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Supplemental Guarantor Information | 12 Months Ended
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Sep. 30, 2017
Supplemental Guarantor Information [Abstract] |
Supplemental Guarantor Information | SUPPLEMENTAL GUARANTOR INFORMATION All of the Company’s senior notes and the unsecured revolving credit facility are fully and unconditionally guaranteed, on a joint and several basis, by D.R. Horton, Inc. and other subsidiaries (Guarantor Subsidiaries). Each of the Guarantor Subsidiaries is 100% owned, directly or indirectly, by the Company. The Company’s subsidiaries engaged in the financial services segment and certain other subsidiaries do not guarantee the Company’s senior notes and the unsecured 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) depending on the provisions of the applicable indenture, either (a) its proper designation as an unrestricted subsidiary, (b) its ceasing to guarantee any of the Company’s publicly traded debt securities, or (c) its ceasing to guarantee any of the Company’s obligations under the revolving credit facility. Consolidating Balance Sheet September 30, 2017
| D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
| (In millions)
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 780.9 |  |  | $ | 154.5 |  |  | $ | 72.4 |  |  | $ | — |  |  | $ | 1,007.8 |
Restricted cash | 7.8 |  |  | 1.5 |  |  | — |  |  | — |  |  | 9.3 |
Investments in subsidiaries | 4,812.6 |  |  | — |  |  | — |  |  | (4,812.6 | ) |  | — |
Inventories | 3,540.4 |  |  | 5,579.9 |  |  | 116.8 |  |  | — |  |  | 9,237.1 |
Deferred income taxes | 138.5 |  |  | 223.6 |  |  | 2.9 |  |  | — |  |  | 365.0 |
Property and equipment, net | 104.8 |  |  | 59.7 |  |  | 166.3 |  |  | (5.8 | ) |  | 325.0 |
Other assets | 245.5 |  |  | 259.7 |  |  | 67.9 |  |  | — |  |  | 573.1 |
Mortgage loans held for sale | — |  |  | — |  |  | 587.3 |  |  | — |  |  | 587.3 |
Goodwill | — |  |  | 80.0 |  |  | — |  |  | — |  |  | 80.0 |
Intercompany receivables | 1,047.7 |  |  | — |  |  | — |  |  | (1,047.7 | ) |  | — |
Total Assets | $ | 10,678.2 |  |  | $ | 6,358.9 |  |  | $ | 1,013.6 |  |  | $ | (5,866.1 | ) |  | $ | 12,184.6 |
LIABILITIES & EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities | $ | 483.9 |  |  | $ | 956.9 |  |  | $ | 126.6 |  |  | $ | (2.0 | ) |  | $ | 1,565.4 |
Intercompany payables | — |  |  | 732.2 |  |  | 315.5 |  |  | (1,047.7 | ) |  | — |
Notes payable | 2,443.4 |  |  | 8.2 |  |  | 420.0 |  |  | — |  |  | 2,871.6 |
Total Liabilities | 2,927.3 |  |  | 1,697.3 |  |  | 862.1 |  |  | (1,049.7 | ) |  | 4,437.0 |
Stockholders’ equity | 7,750.9 |  |  | 4,661.6 |  |  | 151.0 |  |  | (4,816.4 | ) |  | 7,747.1 |
Noncontrolling interests | — |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Total Equity | 7,750.9 |  |  | 4,661.6 |  |  | 151.5 |  |  | (4,816.4 | ) |  | 7,747.6 |
Total Liabilities & Equity | $ | 10,678.2 |  |  | $ | 6,358.9 |  |  | $ | 1,013.6 |  |  | $ | (5,866.1 | ) |  | $ | 12,184.6 |
NOTE Q – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet September 30, 2016
| D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
| (In millions)
