 41.4 5.7 1,361.0 Other (income) expense (7.9) (1.6) (16.7) (9.8) 11.2 (24.8) Income before income taxes $ 2,985.9 $ 116.7 $ 159.9 $ 172.5 $ (54.4) $ 3,380.6 Summary Cash Flow Information Depreciation and amortization $ 30.9 $ 1.3 $ 0.9 $ 0.2 $ 6.0 $ 39.3 Cash (used in) provided by operating activities $ (416.2) $ 76.6 $ (63.0) $ (409.1) $ (22.9) $ (834.6) ______________ (1) Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions. (2) Amount in the Eliminations and Other column represents the recognition of 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) Northwest $ 1,777.0 $ 1,802.2 Southwest 3,020.0 2,801.7 South Central 3,801.4 3,931.7 Southeast 3,979.1 4,091.1 East 2,754.1 2,542.7 North 2,007.2 1,935.7 Corporate and unallocated (2) 232.3 219.3 $ 17,571.1 $ 17,324.4 ____________________________ (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 2023 2022 2023 2022 (In millions) Revenues Northwest $ 691.1 $ 637.0 $ 1,211.5 $ 1,205.9 Southwest 920.9 1,135.1 1,723.9 2,046.7 South Central 1,805.8 1,838.4 3,447.9 3,532.7 Southeast 2,106.1 1,946.5 4,102.4 3,757.5 East 1,206.9 1,219.5 2,350.8 2,294.3 North 738.8 730.3 1,377.1 1,349.0 $ 7,469.6 $ 7,506.8 $ 14,213.6 $ 14,186.1 Income before Income Taxes Northwest $ 96.4 $ 148.2 $ 155.0 $ 260.0 Southwest 81.7 226.6 165.7 385.9 South Central 267.9 416.0 549.5 770.3 Southeast 381.7 482.2 793.0 897.7 East 183.5 265.9 373.0 468.2 North 56.7 113.9 126.1 203.8 $ 1,067.9 $ 1,652.8 $ 2,162.3 $ 2,985.9

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Mar. 31, 2023
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 $ — $ — 4.75% senior notes due 2023 (1) — 299.9 5.75% senior notes due 2023 (1) 399.8 399.6 2.5% senior notes due 2024 (1) 498.6 498.2 2.6% senior notes due 2025 (1) 497.6 497.1 1.3% senior notes due 2026 (1) 596.0 595.5 1.4% senior notes due 2027 (1) 496.1 495.7 Other secured notes 192.1 156.6 2,680.2 2,942.6 Forestar Unsecured: Revolving credit facility — — 3.85% senior notes due 2026 (2) 397.0 396.5 5.0% senior notes due 2028 (2) 297.3 297.0 Other secured notes 12.5 12.5 706.8 706.0 Financial Services Mortgage repurchase facility 1,554.9 1,618.3 Rental Unsecured: Revolving credit facility 1,025.0 800.0 Total (3) $ 5,966.9 $ 6,066.9 _____________ (1) Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $10.2 million and $12.2 million at March 31, 2023 and September 30, 2022, respectively. (2) Debt issuance costs that were deducted from the carrying amount of Forestar’s senior notes totaled $5.7 million and $6.5 million at March 31, 2023 and September 30, 2022, respectively. (3) The fair value of notes payable at March 31, 2023 totaled $5.7 billion, of which $2.9 billion were measured using Level 2 inputs and $2.8 billion were measured using Level 3 inputs. The fair value of notes payable at September 30, 2022 totaled $5.7 billion, of which $3.1 billion were measured using Level 2 inputs and $2.6 billion were measured using Level 3 inputs.

Capitalized Interest (Tables)

