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Supplemental Guarantor Information (Tables)
 9 Months Ended
Jun. 30, 2019
Supplemental Guarantor Information [Abstract]  
Condensed Financial Statements
Consolidating Balance Sheet
June 30, 2019

 
 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
 
(In millions)
ASSETS
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
412.7


$
115.3


$
336.2


$
—

 
$
864.2

Restricted cash
 
7.7

 
2.1

 
11.3

 
—

 
21.1

Investment in subsidiaries
 
7,055.5

 
—

 
—

 
(7,055.5
)
 
—

Inventories
 
4,315.7

 
6,271.7

 
1,143.3

 
(28.4
)
 
11,702.3

Mortgage loans held for sale
 
—

 
—

 
954.9

 
—

 
954.9

Deferred income taxes, net
 
61.4

 
90.5

 
18.4

 
3.6

 
173.9

Property and equipment, net
 
124.8

 
76.2

 
257.6

 
(4.4
)
 
454.2

Other assets
 
382.2

 
440.7

 
150.7

 
(83.7
)
 
889.9

Goodwill
 
—

 
134.3

 
29.2

 
—

 
163.5

Intercompany receivables
 
58.7

 
211.7

 
—

 
(270.4
)
 
—

Total Assets
 
$
12,418.7

 
$
7,342.5

 
$
2,901.6

 
$
(7,438.8
)
 
$
15,224.0

LIABILITIES & EQUITY
 
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
 
$
646.2

 
$
1,074.1

 
$
330.8

 
$
(92.4
)
 
$
1,958.7

Intercompany payables
 
—

 
—

 
270.4

 
(270.4
)
 
—

Notes payable
 
2,107.2

 
6.7

 
1,336.7

 
—

 
3,450.6

Total Liabilities
 
2,753.4

 
1,080.8

 
1,937.9

 
(362.8
)
 
5,409.3

Stockholders’ equity
 
9,665.3

 
6,261.7

 
793.9

 
(7,078.5
)
 
9,642.4

Noncontrolling interests
 
—

 
—

 
169.8

 
2.5

 
172.3

Total Equity
 
9,665.3

 
6,261.7

 
963.7

 
(7,076.0
)
 
9,814.7

Total Liabilities & Equity
 
$
12,418.7

 
$
7,342.5

 
$
2,901.6

 
$
(7,438.8
)
 
$
15,224.0


NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Balance Sheet
September 30, 2018
 
 
 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
 
(In millions)
ASSETS
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
908.1

 
$
158.7

 
$
406.3

 
$
—

 
$
1,473.1

Restricted cash
 
6.6

 
2.0

 
24.3

 
—

 
32.9

Investment in subsidiaries
 
6,344.9

 
—

 
—

 
(6,344.9
)
 
—

Inventories
 
4,037.1

 
5,824.1

 
545.0

 
(11.2
)
 
10,395.0

Mortgage loans held for sale
 
—

 
—

 
796.4

 
—

 
796.4

Deferred income taxes, net
 
69.2

 
105.0

 
17.3

 
2.5

 
194.0

Property and equipment, net
 
111.2

 
66.1

 
230.7

 
(6.9
)
 
401.1

Other assets
 
306.6

 
361.3

 
90.2

 
(45.2
)
 
712.9

Goodwill
 
—

 
80.0

 
29.2

 
—

 
109.2

Intercompany receivables
 
246.2

 
27.3

 
—

 
(273.5
)
 
—

Total Assets
 
$
12,029.9

 
$
6,624.5

 
$
2,139.4

 
$
(6,679.2
)
 
$
14,114.6

LIABILITIES & EQUITY
 
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
 
$
590.8

 
$
1,000.4

 
$
210.1

 
$
(49.1
)
 
$
1,752.2

Intercompany payables
 
—

 
—

 
273.5

 
(273.5
)
 
—

Notes payable
 
2,443.9

 
2.1

 
757.5

 
—

 
3,203.5

Total Liabilities
 
3,034.7

 
1,002.5

 
1,241.1

 
(322.6
)
 
4,955.7

Stockholders’ equity
 
8,995.2

 
5,622.0

 
722.8

 
(6,355.6
)
 
8,984.4

Noncontrolling interests
 
—

 
—

 
175.5

 
(1.0
)
 
174.5

Total Equity
 
8,995.2

 
5,622.0

 
898.3

 
(6,356.6
)
 
9,158.9

Total Liabilities & Equity
 
$
12,029.9

 
$
6,624.5

 
$
2,139.4

 
$
(6,679.2
)
 
$
14,114.6



 

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Operations
Three Months Ended June 30, 2019
 


D.R.
Horton, Inc.

