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Supplemental Guarantor Information | 3 Months Ended
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Dec. 31, 2017
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 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 associated with the Forestar land development operation, the financial services operations and certain other subsidiaries do not guarantee the Company’s senior notes or the 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 its (a) proper designation as an unrestricted subsidiary, (b) ceasing to guarantee any of the Company’s publicly traded debt securities, or (c) ceasing to guarantee any of the Company’s obligations under the revolving credit facility. To conform to the current year presentation, the Company’s equity in income of subsidiaries in its condensed consolidating statement of operations for the three months ended December 31, 2016 is presented after income tax expense. As a result, the amounts of equity in income of subsidiaries and income tax expense were each reduced by $89.4 million in both the D.R. Horton, Inc. and Eliminations columns. This reclassification, which the Company determined was not material, had no impact on any financial statements or notes, except for the D.R. Horton, Inc. and Eliminations columns of the condensed consolidating statement of operations in this Supplemental Guarantor Information note. Prior period financial information will be presented similarly in the condensed consolidating statement of operations of future filings. NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet December 31, 2017
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 438.3 |  |  | $ | 79.4 |  |  | $ | 402.6 |  |  | $ | — |  |  | $ | 920.3 |
Restricted cash |  | 6.2 |  |  | 2.1 |  |  | 45.4 |  |  | — |  |  | 53.7 |
Investments in subsidiaries |  | 5,485.7 |  |  | — |  |  | — |  |  | (5,485.7 | ) |  | — |
Inventories |  | 3,762.6 |  |  | 5,899.7 |  |  | 377.9 |  |  | — |  |  | 10,040.2 |
Investment in unconsolidated entities |  | — |  |  | — |  |  | 86.1 |  |  | — |  |  | 86.1 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 538.2 |  |  | — |  |  | 538.2 |
Deferred income taxes |  | 87.9 |  |  | 146.1 |  |  | 5.1 |  |  | — |  |  | 239.1 |
Property and equipment, net |  | 112.1 |  |  | 61.8 |  |  | 189.6 |  |  | (5.8 | ) |  | 357.7 |
Other assets |  | 251.4 |  |  | 292.4 |  |  | 78.2 |  |  | — |  |  | 622.0 |
Goodwill |  | — |  |  | 80.0 |  |  | 20.0 |  |  | — |  |  | 100.0 |
Intercompany receivables |  | 1,041.5 |  |  | — |  |  | — |  |  | (1,041.5 | ) |  | — |
Total Assets |  | $ | 11,185.7 |  |  | $ | 6,561.5 |  |  | $ | 1,743.1 |  |  | $ | (6,533.0 | ) |  | $ | 12,957.3 |
LIABILITIES & EQUITY |  |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 558.4 |  |  | $ | 937.8 |  |  | $ | 149.6 |  |  | $ | (2.0 | ) |  | $ | 1,643.8 |
Intercompany payables |  | — |  |  | 831.7 |  |  | 209.8 |  |  | (1,041.5 | ) |  | — |
Notes payable |  | 2,741.5 |  |  | 8.1 |  |  | 508.5 |  |  | — |  |  | 3,258.1 |
Total Liabilities |  | 3,299.9 |  |  | 1,777.6 |  |  | 867.9 |  |  | (1,043.5 | ) |  | 4,901.9 |
Stockholders’ equity |  | 7,885.8 |  |  | 4,783.9 |  |  | 701.8 |  |  | (5,489.5 | ) |  | 7,882.0 |
Noncontrolling interests |  | — |  |  | — |  |  | 173.4 |  |  | — |  |  | 173.4 |
Total Equity |  | 7,885.8 |  |  | 4,783.9 |  |  | 875.2 |  |  | (5,489.5 | ) |  | 8,055.4 |
Total Liabilities & Equity |  | $ | 11,185.7 |  |  | $ | 6,561.5 |  |  | $ | 1,743.1 |  |  | $ | (6,533.0 | ) |  | $ | 12,957.3 |
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) 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 |  |  | 7.2 |  |  | — |  |  | 16.5 |
