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Supplemental Guarantor Information (Tables)
 3 Months Ended
Dec. 31, 2019
Supplemental Guarantor Information [Abstract]  
Condensed Financial Statements
Consolidating Balance Sheet
December 31, 2019

 
 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
 
(In millions)
ASSETS
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
1,069.1


$
30.3


$
483.9


$
—

 
$
1,583.3

Restricted cash
 
4.8

 
1.8

 
6.0

 
—

 
12.6

Investment in subsidiaries
 
7,595.7

 
—

 
—

 
(7,595.7
)
 
—

Inventories
 
4,527.1

 
6,207.5

 
1,219.9

 
(55.3
)
 
11,899.2

Mortgage loans held for sale
 
—

 
—

 
1,025.1

 
—

 
1,025.1

Deferred income taxes, net
 
58.9

 
84.7

 
2.3

 
8.2

 
154.1

Property and equipment, net
 
158.3

 
99.9

 
313.6

 
(8.4
)
 
563.4

Other assets
 
412.6

 
458.7

 
146.6

 
(96.2
)
 
921.7

Goodwill
 
—

 
134.3

 
29.2

 
—

 
163.5

Intercompany receivables
 
—

 
825.5

 
—

 
(825.5
)
 
—

Total Assets
 
$
13,826.5

 
$
7,842.7

 
$
3,226.6

 
$
(8,572.9
)
 
$
16,322.9

LIABILITIES & EQUITY
 
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
 
$
719.7

 
$
1,089.1

 
$
329.5

 
$
(101.6
)
 
$
2,036.7

Intercompany payables
 
372.8

 
—

 
452.7

 
(825.5
)
 
—

Notes payable
 
2,452.5

 
17.4

 
1,313.4

 
—

 
3,783.3

Total Liabilities
 
3,545.0

 
1,106.5

 
2,095.6

 
(927.1
)
 
5,820.0

Stockholders’ equity
 
10,281.5

 
6,736.2

 
860.4

 
(7,650.7
)
 
10,227.4

Noncontrolling interests
 
—

 
—

 
270.6

 
4.9

 
275.5

Total Equity
 
10,281.5

 
6,736.2

 
1,131.0

 
(7,645.8
)
 
10,502.9

Total Liabilities & Equity
 
$
13,826.5

 
$
7,842.7

 
$
3,226.6

 
$
(8,572.9
)
 
$
16,322.9


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

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
 
150.7

 
86.7

 
267.8

 
(6.0
)
 
499.2

Other assets
 
371.8

 
449.6

 
180.9

 
(89.5
)
 
912.8

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 Statement of Operations
Three Months Ended December 31, 2019
 


D.R.
Horton, Inc.

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Total
 

(In millions)
Revenues

$
1,593.6


$
2,294.4


$
360.3


$
(227.6
)

$
4,020.7

Cost of sales

1,232.4


1,841.0


217.7


(206.9
)

3,084.2

Selling, general and administrative expense

177.3


180.3


98.2


—


455.8

Gain on sale of assets
 
—

 
—

 
(29.3
)
 
(1.8
)
 
(31.1
)
Other (income) expense

(4.1
)

(0.3
)

(7.1
)

—


(11.5
)
Income before income taxes

188.0


273.4


80.8


(18.9
)

523.3

Income tax expense

31.2


45.4


17.3


(3.1
)

90.8

Equity in net income of subsidiaries, net of tax
 
291.4

 
—

 
—

 
(291.4
)
 
—

Net income

448.2


228.0


63.5


(307.2
)

432.5

Net income attributable to noncontrolling interests
 
—

 
—

 
0.1

 
1.1

 
1.2

Net income attributable to D.R. Horton, Inc.
 
$
448.2

 
$
228.0

 
$
63.4

 
$
(308.3
)
 
$
431.3







NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Operations
Three Months Ended December 31, 2018
 
 
 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
 
(In millions)
Revenues
 
$
1,335.7

 
$
2,081.7

 
$
130.6

 
$
(29.0
)
 
$
3,519.0

Cost of sales
 
1,057.2

 
1,681.4

 
38.0

 
(25.5
)
 
2,751.1

Selling, general and administrative expense
 
157.9

 
165.9

 
79.0

 
—

 
402.8

Gain on sale of assets
 
(2.0
)
 
—

 
—

 
—

 
(2.0
)
Other (income) expense
 
(0.8
)
 
(0.4
)
 
(7.4
)
 
—

 
(8.6
)
Income before income taxes
 
123.4

 
234.8

 
21.0

 
(3.5
)
 
375.7

Income tax expense
 
29.2

 
55.8

 
4.8

 
(0.8
)
 
89.0

Equity in net income of subsidiaries, net of tax
 
195.9

 
—

 
—

 
(195.9
)
 
—

Net income
 
290.1

 
179.0

 
16.2

 
(198.6
)
 
286.7

Net loss attributable to noncontrolling interests
 
—

 
—

 
(0.7
)
 
0.2

 
(0.5
)
Net income attributable to D.R. Horton, Inc.
 