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Total
 

(In millions)
Revenues

$
1,939.3


$
2,820.9


$
219.2


$
(73.1
)

$
4,906.3

Cost of sales

1,529.6


2,286.9


82.4


(67.3
)

3,831.6

Selling, general and administrative expense

191.8


193.4


94.8


—


480.0

Gain on sale of assets
 
—

 
(0.2
)
 
(22.4
)
 
—

 
(22.6
)
Other (income) expense

(0.9
)

(0.5
)

(8.0
)

—


(9.4
)
Income before income taxes

218.8


341.3


72.4


(5.8
)

626.7

Income tax expense

53.7


84.1


16.8


(1.5
)

153.1

Equity in net income of subsidiaries, net of tax
 
314.6

 
—

 
—

 
(314.6
)
 
—

Net income

479.7


257.2


55.6


(318.9
)

473.6

Net loss attributable to noncontrolling interests
 
—

 
—

 
(1.9
)
 
0.7

 
(1.2
)
Net income attributable to D.R. Horton, Inc.
 
$
479.7

 
$
257.2

 
$
57.5

 
$
(319.6
)
 
$
474.8




NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Operations
Nine Months Ended June 30, 2019
 


D.R.
Horton, Inc.

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Total
 

(In millions)
Revenues

$
4,850.2


$
7,322.3


$
523.3


$
(141.8
)

$
12,554.0

Cost of sales

3,836.6


5,957.8


172.8


(127.8
)

9,839.4

Selling, general and administrative expense

543.3


523.9


259.8


—


1,327.0

Gain on sale of assets
 
(2.0
)
 
(0.2
)
 
(49.2
)
 
(2.5
)
 
(53.9
)
Other (income) expense

(2.9
)

(1.3
)

(19.5
)

—


(23.7
)
Income before income taxes

475.2


842.1


159.4


(11.5
)

1,465.2

Income tax expense

114.2


202.3


36.8


(2.8
)

350.5

Equity in net income of subsidiaries, net of tax
 
764.2

 
—

 
—

 
(764.2
)
 
—

Net income

1,125.2


639.8


122.6


(772.9
)

1,114.7

Net loss attributable to noncontrolling interests
 
—

 
—

 
(1.9
)
 
3.4

 
1.5

Net income attributable to D.R. Horton, Inc.
 
$
1,125.2

 
$
639.8

 
$
124.5

 
$
(776.3
)
 
$
1,113.2



NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Operations
Three Months Ended June 30, 2018
 
 
 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
 
(In millions)
Revenues
 
$
1,630.8

 
$
2,693.9

 
$
119.5

 
$
(8.9
)
 
$
4,435.3

Cost of sales
 
1,293.3

 
2,092.5

 
17.0

 
(5.6
)
 
3,397.2

Selling, general and administrative expense
 
174.4

 
174.1

 
86.4

 
—

 
434.9

Other (income) expense
 
(1.5
)
 
0.5

 
(12.0
)
 
—

 
(13.0
)
Income before income taxes
 
164.6

 
426.8

 
28.1

 
(3.3
)
 
616.2

Income tax expense
 
43.8

 
113.6

 
5.1

 
—

 
162.5

Equity in net income of subsidiaries, net of tax
 
336.2

 
—

 
—

 
(336.2
)
 
—

Net income
 
457.0

 
313.2

 
23.0

 
(339.5
)
 
453.7

Net loss attributable to noncontrolling interests
 
—

 
—

 
(3.5
)
 
3.4

 
(0.1
)
Net income attributable to D.R. Horton, Inc.
 
$
457.0

 
$
313.2

 
$
26.5

 
$
(342.9
)
 
$
453.8




NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Operations
Nine Months Ended June 30, 2018
 
 
 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
 
(In millions)
Revenues
 
$
4,082.7

 
$
7,149.0

 
$
353.6

 
$
(22.4
)
 
$
11,562.9

Cost of sales
 
3,235.0

 
5,659.4

 
61.1

 
(16.5
)
 
8,939.0

Selling, general and administrative expense
 
483.4

 
490.6

 
245.9

 
—

 
1,219.9

Gain on sale of assets
 
—

 
—

 
(14.5
)
 
—

 
(14.5
)
Other (income) expense
 
(3.5
)
 
(0.2
)
 
(30.1
)
 
—

 
(33.8
)
Income before income taxes
 
367.8

 
999.2

 
91.2

 
(5.9
)
 
1,452.3

Income tax expense
 
117.0

 
318.7

 
24.2

 
(1.0
)
 
458.9

Equity in net income of subsidiaries, net of tax
 
747.5

 
—

 
—

 
(747.5
)
 
—

Net income
 
$
998.3

 
$
680.5

 
$
67.0

 
$
(752.4
)
 
$
993.4

Net loss attributable to noncontrolling interests
 
—

 
—

 
(4.1
)
 
3.4

 
(0.7
)
Net income attributable to D.R. Horton, Inc.
 
