Supplemental Guarantor Information

12 Months Ended

Sep. 30, 2011

Supplemental Guarantor Information [Abstract]

SUPPLEMENTAL GUARANTOR INFORMATION

NOTE N — SUPPLEMENTAL GUARANTOR INFORMATION

All of the Company’s senior and convertible senior notes are fully and unconditionally guaranteed, on a joint and several basis, by all of the Company’s direct and indirect subsidiaries (collectively, Guarantor Subsidiaries), other than financial services subsidiaries and certain insignificant subsidiaries (collectively, Non-Guarantor Subsidiaries). Each of the Guarantor Subsidiaries is wholly-owned. In lieu of providing separate financial statements for the Guarantor Subsidiaries, consolidating condensed financial statements are presented below. Separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented because management has determined that they are not material to investors.

Consolidating Balance Sheet
September 30, 2011

	D.R.		Guarantor		Non-Guarantor
	Horton, Inc.		Subsidiaries		Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	681.3	$	31.3	$	20.0	$	—		$	732.6
Marketable securities, available-for-sale		297.6		—		—		—			297.6
Restricted cash		48.7		0.4		—		—			49.1
Investments in subsidiaries		1,452.3		—		—		(1,452.3	)		—
Inventories		1,100.6		2,329.6		19.5		—			3,449.7
Income taxes receivable		12.4		—		—		—			12.4
Property and equipment, net		18.0		21.7		17.9		—			57.6
Other assets		98.7		259.2		91.5		—			449.4
Mortgage loans held for sale		—		—		294.1		—			294.1
Goodwill		—		15.9		—		—			15.9
Intercompany receivables		748.3		—		—		(748.3	)		—
Total Assets	$	4,457.9	$	2,658.1	$	443.0	$	(2,200.6	)	$	5,358.4
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	252.3	$	662.7	$	115.3	$	—		$	1,030.3
Intercompany payables		—		717.6		30.7		(748.3	)		—
Notes payable		1,585.0		3.1		116.5		—			1,704.6
Total Liabilities		1,837.3		1,383.4		262.5		(748.3	)		2,734.9
Total stockholders’ equity		2,620.6		1,274.7		177.6		(1,452.3	)		2,620.6
Noncontrolling interests		—		—		2.9		—			2.9
Total Equity		2,620.6		1,274.7		180.5		(1,452.3	)		2,623.5
Total Liabilities & Equity	$	4,457.9	$	2,658.1	$	443.0	$	(2,200.6	)	$	5,358.4

Consolidating Balance Sheet
September 30, 2010

	D.R.		Guarantor		Non-Guarantor
	Horton, Inc.		Subsidiaries		Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	1,234.9	$	45.3	$	29.1	$	—		$	1,309.3
Marketable securities, available-for-sale		297.7		—		—		—			297.7
Restricted cash		53.3		0.4		—		—			53.7
Investments in subsidiaries		1,316.7		—		—		(1,316.7	)		—
Inventories		1,081.7		2,340.1		27.2		—			3,449.0
Income taxes receivable		16.0		—		—		—			16.0
Property and equipment, net		18.5		23.3		18.7		—			60.5
Other assets		101.1		292.8		88.8		—			482.7
Mortgage loans held for sale		—		—		253.8		—			253.8
Goodwill		—		15.9		—		—			15.9
Intercompany receivables		904.6		—		—		(904.6	)		—
Total Assets	$	5,024.5	$	2,717.8	$	417.6	$	(2,221.3	)	$	5,938.6
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	327.9	$	688.3	$	127.7	$	—		$	1,143.9
Intercompany payables		—		871.4		33.2		(904.6	)		—
Notes payable		2,083.4		1.9		86.5		—			2,171.8
Total Liabilities		2,411.3		1,561.6		247.4		(904.6	)		3,315.7
Total stockholders’ equity		2,613.2		1,156.2		160.5		(1,316.7	)		2,613.2
Noncontrolling interests		—		—		9.7		—			9.7
Total Equity		2,613.2		1,156.2		170.2		(1,316.7	)		2,622.9
Total Liabilities & Equity	$	5,024.5	$	2,717.8	$	417.6	$	(2,221.3	)	$	5,938.6