$
290.1

 
$
179.0

 
$
16.9

 
$
(198.8
)
 
$
287.2



 
 



NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Cash Flows
Three Months Ended December 31, 2019
 
 
 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
 
(In millions)
OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
 
$
(67.2
)
 
$
(64.6
)
 
$
73.8

 
$
(55.8
)
 
$
(113.8
)
INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Expenditures for property and equipment
 
(8.6
)
 
(12.0
)
 
(1.0
)
 
—

 
(21.6
)
Proceeds from sale of assets
 
—

 
—

 
62.8

 
—

 
62.8

Expenditures related to rental properties
 
(7.3
)
 
(8.3
)
 
(54.8
)
 
10.8

 
(59.6
)
Return of investment in unconsolidated entities
 
—

 
—

 
1.9

 
—

 
1.9

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

 
—

 
(0.6
)
 
—

 
(0.6
)
Intercompany advances
 
20.7

 
—

 
—

 
(20.7
)
 
—

Payments related to business acquisitions
 
(0.7
)
 
—

 
—

 
—

 
(0.7
)
Net cash provided by (used in) investing activities
 
4.1

 
(20.3
)
 
8.3

 
(9.9
)
 
(17.8
)
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Proceeds from notes payable
 
495.7

 
—

 
—

 
—

 
495.7

Payments on mortgage repurchase facility, net
 
—

 
—

 
(38.6
)
 
—

 
(38.6
)
Intercompany advances
 
—

 
(0.1
)
 
(20.6
)
 
20.7

 
—

Proceeds from stock associated with certain employee benefit plans
 
4.1

 
—

 
—

 
—

 
4.1

Cash paid for shares withheld for taxes
 
(17.3
)
 
—

 
—

 
—

 
(17.3
)
Cash dividends paid
 
(64.6
)
 
—

 
(45.0
)
 
45.0

 
(64.6
)
Repurchases of common stock
 
(163.1
)
 
—

 
—

 
—

 
(163.1
)
Distributions to noncontrolling interests, net
 
—

 
—

 
(0.4
)
 
—

 
(0.4
)
Other financing activities
 
(1.7
)
 
—

 
(0.6
)
 
—

 
(2.3
)
Net cash provided by (used in) financing activities
 
253.1

 
(0.1
)
 
(105.2
)
 
65.7

 
213.5

Net increase (decrease) in cash, cash equivalents and restricted cash
 
190.0

 
(85.0
)
 
(23.1
)
 
—

 
81.9

Cash, cash equivalents and restricted cash at beginning of period
 
883.9

 
117.1

 
513.0

 
—

 
1,514.0

Cash, cash equivalents and restricted cash at end of period
 
$
1,073.9

 
$
32.1

 
$
489.9

 
$
—

 
$
1,595.9


NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)


Consolidating Statement of Cash Flows
Three Months Ended December 31, 2018
 
 
 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
 
(In millions)
OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
 
$
(137.6
)
 
$
(244.2
)
 
$
33.7

 
$
(25.0
)
 
$
(373.1
)
INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Expenditures for property and equipment
 
(10.2
)
 
(6.4
)
 
(3.6
)
 
—

 
(20.2
)
Proceeds from sale of assets
 
10.4

 
—

 
—

 
—

 
10.4

Expenditures related to rental properties
 
—

 
—

 
(11.4
)
 
—

 
(11.4
)
Return of investment in unconsolidated entities
 
—

 
—

 
4.4

 
—

 
4.4

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

 
—

 
(0.6
)
 
—

 
(0.6
)
Intercompany advances
 
(129.9
)
 
—

 
—

 
129.9

 
—

Payments related to business acquisitions
 
(293.0
)
 
—

 
—

 
—

 
(293.0
)
Net cash used in investing activities
 
(422.7
)
 
(6.4
)
 
(11.2
)
 
129.9

 
(310.4
)
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
Proceeds from notes payable
 
578.3

 
—

 
—

 
—

 
578.3

Repayment of notes payable
 
(275.0
)
 
(1.1
)
 
—

 
—

 
(276.1
)
Payments on mortgage repurchase facility, net
 
—

 
—

 
(163.8
)
 
—

 
(163.8
)
Intercompany advances
 
—

 
125.7

 
4.2

 
(129.9
)
 
—

Proceeds from stock associated with certain employee benefit plans
 
8.6

 
—

 
—

 
—

 
8.6

Cash paid for shares withheld for taxes
 
(4.1
)
 
—

 
—

 
—

 
(4.1
)
Cash dividends paid
 
(56.0
)
 
—

 
(25.0
)
 
25.0

 
(56.0
)
Repurchases of common stock
 
(140.6
)
 
—

 
—

 
—

 
(140.6
)
Distributions to noncontrolling interests, net
 
—

 
—

 
(0.5
)
 
—

 
(0.5
)
Net cash provided by (used in) financing activities
 
111.2

 
124.6

 
(185.1
)
 
(104.9
)
 
(54.2
)
Net decrease in cash, cash equivalents and restricted cash
 
(449.1
)
 
(126.0
)
 
(162.6
)
 
—

 
(737.7
)
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
 
$
465.6

 
$
34.7

 
$
268.0

 
$
—

 
$
768.3