Investments in subsidiaries |  | 4,812.6 |  |  | — |  |  | — |  |  | (4,812.6 | ) |  | — |
Inventories |  | 3,540.4 |  |  | 5,579.9 |  |  | 116.8 |  |  | — |  |  | 9,237.1 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 587.3 |  |  | — |  |  | 587.3 |
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 |  |  | 60.7 |  |  | — |  |  | 565.9 |
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 P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2017
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 1,163.8 |  |  | $ | 2,052.4 |  |  | $ | 116.5 |  |  | $ | — |  |  | $ | 3,332.7 |
Cost of sales |  | 915.4 |  |  | 1,640.0 |  |  | 24.7 |  |  | — |  |  | 2,580.1 |
Selling, general and administrative expense |  | 152.2 |  |  | 151.5 |  |  | 80.5 |  |  | — |  |  | 384.2 |
Equity in earnings of unconsolidated entities |  | — |  |  | — |  |  | (2.3 | ) |  | — |  |  | (2.3 | )
Other (income) expense |  | (0.4 | ) |  | — |  |  | (20.1 | ) |  | — |  |  | (20.5 | )
Income before income taxes |  | 96.6 |  |  | 260.9 |  |  | 33.7 |  |  | — |  |  | 391.2 |
Income tax expense |  | 51.1 |  |  | 137.9 |  |  | 13.4 |  |  | — |  |  | 202.4 |
Equity in net income of subsidiaries, net of tax |  | 143.3 |  |  | — |  |  | — |  |  | (143.3 | ) |  | — |
Net income |  | 188.8 |  |  | 123.0 |  |  | 20.3 |  |  | (143.3 | ) |  | 188.8 |
Net loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Net income attributable to D.R. Horton, Inc. |  | $ | 188.8 |  |  | $ | 123.0 |  |  | $ | 20.8 |  |  | $ | (143.3 | ) |  | $ | 189.3 |
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2016
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 918.1 |  |  | $ | 1,896.1 |  |  | $ | 90.0 |  |  | $ | — |  |  | $ | 2,904.2 |
Cost of sales |  | 735.4 |  |  | 1,524.7 |  |  | 7.8 |  |  | — |  |  | 2,267.9 |
Selling, general and administrative expense |  | 124.0 |  |  | 143.3 |  |  | 58.6 |  |  | — |  |  | 325.9 |
Other (income) expense |  | (4.1 | ) |  | — |  |  | (3.6 | ) |  | — |  |  | (7.7 | )
Income before income taxes |  | 62.8 |  |  | 228.1 |  |  | 27.2 |  |  | — |  |  | 318.1 |
Income tax expense |  | 21.8 |  |  | 79.2 |  |  | 10.2 |  |  | — |  |  | 111.2 |
Equity in net income of subsidiaries, net of tax |  | 165.9 |  |  | — |  |  | — |  |  | (165.9 | ) |  | — |
Net income |  | $ | 206.9 |  |  | $ | 148.9 |  |  | $ | 17.0 |  |  | $ | (165.9 | ) |  | $ | 206.9 |
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 31, 2017
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  | $ | (3.0 | ) |  | $ | (61.6 | ) |  | $ | 21.6 |  |  | $ | (32.0 | ) |  | $ | (75.0 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment |  | (15.1 | ) |  | (7.8 | ) |  | (21.5 | ) |  | — |  |  | (44.4 | )
Proceeds from sale of rental properties |  | — |  |  | — |  |  | 24.8 |  |  | — |  |  | 24.8 |
Decrease (increase) in restricted cash |  | 1.6 |  |  | (0.6 | ) |  | (38.2 | ) |  | — |  |  | (37.2 | )
Investment in unconsolidated entities |  | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Return of investment in unconsolidated entities |  | — |  |  | — |  |  | 15.0 |  |  | — |  |  | 15.0 |
Net principal decrease of other mortgage loans and real estate owned |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Intercompany advances |  | 2.7 |  |  | — |  |  | — |  |  | (2.7 | ) |  | — |
Payments related to acquisition of a business, net of cash acquired |  | (558.3 | ) |  | — |  |  | 401.9 |  |  | — |  |  | (156.4 | )
Net cash (used in) provided by investing activities |  | (569.1 | ) |  | (8.4 | ) |  | 382.0 |  |  | (2.7 | ) |  | (198.2 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Proceeds from notes payable |  | 1,112.8 |  |  | — |  |  | 1.1 |  |  | — |  |  | 1,113.9 |