Consolidating Statement of Operations
Year Ended September 30, 2011

	D.R.			Guarantor			Non-Guarantor
	Horton, Inc.			Subsidiaries			Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	1,021.4		$	2,516.4		$	11.8		$	—		$	3,549.6
Cost of sales		840.1			2,169.3			13.9			—			3,023.3
Gross profit (loss)		181.3			347.1			(2.1	)		—			526.3
Selling, general and administrative expense		209.3			270.1			0.6			—			480.0
Equity in (income) of subsidiaries		(98.2	)		—			—			98.2			—
Interest expense		50.5			—			—			—			50.5
Loss on early retirement of debt, net		10.8			—			—			—			10.8
Other (income)		(3.2	)		(1.1	)		(3.7	)		—			(8.0	)
		12.1			78.1			1.0			(98.2	)		(7.0	)
Financial Services:
Revenues, net of recourse and reinsurance expense		—			—			87.2			—			87.2
General and administrative expense		—			—			76.3			—			76.3
Interest expense		—			—			1.4			—			1.4
Interest and other (income)		—			—			(9.6	)		—			(9.6	)
		—			—			19.1			—			19.1
Income before income taxes		12.1			78.1			20.1			(98.2	)		12.1
Income tax benefit		(59.7	)		(41.4	)		(1.5	)		42.9			(59.7	)
Net income	$	71.8		$	119.5		$	21.6		$	(141.1	)	$	71.8

Consolidating Statement of Operations
Year Ended September 30, 2010

	D.R.			Guarantor			Non-Guarantor
	Horton, Inc.			Subsidiaries			Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	1,103.3		$	3,199.8		$	6.6		$	—		$	4,309.7
Cost of sales		888.0			2,736.5			3.1			—			3,627.6
Gross profit		215.3			463.3			3.5			—			682.1
Selling, general and administrative expense		206.4			309.2			7.6			—			523.2
Equity in (income) of subsidiaries		(177.9	)		—			—			177.9			—
Interest expense		86.3			—			—			—			86.3
Loss on early retirement of debt, net		4.9			—			—			—			4.9
Other (income)		(3.9	)		(2.7	)		(3.8	)		—			(10.4	)
		99.5			156.8			(0.3	)		(177.9	)		78.1
Financial Services:
Revenues, net of recourse and reinsurance expense		—			—			90.5			—			90.5
General and administrative expense		—			—			77.2			—			77.2
Interest expense		—			—			1.9			—			1.9
Interest and other (income)		—			—			(10.0	)		—			(10.0	)
		—			—			21.4			—			21.4
Income before income taxes		99.5			156.8			21.1			(177.9	)		99.5
Income tax benefit		(145.6	)		(109.7	)		(2.9	)		112.6			(145.6	)
Net income	$	245.1		$	266.5		$	24.0		$	(290.5	)	$	245.1

Consolidating Statement of Operations
Year Ended September 30, 2009

	D.R.			Guarantor			Non-Guarantor
	Horton, Inc.			Subsidiaries			Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	828.7		$	2,754.7		$	20.5		$	—		$	3,603.9
Cost of sales		889.2			2,615.5			34.0			—			3,538.7
Gross profit (loss)		(60.5	)		139.2			(13.5	)		—			65.2
Selling, general and administrative expense		209.7			306.9			6.4			—			523.0
Equity in loss of subsidiaries		192.2			—			—			(192.2	)		—
Interest expense		100.2			—			—			—			100.2
Gain on early retirement of debt, net		(3.9	)		—			—			—			(3.9	)
Other (income)		(1.9	)		(2.4	)		(8.5	)		—			(12.8	)
		(556.8	)		(165.3	)		(11.4	)		192.2			(541.3	)
Financial Services:
Revenues, net of recourse and reinsurance expense		—			—			53.7			—			53.7
General and administrative expense		—			—			78.1			—			78.1
Interest expense		—			—			1.5			—			1.5
Interest and other (income)		—			—			(10.4	)		—			(10.4	)
		—			—			(15.5	)		—			(15.5	)
Loss before income taxes		(556.8	)		(165.3	)		(26.9	)		192.2			(556.8	)
Income tax benefit		(7.0	)		(5.3	)		(0.1	)		5.4			(7.0	)
Net loss	$	(549.8	)	$	(160.0	)	$	(26.8	)	$	186.8		$	(549.8	)

