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v3.19.3.a.u2

Supplemental Guarantor Information (Tables) | 3 Months Ended
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Dec. 31, 2019
Supplemental Guarantor Information [Abstract] |
Condensed Financial Statements | Consolidating Balance Sheet December 31, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,069.1 |  |  | $ | 30.3 |  |  | $ | 483.9 |  |  | $ | — |  |  | $ | 1,583.3 |
Restricted cash |  | 4.8 |  |  | 1.8 |  |  | 6.0 |  |  | — |  |  | 12.6 |
Investment in subsidiaries |  | 7,595.7 |  |  | — |  |  | — |  |  | (7,595.7 | ) |  | — |
Inventories |  | 4,527.1 |  |  | 6,207.5 |  |  | 1,219.9 |  |  | (55.3 | ) |  | 11,899.2 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 1,025.1 |  |  | — |  |  | 1,025.1 |
Deferred income taxes, net |  | 58.9 |  |  | 84.7 |  |  | 2.3 |  |  | 8.2 |  |  | 154.1 |
Property and equipment, net |  | 158.3 |  |  | 99.9 |  |  | 313.6 |  |  | (8.4 | ) |  | 563.4 |
Other assets |  | 412.6 |  |  | 458.7 |  |  | 146.6 |  |  | (96.2 | ) |  | 921.7 |
Goodwill |  | — |  |  | 134.3 |  |  | 29.2 |  |  | — |  |  | 163.5 |
Intercompany receivables |  | — |  |  | 825.5 |  |  | — |  |  | (825.5 | ) |  | — |
Total Assets |  | $ | 13,826.5 |  |  | $ | 7,842.7 |  |  | $ | 3,226.6 |  |  | $ | (8,572.9 | ) |  | $ | 16,322.9 |
LIABILITIES & EQUITY |  |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 719.7 |  |  | $ | 1,089.1 |  |  | $ | 329.5 |  |  | $ | (101.6 | ) |  | $ | 2,036.7 |
Intercompany payables |  | 372.8 |  |  | — |  |  | 452.7 |  |  | (825.5 | ) |  | — |
Notes payable |  | 2,452.5 |  |  | 17.4 |  |  | 1,313.4 |  |  | — |  |  | 3,783.3 |
Total Liabilities |  | 3,545.0 |  |  | 1,106.5 |  |  | 2,095.6 |  |  | (927.1 | ) |  | 5,820.0 |
Stockholders’ equity |  | 10,281.5 |  |  | 6,736.2 |  |  | 860.4 |  |  | (7,650.7 | ) |  | 10,227.4 |
Noncontrolling interests |  | — |  |  | — |  |  | 270.6 |  |  | 4.9 |  |  | 275.5 |
Total Equity |  | 10,281.5 |  |  | 6,736.2 |  |  | 1,131.0 |  |  | (7,645.8 | ) |  | 10,502.9 |
Total Liabilities & Equity |  | $ | 13,826.5 |  |  | $ | 7,842.7 |  |  | $ | 3,226.6 |  |  | $ | (8,572.9 | ) |  | $ | 16,322.9 |
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Balance Sheet September 30, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
ASSETS |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 877.1 |  |  | $ | 115.8 |  |  | $ | 501.4 |  |  | $ | — |  |  | $ | 1,494.3 |
Restricted cash |  | 6.8 |  |  | 1.3 |  |  | 11.6 |  |  | — |  |  | 19.7 |
Investment in subsidiaries |  | 7,349.8 |  |  | — |  |  | — |  |  | (7,349.8 | ) |  | — |
Inventories |  | 4,166.1 |  |  | 5,890.7 |  |  | 1,260.5 |  |  | (35.3 | ) |  | 11,282.0 |
Mortgage loans held for sale |  | — |  |  | — |  |  | 1,072.0 |  |  | — |  |  | 1,072.0 |
Deferred income taxes, net |  | 60.6 |  |  | 89.4 |  |  | 8.0 |  |  | 5.1 |  |  | 163.1 |
Property and equipment, net |  | 150.7 |  |  | 86.7 |  |  | 267.8 |  |  | (6.0 | ) |  | 499.2 |