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,076.4 |  |  | $ | 154.0 |  |  | $ | 72.8 |  |  | $ | — |  |  | $ | 1,303.2 |
Restricted cash | 7.4 |  |  | 2.1 |  |  | — |  |  | — |  |  | 9.5 |
Investments in subsidiaries | 4,118.6 |  |  | — |  |  | — |  |  | (4,118.6 | ) |  | — |
Inventories | 2,822.1 |  |  | 5,425.7 |  |  | 93.1 |  |  | — |  |  | 8,340.9 |
Deferred income taxes | 159.3 |  |  | 314.1 |  |  | 2.9 |  |  | — |  |  | 476.3 |
Property and equipment, net | 72.0 |  |  | 49.9 |  |  | 78.7 |  |  | (5.2 | ) |  | 195.4 |
Other assets | 168.7 |  |  | 274.2 |  |  | 56.7 |  |  | — |  |  | 499.6 |
Mortgage loans held for sale | — |  |  | — |  |  | 654.0 |  |  | — |  |  | 654.0 |
Goodwill | — |  |  | 80.0 |  |  | — |  |  | — |  |  | 80.0 |
Intercompany receivables | 1,604.5 |  |  | — |  |  | — |  |  | (1,604.5 | ) |  | — |
Total Assets | $ | 10,029.0 |  |  | $ | 6,300.0 |  |  | $ | 958.2 |  |  | $ | (5,728.3 | ) |  | $ | 11,558.9 |
LIABILITIES & EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities | $ | 444.1 |  |  | $ | 933.1 |  |  | $ | 119.2 |  |  | $ | (1.8 | ) |  | $ | 1,494.6 |
Intercompany payables | — |  |  | 1,417.1 |  |  | 187.4 |  |  | (1,604.5 | ) |  | — |
Notes payable | 2,789.0 |  |  | 9.3 |  |  | 473.0 |  |  | — |  |  | 3,271.3 |
Total Liabilities | 3,233.1 |  |  | 2,359.5 |  |  | 779.6 |  |  | (1,606.3 | ) |  | 4,765.9 |
Stockholders’ equity | 6,795.9 |  |  | 3,940.5 |  |  | 178.1 |  |  | (4,122.0 | ) |  | 6,792.5 |
Noncontrolling interests | — |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Total Equity | 6,795.9 |  |  | 3,940.5 |  |  | 178.6 |  |  | (4,122.0 | ) |  | 6,793.0 |
Total Liabilities & Equity | $ | 10,029.0 |  |  | $ | 6,300.0 |  |  | $ | 958.2 |  |  | $ | (5,728.3 | ) |  | $ | 11,558.9 |
NOTE Q – 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)
Homebuilding: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 4,773.6 |  |  | $ | 8,939.5 |  |  | $ | 37.5 |  |  | $ | (9.1 | ) |  | $ | 13,741.5 |
Cost of sales | 3,827.6 |  |  | 7,199.6 |  |  | 24.1 |  |  | (8.5 | ) |  | 11,042.8 |
Gross profit | 946.0 |  |  | 1,739.9 |  |  | 13.4 |  |  | (0.6 | ) |  | 2,698.7 |
Selling, general and administrative expense | 584.3 |  |  | 631.0 |  |  | 5.1 |  |  | — |  |  | 1,220.4 |
Equity in (income) of subsidiaries | (1,232.7 | ) |  | — |  |  | — |  |  | 1,232.7 |  |  | — |
Other (income) expense | (8.3 | ) |  | (1.4 | ) |  | (1.3 | ) |  | — |  |  | (11.0 | )
Homebuilding pre-tax income | 1,602.7 |  |  | 1,110.3 |  |  | 9.6 |  |  | (1,233.3 | ) |  | 1,489.3 |
Financial Services and Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | — |  |  | — |  |  | 349.5 |  |  | — |  |  | 349.5 |
General and administrative expense | — |  |  | — |  |  | 251.2 |  |  | — |  |  | 251.2 |
Interest and other (income) expense | — |  |  | — |  |  | (14.5 | ) |  | — |  |  | (14.5 | )
Financial services and other pre-tax income | — |  |  | — |  |  | 112.8 |  |  | — |  |  | 112.8 |
Income before income taxes | 1,602.7 |  |  | 1,110.3 |  |  | 122.4 |  |  | (1,233.3 | ) |  | 1,602.1 |
Income tax expense | 563.9 |  |  | 388.6 |  |  | 45.9 |  |  | (434.7 | ) |  | 563.7 |
Net income | $ | 1,038.8 |  |  | $ | 721.7 |  |  | $ | 76.5 |  |  | $ | (798.6 | ) |  | $ | 1,038.4 |
