XML 44 R32.htm IDEA: XBRL DOCUMENT
v3.19.1

Supplemental Guarantor Information (Tables) | 6 Months Ended
--- | ---
Mar. 31, 2019
Supplemental Guarantor Information [Abstract] |
Condensed Financial Statements | Consolidating Balance Sheet March 31, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 405.4 |  |  | $ | 104.3 |  |  | $ | 189.1 |  |  | $ | — |  |  | $ | 698.8 |
Restricted cash |  | 7.6 |  |  | 1.8 |  |  | 23.0 |  |  | — |  |  | 32.4 |
Investment in subsidiaries |  | 6,739.8 |  |  | — |  |  | — |  |  | (6,739.8 | ) |  | — |
Inventories |  | 4,458.3 |  |  | 6,527.4 |  |  | 955.2 |  |  | (20.6 | ) |  | 11,920.3 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 796.5 |  |  | — |  |  | 796.5 |
Deferred income taxes, net |  | 52.1 |  |  | 92.3 |  |  | 24.6 |  |  | 2.9 |  |  | 171.9 |
Property and equipment, net |  | 112.2 |  |  | 76.8 |  |  | 253.3 |  |  | (4.4 | ) |  | 437.9 |
Other assets |  | 328.7 |  |  | 402.5 |  |  | 129.6 |  |  | (75.1 | ) |  | 785.7 |
Goodwill |  | — |  |  | 134.3 |  |  | 29.2 |  |  | — |  |  | 163.5 |
Intercompany receivables |  | 596.9 |  |  | — |  |  | — |  |  | (596.9 | ) |  | — |
Total Assets |  | $ | 12,701.0 |  |  | $ | 7,339.4 |  |  | $ | 2,400.5 |  |  | $ | (7,433.9 | ) |  | $ | 15,007.0 |
LIABILITIES & EQUITY |  |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 625.2 |  |  | $ | 1,034.1 |  |  | $ | 272.1 |  |  | $ | (80.8 | ) |  | $ | 1,850.6 |
Intercompany payables |  | — |  |  | 298.9 |  |  | 298.0 |  |  | (596.9 | ) |  | — |
Notes payable |  | 2,697.8 |  |  | 1.9 |  |  | 922.7 |  |  | — |  |  | 3,622.4 |
Total Liabilities |  | 3,323.0 |  |  | 1,334.9 |  |  | 1,492.8 |  |  | (677.7 | ) |  | 5,473.0 |
Stockholders’ equity |  | 9,378.0 |  |  | 6,004.5 |  |  | 735.7 |  |  | (6,757.9 | ) |  | 9,360.3 |
Noncontrolling interests |  | — |  |  | — |  |  | 172.0 |  |  | 1.7 |  |  | 173.7 |
Total Equity |  | 9,378.0 |  |  | 6,004.5 |  |  | 907.7 |  |  | (6,756.2 | ) |  | 9,534.0 |
Total Liabilities & Equity |  | $ | 12,701.0 |  |  | $ | 7,339.4 |  |  | $ | 2,400.5 |  |  | $ | (7,433.9 | ) |  | $ | 15,007.0 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet September 30, 2018
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 908.1 |  |  | $ | 158.7 |  |  | $ | 406.3 |  |  | $ | — |  |  | $ | 1,473.1 |
Restricted cash |  | 6.6 |  |  | 2.0 |  |  | 24.3 |  |  | — |  |  | 32.9 |
Investment in subsidiaries |  | 6,344.9 |  |  | — |  |  | — |  |  | (6,344.9 | ) |  | — |
Inventories |  | 4,037.1 |  |  | 5,824.1 |  |  | 545.0 |  |  | (11.2 | ) |  | 10,395.0 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 796.4 |  |  | — |  |  | 796.4 |
Deferred income taxes, net |  | 69.2 |  |  | 105.0 |  |  | 17.3 |  |  | 2.5 |  |  | 194.0 |
Property and equipment, net |  | 111.2 |  |  | 66.1 |  |  | 230.7 |  |  | (6.9 | ) |  | 401.1 |
Other assets |  | 306.6 |  |  | 361.3 |  |  | 90.2 |  |  | (45.2 | ) |  | 712.9 |
Goodwill |  | — |  |  | 80.0 |  |  | 29.2 |  |  | — |  |  | 109.2 |
Intercompany receivables |  | 246.2 |  |  | 27.3 |  |  | — |  |  | (273.5 | ) |  | — |
Total Assets |  | $ | 12,029.9 |  |  | $ | 6,624.5 |  |  | $ | 2,139.4 |  |  | $ | (6,679.2 | ) |  | $ | 14,114.6 |
LIABILITIES & EQUITY |  |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 590.8 |  |  | $ | 1,000.4 |  |  | $ | 210.1 |  |  | $ | (49.1 | ) |  | $ | 1,752.2 |
Intercompany payables |  | — |  |  | — |  |  | 273.5 |  |  | (273.5 | ) |  | — |
Notes payable |  | 2,443.9 |  |  | 2.1 |  |  | 757.5 |  |  | — |  |  | 3,203.5 |
