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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense

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

			Year Ended September 30,
			2024						2023						2022
			(In millions)
Current tax expense:
Federal			$	40.8					$	33.9					$	38.3
State and other			9.1						7.0						6.2
			49.9						40.9						44.5
Deferred tax expense:
Federal			13.4						11.5						10.2
State and other			3.4						2.3						2.3
			16.8						13.8						12.5
Income tax expense			$	66.7					$	54.7					$	57.0

Reconciliation of Federal Statutory Rate to Effective Income Tax Rate on Continuing Operations

A reconciliation of the federal statutory rate to the Company's effective income tax rate follows:

			Year Ended September 30,
			2024						2023						2022
Federal statutory rate			21.0		%				21.0		%				21.0		%
State, net of federal benefit			3.7						3.4						3.0
Valuation allowance			—						(0.1)						(0.1)
Other			—						0.4						0.3
Effective tax rate			24.7		%				24.7		%				24.2		%

Significant Components of Deferred Taxes

Significant components of deferred taxes are:

			September 30,
			2024						2023
			(In millions)
Deferred tax assets:
Real estate			$	11.9					$	10.5
Employee benefits			3.8						2.8
Net operating loss carryforwards			0.9						1.0
Accruals not deductible until paid			0.8						0.8
Total deferred tax assets			17.4						15.1
Valuation allowance			(0.8)						(0.9)
Total deferred tax assets, net of valuation allowance			16.6						14.2
Deferred tax liabilities:
Deferral of profit on lot sales			(84.1)						(64.9)
Total deferred tax liabilities			(84.1)						(64.9)
Deferred tax liability, net			$	(67.5)					$	(50.7)

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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/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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