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v3.19.2

Supplemental Guarantor Information (Tables) | 9 Months Ended
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Jun. 30, 2019
Supplemental Guarantor Information [Abstract] |
Condensed Financial Statements | Consolidating Balance Sheet June 30, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 412.7 |  |  | $ | 115.3 |  |  | $ | 336.2 |  |  | $ | — |  |  | $ | 864.2 |
Restricted cash |  | 7.7 |  |  | 2.1 |  |  | 11.3 |  |  | — |  |  | 21.1 |
Investment in subsidiaries |  | 7,055.5 |  |  | — |  |  | — |  |  | (7,055.5 | ) |  | — |
Inventories |  | 4,315.7 |  |  | 6,271.7 |  |  | 1,143.3 |  |  | (28.4 | ) |  | 11,702.3 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 954.9 |  |  | — |  |  | 954.9 |
Deferred income taxes, net |  | 61.4 |  |  | 90.5 |  |  | 18.4 |  |  | 3.6 |  |  | 173.9 |
Property and equipment, net |  | 124.8 |  |  | 76.2 |  |  | 257.6 |  |  | (4.4 | ) |  | 454.2 |
Other assets |  | 382.2 |  |  | 440.7 |  |  | 150.7 |  |  | (83.7 | ) |  | 889.9 |
Goodwill |  | — |  |  | 134.3 |  |  | 29.2 |  |  | — |  |  | 163.5 |
Intercompany receivables |  | 58.7 |  |  | 211.7 |  |  | — |  |  | (270.4 | ) |  | — |
Total Assets |  | $ | 12,418.7 |  |  | $ | 7,342.5 |  |  | $ | 2,901.6 |  |  | $ | (7,438.8 | ) |  | $ | 15,224.0 |
LIABILITIES & EQUITY |  |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 646.2 |  |  | $ | 1,074.1 |  |  | $ | 330.8 |  |  | $ | (92.4 | ) |  | $ | 1,958.7 |
Intercompany payables |  | — |  |  | — |  |  | 270.4 |  |  | (270.4 | ) |  | — |
Notes payable |  | 2,107.2 |  |  | 6.7 |  |  | 1,336.7 |  |  | — |  |  | 3,450.6 |
Total Liabilities |  | 2,753.4 |  |  | 1,080.8 |  |  | 1,937.9 |  |  | (362.8 | ) |  | 5,409.3 |
Stockholders’ equity |  | 9,665.3 |  |  | 6,261.7 |  |  | 793.9 |  |  | (7,078.5 | ) |  | 9,642.4 |
Noncontrolling interests |  | — |  |  | — |  |  | 169.8 |  |  | 2.5 |  |  | 172.3 |
Total Equity |  | 9,665.3 |  |  | 6,261.7 |  |  | 963.7 |  |  | (7,076.0 | ) |  | 9,814.7 |
Total Liabilities & Equity |  | $ | 12,418.7 |  |  | $ | 7,342.5 |  |  | $ | 2,901.6 |  |  | $ | (7,438.8 | ) |  | $ | 15,224.0 |
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 June 30, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 1,939.3 |  |  | $ | 2,820.9 |  |  | $ | 219.2 |  |  | $ | (73.1 | ) |  | $ | 4,906.3 |
Cost of sales |  | 1,529.6 |  |  | 2,286.9 |  |  | 82.4 |  |  | (67.3 | ) |  | 3,831.6 |
Selling, general and administrative expense |  | 191.8 |  |  | 193.4 |  |  | 94.8 |  |  | — |  |  | 480.0 |
Gain on sale of assets |  | — |  |  | (0.2 | ) |  | (22.4 | ) |  | — |  |  | (22.6 | )
Other (income) expense |  | (0.9 | ) |  | (0.5 | ) |  | (8.0 | ) |  | — |  |  | (9.4 | )
Income before income taxes |  | 218.8 |  |  | 341.3 |  |  | 72.4 |  |  | (5.8 | ) |  | 626.7 |
Income tax expense |  | 53.7 |  |  | 84.1 |  |  | 16.8 |  |  | (1.5 | ) |  | 153.1 |
Equity in net income of subsidiaries, net of tax |  | 314.6 |  |  | — |  |  | — |  |  | (314.6 | ) |  | — |
Net income |  | 479.7 |  |  | 257.2 |  |  | 55.6 |  |  | (318.9 | ) |  | 473.6 |
Net loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (1.9 | ) |  | 0.7 |  |  | (1.2 | )
Net income attributable to D.R. Horton, Inc. |  | $ | 479.7 |  |  | $ | 257.2 |  |  | $ | 57.5 |  |  | $ | (319.6 | ) |  | $ | 474.8 |
NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Nine Months Ended June 30, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 4,850.2 |  |  | $ | 7,322.3 |  |  | $ | 523.3 |  |  | $ | (141.8 | ) |  | $ | 12,554.0 |
Cost of sales |  | 3,836.6 |  |  | 5,957.8 |  |  | 172.8 |  |  | (127.8 | ) |  | 9,839.4 |
Selling, general and administrative expense |  | 543.3 |  |  | 523.9 |  |  | 259.8 |  |  | — |  |  | 1,327.0 |
Gain on sale of assets |  | (2.0 | ) |  | (0.2 | ) |  | (49.2 | ) |  | (2.5 | ) |  | (53.9 | )
Other (income) expense |  | (2.9 | ) |  | (1.3 | ) |  | (19.5 | ) |  | — |  |  | (23.7 | )
Income before income taxes |  | 475.2 |  |  | 842.1 |  |  | 159.4 |  |  | (11.5 | ) |  | 1,465.2 |
Income tax expense |  | 114.2 |  |  | 202.3 |  |  | 36.8 |  |  | (2.8 | ) |  | 350.5 |
Equity in net income of subsidiaries, net of tax |  | 764.2 |  |  | — |  |  | — |  |  | (764.2 | ) |  | — |
Net income |  | 1,125.2 |  |  | 639.8 |  |  | 122.6 |  |  | (772.9 | ) |  | 1,114.7 |