Capitalized Interest (Tables)	6 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In millions) Capitalized interest, beginning of period $ 255.1 $ 221.3 $ 237.4 $ 217.7 Interest incurred (1) 50.6 36.7 96.8 73.6 Interest charged to cost of sales (34.0) (34.7) (62.5) (68.0) Capitalized interest, end of period $ 271.7 $ 223.3 $ 271.7 $ 223.3 __________________ (1) Interest incurred includes (a) interest on the Company's mortgage repurchase facility of $9.7 million and $17.8 million in the three and six months ended March 31, 2023, respectively, and $3.0 million and $7.0 million in the same periods of fiscal 2022; (b) Forestar interest of $8.2 million and $16.4 million in the three and six months ended March 31, 2023, respectively, and $8.1 million and $16.2 million in the same periods of fiscal 2022; and (c) interest on DRH Rental’s revolving credit facility of $13.7 million and $22.7 million in the three and six months ended March 31, 2023, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Numerator and denominator used to compute basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share. Three Months Ended Six Months Ended 2023 2022 2023 2022 (In millions) Numerator: Net income attributable to D.R. Horton, Inc. $ 942.2 $ 1,436.3 $ 1,900.9 $ 2,577.9 Denominator: Denominator for basic earnings per share — weighted average common shares 342.1 353.1 343.2 354.6 Effect of dilutive securities: Employee stock awards 2.8 3.2 2.7 3.6 Denominator for diluted earnings per share — adjusted weighted average common shares 344.9 356.3 345.9 358.2 Basic net income per common share attributable to D.R. Horton, Inc. $ 2.75 $ 4.07 $ 5.54 $ 7.27 Diluted net income per common share attributable to D.R. Horton, Inc. $ 2.73 $ 4.03 $ 5.50 $ 7.20

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In millions) Warranty liability, beginning of period $ 464.0 $ 390.0 $ 454.3 $ 376.3 Warranties issued 44.0 43.6 83.9 82.5 Changes in liability for pre-existing warranties (4.0) 3.0 (2.9) 7.3 Settlements made (29.3) (28.8) (60.6) (58.3) Warranty liability, end of period $ 474.7 $ 407.8 $ 474.7 $ 407.8
Changes in legal claims reserves	Changes in the Company’s legal claims reserves during the six months ended March 31, 2023 and 2022 were as follows: Six Months Ended 2023 2022 (In millions) Reserves for legal claims, beginning of period $ 729.1 $ 577.5 Increase in reserves 58.7 55.7 Payments (19.5) (16.1) Reserves for legal claims, end of period $ 768.3 $ 617.1

Other Assets, Accrued Expense_2

Other Assets, Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Mar. 31, 2023
Other Assets and Accrued Expenses and Other Liabilities [Abstract]
Other assets	The Company’s other assets at March 31, 2023 and September 30, 2022 were as follows: March 31, September 30, (In millions) Earnest money and refundable deposits $ 1,684.5 $ 1,685.7 Mortgage hedging instruments and commitments 10.6 330.2 Water rights and other water-related assets 319.3 286.6 Other receivables 143.3 210.9 Insurance receivables 139.0 137.9 Prepaid assets 83.1 77.4 Contract assets - insurance agency commissions 77.3 74.3 Interest rate lock commitments 58.8 47.7 Lease right of use assets 43.4 46.6 Mortgage servicing rights 4.6 10.6 Other 51.2 52.4 $ 2,615.1 $ 2,960.3
Accrued expenses and other liabilities	The Company’s accrued expenses and other liabilities at March 31, 2023 and September 30, 2022 were as follows: March 31, September 30, (In millions) Reserves for legal claims $ 768.3 $ 729.1 Employee compensation and related liabilities 465.4 524.3 Warranty liability 474.7 454.3 Inventory related accruals 349.4 403.6 Broker deposits related to hedging instruments 6.6 240.9 Customer deposits 171.6 224.2 Interest rate lock commitments 1.5 183.5 Federal and state income tax liabilities 330.0 110.9 Accrued property taxes 34.9 60.1 Lease liabilities 44.7 47.9 Accrued interest 32.0 33.8 Mortgage hedging instruments and commitments 22.7 12.4 Other 129.0 113.3 $ 2,830.8 $ 3,138.3

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2022 USD ($) lot	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Entity Information [Line Items]
Payments related to business acquisitions | $		$ 103.5	$ 0
Riggins Custom Homes
Entity Information [Line Items]
Payments related to business acquisitions | $	$ 107
Business Acquisition, Number of Homes Acquired	170
Business Acquisition, Number of Finished Lots Acquired	3,000
Business Acquisition, Backlog Acquired	100
Forestar Group [Member]
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent		63%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		37%
Entity Information [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		63%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		37%

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 OperatingDivisions State Segments Market
Forestar Group [Member]
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	52
Number of housing construction states | State	20
HomeBuildingMember
Segment Reporting Information [Line Items]
Number of housing construction markets | Market	110
Number of housing construction states | State	33
Number of home building operating divisions | OperatingDivisions	80
Number of homebuilding reporting segments | Segments	6