Other assets |  | 371.8 |  |  | 449.6 |  |  | 180.9 |  |  | (89.5 | ) |  | 912.8 |
Goodwill |  | — |  |  | 134.3 |  |  | 29.2 |  |  | — |  |  | 163.5 |
Intercompany receivables |  | — |  |  | 825.9 |  |  | — |  |  | (825.9 | ) |  | — |
Total Assets |  | $ | 12,982.9 |  |  | $ | 7,593.7 |  |  | $ | 3,331.4 |  |  | $ | (8,301.4 | ) |  | $ | 15,606.6 |
LIABILITIES & EQUITY |  |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 616.1 |  |  | $ | 1,071.3 |  |  | $ | 316.4 |  |  | $ | (91.7 | ) |  | $ | 1,912.1 |
Intercompany payables |  | 352.7 |  |  | — |  |  | 473.2 |  |  | (825.9 | ) |  | — |
Notes payable |  | 1,955.9 |  |  | 14.2 |  |  | 1,429.3 |  |  | — |  |  | 3,399.4 |
Total Liabilities |  | 2,924.7 |  |  | 1,085.5 |  |  | 2,218.9 |  |  | (917.6 | ) |  | 5,311.5 |
Stockholders’ equity |  | 10,058.2 |  |  | 6,508.2 |  |  | 841.6 |  |  | (7,387.1 | ) |  | 10,020.9 |
Noncontrolling interests |  | — |  |  | — |  |  | 270.9 |  |  | 3.3 |  |  | 274.2 |
Total Equity |  | 10,058.2 |  |  | 6,508.2 |  |  | 1,112.5 |  |  | (7,383.8 | ) |  | 10,295.1 |
Total Liabilities & Equity |  | $ | 12,982.9 |  |  | $ | 7,593.7 |  |  | $ | 3,331.4 |  |  | $ | (8,301.4 | ) |  | $ | 15,606.6 |
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 1,593.6 |  |  | $ | 2,294.4 |  |  | $ | 360.3 |  |  | $ | (227.6 | ) |  | $ | 4,020.7 |
Cost of sales |  | 1,232.4 |  |  | 1,841.0 |  |  | 217.7 |  |  | (206.9 | ) |  | 3,084.2 |
Selling, general and administrative expense |  | 177.3 |  |  | 180.3 |  |  | 98.2 |  |  | — |  |  | 455.8 |
Gain on sale of assets |  | — |  |  | — |  |  | (29.3 | ) |  | (1.8 | ) |  | (31.1 | )
Other (income) expense |  | (4.1 | ) |  | (0.3 | ) |  | (7.1 | ) |  | — |  |  | (11.5 | )
Income before income taxes |  | 188.0 |  |  | 273.4 |  |  | 80.8 |  |  | (18.9 | ) |  | 523.3 |
Income tax expense |  | 31.2 |  |  | 45.4 |  |  | 17.3 |  |  | (3.1 | ) |  | 90.8 |
Equity in net income of subsidiaries, net of tax |  | 291.4 |  |  | — |  |  | — |  |  | (291.4 | ) |  | — |
Net income |  | 448.2 |  |  | 228.0 |  |  | 63.5 |  |  | (307.2 | ) |  | 432.5 |
Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | 0.1 |  |  | 1.1 |  |  | 1.2 |
Net income attributable to D.R. Horton, Inc. |  | $ | 448.2 |  |  | $ | 228.0 |  |  | $ | 63.4 |  |  | $ | (308.3 | ) |  | $ | 431.3 |
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Operations Three Months Ended December 31, 2018
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
Revenues |  | $ | 1,335.7 |  |  | $ | 2,081.7 |  |  | $ | 130.6 |  |  | $ | (29.0 | ) |  | $ | 3,519.0 |
Cost of sales |  | 1,057.2 |  |  | 1,681.4 |  |  | 38.0 |  |  | (25.5 | ) |  | 2,751.1 |
Selling, general and administrative expense |  | 157.9 |  |  | 165.9 |  |  | 79.0 |  |  | — |  |  | 402.8 |
Gain on sale of assets |  | (2.0 | ) |  | — |  |  | — |  |  | — |  |  | (2.0 | )
Other (income) expense |  | (0.8 | ) |  | (0.4 | ) |  | (7.4 | ) |  | — |  |  | (8.6 | )