Total Liabilities |  | 3,034.7 |  |  | 1,002.5 |  |  | 1,241.1 |  |  | (322.6 | ) |  | 4,955.7 |
Stockholders’ equity |  | 8,995.2 |  |  | 5,622.0 |  |  | 722.8 |  |  | (6,355.6 | ) |  | 8,984.4 |
Noncontrolling interests |  | — |  |  | — |  |  | 175.5 |  |  | (1.0 | ) |  | 174.5 |
Total Equity |  | 8,995.2 |  |  | 5,622.0 |  |  | 898.3 |  |  | (6,356.6 | ) |  | 9,158.9 |
Total Liabilities & Equity |  | $ | 12,029.9 |  |  | $ | 6,624.5 |  |  | $ | 2,139.4 |  |  | $ | (6,679.2 | ) |  | $ | 14,114.6 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended March 31, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 1,575.2 |  |  | $ | 2,419.7 |  |  | $ | 173.5 |  |  | $ | (39.7 | ) |  | $ | 4,128.7 |
Cost of sales |  | 1,249.8 |  |  | 1,989.5 |  |  | 52.4 |  |  | (35.0 | ) |  | 3,256.7 |
Selling, general and administrative expense |  | 193.3 |  |  | 164.9 |  |  | 86.0 |  |  | — |  |  | 444.2 |
Gain on sale of assets |  | — |  |  | — |  |  | (26.8 | ) |  | (2.5 | ) |  | (29.3 | )
Other (income) expense |  | (1.1 | ) |  | (0.4 | ) |  | (4.2 | ) |  | — |  |  | (5.7 | )
Income before income taxes |  | 133.2 |  |  | 265.7 |  |  | 66.1 |  |  | (2.2 | ) |  | 462.8 |
Income tax expense |  | 31.4 |  |  | 62.3 |  |  | 15.2 |  |  | (0.5 | ) |  | 108.4 |
Equity in net income of subsidiaries, net of tax |  | 253.5 |  |  | — |  |  | — |  |  | (253.5 | ) |  | — |
Net income |  | 355.3 |  |  | 203.4 |  |  | 50.9 |  |  | (255.2 | ) |  | 354.4 |
Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 0.6 |  |  | 2.5 |  |  | 3.1 |
Net income attributable to D.R. Horton, Inc. |  | $ | 355.3 |  |  | $ | 203.4 |  |  | $ | 50.3 |  |  | $ | (257.7 | ) |  | $ | 351.3 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Six Months Ended March 31, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 2,910.9 |  |  | $ | 4,501.4 |  |  | $ | 304.1 |  |  | $ | (68.7 | ) |  | $ | 7,647.7 |
Cost of sales |  | 2,307.0 |  |  | 3,670.9 |  |  | 90.4 |  |  | (60.5 | ) |  | 6,007.8 |
Selling, general and administrative expense |  | 351.2 |  |  | 330.8 |  |  | 165.0 |  |  | — |  |  | 847.0 |
Gain on sale of assets |  | (2.0 | ) |  | — |  |  | (26.8 | ) |  | (2.5 | ) |  | (31.3 | )
Other (income) expense |  | (2.0 | ) |  | (0.8 | ) |  | (11.5 | ) |  | — |  |  | (14.3 | )
Income before income taxes |  | 256.7 |  |  | 500.5 |  |  | 87.0 |  |  | (5.7 | ) |  | 838.5 |
Income tax expense |  | 60.6 |  |  | 118.1 |  |  | 20.0 |  |  | (1.3 | ) |  | 197.4 |
Equity in net income of subsidiaries, net of tax |  | 449.4 |  |  | — |  |  | — |  |  | (449.4 | ) |  | — |
Net income |  | 645.5 |  |  | 382.4 |  |  | 67.0 |  |  | (453.8 | ) |  | 641.1 |
Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | 2.7 |  |  | 2.7 |
Net income attributable to D.R. Horton, Inc. |  | $ | 645.5 |  |  | $ | 382.4 |  |  | $ | 67.0 |  |  | $ | (456.5 | ) |  | $ | 638.4 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended March 31, 2018
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 1,288.0 |  |  | $ | 2,402.7 |  |  | $ | 117.5 |  |  | $ | (13.5 | ) |  | $ | 3,794.7 |
Cost of sales |  | 1,026.2 |  |  | 1,926.9 |  |  | 19.4 |  |  | (10.9 | ) |  | 2,961.6 |
Selling, general and administrative expense |  | 156.9 |  |  | 164.8 |  |  | 79.2 |  |  | — |  |  | 400.9 |
Gain on sale of assets |  | — |  |  | — |  |  | (1.1 | ) |  | — |  |  | (1.1 | )
Other (income) expense |  | (1.7 | ) |  | (0.7 | ) |  | (9.1 | ) |  | — |  |  | (11.5 | )
Income before income taxes |  | 106.6 |  |  | 311.7 |  |  | 29.1 |  |  | (2.6 | ) |  | 444.8 |