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022
Assets [Abstract]
Cash and cash equivalents	$ 3,051.1		$ 3,051.1		$ 2,540.5
Restricted cash	23.5		23.5		32.4
Inventories:
Construction in progress and finished homes	9,290.6		9,290.6		9,798.2
Residential land and lots — developed and under development	9,940.4		9,940.4		9,173.1
Land held for development	88.3		88.3		110.8
Land held for sale	20.4		20.4		29.4
Rental properties	3,232		3,232		2,544.2
Total inventories	22,571.7		22,571.7		21,655.7
Mortgage loans held for sale	2,124		2,124		2,386
Deferred income taxes, net	112.3		112.3		141.1
Property and equipment, net	509.6		509.6		471.6
Other assets	2,615.1		2,615.1		2,960.3
Goodwill	163.5		163.5		163.5
Total assets	31,170.8		31,170.8		30,351.1
Liabilities [Abstract]
Accounts payable	1,251.3		1,251.3		1,360.3
Accrued expenses and other liabilities	2,830.8		2,830.8		3,138.3
Notes payable	5,966.9		5,966.9		6,066.9
Total liabilities	10,049		10,049		10,565.5
Revenues
Total revenues	7,972.9	$ 7,999	15,230.6	$ 15,052.4
Inventory and land option charges	23.8	15.2	51.4	20
Cost of sales	5,996.2	5,429.9	11,287.5	10,335.6
Selling, General and Administrative Expense	(773.6)	(695.1)	(1,510.5)	(1,361)
Other (income) expense	(42.2)	(9.3)	(79.9)	(24.8)
Income (loss) before income taxes	1,245.3	1,883.3	2,512.5	3,380.6
Depreciation and amortization			46.5	39.3
Cash provided by (used in) operating activities			1,473.6	(834.6)
HomeBuildingMember
Revenues
Home sales	7,449.7	7,499.2	14,158.9	14,155.6
Cost of Goods and Services Sold	5,781.2	5,291.5	10,838.8	10,087.8
Land [Member]
Revenues
Home sales	82.7	54.8	166.7	111
Cost of Goods and Services Sold	34.4	25	58.3	57.9
Financial Services [Member]
Revenues
Home sales	216.4	222.1	353.4	406.4
Rental
Revenues
Home sales	224.1	222.9	551.6	379.4
Cost of Goods and Services Sold	156.8	98.2	339	169.9
Intersegment Eliminations [Member]
Assets [Abstract]
Cash and cash equivalents	24.6		24.6		21.8
Restricted cash	0		0		0
Inventories:
Construction in progress and finished homes	(146.4)		(146.4)		(153.3)
Residential land and lots — developed and under development	(73)		(73)		(82)
Land held for development	0		0		0
Land held for sale	0		0		0
Rental properties	(25.2)		(25.2)		(27.9)
Total inventories	(244.6)		(244.6)		(263.2)
Mortgage loans held for sale	0		0		0
Deferred income taxes, net	2		2		1.9
Property and equipment, net	116.5		116.5		97.8
Other assets	(91.1)		(91.1)		132.8
Goodwill	29.2		29.2		29.2
Total assets	(163.4)		(163.4)		20.3
Liabilities [Abstract]
Accounts payable	(405.8)		(405.8)		(94.8)
Accrued expenses and other liabilities	(144.2)		(144.2)		(214)
Notes payable	0		0		0
Total liabilities	(550)		(550)		(308.8)
Revenues
Total revenues	(238.7)	(374.4)	(406.2)	(748.7)
Inventory and land option charges	(11.1)	0	(11.1)	0
Cost of sales	(278)	(355)	(476.5)	(711.2)
Selling, General and Administrative Expense	(5.6)	(2.7)	(11)	(5.7)
Other (income) expense	12.4	5.9	21.6	11.2
Income (loss) before income taxes	21.3	(28)	37.7	(54.4)
Depreciation and amortization			12.2	6
Cash provided by (used in) operating activities			27	(22.9)
Intersegment Eliminations [Member] | HomeBuildingMember
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	(61.8)	(43.7)	(110.9)	(81.3)
Intersegment Eliminations [Member] | Land [Member]
Revenues
Home sales	(238.7)	(374.4)	(406.2)	(748.7)
Cost of Goods and Services Sold	(204.3)	(307)	(352.1)	(624.8)
Intersegment Eliminations [Member] | Financial Services [Member]
Revenues
Home sales	0	0	0	0
Intersegment Eliminations [Member] | Rental
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	(0.8)	(4.3)	(2.4)	(5.1)
HomeBuildingMember
Assets [Abstract]
Cash and cash equivalents	2,364.5		2,364.5		2,040.7
