Income Taxes (Tables)

12 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Tax Expense

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

	Year Ended September 30,
	2022		2021		2020
	(In millions)
Current tax expense (benefit):
Federal	$	38.3	$	14.3	$	(7.6)
State and other	6.2		2.6		0.9
	44.5		16.9		(6.7)
Deferred tax expense:
Federal	10.2		15.8		21.2
State and other	2.3		3.4		1.9
	12.5		19.2		23.1
Income tax expense	$	57.0	$	36.1	$	16.4

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,
	2022		2021		2020
Federal statutory rate	21.0	%	21.0	%	21.0	%
State, net of federal benefit	3.0		3.3		2.9
Valuation allowance	(0.1)		—		(0.1)
Tax benefits previously unrecognized	—		—		(2.0)
Non-controlling interests	—		—		(0.3)
Tax rate benefit in carryback years	—		—		(1.0)
Other	0.3		0.3		0.5
Effective tax rate	24.2	%	24.6	%	21.0	%

Significant Components of Deferred Taxes

Significant components of deferred taxes are:

	September 30,
	2022		2021
	(In millions)
Deferred tax assets:
Real estate	$	11.5	$	14.2
Employee benefits	2.8		1.9
Net operating loss carryforwards	1.2		1.4
Accruals not deductible until paid	0.2		0.2
Total deferred tax assets	15.7		17.7
Valuation allowance	(1.0)		(1.2)
Total deferred tax assets, net of valuation allowance	14.7		16.5
Deferred tax liabilities:
Deferral of profit on lot sales	(51.6)		(40.9)
Total deferred tax liabilities	(51.6)		(40.9)
Deferred tax liability, net	$	(36.9)	$	(24.4)

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,
	2022		2021		2020
	(In millions)
Unrecognized tax benefits, beginning of year	$	—	$	—	$	1.6
Decrease for tax positions taken in prior years	—		—		(1.6)
Unrecognized tax benefits, end of year	$	—	$	—	$	—