Income tax expense |  | 20.7 |  |  | 67.4 |  |  | 5.9 |  |  | — |  |  | 94.0 |
Equity in net income of subsidiaries, net of tax |  | 267.5 |  |  | — |  |  | — |  |  | (267.5 | ) |  | — |
Net income |  | 353.4 |  |  | 244.3 |  |  | 23.2 |  |  | (270.1 | ) |  | 350.8 |
Net loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Net income attributable to D.R. Horton, Inc. |  | $ | 353.4 |  |  | $ | 244.3 |  |  | $ | 23.4 |  |  | $ | (270.1 | ) |  | $ | 351.0 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Six Months Ended March 31, 2018
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 2,451.9 |  |  | $ | 4,455.1 |  |  | $ | 234.1 |  |  | $ | (13.5 | ) |  | $ | 7,127.6 |
Cost of sales |  | 1,941.6 |  |  | 3,567.0 |  |  | 44.1 |  |  | (10.9 | ) |  | 5,541.8 |
Selling, general and administrative expense |  | 309.1 |  |  | 316.4 |  |  | 159.6 |  |  | — |  |  | 785.1 |
Gain on sale of assets |  | — |  |  | — |  |  | (14.5 | ) |  | — |  |  | (14.5 | )
Other (income) expense |  | (2.1 | ) |  | (0.7 | ) |  | (18.1 | ) |  | — |  |  | (20.9 | )
Income before income taxes |  | 203.3 |  |  | 572.4 |  |  | 63.0 |  |  | (2.6 | ) |  | 836.1 |
Income tax expense |  | 71.8 |  |  | 205.3 |  |  | 19.3 |  |  | — |  |  | 296.4 |
Equity in net income of subsidiaries, net of tax |  | 410.8 |  |  | — |  |  | — |  |  | (410.8 | ) |  | — |
Net income |  | $ | 542.3 |  |  | $ | 367.1 |  |  | $ | 43.7 |  |  | $ | (413.4 | ) |  | $ | 539.7 |
Net loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (0.6 | ) |  | — |  |  | (0.6 | )
Net income attributable to D.R. Horton, Inc. |  | $ | 542.3 |  |  | $ | 367.1 |  |  | $ | 44.3 |  |  | $ | (413.4 | ) |  | $ | 540.3 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Six Months Ended March 31, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Net cash used in operating activities |  | $ | (76.5 | ) |  | $ | (61.5 | ) |  | $ | (245.0 | ) |  | $ | (78.7 | ) |  | $ | (461.7 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment |  | (16.7 | ) |  | (16.9 | ) |  | (36.2 | ) |  | — |  |  | (69.8 | )
Proceeds from sale of assets |  | 10.4 |  |  | — |  |  | 73.4 |  |  | — |  |  | 83.8 |
Expenditures related to multi-family rental properties |  | — |  |  | — |  |  | (28.3 | ) |  | — |  |  | (28.3 | )
Return of investment in unconsolidated entities |  | — |  |  | — |  |  | 4.4 |  |  | — |  |  | 4.4 |
Net principal increase of other mortgage loans and real estate owned |  | — |  |  | — |  |  | (1.6 | ) |  | — |  |  | (1.6 | )
Intercompany advances |  | (42.4 | ) |  | — |  |  | — |  |  | 42.4 |  |  | — |
Payments related to business acquisitions |  | (301.3 | ) |  | — |  |  | (8.3 | ) |  | — |  |  | (309.6 | )
Net cash (used in) provided by investing activities |  | (350.0 | ) |  | (16.9 | ) |  | 3.4 |  |  | 42.4 |  |  | (321.1 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Proceeds from notes payable |  | 1,775.0 |  |  | — |  |  | 40.0 |  |  | — |  |  | 1,815.0 |
Repayment of notes payable |  | (1,524.9 | ) |  | (1.1 | ) |  | (5.0 | ) |  | — |  |  | (1,531.0 | )
Advances on mortgage repurchase facility, net |  | — |  |  | — |  |  | 53.0 |  |  | — |  |  | 53.0 |
Intercompany advances |  | — |  |  | 24.9 |  |  | 17.5 |  |  | (42.4 | ) |  | — |
Proceeds from stock associated with certain employee benefit plans |  | 22.3 |  |  | — |  |  | — |  |  | — |  |  | 22.3 |
Cash paid for shares withheld for taxes |  | (19.5 | ) |  | — |  |  | — |  |  | — |  |  | (19.5 | )
Cash dividends paid |  | (111.9 | ) |  | — |  |  | (78.7 | ) |  | 78.7 |  |  | (111.9 | )