Comprehensive income | $ | 1,038.8 |  |  | $ | 721.7 |  |  | $ | 76.5 |  |  | $ | (798.6 | ) |  | $ | 1,038.4 |
NOTE Q – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Year Ended September 30, 2016
| D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
| (In millions)
Homebuilding: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 3,947.5 |  |  | $ | 7,930.3 |  |  | $ | — |  |  | $ | (16.0 | ) |  | $ | 11,861.8 |
Cost of sales | 3,163.6 |  |  | 6,357.5 |  |  | (7.7 | ) |  | (10.8 | ) |  | 9,502.6 |
Gross profit | 783.9 |  |  | 1,572.8 |  |  | 7.7 |  |  | (5.2 | ) |  | 2,359.2 |
Selling, general and administrative expense | 503.8 |  |  | 592.7 |  |  | 3.8 |  |  | — |  |  | 1,100.3 |
Goodwill impairment | — |  |  | 7.2 |  |  | — |  |  | — |  |  | 7.2 |
Equity in (income) of subsidiaries | (1,071.0 | ) |  | — |  |  | — |  |  | 1,071.0 |  |  | — |
Other (income) expense | (7.6 | ) |  | (3.9 | ) |  | (1.2 | ) |  | — |  |  | (12.7 | )
Homebuilding pre-tax income | 1,358.7 |  |  | 976.8 |  |  | 5.1 |  |  | (1,076.2 | ) |  | 1,264.4 |
Financial Services and Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | — |  |  | — |  |  | 295.6 |  |  | — |  |  | 295.6 |
General and administrative expense | — |  |  | — |  |  | 220.0 |  |  | — |  |  | 220.0 |
Interest and other (income) expense | — |  |  | — |  |  | (13.5 | ) |  | — |  |  | (13.5 | )
Financial services and other pre-tax income | — |  |  | — |  |  | 89.1 |  |  | — |  |  | 89.1 |
Income before income taxes | 1,358.7 |  |  | 976.8 |  |  | 94.2 |  |  | (1,076.2 | ) |  | 1,353.5 |
Income tax expense | 469.0 |  |  | 334.9 |  |  | 35.5 |  |  | (372.2 | ) |  | 467.2 |
Net income | $ | 889.7 |  |  | $ | 641.9 |  |  | $ | 58.7 |  |  | $ | (704.0 | ) |  | $ | 886.3 |
Comprehensive income | $ | 888.3 |  |  | $ | 641.9 |  |  | $ | 58.7 |  |  | $ | (704.0 | ) |  | $ | 884.9 |
NOTE Q – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Year Ended September 30, 2015
| D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
| (In millions)
Homebuilding: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 3,334.6 |  |  | $ | 7,224.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,559.0 |
Cost of sales | 2,698.1 |  |  | 5,834.3 |  |  | 3.3 |  |  | — |  |  | 8,535.7 |
Gross profit (loss) | 636.5 |  |  | 1,390.1 |  |  | (3.3 | ) |  | — |  |  | 2,023.3 |
Selling, general and administrative expense | 461.2 |  |  | 538.8 |  |  | 3.0 |  |  | — |  |  | 1,003.0 |
Goodwill impairment | — |  |  | 9.8 |  |  | — |  |  | — |  |  | 9.8 |
Equity in (income) of subsidiaries | (945.9 | ) |  | — |  |  | — |  |  | 945.9 |  |  | — |
Other (income) expense | (2.2 | ) |  | (4.9 | ) |  | (0.7 | ) |  | — |  |  | (7.8 | )
Homebuilding pre-tax income (loss) | 1,123.4 |  |  | 846.4 |  |  | (5.6 | ) |  | (945.9 | ) |  | 1,018.3 |
Financial Services and Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | — |  |  | — |  |  | 265.0 |  |  | — |  |  | 265.0 |
General and administrative expense | — |  |  | — |  |  | 183.0 |  |  | — |  |  | 183.0 |
Interest and other (income) expense | — |  |  | — |  |  | (23.1 | ) |  | — |  |  | (23.1 | )
Financial services and other pre-tax income | — |  |  | — |  |  | 105.1 |  |  | — |  |  | 105.1 |