Income before income taxes |  | 123.4 |  |  | 234.8 |  |  | 21.0 |  |  | (3.5 | ) |  | 375.7 |
Income tax expense |  | 29.2 |  |  | 55.8 |  |  | 4.8 |  |  | (0.8 | ) |  | 89.0 |
Equity in net income of subsidiaries, net of tax |  | 195.9 |  |  | — |  |  | — |  |  | (195.9 | ) |  | — |
Net income |  | 290.1 |  |  | 179.0 |  |  | 16.2 |  |  | (198.6 | ) |  | 286.7 |
Net loss attributable to noncontrolling interests |  | — |  |  | — |  |  | (0.7 | ) |  | 0.2 |  |  | (0.5 | )
Net income attributable to D.R. Horton, Inc. |  | $ | 290.1 |  |  | $ | 179.0 |  |  | $ | 16.9 |  |  | $ | (198.8 | ) |  | $ | 287.2 |
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 31, 2019
|  | D.R. Horton, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
|  | (In millions)
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  | $ | (67.2 | ) |  | $ | (64.6 | ) |  | $ | 73.8 |  |  | $ | (55.8 | ) |  | $ | (113.8 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment |  | (8.6 | ) |  | (12.0 | ) |  | (1.0 | ) |  | — |  |  | (21.6 | )
Proceeds from sale of assets |  | — |  |  | — |  |  | 62.8 |  |  | — |  |  | 62.8 |
Expenditures related to rental properties |  | (7.3 | ) |  | (8.3 | ) |  | (54.8 | ) |  | 10.8 |  |  | (59.6 | )
Return of investment in unconsolidated entities |  | — |  |  | — |  |  | 1.9 |  |  | — |  |  | 1.9 |
Net principal increase of other mortgage loans and real estate owned |  | — |  |  | — |  |  | (0.6 | ) |  | — |  |  | (0.6 | )
Intercompany advances |  | 20.7 |  |  | — |  |  | — |  |  | (20.7 | ) |  | — |
Payments related to business acquisitions |  | (0.7 | ) |  | — |  |  | — |  |  | — |  |  | (0.7 | )
Net cash provided by (used in) investing activities |  | 4.1 |  |  | (20.3 | ) |  | 8.3 |  |  | (9.9 | ) |  | (17.8 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Proceeds from notes payable |  | 495.7 |  |  | — |  |  | — |  |  | — |  |  | 495.7 |
Payments on mortgage repurchase facility, net |  | — |  |  | — |  |  | (38.6 | ) |  | — |  |  | (38.6 | )
Intercompany advances |  | — |  |  | (0.1 | ) |  | (20.6 | ) |  | 20.7 |  |  | — |
Proceeds from stock associated with certain employee benefit plans |  | 4.1 |  |  | — |  |  | — |  |  | — |  |  | 4.1 |
Cash paid for shares withheld for taxes |  | (17.3 | ) |  | — |  |  | — |  |  | — |  |  | (17.3 | )
Cash dividends paid |  | (64.6 | ) |  | — |  |  | (45.0 | ) |  | 45.0 |  |  | (64.6 | )
Repurchases of common stock |  | (163.1 | ) |  | — |  |  | — |  |  | — |  |  | (163.1 | )
Distributions to noncontrolling interests, net |  | — |  |  | — |  |  | (0.4 | ) |  | — |  |  | (0.4 | )
Other financing activities |  | (1.7 | ) |  | — |  |  | (0.6 | ) |  | — |  |  | (2.3 | )
Net cash provided by (used in) financing activities |  | 253.1 |  |  | (0.1 | ) |  | (105.2 | ) |  | 65.7 |  |  | 213.5 |
Net increase (decrease) in cash, cash equivalents and restricted cash |  | 190.0 |  |  | (85.0 | ) |  | (23.1 | ) |  | — |  |  | 81.9 |
