HORTON D R INC /DE/ | 2013 | FY | 3

Consolidating Balance Sheet
September 30, 2013

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
ASSETS
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
871.4

 
$
38.4

 
$
26.7

 
$
—

 
$
936.5

Restricted cash
76.5

 
1.2

 
0.1

 
—

 
77.8

Investments in subsidiaries
2,477.7

 
—

 
—

 
(2,477.7
)
 
—

Inventories
2,177.4

 
4,002.9

 
17.1

 
—

 
6,197.4

Deferred income taxes
201.7

 
384.9

 
—

 
—

 
586.6

Property and equipment, net
41.0

 
34.5

 
31.2

 
—

 
106.7

Other assets
167.0

 
233.4

 
117.0

 
—

 
517.4

Mortgage loans held for sale
—

 
—

 
395.1

 
—

 
395.1

Goodwill
—

 
38.9

 
—

 
—

 
38.9

Intercompany receivables
1,697.0

 
—

 
—

 
(1,697.0
)
 
—

Total Assets
$
7,709.7

 
$
4,734.2

 
$
587.2

 
$
(4,174.7
)
 
$
8,856.4

LIABILITIES & EQUITY
 

 
 

 
 

 
 

 
 

Accounts payable and other liabilities
$
383.8

 
$
766.5

 
$
135.7

 
$
—

 
$
1,286.0

Intercompany payables
—

 
1,664.2

 
32.8

 
(1,697.0
)
 
—

Notes payable
3,267.4

 
3.0

 
238.6

 
—

 
3,509.0

Total Liabilities
3,651.2

 
2,433.7

 
407.1

 
(1,697.0
)
 
4,795.0

Total stockholders’ equity
4,058.5

 
2,300.5

 
177.2

 
(2,477.7
)
 
4,058.5

Noncontrolling interests
—

 
—

 
2.9

 
—

 
2.9

Total Equity
4,058.5

 
2,300.5

 
180.1

 
(2,477.7
)
 
4,061.4

Total Liabilities & Equity
$
7,709.7

 
$
4,734.2

 
$
587.2

 
$
(4,174.7
)
 
$
8,856.4


Consolidating Balance Sheet
September 30, 2012

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
ASSETS
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
968.9

 
$
56.3

 
$
22.5

 
$
—

 
$
1,047.7

Marketable securities, available-for-sale
298.0

 
—

 
—

 
—

 
298.0

Restricted cash
48.7

 
0.5

 
0.1

 
—

 
49.3

Investments in subsidiaries
2,120.8

 
—

 
—

 
(2,120.8
)
 
—

Inventories
1,375.1

 
2,770.6

 
19.5

 
—

 
4,165.2

Income taxes receivable
14.4

 
—

 
—

 
—

 
14.4

Deferred income taxes
227.6

 
481.9

 
—

 
—

 
709.5

Property and equipment, net
20.7

 
20.7

 
31.2

 
—

 
72.6

Other assets
127.8

 
271.1

 
108.4

 
—

 
507.3

Mortgage loans held for sale
—

 
—

 
345.3

 
—

 
345.3

Goodwill
—

 
38.9

 
—

 
—

 
38.9

Intercompany receivables
1,022.6

 
—

 
—

 
(1,022.6
)
 
—

Total Assets
$
6,224.6

 
$
3,640.0

 
$
527.0

 
$
(3,143.4
)
 
$
7,248.2

LIABILITIES & EQUITY
 

 
 

 
 

 
 

 
 

Accounts payable and other liabilities
$
329.8

 
$
700.0

 
$
130.6

 
$
—

 
$
1,160.4

Intercompany payables
—

 
986.8

 
35.8

 
(1,022.6
)
 
—

Notes payable
2,302.7

 
2.6

 
187.8

 
—

 
2,493.1

Total Liabilities
2,632.5

 
1,689.4

 
354.2

 
(1,022.6
)
 
3,653.5

Total stockholders’ equity
3,592.1

 
1,950.6

 
170.2

 
(2,120.8
)
 
3,592.1

Noncontrolling interests
—

 
—

 
2.6

 
—

 
2.6

Total Equity
3,592.1

 
1,950.6

 
172.8

 
(2,120.8
)
 
3,594.7

Total Liabilities & Equity
$
6,224.6

 
$
3,640.0

 
$
527.0

 
$
(3,143.4
)
 
$
7,248.2



Consolidating Statement of Operations
Year Ended September 30, 2013

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
Homebuilding:
 

 
 

 
 

 
 

 
 

