Supplemental Consolidating Balance Sheets |
Consolidating Balance Sheet June 30, 2012
| | | | | | | | | | | | | | | | | | | | | | | | D.R. Horton, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | | | (In millions) | ASSETS | | | | | | | | | | | Cash and cash equivalents | | $ | 831.8 |
|
| $ | 47.6 |
|
| $ | 25.5 |
|
| $ | — |
| | $ | 904.9 |
| Marketable securities, available-for-sale | | 283.7 |
| | — |
| | — |
| | — |
| | 283.7 |
| Restricted cash | | 40.9 |
| | 0.5 |
| | 0.1 |
| | — |
| | 41.5 |
| Investments in subsidiaries | | 2,044.7 |
| | — |
| | — |
| | (2,044.7 | ) | | — |
| Inventories | | 1,243.8 |
| | 2,598.4 |
| | 19.4 |
| | — |
| | 3,861.6 |
| Income taxes receivable | | 12.9 |
| | — |
| | — |
| | — |
| | 12.9 |
| Deferred income taxes | | 235.5 |
| | 481.2 |
| | — |
| | — |
| | 716.7 |
| Property and equipment, net | | 15.7 |
| | 19.8 |
| | 31.2 |
| | — |
| | 66.7 |
| Other assets | | 107.2 |
| | 262.9 |
| | 87.9 |
| | — |
| | 458.0 |
| Mortgage loans held for sale | | — |
| | — |
| | 295.1 |
| | — |
| | 295.1 |
| Goodwill | | — |
| | 15.9 |
| | — |
| | — |
| | 15.9 |
| Intercompany receivables | | 900.2 |
| | — |
| | — |
| | (900.2 | ) | | — |
| Total Assets | | $ | 5,716.4 |
| | $ | 3,426.3 |
| | $ | 459.2 |
| | $ | (2,944.9 | ) | | $ | 6,657.0 |
| LIABILITIES & EQUITY | | | | | | | | | | | Accounts payable and other liabilities | | $ | 283.2 |
| | $ | 671.5 |
| | $ | 115.4 |
| | $ | — |
| | $ | 1,070.1 |
| Intercompany payables | | — |
| | 875.9 |
| | 24.3 |
| | (900.2 | ) | | — |
| Notes payable | | 1,944.5 |
| | 4.0 |
| | 146.8 |
| | — |
| | 2,095.3 |
| Total Liabilities | | 2,227.7 |
| | 1,551.4 |
| | 286.5 |
| | (900.2 | ) | | 3,165.4 |
| Total stockholders’ equity | | 3,488.7 |
| | 1,874.9 |
| | 169.8 |
| | (2,044.7 | ) | | 3,488.7 |
| Noncontrolling interests | | — |
| | — |
| | 2.9 |
| | — |
| | 2.9 |
| Total Equity | | 3,488.7 |
| | 1,874.9 |
| | 172.7 |
| | (2,044.7 | ) | | 3,491.6 |
| Total Liabilities & Equity | | $ | 5,716.4 |
| | $ | 3,426.3 |
| | $ | 459.2 |
| | $ | (2,944.9 | ) | | $ | 6,657.0 |
|
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)
Consolidating Balance Sheet September 30, 2011 | | | | | | | | | | | | | | | | | | | | | | | | D.R. Horton, Inc. | | Guarantor Subsidiaries | | Non-Guarantor 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 |
|
|
Supplemental Consolidating Statement of Operations |
Consolidating Statement of Operations Three Months Ended June 30, 2012 | | | | | | | | | | | | | | | | | | | | | | | | D.R. Horton, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | | | (In millions) | Homebuilding: | | | | | | | | | | | Revenues | | $ | 363.8 |
| | $ | 750.6 |
| | $ | 1.8 |
| | $ | — |
| | $ | 1,116.2 |
| Cost of sales | | 293.3 |
| | 620.4 |
| | 4.2 |
| | — |
| | 917.9 |
| Gross profit (loss) | | 70.5 |
| | 130.2 |
| | (2.4 | ) | | — |
| | 198.3 |
| Selling, general and administrative expense | | 63.5 |
| | 71.2 |
| | 1.7 |
| | — |
| | 136.4 |
| Equity in (income) of subsidiaries | | (70.7 | ) | | — |
| | — |
| | 70.7 |
| | — |
| Interest expense | | 6.2 |
| | — |
| | — |
| | — |
| | 6.2 |
