Supplemental Guarantor Information (Tables)

12 Months Ended

Sep. 30, 2019

Supplemental Guarantor Information [Abstract]

Condensed Consolidating Statements

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