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Supplemental Guarantor Information
 12 Months Ended
Sep. 30, 2019
Supplemental Guarantor Information [Abstract]  
Supplemental Guarantor Information SUPPLEMENTAL GUARANTOR INFORMATION

All of the Company’s homebuilding senior notes and the homebuilding revolving credit facility are fully and unconditionally guaranteed, on a joint and several basis, by certain subsidiaries of D.R. Horton, Inc. (Guarantor Subsidiaries). Each of the Guarantor Subsidiaries is 100% owned, directly or indirectly, by the Company. The Company’s subsidiaries associated with the Forestar land development operation, the financial services operations and certain other subsidiaries do not guarantee the Company’s homebuilding senior notes or the homebuilding revolving credit facility (collectively, Non-Guarantor Subsidiaries). 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.

The guarantees by a Guarantor Subsidiary will be automatically and unconditionally released and discharged upon: (1) the sale or other disposition of its common stock whereby it is no longer a subsidiary of the Company; (2) the sale or other disposition of all or substantially all of its assets (other than to the Company or another Guarantor); (3) its merger or consolidation with an entity other than the Company or another Guarantor; or (4) its ceasing to guarantee any of the Company’s publicly traded debt securities and ceasing to guarantee any of the Company’s obligations under the homebuilding revolving credit facility.

NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Balance Sheet
September 30, 2019

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
ASSETS
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
877.1

 
$
115.8

 
$
501.4

 
$
—

 
$
1,494.3

Restricted cash
6.8

 
1.3

 
11.6

 
—

 
19.7

Investment in subsidiaries
7,349.8

 
—

 
—

 
(7,349.8
)
 
—

Inventories
4,166.1

 
5,890.7

 
1,260.5

 
(35.3
)
 
11,282.0

Investment in unconsolidated entities
—

 
—

 
6.5

 
—

 
6.5

Mortgage loans held for sale
—

 
—

 
1,072.0

 
—

 
1,072.0

Deferred income taxes, net
60.6

 
89.4

 
8.0

 
5.1

 
163.1

Property and equipment, net
123.8

 
76.6

 
267.8

 
(6.0
)
 
462.2

Other assets
398.7

 
459.7

 
174.4

 
(89.5
)
 
943.3

Goodwill
—

 
134.3

 
29.2

 
—

 
163.5

Intercompany receivables
—

 
825.9

 
—

 
(825.9
)
 
—

Total Assets
$
12,982.9

 
$
7,593.7

 
$
3,331.4

 
$
(8,301.4
)
 
$
15,606.6

LIABILITIES & EQUITY
 

 
 

 
 

 
 

 
 

Accounts payable and other liabilities
$
616.1

 
$
1,071.3

 
$
316.4

 
$
(91.7
)
 
$
1,912.1

Intercompany payables
352.7

 
—

 
473.2

 
(825.9
)
 
—

Notes payable
1,955.9

 
14.2

 
1,429.3

 
—

 
3,399.4

Total Liabilities
2,924.7

 
1,085.5

 
2,218.9

 
(917.6
)
 
5,311.5

Stockholders’ equity
10,058.2

 
6,508.2

 
841.6

 
(7,387.1
)
 
10,020.9

Noncontrolling interests
—

 
—

 
270.9

 
3.3

 
274.2

Total Equity
10,058.2

 
6,508.2

 
1,112.5

 
(7,383.8
)
 
10,295.1

Total Liabilities & Equity
$
12,982.9

 
$
7,593.7

 
$
3,331.4

 
$
(8,301.4
)
 
$
15,606.6


NOTE P – 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

Investment in unconsolidated entities
—

 
—

 
11.0

 
—

 
11.0

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

 
79.2

 
(45.2
)
 
701.9

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 P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Operations
Year Ended September 30, 2019

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
Revenues
$
6,812.6

 
$
10,210.4

 
$
906.1

 
$
(336.2
)
 
$
17,592.9

Cost of sales
5,350.3

 
8,301.5

 
373.3

 
(304.2
)
 
13,720.9

Selling, general and administrative expense
731.3

 
744.9

 
356.3

 
—

 
1,832.5

Equity in earnings of unconsolidated entities
—

 
—

 
(0.5
)
 
—

 
(0.5
)
Gain on sale of assets
(2.0
)
 
—

 
(49.2
)
 
(2.7
)
 
(53.9
)
Other (income) expense
(5.0
)
 
(1.5
)
 
(24.9
)
 
—

 
(31.4
)
Income before income taxes
738.0

 
1,165.5

 
251.1

 
(29.3
)
 
2,125.3

Income tax expense
176.9

 
279.5

 
57.3

 
(7.0
)
 
506.7

Equity in net income of subsidiaries, net of tax
1,084.0

 
—

 
—

 
(1,084.0
)
 
—

Net income
1,645.1

 
886.0

 
193.8

 
(1,106.3
)
 
1,618.6

Net loss attributable to noncontrolling interests
—

 
—

 
(4.1
)
 
4.2

 
0.1

Net income attributable to D.R. Horton, Inc.
$
1,645.1

 
$
886.0

 
$
197.9

 
$
(1,110.5
)
 
