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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

Components of income tax expense (benefit)

The components of the Company’s income tax expense are as follows:

	Year Ended September 30,
	2017				2016				2015
	(In millions)
Current tax expense:
Federal	$	425.6			$	376.0			$	356.4
State	27.3				15.9				13.2
	452.9				391.9				369.6
Deferred tax expense (benefit):
Federal	87.9				47.6				(3.1		)
State	22.9				27.7				6.2
	110.8				75.3				3.1
Total income tax expense	$	563.7			$	467.2			$	372.7

Comparison of income tax expense (benefit) and tax computed at the statutory rate

Differences between income tax expense and tax computed by applying the federal statutory rate of 35% to income before income taxes during each year is due to the following:

	Year Ended September 30,
	2017				2016				2015
	(In millions)
Income taxes at federal statutory rate	$	560.7			$	473.7			$	393.2
Increase (decrease) in tax resulting from:
State income taxes, net of federal benefit	42.3				38.6				37.0
Domestic production activities deduction	(39.8		)		(36.3		)		(35.7		)
Valuation allowance	0.8				0.2				(21.0		)
Tax credits	(3.5		)		(15.9		)		(2.2		)
Other	3.2				6.9				1.4
Total income tax expense	$	563.7			$	467.2			$	372.7

Components of deferred tax assets and liabilities

Components of deferred income taxes are summarized as follows:

	September 30,
	2017				2016
	(In millions)
Deferred tax assets:
Inventory costs	$	42.6			$	87.6
Inventory impairments	83.9				128.3
Warranty and construction defect costs	163.7				138.8
Net operating loss carryforwards	26.2				40.1
Tax credit carryforwards	2.5				2.9
Incentive compensation plans	92.6				82.2
Deferred income	1.7				2.2
Other	13.9				11.1
Total deferred tax assets	427.1				493.2
Valuation allowance	(11.2		)		(10.3		)
Total deferred tax assets, net of valuation allowance	415.9				482.9
Deferred tax liabilities:
Deferral of profit on home sales	41.6				—
Other	9.3				6.6
Total deferred tax liabilities	$	50.9			$	6.6
Deferred income taxes, net	$	365.0			$	476.3

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- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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