Repayment of notes payable |  | (815.2 | ) |  | (0.6 | ) |  | (10.0 | ) |  | — |  |  | (825.8 | )
Payments on mortgage repurchase facility, net |  | — |  |  | — |  |  | (32.6 | ) |  | — |  |  | (32.6 | )
Intercompany advances |  | — |  |  | (4.5 | ) |  | 1.8 |  |  | 2.7 |  |  | — |
Proceeds from stock associated with certain employee benefit plans |  | 14.6 |  |  | — |  |  | — |  |  | — |  |  | 14.6 |
Cash paid for shares withheld for taxes |  | (10.3 | ) |  | — |  |  | — |  |  | — |  |  | (10.3 | )
Cash dividends paid |  | (47.0 | ) |  | — |  |  | (32.0 | ) |  | 32.0 |  |  | (47.0 | )
Repurchases of common stock |  | (25.4 | ) |  | — |  |  | — |  |  | — |  |  | (25.4 | )
Distributions to noncontrolling interests, net |  | — |  |  | — |  |  | (1.7 | ) |  | — |  |  | (1.7 | )
Net cash provided by (used in) financing activities |  | 229.5 |  |  | (5.1 | ) |  | (73.4 | ) |  | 34.7 |  |  | 185.7 |
(Decrease) increase in cash and cash equivalents |  | (342.6 | ) |  | (75.1 | ) |  | 330.2 |  |  | — |  |  | (87.5 | )
Cash and cash equivalents at beginning of period |  | 780.9 |  |  | 154.5 |  |  | 72.4 |  |  | — |  |  | 1,007.8 |
Cash and cash equivalents at end of period |  | $ | 438.3 |  |  | $ | 79.4 |  |  | $ | 402.6 |  |  | $ | — |  |  | $ | 920.3 |
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 31, 2016
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  | $ | (102.0 | ) |  | $ | 40.5 |  |  | $ | 83.3 |  |  | $ | (50.0 | ) |  | $ | (28.2 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment |  | (10.5 | ) |  | (5.4 | ) |  | (6.3 | ) |  | — |  |  | (22.2 | )
Decrease (increase) in restricted cash |  | 0.4 |  |  | 0.3 |  |  | (6.7 | ) |  | — |  |  | (6.0 | )
Net principal decrease of other mortgage loans and real estate owned |  | — |  |  | — |  |  | 1.0 |  |  | — |  |  | 1.0 |
Intercompany advances |  | 91.1 |  |  | — |  |  | — |  |  | (91.1 | ) |  | — |
Payments related to acquisition of a business |  | (4.1 | ) |  | — |  |  | — |  |  | — |  |  | (4.1 | )
Net cash provided by (used in) investing activities |  | 76.9 |  |  | (5.1 | ) |  | (12.0 | ) |  | (91.1 | ) |  | (31.3 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Repayment of notes payable |  | — |  |  | (0.3 | ) |  | — |  |  | — |  |  | (0.3 | )
Payments on mortgage repurchase facility, net |  | — |  |  | — |  |  | (54.0 | ) |  | — |  |  | (54.0 | )
Intercompany advances |  | — |  |  | (127.9 | ) |  | 36.8 |  |  | 91.1 |  |  | — |
Proceeds from stock associated with certain employee benefit plans |  | 2.8 |  |  | — |  |  | — |  |  | — |  |  | 2.8 |
Excess income tax benefit from employee stock awards |  | 0.5 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |
Cash paid for shares withheld for taxes |  | (5.1 | ) |  | — |  |  | — |  |  | — |  |  | (5.1 | )
Cash dividends paid |  | (37.3 | ) |  | — |  |  | (50.0 | ) |  | 50.0 |  |  | (37.3 | )
Net cash used in financing activities |  | (39.1 | ) |  | (128.2 | ) |  | (67.2 | ) |  | 141.1 |  |  | (93.4 | )
(Decrease) increase in cash and cash equivalents |  | (64.2 | ) |  | (92.8 | ) |  | 4.1 |  |  | — |  |  | (152.9 | )
Cash and cash equivalents at beginning of period |  | 1,076.4 |  |  | 154.0 |  |  | 72.8 |  |  | — |  |  | 1,303.2 |
Cash and cash equivalents at end of period |  | $ | 1,012.2 |  |  | $ | 61.2 |  |  | $ | 76.9 |  |  | $ | — |  |  | $ | 1,150.3 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161450&loc=d3e5614-111684 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01(a)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 + Details
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