Restricted cash	8.5		8.5		11.3
Inventories:
Construction in progress and finished homes	9,437		9,437		9,951.5
Residential land and lots — developed and under development	8,093		8,093		7,322.5
Land held for development	20.7		20.7		21
Land held for sale	20.4		20.4		29.4
Rental properties	0		0		0
Total inventories	17,571.1		17,571.1		17,324.4
Mortgage loans held for sale	0		0		0
Deferred income taxes, net	117.4		117.4		146.3
Property and equipment, net	381		381		361.8
Other assets	2,477.5		2,477.5		2,266.5
Goodwill	134.3		134.3		134.3
Total assets	23,054.3		23,054.3		22,285.3
Liabilities [Abstract]
Accounts payable	1,030.7		1,030.7		1,149.1
Accrued expenses and other liabilities	2,508.7		2,508.7		2,365.7
Notes payable	2,680.2		2,680.2		2,942.6
Total liabilities	6,219.6		6,219.6		6,457.4
Revenues
Total revenues	7,469.6	7,506.8	14,213.6	14,186.1
Inventory and land option charges	14.2	9.8	38.4	13.7
Cost of sales	5,870.6	5,348.3	11,006.4	10,203.2
Selling, General and Administrative Expense	(545.6)	(507.3)	(1,072.6)	(1,004.9)
Other (income) expense	(14.5)	(1.6)	(27.7)	(7.9)
Income (loss) before income taxes	1,067.9	1,652.8	2,162.3	2,985.9
Depreciation and amortization			30.7	30.9
Cash provided by (used in) operating activities			1,456.4	(416.2)
HomeBuildingMember | HomeBuildingMember
Revenues
Home sales	7,449.7	7,499.2	14,158.9	14,155.6
Cost of Goods and Services Sold	5,843	5,335.2	10,949.7	10,169.1
HomeBuildingMember | Land [Member]
Revenues
Home sales	19.9	7.6	54.7	30.5
Cost of Goods and Services Sold	13.4	3.3	18.3	20.4
HomeBuildingMember | Financial Services [Member]
Revenues
Home sales	0	0	0	0
HomeBuildingMember | Rental
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Forestar Group [Member]
Assets [Abstract]
Cash and cash equivalents	286.7		286.7		264.8
Restricted cash	0		0		0
Inventories:
Construction in progress and finished homes	0		0		0
Residential land and lots — developed and under development	1,920.4		1,920.4		1,932.6
Land held for development	67.6		67.6		89.8
Land held for sale	0		0		0
Rental properties	0		0		0
Total inventories	1,988		1,988		2,022.4
Mortgage loans held for sale	0		0		0
Deferred income taxes, net	0		0		0
Property and equipment, net	5.6		5.6		5.7
Other assets	56		56		50.1
Goodwill	0		0		0
Total assets	2,336.3		2,336.3		2,343
Liabilities [Abstract]
Accounts payable	67.7		67.7		72.2
Accrued expenses and other liabilities	313		313		365.4
Notes payable	706.8		706.8		706
Total liabilities	1,087.5		1,087.5		1,143.6
Revenues
Total revenues	301.5	421.6	518.2	829.2
Inventory and land option charges	20.3	5.4	22.7	6
Cost of sales	245.6	334.1	414.8	668.3
Selling, General and Administrative Expense	(22)	(24.3)	(44.9)	(45.8)
Other (income) expense	(2)	0	(5.3)	(1.6)
Income (loss) before income taxes	35.9	63.2	63.8	116.7
Depreciation and amortization			1.5	1.3
Cash provided by (used in) operating activities			21.3	76.6
Forestar Group [Member] | HomeBuildingMember
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Forestar Group [Member] | Land [Member]
Revenues
Home sales	301.5	421.6	518.2	829.2
Cost of Goods and Services Sold	225.3	328.7	392.1	662.3
Forestar Group [Member] | Financial Services [Member]
Revenues
Home sales	0	0	0	0
Forestar Group [Member] | Rental
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Financial Services [Member]
Assets [Abstract]
Cash and cash equivalents	285.5		285.5		103.3
Restricted cash	12.6		12.6		19.7
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
Rental properties	0		0		0
Total inventories	0		0		0
Mortgage loans held for sale	2,124		2,124		2,386
Deferred income taxes, net	0		0		0
Property and equipment, net	4		4		4.3
Other assets	135.1		135.1		492.5
Goodwill	0		0		0
Total assets	2,561.2		2,561.2		3,005.8
