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Supplemental Guarantor Information (Tables) | 9 Months Ended
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Jun. 30, 2018
Supplemental Guarantor Information [Abstract] |
Condensed Financial Statements | Consolidating Balance Sheet June 30, 2018
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 596.1 |  |  | $ | 107.3 |  |  | $ | 474.8 |  |  | $ | — |  |  | $ | 1,178.2 |
Restricted cash |  | 7.9 |  |  | 3.3 |  |  | 47.5 |  |  | — |  |  | 58.7 |
Investments in subsidiaries |  | 6,064.2 |  |  | — |  |  | — |  |  | (6,064.2 | ) |  | — |
Inventories |  | 4,089.8 |  |  | 5,806.0 |  |  | 412.9 |  |  | (5.4 | ) |  | 10,303.3 |
Investment in unconsolidated entities |  | — |  |  | — |  |  | 32.2 |  |  | — |  |  | 32.2 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 679.9 |  |  | — |  |  | 679.9 |
Deferred income taxes, net |  | 79.0 |  |  | 121.9 |  |  | 3.7 |  |  | — |  |  | 204.6 |
Property and equipment, net |  | 111.7 |  |  | 63.5 |  |  | 216.6 |  |  | (6.6 | ) |  | 385.2 |
Other assets |  | 269.7 |  |  | 320.8 |  |  | 87.8 |  |  | (36.2 | ) |  | 642.1 |
Goodwill |  | — |  |  | 80.0 |  |  | 29.2 |  |  | — |  |  | 109.2 |
Intercompany receivables |  | 425.9 |  |  | — |  |  | — |  |  | (425.9 | ) |  | — |
Total Assets |  | $ | 11,644.3 |  |  | $ | 6,502.8 |  |  | $ | 1,984.6 |  |  | $ | (6,538.3 | ) |  | $ | 13,593.4 |
LIABILITIES & EQUITY |  |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 593.2 |  |  | $ | 980.3 |  |  | $ | 197.2 |  |  | $ | (40.8 | ) |  | $ | 1,729.9 |
Intercompany payables |  | — |  |  | 175.6 |  |  | 250.3 |  |  | (425.9 | ) |  | — |
Notes payable |  | 2,443.0 |  |  | 4.1 |  |  | 646.5 |  |  | — |  |  | 3,093.6 |
Total Liabilities |  | 3,036.2 |  |  | 1,160.0 |  |  | 1,094.0 |  |  | (466.7 | ) |  | 4,823.5 |
Stockholders’ equity |  | 8,608.1 |  |  | 5,342.8 |  |  | 721.4 |  |  | (6,075.0 | ) |  | 8,597.3 |
Noncontrolling interests |  | — |  |  | — |  |  | 169.2 |  |  | 3.4 |  |  | 172.6 |
Total Equity |  | 8,608.1 |  |  | 5,342.8 |  |  | 890.6 |  |  | (6,071.6 | ) |  | 8,769.9 |
Total Liabilities & Equity |  | $ | 11,644.3 |  |  | $ | 6,502.8 |  |  | $ | 1,984.6 |  |  | $ | (6,538.3 | ) |  | $ | 13,593.4 |
NOTE O – 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, net |  | 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 O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended June 30, 2018
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 1,630.8 |  |  | $ | 2,693.9 |  |  | $ | 119.5 |  |  | $ | (8.9 | ) |  | $ | 4,435.3 |
Cost of sales |  | 1,293.3 |  |  | 2,092.5 |  |  | 17.0 |  |  | (5.6 | ) |  | 3,397.2 |
Selling, general and administrative expense |  | 174.4 |  |  | 174.1 |  |  | 86.4 |  |  | — |  |  | 434.9 |
Equity in earnings of unconsolidated entities |  | — |  |  | — |  |  | (0.4 | ) |  | — |  |  | (0.4 | )
Other (income) expense |  | (1.5 | ) |  | 0.5 |  |  | (11.6 | ) |  | — |  |  | (12.6 | )
Income before income taxes |  | 164.6 |  |  | 426.8 |  |  | 28.1 |  |  | (3.3 | ) |  | 616.2 |
Income tax expense |  | 43.8 |  |  | 113.6 |  |  | 5.1 |  |  | — |  |  | 162.5 |
Equity in net income of subsidiaries, net of tax |  | 336.2 |  |  | — |  |  | — |  |  | (336.2 | ) |  | — |
Net income |  | 457.0 |  |  | 313.2 |  |  | 23.0 |  |  | (339.5 | ) |  | 453.7 |
Net loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (3.5 | ) |  | 3.4 |  |  | (0.1 | )
Net income attributable to D.R. Horton, Inc. |  | $ | 457.0 |  |  | $ | 313.2 |  |  | $ | 26.5 |  |  | $ | (342.9 | ) |  | $ | 453.8 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Nine Months Ended June 30, 2018
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 4,082.7 |  |  | $ | 7,149.0 |  |  | $ | 353.6 |  |  | $ | (22.4 | ) |  | $ | 11,562.9 |
Cost of sales |  | 3,235.0 |  |  | 5,659.4 |  |  | 61.1 |  |  | (16.5 | ) |  | 8,939.0 |