Revenues
$
1,981.6

 
$
4,094.1

 
$
10.2

 
$
—

 
$
6,085.9

Cost of sales
1,563.1

 
3,279.9

 
10.5

 
—

 
4,853.5

Gross profit (loss)
418.5

 
814.2

 
(0.3
)
 
—

 
1,232.4

Selling, general and administrative expense
302.1

 
341.1

 
6.7

 
—

 
649.9

Equity in (income) of subsidiaries
(542.5
)
 
—

 
—

 
542.5

 
—

Interest expense
5.1

 
—

 
—

 
—

 
5.1

Other (income)
(4.0
)
 
(3.7
)
 
(7.2
)
 
—

 
(14.9
)
Homebuilding pre-tax income
657.8

 
476.8

 
0.2

 
(542.5
)
 
592.3

Financial Services:
 

 
 

 
 

 
 

 
 

Revenues, net of recourse and reinsurance expense
—

 
—

 
173.4

 
—

 
173.4

General and administrative expense
—

 
—

 
116.4

 
—

 
116.4

Interest and other (income)
—

 
—

 
(8.5
)
 
—

 
(8.5
)
Financial services pre-tax income
—

 
—

 
65.5

 
—

 
65.5

Income before income taxes
657.8

 
476.8

 
65.7

 
(542.5
)
 
657.8

Income tax expense
195.1

 
126.9

 
18.7

 
(145.6
)
 
195.1

Net income
$
462.7

 
$
349.9

 
$
47.0

 
$
(396.9
)
 
$
462.7

Comprehensive income
$
462.5

 
$
351.8

 
$
47.0

 
$
(396.9
)
 
$
464.4


Consolidating Statement of Operations
Year Ended September 30, 2012

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
Homebuilding:
 

 
 

 
 

 
 

 
 

Revenues
$
1,400.3

 
$
2,828.0

 
$
7.9

 
$
—

 
$
4,236.2

Cost of sales
1,130.9

 
2,341.5

 
20.0

 
—

 
3,492.4

Gross profit (loss)
269.4

 
486.5

 
(12.1
)
 
—

 
743.8

Selling, general and administrative expense
243.6

 
277.5

 
7.6

 
—

 
528.7

Equity in (income) of subsidiaries
(235.7
)
 
—

 
—

 
235.7

 
—

Interest expense
23.6

 
—

 
—

 
—

 
23.6

Gain on early retirement of debt, net
(0.1
)
 
—

 
—

 
—

 
(0.1
)
Other (income)
(4.9
)
 
(2.2
)
 
(5.0
)
 
—

 
(12.1
)
Homebuilding pre-tax income (loss)
242.9

 
211.2

 
(14.7
)
 
(235.7
)
 
203.7

Financial Services:
 

 
 

 
 

 
 

 
 

Revenues, net of recourse and reinsurance expense
—

 
—

 
117.8

 
—

 
117.8

General and administrative expense
—

 
—

 
85.5

 
—

 
85.5

Interest and other (income)
—

 
—

 
(6.9
)
 
—

 
(6.9
)
Financial services pre-tax income
—

 
—

 
39.2

 
—

 
39.2

Income before income taxes
242.9

 
211.2

 
24.5

 
(235.7
)
 
242.9

Income tax benefit
(713.4
)
 
(463.4
)
 
(20.6
)
 
484.0

 
(713.4
)
Net income
$
956.3

 
$
674.6

 
$
45.1

 
$
(719.7
)
 
$
956.3

Comprehensive income
$
956.4

 
$
674.6

 
$
45.1

 
$
(719.7
)
 
$
956.4



Consolidating Statement of Operations
Year Ended September 30, 2011

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
Homebuilding:
 

 
 

 
 

 
 

 
 

Revenues
$
1,021.4

 
$
2,516.4

 
$
11.8

 
$
—

 
$
3,549.6

Cost of sales
840.1

 
2,169.3

 
13.9

 
—

 
3,023.3

Gross profit (loss)
181.3

 
347.1

 
(2.1
)
 
—

 
526.3

Selling, general and administrative expense
209.3

 
270.1

 
0.6

 
—

 
480.0

Equity in (income) of subsidiaries
(98.2
)
 
—

 
—

 
98.2

 
—

Interest expense
50.5

 
—

 
—

 
—

 
50.5

Loss on early retirement of debt, net
10.8

 
—

 
—

 
—

 
10.8

Other (income)
(3.2
)
 
(1.1
)
 
(3.7
)
 
—

 
(8.0
)
Homebuilding pre-tax income
12.1

 
78.1

 
1.0

 
(98.2
)
 