Income before income taxes | 1,123.4 |  |  | 846.4 |  |  | 99.5 |  |  | (945.9 | ) |  | 1,123.4 |
Income tax expense | 372.7 |  |  | 277.2 |  |  | 37.4 |  |  | (314.6 | ) |  | 372.7 |
Net income | $ | 750.7 |  |  | $ | 569.2 |  |  | $ | 62.1 |  |  | $ | (631.3 | ) |  | $ | 750.7 |
Comprehensive income | $ | 750.7 |  |  | $ | 568.4 |  |  | $ | 62.1 |  |  | $ | (631.3 | ) |  | $ | 749.9 |
NOTE Q – 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 | $ | (288.3 | ) |  | $ | 721.0 |  |  | $ | 115.0 |  |  | $ | (112.6 | ) |  | $ | 435.1 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment | (54.2 | ) |  | (26.2 | ) |  | (86.0 | ) |  | 9.1 |  |  | (157.3 | )
(Increase) decrease in restricted cash | (0.4 | ) |  | 0.6 |  |  | (7.2 | ) |  | — |  |  | (7.0 | )
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 acquisition of a business | (4.1 | ) |  | — |  |  | — |  |  | — |  |  | (4.1 | )
Net cash provided by (used in) investing activities | 494.2 |  |  | (25.6 | ) |  | (87.0 | ) |  | (552.6 | ) |  | (171.0 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from notes payable | 835.0 |  |  | — |  |  | — |  |  | — |  |  | 835.0 |
Repayment of notes payable | (1,187.2 | ) |  | (5.1 | ) |  | (53.0 | ) |  | — |  |  | (1,245.3 | )
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 dividends paid | (149.6 | ) |  | — |  |  | (103.5 | ) |  | 103.5 |  |  | (149.6 | )
Repurchases of common stock | (60.6 | ) |  | — |  |  | — |  |  | — |  |  | (60.6 | )
Net cash used in financing activities | (501.4 | ) |  | (694.9 | ) |  | (28.4 | ) |  | 665.2 |  |  | (559.5 | )
(Decrease) increase in cash and cash equivalents | (295.5 | ) |  | 0.5 |  |  | (0.4 | ) |  | — |  |  | (295.4 | )
Cash and cash equivalents at beginning of year | 1,076.4 |  |  | 154.0 |  |  | 72.8 |  |  | — |  |  | 1,303.2 |
Cash and cash equivalents at end of year | $ | 780.9 |  |  | $ | 154.5 |  |  | $ | 72.4 |  |  | $ | — |  |  | $ | 1,007.8 |
NOTE Q – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Year Ended September 30, 2016
| D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
| (In millions)
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 115.1 |  |  | $ | 596.7 |  |  | $ | (16.0 | ) |  | $ | (77.8 | ) |  | $ | 618.0 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment | (40.7 | ) |  | (14.3 | ) |  | (47.1 | ) |  | 16.0 |  |  | (86.1 | )
Decrease in restricted cash | — |  |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Net principal decrease of other mortgage loans and real estate owned | — |  |  | — |  |  | 19.7 |  |  | — |  |  | 19.7 |
Proceeds from the sale of debt securities collateralized by residential real estate | 35.8 |  |  | — |  |  | — |  |  | — |  |  | 35.8 |
Intercompany advances | 409.9 |  |  | — |  |  | — |  |  | (409.9 | ) |  | — |
Payments related to acquisition of a business | (82.2 | ) |  | — |  |  | — |  |  | — |  |  | (82.2 | )
Net cash provided by (used in) investing activities | 322.8 |  |  | (14.1 | ) |  | (27.4 | ) |  | (393.9 | ) |  | (112.6 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repayment of notes payable | (542.9 | ) |  | (1.9 | ) |  | (4.9 | ) |  | — |  |  | (549.7 | )