Liabilities [Abstract]
Accounts payable	0		0		0.2
Accrued expenses and other liabilities	123.1		123.1		596.2
Notes payable	1,554.9		1,554.9		1,618.3
Total liabilities	1,678		1,678		2,214.7
Revenues
Total revenues	216.4	222.1	353.4	406.4
Inventory and land option charges	0	0	0	0
Cost of sales	0	0	0	0
Selling, General and Administrative Expense	(146.9)	(138)	(281)	(263.2)
Other (income) expense	(16.1)	(8.7)	(31.4)	(16.7)
Income (loss) before income taxes	85.6	92.8	103.8	159.9
Depreciation and amortization			1.1	0.9
Cash provided by (used in) operating activities			232.2	(63)
Financial Services [Member] | HomeBuildingMember
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Financial Services [Member] | Land [Member]
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Financial Services [Member] | Financial Services [Member]
Revenues
Home sales	216.4	222.1	353.4	406.4
Financial Services [Member] | Rental
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Rental
Assets [Abstract]
Cash and cash equivalents	89.8		89.8		109.9
Restricted cash	2.4		2.4		1.4
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
Rental properties	3,257.2		3,257.2		2,572.1
Total inventories	3,257.2		3,257.2		2,572.1
Mortgage loans held for sale	0		0		0
Deferred income taxes, net	(7.1)		(7.1)		(7.1)
Property and equipment, net	2.5		2.5		2
Other assets	37.6		37.6		18.4
Goodwill	0		0		0
Total assets	3,382.4		3,382.4		2,696.7
Liabilities [Abstract]
Accounts payable	558.7		558.7		233.6
Accrued expenses and other liabilities	30.2		30.2		25
Notes payable	1,025		1,025		800
Total liabilities	1,613.9		1,613.9		1,058.6
Revenues
Total revenues	224.1	222.9	551.6	379.4
Inventory and land option charges	0.4	0	1.4	0.3
Cost of sales	158	102.5	342.8	175.3
Selling, General and Administrative Expense	(53.5)	(22.8)	(101)	(41.4)
Other (income) expense	(22)	(4.9)	(37.1)	(9.8)
Income (loss) before income taxes	34.6	102.5	144.9	172.5
Depreciation and amortization			1	0.2
Cash provided by (used in) operating activities			(263.3)	(409.1)
Rental | HomeBuildingMember
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Rental | Land [Member]
Revenues
Home sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Rental | Financial Services [Member]
Revenues
Home sales	0	0	0	0
Rental | Rental
Revenues
Home sales	224.1	222.9	551.6	379.4
Cost of Goods and Services Sold	157.6	102.5	341.4	175
Northwest | HomeBuildingMember
Inventories:
Total inventories	1,777		1,777		1,802.2
Revenues
Total revenues	691.1	637	1,211.5	1,205.9
Income (loss) before income taxes	96.4	148.2	155	260
Southwest [Member] | HomeBuildingMember
Inventories:
Total inventories	3,020		3,020		2,801.7
Revenues
Total revenues	920.9	1,135.1	1,723.9	2,046.7
Income (loss) before income taxes	81.7	226.6	165.7	385.9
South Central [Member] | HomeBuildingMember
Inventories:
Total inventories	3,801.4		3,801.4		3,931.7
Revenues
Total revenues	1,805.8	1,838.4	3,447.9	3,532.7
Income (loss) before income taxes	267.9	416	549.5	770.3
Southeast [Member] | HomeBuildingMember
Inventories:
Total inventories	3,979.1		3,979.1		4,091.1
Revenues
Total revenues	2,106.1	1,946.5	4,102.4	3,757.5
Income (loss) before income taxes	381.7	482.2	793	897.7
East [Member] | HomeBuildingMember
Inventories:
Total inventories	2,754.1		2,754.1		2,542.7
Revenues
Total revenues	1,206.9	1,219.5	2,350.8	2,294.3
Income (loss) before income taxes	183.5	265.9	373	468.2
North | HomeBuildingMember
Inventories:
Total inventories	2,007.2		2,007.2		1,935.7
Revenues
Total revenues	738.8	730.3	1,377.1	1,349
Income (loss) before income taxes	56.7	$ 113.9	126.1	$ 203.8
Corporate, Non-Segment [Member] | HomeBuildingMember
Inventories:
Total inventories	$ 232.3		$ 232.3		$ 219.3