Consolidating Statement of Cash Flows
Year Ended September 30, 2011

	D.R.			Guarantor			Non-Guarantor
	Horton, Inc.			Subsidiaries			Subsidiaries			Eliminations		Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(104.4	)	$	151.2		$	(31.9	)	$	—	$	14.9
INVESTING ACTIVITIES
Purchases of property and equipment		(6.7	)		(9.3	)		(0.3	)		—		(16.3	)
Purchases of marketable securities		(300.1	)		—			—			—		(300.1	)
Proceeds from the sale or maturity of marketable securities		292.5			—			—			—		292.5
Decrease in restricted cash		4.6			—			—			—		4.6
Net cash used in investing activities		(9.7	)		(9.3	)		(0.3	)		—		(19.3	)
FINANCING ACTIVITIES
Net change in notes payable		(518.4	)		(0.9	)		30.0			—		(489.3	)
Net change in intercompany receivables/payables		161.9			(155.0	)		(6.9	)		—		—
Proceeds from stock associated with certain employee benefit plans		3.4			—			—			—		3.4
Cash dividends paid		(47.8	)		—			—			—		(47.8	)
Purchase of treasury stock		(38.6	)		—			—			—		(38.6	)
Net cash (used in) provided by financing activities		(439.5	)		(155.9	)		23.1			—		(572.3	)
Decrease in cash and cash equivalents		(553.6	)		(14.0	)		(9.1	)		—		(576.7	)
Cash and cash equivalents at beginning of year		1,234.9			45.3			29.1			—		1,309.3
Cash and cash equivalents at end of year	$	681.3		$	31.3		$	20.0		$	—	$	732.6

Consolidating Statement of Cash Flows
Year Ended September 30, 2010

	D.R.			Guarantor			Non-Guarantor
	Horton, Inc.			Subsidiaries			Subsidiaries			Eliminations		Total
	(In millions)
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$	344.9		$	380.0		$	(15.5	)	$	—	$	709.4
INVESTING ACTIVITIES
Purchases of property and equipment		(7.9	)		(11.0	)		(0.3	)		—		(19.2	)
Purchases of marketable securities		(328.0	)		—			—			—		(328.0	)
Proceeds from the sale of marketable securities		27.7			—			—			—		27.7
Decrease in restricted cash		1.2			0.3			—			—		1.5
Net cash used in investing activities		(307.0	)		(10.7	)		(0.3	)		—		(318.0	)
FINANCING ACTIVITIES
Net change in notes payable		(1,019.9	)		—			17.8			—		(1,002.1	)
Net change in intercompany receivables/payables		383.0			(372.3	)		(10.7	)		—		—
Proceeds from stock associated with certain employee benefit plans		7.6			—			—			—		7.6
Income tax benefit from stock option exercises		2.8			—			—			—		2.8
Cash dividends paid		(47.7	)		—			—			—		(47.7	)
Net cash (used in) provided by financing activities		(674.2	)		(372.3	)		7.1			—		(1,039.4	)
Decrease in cash and cash equivalents		(636.3	)		(3.0	)		(8.7	)		—		(648.0	)
Cash and cash equivalents at beginning of year		1,871.2			48.3			37.8			—		1,957.3
Cash and cash equivalents at end of year	$	1,234.9		$	45.3		$	29.1		$	—	$	1,309.3

Consolidating Statement of Cash Flows
Year Ended September 30, 2009

	D.R.			Guarantor			Non-Guarantor
	Horton, Inc.			Subsidiaries			Subsidiaries			Eliminations		Total
	(In millions)
OPERATING ACTIVITIES
Net cash provided by operating activities	$	414.6		$	561.0		$	165.6		$	—	$	1,141.2
INVESTING ACTIVITIES
Purchases of property and equipment		(4.2	)		(1.6	)		(0.4	)		—		(6.2	)
(Increase) decrease in restricted cash		(53.3	)		0.1			—			—		(53.2	)
Net cash used in investing activities		(57.5	)		(1.5	)		(0.4	)		—		(59.4	)
FINANCING ACTIVITIES
Net change in notes payable		(333.8	)		—			(134.9	)		—		(468.7	)
Net change in intercompany receivables/payables		629.5			(601.3	)		(28.2	)		—		—
Proceeds from stock associated with certain employee benefit plans		4.4			—			—			—		4.4
Cash dividends paid		(47.5	)		—			—			—		(47.5	)
Net cash provided by (used in) financing activities		252.6			(601.3	)		(163.1	)		—		(511.8	)
Increase (decrease) in cash and cash equivalents		609.7			(41.8	)		2.1			—		570.0
Cash and cash equivalents at beginning of year		1,261.5			90.1			35.7			—		1,387.3
Cash and cash equivalents at end of year	$	1,871.2		$	48.3		$	37.8		$	—	$	1,957.3