$
998.3

 
$
680.5

 
$
71.1

 
$
(755.8
)
 
$
994.1




NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Cash Flows
Nine Months Ended June 30, 2019
 
 
 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
 
(In millions)
OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
 
$
210.9

 
$
467.4

 
$
(518.9
)
 
$
(78.7
)
 
$
80.7

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Expenditures for property and equipment
 
(37.9
)
 
(22.6
)
 
(44.8
)
 
—

 
(105.3
)
Proceeds from sale of assets
 
10.4

 
—

 
133.4

 
—

 
143.8

Expenditures related to multi-family rental properties
 
—

 
—

 
(56.3
)
 
—

 
(56.3
)
Return of investment in unconsolidated entities
 
—

 
—

 
4.4

 
—

 
4.4

Net principal increase of other mortgage loans and real estate owned
 
—

 
—

 
(2.0
)
 
—

 
(2.0
)
Intercompany advances
 
497.0

 
—

 
—

 
(497.0
)
 
—

Payments related to business acquisitions
 
(302.6
)
 
—

 
(8.3
)
 
—

 
(310.9
)
Net cash provided by (used in) investing activities
 
166.9

 
(22.6
)
 
26.4

 
(497.0
)
 
(326.3
)
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Proceeds from notes payable
 
2,100.0

 
—

 
428.2

 
—

 
2,528.2

Repayment of notes payable
 
(2,450.0
)
 
(1.1
)
 
(85.0
)
 
—

 
(2,536.1
)
Advances on mortgage repurchase facility, net
 
—

 
—

 
158.8

 
—

 
158.8

Intercompany advances
 
—

 
(487.0
)
 
(10.0
)
 
497.0

 
—

Proceeds from stock associated with certain employee benefit plans
 
26.8

 
—

 
—

 
—

 
26.8

Cash paid for shares withheld for taxes
 
(19.5
)
 
—

 
—

 
—

 
(19.5
)
Cash dividends paid
 
(167.9
)
 
—

 
(78.7
)
 
78.7

 
(167.9
)
Repurchases of common stock
 
(361.5
)
 
—

 
—

 
—

 
(361.5
)
Distributions to noncontrolling interests, net
 
—

 
—

 
(3.9
)
 
—

 
(3.9
)
Net cash (used in) provided by financing activities
 
(872.1
)
 
(488.1
)
 
409.4

 
575.7

 
(375.1
)
Decrease in cash, cash equivalents and restricted cash
 
(494.3
)
 
(43.3
)
 
(83.1
)
 
—

 
(620.7
)
Cash, cash equivalents and restricted cash at beginning of period
 
914.7

 
160.7

 
430.6

 
—

 
1,506.0

Cash, cash equivalents and restricted cash at end of period
 
$
420.4

 
$
117.4

 
$
347.5

 
$
—

 
$
885.3


NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Cash Flows
Nine Months Ended June 30, 2018
 
 
 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
 
(In millions)
OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
 
$
(17.9
)
 
$
640.4

 
$
(254.0
)
 
$
(62.0
)
 
$
306.5

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Expenditures for property and equipment
 
(29.1
)
 
(21.5
)
 
(3.4
)
 
—

 
(54.0
)
Proceeds from sale of assets
 
—

 
—

 
261.1

 
—

 
261.1

Expenditures related to multi-family rental properties
 
—

 
—

 
(61.1
)
 
5.0

 
(56.1
)
Return of investment in unconsolidated entities
 
—

 
—

 
15.4

 
—

 
15.4

Net principal increase of other mortgage loans and real estate owned
 
—

 
—

 
(0.8
)
 
—

 
(0.8
)
Intercompany advances
 
615.7

 
—

 
—

 
(615.7
)
 
—

Payments related to business acquisitions, net of cash acquired
 
(560.0
)
 
—

 
401.9

 
—

 
(158.1
)
Net cash provided by (used in) investing activities
 
26.6

 
(21.5
)
 
613.1

 
(610.7
)
 
7.5

FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Proceeds from notes payable
 
2,162.2

 
—

 
2.1

 
—

 
2,164.3

Repayment of notes payable
 
(2,165.2
)
 
(3.7
)
 
(10.6
)
 
—

 
(2,179.5
)
Advances on mortgage repurchase facility, net
 
—

 
—

 
106.3

 
—

 
106.3

Intercompany advances
 
—

 
(660.6
)
 
44.9

 
615.7

 
—

Proceeds from stock associated with certain employee benefit plans
 
36.2

 
—

 
—

 
—

 
36.2

Cash paid for shares withheld for taxes
 
(10.3
)
 
—

 
—

 
—

 
(10.3
)
Cash dividends paid
 
(141.3
)
 
—

 
(57.0
)
 
57.0

 
(141.3
)
Repurchases of common stock
 
(74.9
)
 
—

 
—

 
—

 
(74.9
)
Distributions to noncontrolling interests, net
 
—

 
—

 
(2.2
)
 
—

 
(2.2
)
Net cash (used in) provided by financing activities
 
(193.3
)
 
(664.3
)
 
83.5

 
672.7

 
(101.4
)
(Decrease) increase in cash, cash equivalents and restricted cash
 
(184.6
)
 
(45.4
)
 
442.6

 
—

 
212.6

Cash, cash equivalents and restricted cash at beginning of period
 
788.7

 
156.0

 
79.6

 
—

 
1,024.3

Cash, cash equivalents and restricted cash at end of period
 
$
604.1

 
$
110.6

 
$
522.2

 
$
—

 
$
1,236.9