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Supplemental Guarantor Information | 3 Months Ended
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Dec. 31, 2019
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 certain subsidiaries of D.R. Horton, Inc. (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 homebuilding senior notes or the homebuilding 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) its ceasing to guarantee any of the Company’s publicly traded debt securities and ceasing to guarantee any of the Company’s obligations under the homebuilding revolving credit facility. As described in Note A, at December 31, 2019, the Company reclassified its single-family rental properties from other assets to property and equipment in its homebuilding segment. Reclassification of prior period amounts resulted in decreases in other assets of $26.9 million and $10.1 million in the D.R. Horton, Inc. and Guarantor Subsidiaries columns, respectively, with corresponding increases in property and equipment at September 30, 2019. NOTE P – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued) 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 The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph d -Subparagraph 4 -Subsection 10 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph c -Subparagraph 4 -Subsection 10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph e -Subparagraph 4 -Subsection 10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph f -Subparagraph 4 -Subsection 10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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