| Other (income) | | (0.7 | ) | | (1.2 | ) | | (0.7 | ) | | — |
| | (2.6 | ) | | | 72.2 |
| | 60.2 |
| | (3.4 | ) | | (70.7 | ) | | 58.3 |
| Financial Services: | | | | | | | | | | | Revenues, net of recourse and reinsurance expense | | — |
| | — |
| | 33.8 |
| | — |
| | 33.8 |
| General and administrative expense | | — |
| | — |
| | 21.5 |
| | — |
| | 21.5 |
| Interest expense | | — |
| | — |
| | 0.6 |
| | — |
| | 0.6 |
| Interest and other (income) | | — |
| | — |
| | (2.2 | ) | | — |
| | (2.2 | ) | | | — |
| | — |
| | 13.9 |
| | — |
| | 13.9 |
| Income before income taxes | | 72.2 |
| | 60.2 |
| | 10.5 |
| | (70.7 | ) | | 72.2 |
| Income tax benefit | | (715.6 | ) | | (464.0 | ) | | (20.7 | ) | | 484.7 |
| | (715.6 | ) | Net income | | $ | 787.8 |
| | $ | 524.2 |
| | $ | 31.2 |
| | $ | (555.4 | ) | | $ | 787.8 |
| Comprehensive income | | $ | 787.7 |
| | $ | 524.2 |
| | $ | 31.2 |
| | $ | (555.4 | ) | | $ | 787.7 |
|
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)
Consolidating Statement of Operations Nine Months Ended June 30, 2012 | | | | | | | | | | | | | | | | | | | | | | | | D.R. Horton, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | | | (In millions) | Homebuilding: | | | | | | | | | | | Revenues | | $ | 973.9 |
| | $ | 1,957.3 |
| | $ | 6.2 |
| | $ | — |
| | $ | 2,937.4 |
| Cost of sales | | 791.2 |
| | 1,623.0 |
| | 11.8 |
| | — |
| | 2,426.0 |
| Gross profit (loss) | | 182.7 |
| | 334.3 |
| | (5.6 | ) | | — |
| | 511.4 |
| Selling, general and administrative expense | | 178.0 |
| | 199.7 |
| | 5.2 |
| | — |
| | 382.9 |
| Equity in (income) of subsidiaries | | (155.0 | ) | | — |
| | — |
| | 155.0 |
| | — |
| Interest expense | | 18.7 |
| | — |
| | — |
| | — |
| | 18.7 |
| Gain on early retirement of debt, net | | (0.1 | ) | | — |
| | — |
| | — |
| | (0.1 | ) | Other (income) | | (2.6 | ) | | (3.4 | ) | | (2.1 | ) | | — |
| | (8.1 | ) | | | 143.7 |
| | 138.0 |
| | (8.7 | ) | | (155.0 | ) | | 118.0 |
| Financial Services: | | | | | | | | | | | Revenues, net of recourse and reinsurance expense | | — |
| | — |
| | 80.4 |
| | — |
| | 80.4 |
| General and administrative expense | | — |
| | — |
| | 59.9 |
| | — |
| | 59.9 |
| Interest expense | | — |
| | — |
| | 2.4 |
| | — |
| | 2.4 |
| Interest and other (income) | | — |
| | — |
| | (7.6 | ) | | — |
| | (7.6 | ) | | | — |
| | — |
| | 25.7 |
| | — |
| | 25.7 |
| Income before income taxes | | 143.7 |
| | 138.0 |
| | 17.0 |
| | (155.0 | ) | | 143.7 |
| Income tax benefit | | (712.5 | ) | | (462.0 | ) | | (20.5 | ) | | 482.5 |
| | (712.5 | ) | Net income | | $ | 856.2 |
| | $ | 600.0 |
| | $ | 37.5 |
| | $ | (637.5 | ) | | $ | 856.2 |
| Comprehensive income | | $ | 856.1 |
| | $ | 600.0 |
| | $ | 37.5 |
| | $ | (637.5 | ) | | $ | 856.1 |
|
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)
Consolidating Statement of Operations Three Months Ended June 30, 2011 | | | | | | | | | | | | | | | | | | | | | | | | D.R. Horton, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | | | (In millions) | Homebuilding: | | | | | | | | | | | Revenues | | $ | 283.5 |
| | $ | 687.4 |
| | $ | 4.5 |
| | $ | — |
| | $ | 975.4 |
| Cost of sales | | 235.6 |
| | 583.7 |
| | 4.8 |