$
1,618.5




NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Operations
Year Ended September 30, 2018

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
Revenues
$
5,835.0

 
$
9,795.7

 
$
488.0

 
$
(50.7
)
 
$
16,068.0

Cost of sales
4,612.5

 
7,752.5

 
74.9

 
(41.8
)
 
12,398.1

Selling, general and administrative expense
665.6

 
676.1

 
335.1

 
—

 
1,676.8

Equity in earnings of unconsolidated entities
—

 
—

 
(5.3
)
 
2.5

 
(2.8
)
Gain on sale of assets
(2.4
)
 
—

 
(16.4
)
 
—

 
(18.8
)
Other (income) expense
(6.0
)
 
(0.2
)
 
(39.1
)
 
—

 
(45.3
)
Income before income taxes
565.3

 
1,367.3

 
138.8

 
(11.4
)
 
2,060.0

Income tax expense
167.9

 
406.1

 
27.1

 
(3.4
)
 
597.7

Equity in net income of subsidiaries, net of tax
1,069.7

 
—

 
—

 
(1,069.7
)
 
—

Net income
1,467.1

 
961.2

 
111.7

 
(1,077.7
)
 
1,462.3

Net income attributable to noncontrolling interests
—

 
—

 
3.1

 
(1.1
)
 
2.0

Net income attributable to D.R. Horton, Inc.
$
1,467.1

 
$
961.2

 
$
108.6

 
$
(1,076.6
)
 
$
1,460.3



NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Operations
Year Ended September 30, 2017

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
Revenues
$
4,773.6

 
$
8,939.5

 
$
387.0

 
$
(9.1
)
 
$
14,091.0

Cost of sales
3,827.6

 
7,199.6

 
24.1

 
(8.5
)
 
11,042.8

Selling, general and administrative expense
584.3

 
631.0

 
256.3

 
—

 
1,471.6

Other (income) expense
(8.3
)
 
(1.4
)
 
(15.8
)
 
—

 
(25.5
)
Income before income taxes
370.0

 
1,110.3

 
122.4

 
(0.6
)
 
1,602.1

Income tax expense
129.4

 
388.6

 
45.9

 
(0.2
)
 
563.7

Equity in net income of subsidiaries, net of tax
798.2

 
—

 
—

 
(798.2
)
 
—

Net income
$
1,038.8

 
$
721.7

 
$
76.5

 
$
(798.6
)
 
$
1,038.4




NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Cash Flows
Year Ended September 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
$
581.8

 
$
1,092.2

 
$
(679.9
)
 
$
(102.0
)
 
$
892.1

INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

Expenditures for property and equipment
(45.3
)
 
(26.1
)
 
(55.8
)
 
—

 
(127.2
)
Proceeds from sale of assets
10.4

 
—

 
133.4

 
—

 
143.8

Expenditures related to rental properties
(4.0
)
 
(2.4
)
 
(90.5
)
 
—

 
(96.9
)
Return of investment in unconsolidated entities
—

 
—

 
4.4

 
—

 
4.4

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

 
—

 
(2.3
)
 
—

 
(2.3
)
Intercompany advances
(192.2
)
 
(1,106.2
)
 
—

 
1,298.4

 
—

Payments related to business acquisitions
(307.5
)
 
—

 
(8.3
)
 
—

 
(315.8
)
Net cash used in investing activities
(538.6
)
 
(1,134.7
)
 
(19.1
)
 
1,298.4

 
(394.0
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

Proceeds from notes payable
2,100.0

 
—

 
428.2

 
—

 
2,528.2

Repayment of notes payable
(2,600.0
)
 
(1.1
)
 
(85.0
)
 
—

 
(2,686.1
)
Advances on mortgage repurchase facility, net
—

 
—

 
251.2

 
—

 
251.2

Intercompany advances
1,106.2

 
—

 
192.2

 
(1,298.4
)
 
—

Proceeds from stock associated with certain employee benefit plans
42.7

 
—

 
—

 
—

 
42.7

Cash paid for shares withheld for taxes
(19.7
)
 
—

 
—

 
—

 
(19.7
)
Cash dividends paid
(223.4
)
 
—

 
(102.0
)
 
102.0

 
(223.4
)
Repurchases of common stock
(479.8
)
 
—

 
—

 
—

 
(479.8
)
Distributions to noncontrolling interests, net
—

 
—

 
(3.9
)
 
—

 
(3.9
)
Net proceeds from issuance of Forestar common stock
—

 
—

 
100.7

 
—

 
100.7

Net cash (used in) provided by financing activities
(74.0
)
 
(1.1
)
 
781.4

 
(1,196.4
)
 
(490.1
)
(Decrease) increase in cash, cash equivalents and restricted cash
(30.8
)
 
(43.6
)
 
82.4

 
—

 
8.0

Cash, cash equivalents and restricted cash at beginning of year
914.7

 
160.7

 
430.6

 
—

 
1,506.0

Cash, cash equivalents and restricted cash at end of year
$
883.9

 
$
117.1

 
$
513.0

 
$
—

 
$
1,514.0


NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Cash Flows
Year Ended September 30, 2018