Cash, cash equivalents and restricted cash at beginning of period |  | 883.9 |  |  | 117.1 |  |  | 513.0 |  |  | — |  |  | 1,514.0 |
Cash, cash equivalents and restricted cash at end of period |  | $ | 1,073.9 |  |  | $ | 32.1 |  |  | $ | 489.9 |  |  | $ | — |  |  | $ | 1,595.9 |
NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) Consolidating Statement of Cash Flows Three Months Ended December 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 |  | $ | (137.6 | ) |  | $ | (244.2 | ) |  | $ | 33.7 |  |  | $ | (25.0 | ) |  | $ | (373.1 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Expenditures for property and equipment |  | (10.2 | ) |  | (6.4 | ) |  | (3.6 | ) |  | — |  |  | (20.2 | )
Proceeds from sale of assets |  | 10.4 |  |  | — |  |  | — |  |  | — |  |  | 10.4 |
Expenditures related to rental properties |  | — |  |  | — |  |  | (11.4 | ) |  | — |  |  | (11.4 | )
Return of investment in unconsolidated entities |  | — |  |  | — |  |  | 4.4 |  |  | — |  |  | 4.4 |
Net principal increase of other mortgage loans and real estate owned |  | — |  |  | — |  |  | (0.6 | ) |  | — |  |  | (0.6 | )
Intercompany advances |  | (129.9 | ) |  | — |  |  | — |  |  | 129.9 |  |  | — |
Payments related to business acquisitions |  | (293.0 | ) |  | — |  |  | — |  |  | — |  |  | (293.0 | )
Net cash used in investing activities |  | (422.7 | ) |  | (6.4 | ) |  | (11.2 | ) |  | 129.9 |  |  | (310.4 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Proceeds from notes payable |  | 578.3 |  |  | — |  |  | — |  |  | — |  |  | 578.3 |
Repayment of notes payable |  | (275.0 | ) |  | (1.1 | ) |  | — |  |  | — |  |  | (276.1 | )
Payments on mortgage repurchase facility, net |  | — |  |  | — |  |  | (163.8 | ) |  | — |  |  | (163.8 | )
Intercompany advances |  | — |  |  | 125.7 |  |  | 4.2 |  |  | (129.9 | ) |  | — |
Proceeds from stock associated with certain employee benefit plans |  | 8.6 |  |  | — |  |  | — |  |  | — |  |  | 8.6 |
Cash paid for shares withheld for taxes |  | (4.1 | ) |  | — |  |  | — |  |  | — |  |  | (4.1 | )
Cash dividends paid |  | (56.0 | ) |  | — |  |  | (25.0 | ) |  | 25.0 |  |  | (56.0 | )
Repurchases of common stock |  | (140.6 | ) |  | — |  |  | — |  |  | — |  |  | (140.6 | )
Distributions to noncontrolling interests, net |  | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Net cash provided by (used in) financing activities |  | 111.2 |  |  | 124.6 |  |  | (185.1 | ) |  | (104.9 | ) |  | (54.2 | )
Net decrease in cash, cash equivalents and restricted cash |  | (449.1 | ) |  | (126.0 | ) |  | (162.6 | ) |  | — |  |  | (737.7 | )
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 |  | $ | 465.6 |  |  | $ | 34.7 |  |  | $ | 268.0 |  |  | $ | — |  |  | $ | 768.3 |

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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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