Selling, general and administrative expense |  | 483.4 |  |  | 490.6 |  |  | 245.9 |  |  | — |  |  | 1,219.9 |
Equity in earnings of unconsolidated entities |  | — |  |  | — |  |  | (3.1 | ) |  | — |  |  | (3.1 | )
Gain on sale of assets |  | — |  |  | — |  |  | (14.5 | ) |  | — |  |  | (14.5 | )
Other (income) expense |  | (3.5 | ) |  | (0.2 | ) |  | (27.0 | ) |  | — |  |  | (30.7 | )
Income before income taxes |  | 367.8 |  |  | 999.2 |  |  | 91.2 |  |  | (5.9 | ) |  | 1,452.3 |
Income tax expense |  | 117.0 |  |  | 318.7 |  |  | 24.2 |  |  | (1.0 | ) |  | 458.9 |
Equity in net income of subsidiaries, net of tax |  | 747.5 |  |  | — |  |  | — |  |  | (747.5 | ) |  | — |
Net income |  | 998.3 |  |  | 680.5 |  |  | 67.0 |  |  | (752.4 | ) |  | 993.4 |
Net loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (4.1 | ) |  | 3.4 |  |  | (0.7 | )
Net income attributable to D.R. Horton, Inc. |  | $ | 998.3 |  |  | $ | 680.5 |  |  | $ | 71.1 |  |  | $ | (755.8 | ) |  | $ | 994.1 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended June 30, 2017
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 1,332.0 |  |  | $ | 2,352.3 |  |  | $ | 92.1 |  |  | $ | — |  |  | $ | 3,776.4 |
Cost of sales |  | 1,056.7 |  |  | 1,900.9 |  |  | 3.5 |  |  | — |  |  | 2,961.1 |
Selling, general and administrative expense |  | 148.5 |  |  | 159.9 |  |  | 66.1 |  |  | — |  |  | 374.5 |
Other (income) expense |  | (0.7 | ) |  | (0.2 | ) |  | (2.8 | ) |  | — |  |  | (3.7 | )
Income before income taxes |  | 127.5 |  |  | 291.7 |  |  | 25.3 |  |  | — |  |  | 444.5 |
Income tax expense |  | 44.4 |  |  | 101.3 |  |  | 9.8 |  |  | — |  |  | 155.5 |
Equity in net income of subsidiaries, net of tax |  | 205.9 |  |  | — |  |  | — |  |  | (205.9 | ) |  | — |
Net income |  | $ | 289.0 |  |  | $ | 190.4 |  |  | $ | 15.5 |  |  | $ | (205.9 | ) |  | $ | 289.0 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Nine Months Ended June 30, 2017
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 3,344.5 |  |  | $ | 6,293.0 |  |  | $ | 294.4 |  |  | $ | — |  |  | $ | 9,931.9 |
Cost of sales |  | 2,670.0 |  |  | 5,072.9 |  |  | 36.0 |  |  | — |  |  | 7,778.9 |
Selling, general and administrative expense |  | 415.7 |  |  | 452.8 |  |  | 187.0 |  |  | — |  |  | 1,055.5 |
Other (income) expense |  | (5.9 | ) |  | (1.1 | ) |  | (12.0 | ) |  | — |  |  | (19.0 | )
Income before income taxes |  | 264.7 |  |  | 768.4 |  |  | 83.4 |  |  | — |  |  | 1,116.5 |
Income tax expense |  | 92.2 |  |  | 267.7 |  |  | 31.5 |  |  | — |  |  | 391.4 |
Equity in net income of subsidiaries, net of tax |  | 552.6 |  |  | — |  |  | — |  |  | (552.6 | ) |  | — |
Net income |  | $ | 725.1 |  |  | $ | 500.7 |  |  | $ | 51.9 |  |  | $ | (552.6 | ) |  | $ | 725.1 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Nine Months Ended June 30, 2018
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  | $ | (17.9 | ) |  | $ | 640.4 |  |  | $ | (254.0 | ) |  | $ | (62.0 | ) |  | $ | 306.5 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment |  | (29.1 | ) |  | (21.5 | ) |  | (64.5 | ) |  | 5.0 |  |  | (110.1 | )
Proceeds from sale of assets |  | — |  |  | — |  |  | 261.1 |  |  | — |  |  | 261.1 |
Increase in restricted cash |  | (0.2 | ) |  | (1.8 | ) |  | (40.2 | ) |  | — |  |  | (42.2 | )
Investment in unconsolidated entities |  | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Return of investment in unconsolidated entities |  | — |  |  | — |  |  | 15.5 |  |  | — |  |  | 15.5 |
Net principal increase of other mortgage loans and real estate owned |  | — |  |  | — |  |  | (0.8 | ) |  | — |  |  | (0.8 | )
Intercompany advances |  | 615.7 |  |  | — |  |  | — |  |  | (615.7 | ) |  | — |
Payments related to business acquisitions, net of cash acquired |  | (560.0 | ) |  | — |  |  | 401.9 |  |  | — |  |  | (158.1 | )