Intercompany advances | — |  |  | (521.3 | ) |  | 111.4 |  |  | 409.9 |  |  | — |
Proceeds from stock associated with certain employee benefit plans | 72.4 |  |  | — |  |  | — |  |  | — |  |  | 72.4 |
Excess income tax benefit from employee stock awards | 10.0 |  |  | — |  |  | — |  |  | — |  |  | 10.0 |
Cash dividends paid | (118.7 | ) |  | — |  |  | (61.8 | ) |  | 61.8 |  |  | (118.7 | )
Net cash (used in) provided by financing activities | (579.2 | ) |  | (523.2 | ) |  | 44.7 |  |  | 471.7 |  |  | (586.0 | )
(Decrease) increase in cash and cash equivalents | (141.3 | ) |  | 59.4 |  |  | 1.3 |  |  | — |  |  | (80.6 | )
Cash and cash equivalents at beginning of year | 1,217.7 |  |  | 94.6 |  |  | 71.5 |  |  | — |  |  | 1,383.8 |
Cash and cash equivalents at end of year | $ | 1,076.4 |  |  | $ | 154.0 |  |  | $ | 72.8 |  |  | $ | — |  |  | $ | 1,303.2 |
NOTE Q – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Year Ended September 30, 2015
| D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
| (In millions)
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 308.2 |  |  | $ | 530.1 |  |  | $ | (106.3 | ) |  | $ | (31.6 | ) |  | $ | 700.4 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment | (24.5 | ) |  | (24.8 | ) |  | (6.8 | ) |  | — |  |  | (56.1 | )
Proceeds from the sale of property and equipment to a related party | 56.0 |  |  | — |  |  | — |  |  | — |  |  | 56.0 |
Increase in restricted cash | (0.4 | ) |  | (0.3 | ) |  | — |  |  | — |  |  | (0.7 | )
Net principal increase of other mortgage loans and real estate owned | — |  |  | — |  |  | (8.9 | ) |  | — |  |  | (8.9 | )
Purchases of debt securities collateralized by residential real estate | (14.8 | ) |  | — |  |  | — |  |  | — |  |  | (14.8 | )
Intercompany advances | 444.7 |  |  | — |  |  | — |  |  | (444.7 | ) |  | — |
Payments related to acquisition of a business | (70.9 | ) |  | — |  |  | — |  |  | — |  |  | (70.9 | )
Net cash provided by (used in) investing activities | 390.1 |  |  | (25.1 | ) |  | (15.7 | ) |  | (444.7 | ) |  | (95.4 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from notes payable | 1,472.0 |  |  | — |  |  | 118.7 |  |  | — |  |  | 1,590.7 |
Repayment of notes payable | (1,432.5 | ) |  | (6.3 | ) |  | (17.4 | ) |  | — |  |  | (1,456.2 | )
Intercompany advances | — |  |  | (493.6 | ) |  | 48.9 |  |  | 444.7 |  |  | — |
Proceeds from stock associated with certain employee benefit plans | 61.8 |  |  | — |  |  | — |  |  | — |  |  | 61.8 |
Excess income tax benefit from employee stock awards | 12.3 |  |  | — |  |  | — |  |  | — |  |  | 12.3 |
Cash dividends paid | (91.6 | ) |  | — |  |  | (31.6 | ) |  | 31.6 |  |  | (91.6 | )
Net cash provided by (used in) financing activities | 22.0 |  |  | (499.9 | ) |  | 118.6 |  |  | 476.3 |  |  | 117.0 |
Increase (decrease) in cash and cash equivalents | 720.3 |  |  | 5.1 |  |  | (3.4 | ) |  | — |  |  | 722.0 |
Cash and cash equivalents at beginning of year | 497.4 |  |  | 89.5 |  |  | 74.9 |  |  | — |  |  | 661.8 |
Cash and cash equivalents at end of year | $ | 1,217.7 |  |  | $ | 94.6 |  |  | $ | 71.5 |  |  | $ | — |  |  | $ | 1,383.8 |

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