Income Taxes (Tables)

12 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Tax Expense

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

	Year Ended September 30,				Nine Months Ended September 30, 2018
	2020		2019
	(In millions)
Current tax expense (benefit):
Federal	$	(7.6)	$	(0.3)	$	(0.5)
State and other	0.9		0.3		—
	(6.7)		—		(0.5)
Deferred tax expense (benefit):
Federal	21.2		9.1		(23.5)
State and other	1.9		0.3		(1.3)
	23.1		9.4		(24.8)
Income tax expense (benefit)	$	16.4	$	9.4	$	(25.3)

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,				Nine Months Ended September 30, 2018
	2020		2019
Federal statutory rate	21	%	21	%	21	%
State, net of federal benefit	3		1		4
Valuation allowance	—		—		(81)
Tax benefits previously unrecognized	(2)		—		—
Tax rate benefit in carryback years	(1)		—		—
Noncontrolling interests	—		(1)		(1)
Effective tax rate (benefit)	21	%	21	%	(57)	%

Significant Components of Deferred Taxes

Significant components of deferred taxes are:

	September 30,
	2020		2019
	(In millions)
Deferred tax assets:
Real estate	$	10.5	$	10.2
Employee benefits	1.5		1.5
Net operating loss carryforwards	1.7		15.1
AMT credits	—		0.6
Accruals not deductible until paid	0.2		0.2
Total deferred tax assets	13.9		27.6
Valuation allowance	(1.5)		(3.3)
Total deferred tax assets, net of valuation allowance	12.4		24.3
Deferred tax liabilities:
Deferral of profit on lot sales	(18.1)		(6.4)
Convertible debt	—		(0.5)
Total deferred tax liabilities	(18.1)		(6.9)
Deferred tax (liability) asset, net	$	(5.7)	$	17.4

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,				Nine Months Ended September 30, 2018
	2020		2019
	(In millions)
Balance at beginning of period	$	1.6	$	1.6	$	1.1
(Decrease) increase for tax positions taken in prior periods	(1.6)		—		0.5
Balance at end of period	$	—	$	1.6	$	1.6