Supplemental Guarantor Information

9 Months Ended

Jun. 30, 2011

Supplemental Guarantor Information [Abstract]

SUPPLEMENTAL GUARANTOR INFORMATION

NOTE Q – 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
June 30, 2011

	D.R.		Guarantor		Non-Guarantor
	Horton, Inc.		Subsidiaries		Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	793.6	$	27.6	$	19.8	$	—		$	841.0
Marketable securities, available-for-sale		297.1		—		—		—			297.1
Restricted cash		49.6		0.6		0.2		—			50.4
Investments in subsidiaries		1,411.8		—		—		(1,411.8	)		—
Inventories		1,102.6		2,378.5		19.7		—			3,500.8
Income taxes receivable		14.0		—		—		—			14.0
Property and equipment, net		19.0		21.9		18.0		—			58.9
Other assets		95.4		256.5		88.6		—			440.5
Mortgage loans held for sale		—		—		286.2		—			286.2
Goodwill		—		15.9		—		—			15.9
Intercompany receivables		828.1		—		—		(828.1	)		—
Total Assets	$	4,611.2	$	2,701.0	$	432.5	$	(2,239.9	)	$	5,504.8
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	258.6	$	665.3	$	106.9	$	—		$	1,030.8
Intercompany payables		—		793.2		34.9		(828.1	)		—
Notes payable		1,761.1		3.0		116.3		—			1,880.4
Total Liabilities		2,019.7		1,461.5		258.1		(828.1	)		2,911.2
Total stockholders’ equity		2,591.5		1,239.5		172.3		(1,411.8	)		2,591.5
Noncontrolling interests		—		—		2.1		—			2.1
Total Equity		2,591.5		1,239.5		174.4		(1,411.8	)		2,593.6
Total Liabilities & Equity	$	4,611.2	$	2,701.0	$	432.5	$	(2,239.9	)	$	5,504.8

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
Three Months Ended June 30, 2011

	D.R.			Guarantor		Non-Guarantor
	Horton, Inc.			Subsidiaries		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
Provision for income taxes		0.2			0.5		0.1			(0.6	)		0.2
Net income	$	28.7		$	41.5	$	5.6		$	(47.1	)	$	28.7

Consolidating Statement of Operations
Nine Months Ended June 30, 2011

	D.R.			Guarantor			Non-Guarantor
	Horton, Inc.			Subsidiaries			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	)
Benefit from income taxes		(57.8	)		(40.5	)		(1.5	)		42.0			(57.8	)
Net income	$	36.0		$	83.4		$	13.5		$	(96.9	)	$	36.0

Consolidating Statement of Operations
Three Months Ended June 30, 2010

	D.R.			Guarantor			Non-Guarantor
	Horton, Inc.			Subsidiaries			Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	370.4		$	1,005.7		$	2.2		$	—		$	1,378.3
Cost of sales		295.4			875.0			1.1			—			1,171.5
Gross profit		75.0			130.7			1.1			—			206.8
Selling, general and administrative expense		57.8			84.2			1.5			—			143.5
Equity in (income) of subsidiaries		(56.4	)		—			—			56.4			—
Interest expense		19.6			—			—			—			19.6
Loss on early retirement of debt, net		8.3			—			—			—			8.3
Other (income)		(0.6	)		(0.6	)		(0.8	)		—			(2.0	)
		46.3			47.1			0.4			(56.4	)		37.4
Financial Services:
Revenues, net of recourse and reinsurance expense		—			—			27.8			—			27.8
General and administrative expense		—			—			21.2			—			21.2
Interest expense		—			—			0.7			—			0.7
Interest and other (income)		—			—			(3.0	)		—			(3.0	)
		—			—			8.9			—			8.9
Income before income taxes		46.3			47.1			9.3			(56.4	)		46.3
Benefit from income taxes		(4.2	)		(3.2	)		(0.1	)		3.3			(4.2	)
Net income	$	50.5		$	50.3		$	9.4		$	(59.7	)	$	50.5