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Inventory [Line Items]
Carrying Value of Communities with Impairment Indicators	$ 30.6		$ 30.6
Impairment charges	9.2	$ 3.8	14	$ 3.8
Write-offs (recoveries) of earnest money deposits and pre-acquisition costs	$ 14.6	$ 11.4	$ 37.4	$ 16.2

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2020	Sep. 30, 2019
Estimate of Fair Value Measurement [Member]
Debt Instrument [Line Items]
Notes payable, Fair value	$ 5,700	$ 5,700	$ 5,700
Letters of Credit Outstanding, Amount	245.2	245.2
Notes payable	5,966.9	5,966.9	6,066.9
Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Notes payable, Fair value	2,900	2,900	3,100
Fair Value, Inputs, Level 3 [Member]
Debt Instrument [Line Items]
Notes payable, Fair value	2,800	2,800	2,600
Intersegment Eliminations [Member]
Debt Instrument [Line Items]
Notes payable	0	0	0
Forestar Group [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	5.7	5.7	6.5
Notes payable	706.8	706.8	706
Financial Services [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	2,000	2,000
Line of Credit Facility, Maximum Borrowing Capacity	2,300	2,300
Deposit Liabilities, Collateral Issued, Financial Instruments	2,140	2,140
Participating Mortgage Loans, Mortgage Obligations, Amount	2,100	$ 2,100
Advance Pay Downs on Mortgage Repurchase Facility	$ 541
Assets Sold under Agreements to Repurchase, Interest Rate	6.40%	6.40%
Notes payable	$ 1,554.9	$ 1,554.9	1,618.3
Forestar Group [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	410	410
Line of Credit Facility, Maximum Borrowing Capacity	$ 600	$ 600
Letters of credit, sublimit borrowing capacity, as a percentage	50%	50%
Revolving credit facility	$ 0	$ 0	0
Letters of Credit Outstanding, Amount	42.6	42.6
Line of Credit Facility, Remaining Borrowing Capacity	367.4	367.4
Authorized Repurchase Of Debt Securities				$ 30
Debt Repurchase Authorization Remaining	30	30
Letter of Credit, Maximum Borrowing Capacity (in dollars)	100	100
Notes payable	706.8	706.8	706
Home Building Consolidated
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	10.2	10.2	12.2
Line of Credit Facility, Current Borrowing Capacity	2,190	2,190
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,000	$ 3,000
Letters of credit, sublimit borrowing capacity, as a percentage	100%	100%
Revolving credit facility	$ 0	$ 0	0
Letters of Credit Outstanding, Amount	202.6	202.6
Line of Credit Facility, Remaining Borrowing Capacity	1,990	1,990
Authorized Repurchase Of Debt Securities					$ 500
Debt Repurchase Authorization Remaining	500	500
Notes payable	2,680.2	2,680.2	2,942.6
Rental
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	1,025	1,025
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,250	$ 1,250
Letters of credit, sublimit borrowing capacity, as a percentage	50%	50%
Revolving credit facility	$ 1,025	$ 1,025	800
Letter of Credit, Maximum Borrowing Capacity (in dollars)	100	100
Notes payable	$ 1,025	1,025	800
Proceeds from Lines of Credit		575
Repayments of Lines of Credit		$ 350
Line of Credit Facility, Interest Rate at Period End	7.20%	7.20%
4.75% senior notes due 2023 [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.75%	4.75%
Maturities of Senior Debt	$ 300
Notes payable	$ 0	$ 0	299.9
5.75% senior notes due 2023 [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.75%	5.75%
Notes payable	$ 399.8	$ 399.8	399.6
SeniorNoteFortyTwo [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.50%	2.50%
Notes payable	$ 498.6	$ 498.6	498.2
SeniorNoteFortyFour | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.60%	2.60%
Notes payable	$ 497.6	$ 497.6	497.1
Senior Note Forty Six | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.30%	1.30%
Notes payable	$ 596	$ 596	595.5
Senior Note Forty Five | Home Building Consolidated
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.40%	1.40%
Notes payable	$ 496.1	$ 496.1	495.7
Senior Note Member Forty Six | Forestar Group [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.85%	3.85%
Notes payable	$ 397	$ 397	396.5
Senior Note Member Forty Three | Forestar Group [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5%	5%
Notes payable	$ 297.3	$ 297.3	297
Secured Debt [Member] | Forestar Group [Member]
Debt Instrument [Line Items]
Notes payable	12.5	12.5	12.5
Secured Debt [Member] | Home Building Consolidated
Debt Instrument [Line Items]
Notes payable	$ 192.1	$ 192.1	$ 156.6