Net loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (1.9 | ) |  | 3.4 |  |  | 1.5 |
Net income attributable to D.R. Horton, Inc. |  | $ | 1,125.2 |  |  | $ | 639.8 |  |  | $ | 124.5 |  |  | $ | (776.3 | ) |  | $ | 1,113.2 |
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 |
Other (income) expense |  | (1.5 | ) |  | 0.5 |  |  | (12.0 | ) |  | — |  |  | (13.0 | )
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 |
Gain on sale of assets |  | — |  |  | — |  |  | (14.5 | ) |  | — |  |  | (14.5 | )
Other (income) expense |  | (3.5 | ) |  | (0.2 | ) |  | (30.1 | ) |  | — |  |  | (33.8 | )
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 Cash Flows Nine Months Ended June 30, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | 210.9 |  |  | $ | 467.4 |  |  | $ | (518.9 | ) |  | $ | (78.7 | ) |  | $ | 80.7 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment |  | (37.9 | ) |  | (22.6 | ) |  | (44.8 | ) |  | — |  |  | (105.3 | )
Proceeds from sale of assets |  | 10.4 |  |  | — |  |  | 133.4 |  |  | — |  |  | 143.8 |
Expenditures related to multi-family rental properties |  | — |  |  | — |  |  | (56.3 | ) |  | — |  |  | (56.3 | )
Return of investment in unconsolidated entities |  | — |  |  | — |  |  | 4.4 |  |  | — |  |  | 4.4 |
Net principal increase of other mortgage loans and real estate owned |  | — |  |  | — |  |  | (2.0 | ) |  | — |  |  | (2.0 | )
Intercompany advances |  | 497.0 |  |  | — |  |  | — |  |  | (497.0 | ) |  | — |
Payments related to business acquisitions |  | (302.6 | ) |  | — |  |  | (8.3 | ) |  | — |  |  | (310.9 | )
Net cash provided by (used in) investing activities |  | 166.9 |  |  | (22.6 | ) |  | 26.4 |  |  | (497.0 | ) |  | (326.3 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Proceeds from notes payable |  | 2,100.0 |  |  | — |  |  | 428.2 |  |  | — |  |  | 2,528.2 |
Repayment of notes payable |  | (2,450.0 | ) |  | (1.1 | ) |  | (85.0 | ) |  | — |  |  | (2,536.1 | )
Advances on mortgage repurchase facility, net |  | — |  |  | — |  |  | 158.8 |  |  | — |  |  | 158.8 |
Intercompany advances |  | — |  |  | (487.0 | ) |  | (10.0 | ) |  | 497.0 |  |  | — |
Proceeds from stock associated with certain employee benefit plans |  | 26.8 |  |  | — |  |  | — |  |  | — |  |  | 26.8 |
Cash paid for shares withheld for taxes |  | (19.5 | ) |  | — |  |  | — |  |  | — |  |  | (19.5 | )
Cash dividends paid |  | (167.9 | ) |  | — |  |  | (78.7 | ) |  | 78.7 |  |  | (167.9 | )
Repurchases of common stock |  | (361.5 | ) |  | — |  |  | — |  |  | — |  |  | (361.5 | )
Distributions to noncontrolling interests, net |  | — |  |  | — |  |  | (3.9 | ) |  | — |  |  | (3.9 | )
Net cash (used in) provided by financing activities |  | (872.1 | ) |  | (488.1 | ) |  | 409.4 |  |  | 575.7 |  |  | (375.1 | )
Decrease in cash, cash equivalents and restricted cash |  | (494.3 | ) |  | (43.3 | ) |  | (83.1 | ) |  | — |  |  | (620.7 | )
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 |  | $ | 420.4 |  |  | $ | 117.4 |  |  | $ | 347.5 |  |  | $ | — |  |  | $ | 885.3 |
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 | ) |  | (3.4 | ) |  | — |  |  | (54.0 | )
Proceeds from sale of assets |  | — |  |  | — |  |  | 261.1 |  |  | — |  |  | 261.1 |
Expenditures related to multi-family rental properties |  | — |  |  | — |  |  | (61.1 | ) |  | 5.0 |  |  | (56.1 | )
Return of investment in unconsolidated entities |  | — |  |  | — |  |  | 15.4 |  |  | — |  |  | 15.4 |
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 |  | 26.6 |  |  | (21.5 | ) |  | 613.1 |  |  | (610.7 | ) |  | 7.5 |
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, cash equivalents and restricted cash |  | (184.6 | ) |  | (45.4 | ) |  | 442.6 |  |  | — |  |  | 212.6 |
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 |  | $ | 604.1 |  |  | $ | 110.6 |  |  | $ | 522.2 |  |  | $ | — |  |  | $ | 1,236.9 |

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- Definition Supplemental Guarantor Information. + References No definition available. + Details
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- Definition Tabular disclosure of condensed financial statements, including, but not limited to, the balance sheet, income statement, and statement of cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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