Consolidating Balance Sheet

December 31, 2017



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	438.3	$	79.4	$	402.6	$	—		$	920.3
Restricted cash	6.2		2.1		45.4		—			53.7
Investments in subsidiaries	5,485.7		—		—		(5,485.7		)	—
Inventories	3,762.6		5,899.7		377.9		—			10,040.2
Investment in unconsolidated entities	—		—		86.1		—			86.1
Mortgage loans held for sale	—		—		538.2		—			538.2
Deferred income taxes	87.9		146.1		5.1		—			239.1
Property and equipment, net	112.1		61.8		189.6		(5.8		)	357.7
Other assets	251.4		292.4		78.2		—			622.0
Goodwill	—		80.0		20.0		—			100.0
Intercompany receivables	1,041.5		—		—		(1,041.5		)	—
Total Assets	$	11,185.7	$	6,561.5	$	1,743.1	$	(6,533.0	)	$	12,957.3
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	558.4	$	937.8	$	149.6	$	(2.0	)	$	1,643.8
Intercompany payables	—		831.7		209.8		(1,041.5		)	—
Notes payable	2,741.5		8.1		508.5		—			3,258.1
Total Liabilities	3,299.9		1,777.6		867.9		(1,043.5		)	4,901.9
Stockholders’ equity	7,885.8		4,783.9		701.8		(5,489.5		)	7,882.0
Noncontrolling interests	—		—		173.4		—			173.4
Total Equity	7,885.8		4,783.9		875.2		(5,489.5		)	8,055.4
Total Liabilities & Equity	$	11,185.7	$	6,561.5	$	1,743.1	$	(6,533.0	)	$	12,957.3

NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Balance Sheet

September 30, 2017



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	780.9	$	154.5	$	72.4	$	—		$	1,007.8
Restricted cash	7.8		1.5		7.2		—			16.5
Investments in subsidiaries	4,812.6		—		—		(4,812.6		)	—
Inventories	3,540.4		5,579.9		116.8		—			9,237.1
Mortgage loans held for sale	—		—		587.3		—			587.3
Deferred income taxes	138.5		223.6		2.9		—			365.0
Property and equipment, net	104.8		59.7		166.3		(5.8		)	325.0
Other assets	245.5		259.7		60.7		—			565.9
Goodwill	—		80.0		—		—			80.0
Intercompany receivables	1,047.7		—		—		(1,047.7		)	—
Total Assets	$	10,678.2	$	6,358.9	$	1,013.6	$	(5,866.1	)	$	12,184.6
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	483.9	$	956.9	$	126.6	$	(2.0	)	$	1,565.4
Intercompany payables	—		732.2		315.5		(1,047.7		)	—
Notes payable	2,443.4		8.2		420.0		—			2,871.6
Total Liabilities	2,927.3		1,697.3		862.1		(1,049.7		)	4,437.0
Stockholders’ equity	7,750.9		4,661.6		151.0		(4,816.4		)	7,747.1
Noncontrolling interests	—		—		0.5		—			0.5
Total Equity	7,750.9		4,661.6		151.5		(4,816.4		)	7,747.6
Total Liabilities & Equity	$	10,678.2	$	6,358.9	$	1,013.6	$	(5,866.1	)	$	12,184.6

NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended December 31, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	1,163.8		$	2,052.4	$	116.5		$	—		$	3,332.7
Cost of sales	915.4			1,640.0		24.7			—			2,580.1
Selling, general and administrative expense	152.2			151.5		80.5			—			384.2
Equity in earnings of unconsolidated entities	—			—		(2.3		)	—			(2.3		)
Other (income) expense	(0.4		)	—		(20.1		)	—			(20.5		)
Income before income taxes	96.6			260.9		33.7			—			391.2
Income tax expense	51.1			137.9		13.4			—			202.4
Equity in net income of subsidiaries, net of tax	143.3			—		—			(143.3		)	—
Net income	188.8			123.0		20.3			(143.3		)	188.8
Net loss attributable to noncontrolling interests	—			—		(0.5		)	—			(0.5		)
Net income attributable to D.R. Horton, Inc.	$	188.8		$	123.0	$	20.8		$	(143.3	)	$	189.3

NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended December 31, 2016



	D.R. Horton, Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	918.1		$	1,896.1	$	90.0		$	—		$	2,904.2
Cost of sales	735.4			1,524.7		7.8			—			2,267.9
Selling, general and administrative expense	124.0			143.3		58.6			—			325.9
Other (income) expense	(4.1		)	—		(3.6		)	—			(7.7		)
Income before income taxes	62.8			228.1		27.2			—			318.1
Income tax expense	21.8			79.2		10.2			—			111.2
Equity in net income of subsidiaries, net of tax	165.9			—		—			(165.9		)	—
Net income	$	206.9		$	148.9	$	17.0		$	(165.9	)	$	206.9

NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Three Months Ended December 31, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(3.0	)	$	(61.6	)	$	21.6		$	(32.0	)	$	(75.0	)
INVESTING ACTIVITIES
Expenditures for property and equipment	(15.1		)	(7.8		)	(21.5		)	—			(44.4		)
Proceeds from sale of rental properties	—			—			24.8			—			24.8
Decrease (increase) in restricted cash	1.6			(0.6		)	(38.2		)	—			(37.2		)
Investment in unconsolidated entities	—			—			(0.1		)	—			(0.1		)
Return of investment in unconsolidated entities	—			—			15.0			—			15.0
Net principal decrease of other mortgage loans and real estate owned	—			—			0.1			—			0.1
Intercompany advances	2.7			—			—			(2.7		)	—
Payments related to acquisition of a business, net of cash acquired	(558.3		)	—			401.9			—			(156.4		)
Net cash (used in) provided by investing activities	(569.1		)	(8.4		)	382.0			(2.7		)	(198.2		)
FINANCING ACTIVITIES
Proceeds from notes payable	1,112.8			—			1.1			—			1,113.9
Repayment of notes payable	(815.2		)	(0.6		)	(10.0		)	—			(825.8		)
Payments on mortgage repurchase facility, net	—			—			(32.6		)	—			(32.6		)
Intercompany advances	—			(4.5		)	1.8			2.7			—
Proceeds from stock associated with certain employee benefit plans	14.6			—			—			—			14.6
Cash paid for shares withheld for taxes	(10.3		)	—			—			—			(10.3		)
Cash dividends paid	(47.0		)	—			(32.0		)	32.0			(47.0		)
Repurchases of common stock	(25.4		)	—			—			—			(25.4		)
Distributions to noncontrolling interests, net	—			—			(1.7		)	—			(1.7		)
Net cash provided by (used in) financing activities	229.5			(5.1		)	(73.4		)	34.7			185.7
(Decrease) increase in cash and cash equivalents	(342.6		)	(75.1		)	330.2			—			(87.5		)
Cash and cash equivalents at beginning of period	780.9			154.5			72.4			—			1,007.8
Cash and cash equivalents at end of period	$	438.3		$	79.4		$	402.6		$	—		$	920.3

NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Three Months Ended December 31, 2016



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(102.0	)	$	40.5		$	83.3		$	(50.0	)	$	(28.2	)
INVESTING ACTIVITIES
Expenditures for property and equipment	(10.5		)	(5.4		)	(6.3		)	—			(22.2		)
Decrease (increase) in restricted cash	0.4			0.3			(6.7		)	—			(6.0		)
Net principal decrease of other mortgage loans and real estate owned	—			—			1.0			—			1.0
Intercompany advances	91.1			—			—			(91.1		)	—
Payments related to acquisition of a business	(4.1		)	—			—			—			(4.1		)
Net cash provided by (used in) investing activities	76.9			(5.1		)	(12.0		)	(91.1		)	(31.3		)
FINANCING ACTIVITIES
Repayment of notes payable	—			(0.3		)	—			—			(0.3		)
Payments on mortgage repurchase facility, net	—			—			(54.0		)	—			(54.0		)
Intercompany advances	—			(127.9		)	36.8			91.1			—
Proceeds from stock associated with certain employee benefit plans	2.8			—			—			—			2.8
Excess income tax benefit from employee stock awards	0.5			—			—			—			0.5
Cash paid for shares withheld for taxes	(5.1		)	—			—			—			(5.1		)
Cash dividends paid	(37.3		)	—			(50.0		)	50.0			(37.3		)
Net cash used in financing activities	(39.1		)	(128.2		)	(67.2		)	141.1			(93.4		)
(Decrease) increase in cash and cash equivalents	(64.2		)	(92.8		)	4.1			—			(152.9		)
Cash and cash equivalents at beginning of period	1,076.4			154.0			72.8			—			1,303.2
Cash and cash equivalents at end of period	$	1,012.2		$	61.2		$	76.9		$	—		$	1,150.3