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

Net cash provided by (used in) operating activities
$
195.0

 
$
903.8

 
$
(445.9
)
 
$
(107.7
)
 
$
545.2

INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

Expenditures for property and equipment
(34.5
)
 
(30.3
)
 
(3.3
)
 
—

 
(68.1
)
Proceeds from sale of assets
—

 
—

 
292.9

 
—

 
292.9

Expenditures related to rental properties
—

 
—

 
(81.8
)
 
11.6

 
(70.2
)
Return of investment in unconsolidated entities
—

 
—

 
17.5

 
—

 
17.5

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

 
—

 
(1.2
)
 
—

 
(1.2
)
Proceeds from debt securities collateralized by residential real estate
7.3

 
—

 
—

 
—

 
7.3

Intercompany advances
801.8

 
—

 
—

 
(801.8
)
 
—

Payments related to business acquisitions, net of cash acquired
(561.0
)
 
—

 
401.8

 
—

 
(159.2
)
Net cash provided by (used in) investing activities
213.6

 
(30.3
)
 
625.9

 
(790.2
)
 
19.0

FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

Proceeds from notes payable
2,162.1

 
—

 
1.4

 
—

 
2,163.5

Repayment of notes payable
(2,165.9
)
 
(5.2
)
 
(10.6
)
 
—

 
(2,181.7
)
Advances on mortgage repurchase facility, net
—

 
—

 
217.7

 
—

 
217.7

Intercompany advances
—

 
(863.6
)
 
61.8

 
801.8

 
—

Proceeds from stock associated with certain employee benefit plans
47.4

 
—

 
—

 
—

 
47.4

Cash paid for shares withheld for taxes
(10.3
)
 
—

 
—

 
—

 
(10.3
)
Cash dividends paid
(188.4
)
 
—

 
(96.1
)
 
96.1

 
(188.4
)
Repurchases of common stock
(127.5
)
 
—

 
—

 
—

 
(127.5
)
Distributions to noncontrolling interests, net
—

 
—

 
(3.2
)
 
—

 
(3.2
)
Net cash (used in) provided by financing activities
(282.6
)
 
(868.8
)
 
171.0

 
897.9

 
(82.5
)
Increase in cash, cash equivalents and restricted cash
126.0

 
4.7

 
351.0

 
—

 
481.7

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

 
156.0

 
79.6

 
—

 
1,024.3

Cash, cash equivalents and restricted cash at end of year
$
914.7

 
$
160.7

 
$
430.6

 
$
—

 
$
1,506.0


NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Cash Flows
Year Ended September 30, 2017

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

Net cash (used in) provided by operating activities
$
(283.2
)
 
$
721.0

 
$
115.0

 
$
(112.6
)
 
$
440.2

INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

Expenditures for property and equipment
(54.2
)
 
(26.2
)
 
(22.3
)
 
—

 
(102.7
)
Expenditures related to rental properties
—

 
—

 
(63.7
)
 
9.1

 
(54.6
)
Net principal decrease of other mortgage loans and real estate owned
—

 
—

 
6.2

 
—

 
6.2

Purchases of debt securities collateralized by residential real estate
(8.8
)
 
—

 
—

 
—

 
(8.8
)
Intercompany advances
561.7

 
—

 
—

 
(561.7
)
 
—

Payments related to business acquisitions
(4.1
)
 
—

 
—

 
—

 
(4.1
)
Net cash provided by (used in) investing activities
494.6

 
(26.2
)
 
(79.8
)
 
(552.6
)
 
(164.0
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

Proceeds from notes payable
835.0

 
—

 
—

 
—

 
835.0

Repayment of notes payable
(1,187.2
)
 
(5.1
)
 
—

 
—

 
(1,192.3
)
Payments on mortgage repurchase facility, net
—

 
—

 
(53.0
)
 
—

 
(53.0
)
Intercompany advances
—

 
(689.8
)
 
128.1

 
561.7

 
—

Proceeds from stock associated with certain employee benefit plans
46.7

 
—

 
—

 
—

 
46.7

Excess income tax benefit from employee stock awards
14.3

 
—

 
—

 
—

 
14.3

Cash paid for shares withheld for taxes
(5.1
)
 
—

 
—

 
—

 
(5.1
)
Cash dividends paid
(149.6
)
 
—

 
(103.5
)
 
103.5

 
(149.6
)
Repurchases of common stock
(60.6
)
 
—

 
—

 
—

 
(60.6
)
Net cash used in financing activities
(506.5
)
 
(694.9
)
 
(28.4
)
 
665.2

 
(564.6
)
(Decrease) increase in cash, cash equivalents and restricted cash
(295.1
)
 
(0.1
)
 
6.8

 
—

 
(288.4
)
Cash, cash equivalents and restricted cash at beginning of year
1,083.8

 
156.1

 
72.8

 
—

 
1,312.7

Cash, cash equivalents and restricted cash at end of year
$
788.7

 
$
156.0

 
$
79.6

 
$
—

 
$
1,024.3