| | — |
| | 824.1 |
| Gross profit (loss) | | 47.9 |
| | 103.7 |
| | (0.3 | ) | | — |
| | 151.3 |
| Selling, general and administrative expense | | 50.5 |
| | 61.5 |
| | 1.7 |
| | — |
| | 113.7 |
| Equity in (income) of subsidiaries | | (47.7 | ) | | — |
| | — |
| | 47.7 |
| | — |
| Interest expense | | 10.1 |
| | — |
| | — |
| | — |
| | 10.1 |
| Loss on early retirement of debt, net | | 6.5 |
| | — |
| | — |
| | — |
| | 6.5 |
| Other (income) | | (0.4 | ) | | 0.2 |
| | (1.0 | ) | | — |
| | (1.2 | ) | | | 28.9 |
| | 42.0 |
| | (1.0 | ) | | (47.7 | ) | | 22.2 |
| Financial Services: | | | | | | | | | | | Revenues, net of recourse and reinsurance expense | | — |
| | — |
| | 23.8 |
| | — |
| | 23.8 |
| General and administrative expense | | — |
| | — |
| | 19.3 |
| | — |
| | 19.3 |
| Interest expense | | — |
| | — |
| | 0.3 |
| | — |
| | 0.3 |
| Interest and other (income) | | — |
| | — |
| | (2.5 | ) | | — |
| | (2.5 | ) | | | — |
| | — |
| | 6.7 |
| | — |
| | 6.7 |
| Income before income taxes | | 28.9 |
| | 42.0 |
| | 5.7 |
| | (47.7 | ) | | 28.9 |
| Income tax expense | | 0.2 |
| | 0.5 |
| | 0.1 |
| | (0.6 | ) | | 0.2 |
| Net income | | $ | 28.7 |
| | $ | 41.5 |
| | $ | 5.6 |
| | $ | (47.1 | ) | | $ | 28.7 |
| Comprehensive income | | $ | 28.7 |
| | $ | 41.5 |
| | $ | 5.6 |
| | $ | (47.1 | ) | | $ | 28.7 |
|
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)
Consolidating Statement of Operations Nine Months Ended June 30, 2011 | | | | | | | | | | | | | | | | | | | | | | | | D.R. Horton, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | | | (In millions) | Homebuilding: | | | | | | | | | | | Revenues | | $ | 693.2 |
| | $ | 1,773.3 |
| | $ | 9.0 |
| | $ | — |
| | $ | 2,475.5 |
| Cost of sales | | 561.0 |
| | 1,534.2 |
| | 14.0 |
| | — |
| | 2,109.2 |
| Gross profit (loss) | | 132.2 |
| | 239.1 |
| | (5.0 | ) | | — |
| | 366.3 |
| Selling, general and administrative expense | | 159.7 |
| | 197.4 |
| | (1.3 | ) | | — |
| | 355.8 |
| Equity in (income) of subsidiaries | | (54.9 | ) | | — |
| | — |
| | 54.9 |
| | — |
| Interest expense | | 41.0 |
| | — |
| | — |
| | — |
| | 41.0 |
| Loss on early retirement of debt, net | | 10.7 |
| | — |
| | — |
| | — |
| | 10.7 |
| Other (income) | | (2.5 | ) | | (1.2 | ) | | (3.1 | ) | | — |
| | (6.8 | ) | | | (21.8 | ) | | 42.9 |
| | (0.6 | ) | | (54.9 | ) | | (34.4 | ) | Financial Services: | | | | | | | | | | | Revenues, net of recourse and reinsurance expense | | — |
| | — |
| | 63.0 |
| | — |
| | 63.0 |
| General and administrative expense | | — |
| | — |
| | 56.4 |
| | — |
| | 56.4 |
| Interest expense | | — |
| | — |
| | 0.7 |
| | — |
| | 0.7 |
| Interest and other (income) | | — |
| | — |
| | (6.7 | ) | | — |
| | (6.7 | ) | | | — |
| | — |
| | 12.6 |
| | — |
| | 12.6 |
| Income (loss) before income taxes | | (21.8 | ) | | 42.9 |
| | 12.0 |
| | (54.9 | ) | | (21.8 | ) | Income tax benefit | | (57.8 | ) | | (40.5 | ) | | (1.5 | ) | | 42.0 |
| | (57.8 | ) | Net income | | $ | 36.0 |
| | $ | 83.4 |
| | $ | 13.5 |
| | $ | (96.9 | ) | | $ | 36.0 |
| Comprehensive income | | $ | 36.0 |
| | $ | 83.4 |
| | $ | 13.5 |
| | $ | (96.9 | ) | | $ | 36.0 |
|
|