Consolidating Statement of Operations
Nine Months Ended June 30, 2010

	D.R.			Guarantor			Non-Guarantor
	Horton, Inc.			Subsidiaries			Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	860.8		$	2,517.7		$	5.5		$	—		$	3,384.0
Cost of sales		688.6			2,138.8			2.2			—			2,829.6
Gross profit		172.2			378.9			3.3			—			554.4
Selling, general and administrative expense		163.1			232.0			6.1			—			401.2
Equity in (income) of subsidiaries		(165.1	)		—			—			165.1			—
Interest expense		69.3			—			—			—			69.3
Loss on early retirement of debt, net		6.7			—			—			—			6.7
Other (income)		(3.0	)		(1.7	)		(2.7	)		—			(7.4	)
		101.2			148.6			(0.1	)		(165.1	)		84.6
Financial Services:
Revenues, net of recourse and reinsurance expense		—			—			67.7			—			67.7
General and administrative expense		—			—			57.2			—			57.2
Interest expense		—			—			1.4			—			1.4
Interest and other (income)		—			—			(7.5	)		—			(7.5	)
		—			—			16.6			—			16.6
Income before income taxes		101.2			148.6			16.5			(165.1	)		101.2
Benefit from income taxes		(152.7	)		(115.1	)		(3.1	)		118.2			(152.7	)
Net income	$	253.9		$	263.7		$	19.6		$	(283.3	)	$	253.9

Consolidating Statement of Cash Flows
Nine Months Ended June 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	$	(104.1	)	$	67.6		$	(38.8	)	$	—	$	(75.3	)
INVESTING ACTIVITIES
Purchases of property and equipment		(6.0	)		(6.8	)		—			—		(12.8	)
Purchases of marketable securities		(259.7	)		—			—			—		(259.7	)
Proceeds from the sale or maturity of marketable securities		254.7			—			—			—		254.7
Decrease (increase) in restricted cash		3.7			(0.2	)		(0.2	)		—		3.3
Net cash used in investing activities		(7.3	)		(7.0	)		(0.2	)		—		(14.5	)
FINANCING ACTIVITIES
Net change in notes payable		(336.5	)		—			29.8			—		(306.7	)
Net change in intercompany receivables/payables		78.4			(78.3	)		(0.1	)		—		—
Proceeds from stock associated with certain employee benefit plans		2.7			—			—			—		2.7
Cash dividends paid		(35.9	)		—			—			—		(35.9	)
Purchase of treasury stock		(38.6	)		—			—			—		(38.6	)
Net cash (used in) provided by financing activities		(329.9	)		(78.3	)		29.7			—		(378.5	)
Decrease in cash and cash equivalents		(441.3	)		(17.7	)		(9.3	)		—		(468.3	)
Cash and cash equivalents at beginning of period		1,234.9			45.3			29.1			—		1,309.3
Cash and cash equivalents at end of period	$	793.6		$	27.6		$	19.8		$	—	$	841.0

Consolidating Statement of Cash Flows
Nine Months Ended June 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	$	344.4		$	323.9		$	(81.2	)	$	—	$	587.1
INVESTING ACTIVITIES
Purchases of property and equipment		(6.7	)		(8.5	)		(0.4	)		—		(15.6	)
Purchases of marketable securities		(299.4	)		—			—			—		(299.4	)
Increase in restricted cash		(3.6	)		—			—			—		(3.6	)
Net cash used in investing activities		(309.7	)		(8.5	)		(0.4	)		—		(318.6	)
FINANCING ACTIVITIES
Net change in notes payable		(888.7	)		—			83.7			—		(805.0	)
Net change in intercompany receivables/payables		314.0			(311.6	)		(2.4	)		—		—
Proceeds from stock associated with certain employee benefit plans		4.6			—			—			—		4.6
Income tax benefit from stock option exercises		2.9			—			—			—		2.9
Cash dividends paid		(35.8	)		—			—			—		(35.8	)
Net cash (used in) provided by financing activities		(603.0	)		(311.6	)		81.3			—		(833.3	)
(Decrease) increase in cash and cash equivalents		(568.3	)		3.8			(0.3	)		—		(564.8	)
Cash and cash equivalents at beginning of period		1,871.2			48.3			37.8			—		1,957.3
Cash and cash equivalents at end of period	$	1,302.9		$	52.1		$	37.5		$	—	$	1,392.5