Income Taxes (Tables)

12 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax expense from continuing operations consists of:

	Year Ended   September 30, 2019			Nine Months Ended   September 30, 2018			Year Ended   December 31, 2017
	(In millions)
Current tax expense (benefit):
U.S. Federal	$	(0.3	)	$	(0.5	)	$	44.2
State and other	0.3			—			3.4
	—			(0.5		)	47.6
Deferred tax expense (benefit):
U.S. Federal	9.1			(23.5		)	(1.7		)
State and other	0.3			(1.3		)	(0.1		)
	9.4			(24.8		)	(1.8		)
Income tax expense (benefit)	$	9.4		$	(25.3	)	$	45.8

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 from continuing operations follows:

	Year Ended   September 30, 2019		Nine Months Ended   September 30, 2018		Year Ended   December 31, 2017
Federal statutory rate (benefit)	21	%	21	%	35	%
State, net of federal benefit	1		4		3
Valuation allowance	—		(81	)	(42	)
Tax rate change due to new tax act	—		—		40
Noncontrolling interests	(1	)	(1	)	(1	)
Stock based compensation	—		—		11
Goodwill	—		—		25
Merger costs	—		—		18
Other	—		—		(1	)
Effective tax rate	21	%	(57	)%	88	%

Significant Components of Deferred Taxes

Significant components of deferred taxes are:

	September 30, 2019			September 30, 2018
	(In millions)
Deferred Tax Assets:
Real estate	$	10.2		$	11.0
Employee benefits	1.5			1.5
Net operating loss carryforwards	15.1			17.7
AMT credits	0.6			1.2
Accruals not deductible until paid	0.2			0.4
Gross deferred tax assets	27.6			31.8
Valuation allowance	(3.3		)	(3.4		)
Deferred tax asset net of valuation allowance	24.3			28.4
Deferred Tax Liabilities:
Deferral of profit on lot sales	(6.4		)	—
Convertible debt	(0.5		)	(1.5		)
Gross deferred tax liabilities	(6.9		)	(1.5		)
Net Deferred Tax Asset	$	17.4		$	26.9

Summary of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of tax benefits not recognized for book purposes is as follows:

	Year Ended   September 30, 2019		Nine Months Ended   September 30, 2018		Year Ended   December 31, 2017
	(In millions)
Balance at beginning of year	$	1.6	$	1.1	$	2.5
Increases (decreases) for dispositions and other	—		0.5		(1.4		)
Balance at end of year	$	1.6	$	1.6	$	1.1