Repurchases of common stock |  | (216.2 | ) |  | — |  |  | — |  |  | — |  |  | (216.2 | )
Distributions to noncontrolling interests, net |  | — |  |  | — |  |  | (3.7 | ) |  | — |  |  | (3.7 | )
Net cash (used in) provided by financing activities |  | (75.2 | ) |  | 23.8 |  |  | 23.1 |  |  | 36.3 |  |  | 8.0 |
Decrease in cash, cash equivalents and restricted cash |  | (501.7 | ) |  | (54.6 | ) |  | (218.5 | ) |  | — |  |  | (774.8 | )
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 |  | $ | 413.0 |  |  | $ | 106.1 |  |  | $ | 212.1 |  |  | $ | — |  |  | $ | 731.2 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Six Months Ended March 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 |  | $ | (147.3 | ) |  | $ | 269.9 |  |  | $ | (184.4 | ) |  | $ | (37.0 | ) |  | $ | (98.8 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment |  | (21.4 | ) |  | (15.0 | ) |  | (3.1 | ) |  | — |  |  | (39.5 | )
Proceeds from sale of assets |  | — |  |  | — |  |  | 253.4 |  |  | — |  |  | 253.4 |
Expenditures related to multi-family rental properties |  | — |  |  | — |  |  | (44.5 | ) |  | 5.0 |  |  | (39.5 | )
Return of investment in unconsolidated entities |  | — |  |  | — |  |  | 15.1 |  |  | — |  |  | 15.1 |
Intercompany advances |  | 266.3 |  |  | — |  |  | — |  |  | (266.3 | ) |  | — |
Payments related to business acquisitions, net of cash acquired |  | (560.0 | ) |  | — |  |  | 401.9 |  |  | — |  |  | (158.1 | )
Net cash (used in) provided by investing activities |  | (315.1 | ) |  | (15.0 | ) |  | 622.8 |  |  | (261.3 | ) |  | 31.4 |
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Proceeds from notes payable |  | 1,912.3 |  |  | — |  |  | 1.3 |  |  | — |  |  | 1,913.6 |
Repayment of notes payable |  | (1,740.2 | ) |  | (2.3 | ) |  | (10.0 | ) |  | — |  |  | (1,752.5 | )
Advances on mortgage repurchase facility, net |  | — |  |  | — |  |  | 69.8 |  |  | — |  |  | 69.8 |
Intercompany advances |  | — |  |  | (291.0 | ) |  | 24.7 |  |  | 266.3 |  |  | — |
Proceeds from stock associated with certain employee benefit plans |  | 32.7 |  |  | — |  |  | — |  |  | — |  |  | 32.7 |
Cash paid for shares withheld for taxes |  | (10.3 | ) |  | — |  |  | — |  |  | — |  |  | (10.3 | )
Cash dividends paid |  | (94.1 | ) |  | — |  |  | (32.0 | ) |  | 32.0 |  |  | (94.1 | )
Repurchases of common stock |  | (47.9 | ) |  | — |  |  | — |  |  | — |  |  | (47.9 | )
Distributions to noncontrolling interests, net |  | — |  |  | — |  |  | (2.0 | ) |  | — |  |  | (2.0 | )
Net cash provided by (used in) financing activities |  | 52.5 |  |  | (293.3 | ) |  | 51.8 |  |  | 298.3 |  |  | 109.3 |
(Decrease) increase in cash, cash equivalents and restricted cash |  | (409.9 | ) |  | (38.4 | ) |  | 490.2 |  |  | — |  |  | 41.9 |
Cash, cash equivalents and restricted cash at beginning of period |  | 788.7 |  |  | 156.0 |  |  | 79.6 |  |  | — |  |  | 1,024.3 |
Cash, cash equivalents and restricted cash at end of period |  | $ | 378.8 |  |  | $ | 117.6 |  |  | $ | 569.8 |  |  | $ | — |  |  | $ | 1,066.2 |

X
- Definition Supplemental Guarantor Information. + References No definition available. + Details
Name: | dhi_SupplementalGuarantorInformationAbstract
Namespace Prefix: | dhi_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed financial statements, including, but not limited to, the balance sheet, income statement, and statement of cash flows. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedFinancialStatementsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration