Revenues (Tables)

9 Months Ended

Jun. 30, 2022

Revenues [Abstract]

Revenue from External Customers by Products and Services [Table Text Block]

Revenues consist of:

	Three Months Ended June 30,				Nine Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Residential lot sales	$	295.1	$	307.4	$	1,108.2	$	894.5
Deferred development lot sales	7.9		—		20.4		—
Tract sales and other	5.5		5.5		9.1		12.6
	$	308.5	$	312.9	$	1,137.7	$	907.1

In the three months ended June 30, 2022, deferred development lot sales include 67 undeveloped and partially developed lots that were sold to a customer other than D.R. Horton for a total transaction price of $9.4 million. As part of the transaction, the Company is obligated to complete the development of these lots. The Company received $4.6 million in cash at closing with the remainder due as development of the lots is completed. During the three months ended June 30, 2022, the Company recognized revenue of $1.1 million related to this transaction and revenue of $6.8 million related to previous deferred development lot sales.

In the nine months ended June 30, 2022, deferred development lot sales include 854 undeveloped and partially developed lots that were sold to customers other than D.R. Horton for a cumulative transaction price of $64.1 million. As part of these transactions, the Company is obligated to complete the development of the lots. In the nine months ended June 30, 2022, the Company received $33.6 million in cash related to deferred development transactions with the remainder due as development of the lots is completed. In the nine months ended June 30, 2022, the Company recognized revenue of $20.4 million related to deferred development transactions. The remaining revenue will be recognized over time as the Company’s development obligations are completed, which is anticipated to be within one year from the inception of each respective contract.