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Rollforward of capitalized interest
Capitalized interest, beginning of period	$ 255.1	$ 221.3	$ 237.4	$ 217.7
Interest incurred	50.6	36.7	96.8	73.6
Interest charged to cost of sales	(34)	(34.7)	(62.5)	(68)
Capitalized interest, end of period	271.7	223.3	271.7	223.3
Financial Services [Member]
Rollforward of capitalized interest
Interest incurred	9.7	3	17.8	7
Forestar Group [Member]
Rollforward of capitalized interest
Interest incurred	8.2	$ 8.1	16.4	$ 16.2
Rental
Rollforward of capitalized interest
Interest incurred	$ 13.7		$ 22.7

Mortgage Loans Mortgage Loans H

Mortgage Loans Mortgage Loans Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022
Mortgage loans held for sale	$ 2,124		$ 2,124		$ 2,386
Mortgage loans held for sale, outstanding principal amount	2,140		2,140		2,510
Payments for Origination of Mortgage Loans Held-for-sale			9,600	$ 8,400
Proceeds from Sale of Mortgage Loans Held-for-sale			9,900	8,100
Gain (Loss) on Sales of Loans, Net	154.5	$ 168	233.8	$ 302
Interest rate lock commitments [Member]
Derivative, Notional Amount	3,000		$ 3,000		4,000
Loans Sold to FNMA or securities backed by GNMA [Member] | Customer Concentration Risk | Mortgage Loans
Concentration Risk, Percentage			53%
Other Customer [Member] | Customer Concentration Risk | Mortgage Loans
Concentration Risk, Percentage			43%
Loan Origination Commitments [Member]
Derivative, Notional Amount	1,100		$ 1,100		532.4
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	$ (2.4)		$ (2.4)		$ 4.8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 295.7	$ 441	$ 594.6	$ 792.5
Effective tax rate (percent)	23.70%	23.40%	23.70%	23.40%
Deferred tax assets net of DTL	$ 130.1		$ 130.1		$ 159
Valuation allowance for deferred income taxes	$ 17.8		$ 17.8		$ 17.9

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, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net Income (Loss) Attributable to Parent	$ 942.2	$ 1,436.3	$ 1,900.9	$ 2,577.9
Denominator:
Denominator for basic earnings per share — weighted average common shares	342.1	353.1	343.2	354.6
Effect of dilutive securities:
Employee stock awards (shares)	2.8	3.2	2.7	3.6
Denominator for diluted earnings per share — adjusted weighted average common shares	344.9	356.3	345.9	358.2
Basic net income per common share attributable to Parent (in dollars per share)	$ 2.75	$ 4.07	$ 5.54	$ 7.27
Diluted net income per common share attributable to Parent (in dollars per share)	$ 2.73	$ 4.03	$ 5.50	$ 7.20

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended							6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Apr. 01, 2023	Apr. 30, 2022	Oct. 31, 2021
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount										$ 1,000
Treasury Stock, Shares, Acquired								4,500,000
Payments for Repurchase of Common Stock								$ 421.3
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 17						17
Divedends declared (in dollars per sh		$ 0.25	$ 0.25	$ 0.225	$ 0.225	$ 0.225	$ 0.225
Cash dividends paid per common share (in dollars per share)		$ 0.25	$ 0.25	$ 0.225	$ 0.225	$ 0.225	$ 0.225
Subsequent Event [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount									$ 1,000
Divedends declared (in dollars per sh	$ 0.25
Forestar Group [Member]
Class of Stock [Line Items]
Equity Securities Registered, Value											$ 750
At-the-market Equity Offering Program, Common Stock Available for Issuance		$ 298.2						298.2			$ 300
Common Stock Available for Issuance, Value Remaining		$ 748.2						$ 748.2
At-the-market Equity Offering Program, Common Stock Issued								0

Employee Benefit Plans (Details

Employee Benefit Plans (Details) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Mar. 31, 2023 USD ($) grant_recipient $ / shares shares	Dec. 31, 2022 $ / shares shares	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense				$ 51.3	$ 54.6
Performance Shares [Member] | October Two Thousand Twenty Two Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted in the period | shares		600,000
Award vesting period		3 years
Share-based Payment Arrangement, Noncash Expense	$ 4.5			8.9
Fair value of equity awards on the date of grant (in US$ per unit) | $ / shares		$ 79.97
Performance Shares [Member] | October Two Thousand Twenty Two Grant | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total units granted that vest in the period		0%
Performance Shares [Member] | October Two Thousand Twenty Two Grant | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total units granted that vest in the period		200%
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense	$ 26		$ 28.9	47.1	$ 50.9
Restricted Stock [Member] | March Two Thousand Twenty Three Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted in the period | shares	790,000
Share-based Payment Arrangement, Noncash Expense	$ 2.3			$ 2.3
Fair value of equity awards on the date of grant (in US$ per unit) | $ / shares	$ 92.34
RSU Grant Recipients | grant_recipient	1,370