Net cash provided by (used in) investing activities |  | 26.4 |  |  | (23.3 | ) |  | 572.9 |  |  | (610.7 | ) |  | (34.7 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Proceeds from notes payable |  | 2,162.2 |  |  | — |  |  | 2.1 |  |  | — |  |  | 2,164.3 |
Repayment of notes payable |  | (2,165.2 | ) |  | (3.7 | ) |  | (10.6 | ) |  | — |  |  | (2,179.5 | )
Advances on mortgage repurchase facility, net |  | — |  |  | — |  |  | 106.3 |  |  | — |  |  | 106.3 |
Intercompany advances |  | — |  |  | (660.6 | ) |  | 44.9 |  |  | 615.7 |  |  | — |
Proceeds from stock associated with certain employee benefit plans |  | 36.2 |  |  | — |  |  | — |  |  | — |  |  | 36.2 |
Cash paid for shares withheld for taxes |  | (10.3 | ) |  | — |  |  | — |  |  | — |  |  | (10.3 | )
Cash dividends paid |  | (141.3 | ) |  | — |  |  | (57.0 | ) |  | 57.0 |  |  | (141.3 | )
Repurchases of common stock |  | (74.9 | ) |  | — |  |  | — |  |  | — |  |  | (74.9 | )
Distributions to noncontrolling interests, net |  | — |  |  | — |  |  | (2.2 | ) |  | — |  |  | (2.2 | )
Net cash (used in) provided by financing activities |  | (193.3 | ) |  | (664.3 | ) |  | 83.5 |  |  | 672.7 |  |  | (101.4 | )
(Decrease) increase in cash and cash equivalents |  | (184.8 | ) |  | (47.2 | ) |  | 402.4 |  |  | — |  |  | 170.4 |
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 |  | $ | 596.1 |  |  | $ | 107.3 |  |  | $ | 474.8 |  |  | $ | — |  |  | $ | 1,178.2 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Nine Months Ended June 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 |  | $ | (392.7 | ) |  | $ | 239.1 |  |  | $ | 42.9 |  |  | $ | (75.0 | ) |  | $ | (185.7 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment |  | (44.6 | ) |  | (18.8 | ) |  | (40.1 | ) |  | — |  |  | (103.5 | )
Increase in restricted cash |  | (1.1 | ) |  | (0.3 | ) |  | (8.5 | ) |  | — |  |  | (9.9 | )
Net principal decrease of other mortgage loans and real estate owned |  | — |  |  | — |  |  | 5.3 |  |  | — |  |  | 5.3 |
Purchases of debt securities collateralized by residential real estate |  | (8.8 | ) |  | — |  |  | — |  |  | — |  |  | (8.8 | )
Intercompany advances |  | 187.3 |  |  | — |  |  | — |  |  | (187.3 | ) |  | — |
Payments related to business acquisitions |  | (4.1 | ) |  | — |  |  | — |  |  | — |  |  | (4.1 | )
Net cash provided by (used in) investing activities |  | 128.7 |  |  | (19.1 | ) |  | (43.3 | ) |  | (187.3 | ) |  | (121.0 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Proceeds from notes payable |  | 700.0 |  |  | — |  |  | — |  |  | — |  |  | 700.0 |
Repayment of notes payable |  | (1,050.0 | ) |  | (1.4 | ) |  | — |  |  | — |  |  | (1,051.4 | )
Advances on mortgage repurchase facility, net |  | — |  |  | — |  |  | 0.4 |  |  | — |  |  | 0.4 |
Intercompany advances |  | — |  |  | (282.8 | ) |  | 95.5 |  |  | 187.3 |  |  | — |
Proceeds from stock associated with certain employee benefit plans |  | 34.3 |  |  | — |  |  | — |  |  | — |  |  | 34.3 |
Excess income tax benefit from employee stock awards |  | 10.5 |  |  | — |  |  | — |  |  | — |  |  | 10.5 |
Cash paid for shares withheld for taxes |  | (5.1 | ) |  | — |  |  | — |  |  | — |  |  | (5.1 | )
Cash dividends paid |  | (112.2 | ) |  | — |  |  | (75.0 | ) |  | 75.0 |  |  | (112.2 | )
Repurchases of common stock |  | (60.6 | ) |  | — |  |  | — |  |  | — |  |  | (60.6 | )
Net cash (used in) provided by financing activities |  | (483.1 | ) |  | (284.2 | ) |  | 20.9 |  |  | 262.3 |  |  | (484.1 | )
(Decrease) increase in cash and cash equivalents |  | (747.1 | ) |  | (64.2 | ) |  | 20.5 |  |  | — |  |  | (790.8 | )
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 |  | $ | 329.3 |  |  | $ | 89.8 |  |  | $ | 93.3 |  |  | $ | — |  |  | $ | 512.4 |

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