Commitments and Contingencies -

Commitments and Contingencies - Warranty Claims (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Standard Product Warranty Accrual	$ 474.7	$ 407.8	$ 474.7	$ 407.8	$ 464	$ 454.3	$ 390	$ 376.3
Standard Product Warranty Accrual, Increase for Warranties Issued	44	43.6	83.9	82.5
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	(4)	3	(2.9)	7.3
Standard Product Warranty Accrual, Decrease for Payments	$ 29.3	$ 28.8	$ 60.6	$ 58.3

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies [Abstract]
Liabilities for various claims, complaints and other legal actions	$ 768.3	$ 617.1	$ 768.3	$ 617.1	$ 729.1	$ 577.5
Construction defect portion of loss contingency accrual, percentage	99%		99%		99%
Expenses related to legal claims			$ 53.3	44.1
Estimated insurance recoveries related to legal claims	$ 139	112	139	112	$ 137.9
Earnest money deposits	1,600		1,600
Remaining purchase price of land under option contracts	19,200		19,200
Surety bonds	2,900		2,900
Outstanding letters of credit	245.2		245.2
Option Contracts Subject to Specific Performance Clauses [Member]
Commitments and Contingencies [Abstract]
Remaining purchase price of land under option contracts	76.7		76.7
Cash [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	1,500		1,500
Notes Payable, Other Payables [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	94.7		94.7
Home Building Consolidated
Commitments and Contingencies [Abstract]
Outstanding letters of credit	202.6		202.6
Forestar Group [Member]
Commitments and Contingencies [Abstract]
Outstanding letters of credit	42.6		42.6
Forestar Group [Member]
Commitments and Contingencies [Abstract]
Earnest money deposits	124.3		124.3
Remaining purchase price of land under option contracts	1,200		1,200
Increase (Decrease) in Earnest Money Deposits Outstanding		2.7		5.4
Increase (Decrease) in Prepaid Expenses, Other	5.7	$ 16.2	10.4	$ 37.8
Forestar Group [Member] | Option Contracts Subject to Specific Performance Clauses [Member]
Commitments and Contingencies [Abstract]
Remaining purchase price of land under option contracts	$ 44.5		$ 44.5

Commitments and Contingencies_3

Commitments and Contingencies - Legal Claims and Insurance (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Rollforward of reserves for legal claims
Reserves for legal claims, beginning of period	$ 729.1	$ 577.5
Increase in reserves	58.7	55.7
Payments	(19.5)	(16.1)
Reserves for legal claims, end of period	$ 768.3	$ 617.1

Other Assets, Accrued Expense_3

Other Assets, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Other assets
Earnest money and refundable deposits	$ 1,684.5		$ 1,685.7
Mortgage hedging instruments and commitments	10.6		330.2
Other receivables	143.3		210.9
Insurance receivables	139		137.9	$ 112
Prepaid assets	83.1		77.4
Contract assets - insurance agency commissions	77.3		74.3
Lease right of use assets	43.4		46.6
Mortgage servicing rights	4.6		10.6
Other	51.2		52.4
Other assets	2,615.1		2,960.3
Accrued expenses and other liabilities
Reserves for legal claims	768.3		729.1	617.1		$ 577.5
Employee compensation and related liabilities	465.4		524.3
Warranty liability	474.7	$ 464	454.3	$ 407.8	$ 390	$ 376.3
Inventory related accruals	349.4		403.6
Broker deposits related to hedging instruments	6.6		240.9
Customer deposits	171.6		224.2
Federal and state income tax liabilities	330		110.9
Accrued property taxes	34.9		60.1
Lease liabilities	44.7		47.9
Accrued interest	32		33.8
Mortgage hedging instruments and commitments	22.7		12.4
Other	129		113.3
Accrued expenses and other liabilities	2,830.8		3,138.3
Vidler Water Resources, Inc.
Other assets
Water rights and other water-related assets	319.3		286.6
Interest rate lock commitments [Member]
Other assets
Interest rate lock commitments	58.8		47.7
Accrued expenses and other liabilities
Interest rate lock commitments	$ 1.5		$ 183.5