(7.0
)
Financial Services:
 

 
 

 
 

 
 

 
 

Revenues, net of recourse and reinsurance expense
—

 
—

 
87.2

 
—

 
87.2

General and administrative expense
—

 
—

 
76.3

 
—

 
76.3

Interest and other (income)
—

 
—

 
(8.2
)
 
—

 
(8.2
)
Financial services pre-tax income
—

 
—

 
19.1

 
—

 
19.1

Income before income taxes
12.1

 
78.1

 
20.1

 
(98.2
)
 
12.1

Income tax benefit
(59.7
)
 
(41.4
)
 
(1.5
)
 
42.9

 
(59.7
)
Net income
$
71.8

 
$
119.5

 
$
21.6

 
$
(141.1
)
 
$
71.8

Comprehensive income
$
71.6

 
$
119.5

 
$
21.6

 
$
(141.1
)
 
$
71.6



Consolidating Statement of Cash Flows
Year Ended September 30, 2013

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

Net cash (used in) provided by operating activities
$
(523.7
)
 
$
(670.6
)
 
$
3.2

 
$
(40.0
)
 
$
(1,231.1
)
INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

Purchases of property and equipment
(29.7
)
 
(24.0
)
 
(4.3
)
 
—

 
(58.0
)
Purchases of marketable securities
(28.9
)
 
—

 
—

 
—

 
(28.9
)
Proceeds from the sale or maturity of marketable securities
325.4

 
—

 
—

 
—

 
325.4

Increase in restricted cash
(27.8
)
 
(0.7
)
 
—

 
—

 
(28.5
)
Net principal increase of other mortgage loans and real estate owned
—

 
—

 
(2.5
)
 
—

 
(2.5
)
Purchase of debt securities collateralized by residential real estate
(18.6
)
 
—

 
—

 
—

 
(18.6
)
Principal payments received on debt securities collateralized by residential real estate
1.4

 
—

 
—

 
—

 
1.4

Intercompany advances
(674.4
)
 
—

 
—

 
674.4

 
—

Payments related to acquisition of a business
(9.4
)
 
—

 
—

 
—

 
(9.4
)
Net cash (used in) provided by investing activities
(462.0
)
 
(24.7
)
 
(6.8
)
 
674.4

 
180.9

FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

Net change in notes payable
912.0

 
—

 
50.8

 
—

 
962.8

Intercompany advances
—

 
677.4

 
(3.0
)
 
(674.4
)
 
—

Proceeds from stock associated with certain employee benefit plans
29.7

 
—

 
—

 
—

 
29.7

Income tax benefit from employee stock awards
6.7

 
—

 
—

 
—

 
6.7

Cash dividends paid
(60.2
)
 
—

 
(40.0
)
 
40.0

 
(60.2
)
Net cash provided by financing activities
888.2

 
677.4

 
7.8

 
(634.4
)
 
939.0

(Decrease) increase in cash and cash equivalents
(97.5
)
 
(17.9
)
 
4.2

 
—

 
(111.2
)
Cash and cash equivalents at beginning of year
968.9

 
56.3

 
22.5

 
—

 
1,047.7

Cash and cash equivalents at end of year
$
871.4

 
$
38.4

 
$
26.7

 
$
—

 
$
936.5


Consolidating Statement of Cash Flows
Year Ended September 30, 2012

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

Net cash used in operating activities
$
(115.2
)
 
$
(126.3
)
 
$
(0.8
)
 
$
(51.1
)
 
$
(293.4
)
INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

Purchases of property and equipment
(10.2
)
 
(7.6
)
 
(15.8
)
 
—

 
(33.6
)
Purchases of marketable securities
(240.8
)
 
—

 
—

 
—

 
(240.8
)
Proceeds from the sale or maturity of marketable securities
232.8

 
—

 
—

 
—

 
232.8

Increase in restricted cash
—

 
(0.1
)
 
(0.1
)
 
—

 
(0.2
)
Net principal increase of other mortgage loans and real estate owned
—

 
—

 
(4.7
)
 
—

 
(4.7
)
Intercompany advances
(168.3
)
 
—

 
—

 
168.3

 
—

Payments related to acquisition of a business
(96.5
)
 
—

 
—

 
—

 
(96.5
)
Net cash used in investing activities
(283.0
)
 
(7.7
)
 
(20.6
)
 
168.3

 
(143.0
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

Net change in notes payable
682.7

 
(5.6
)
 
71.3

 
—

 
748.4

Intercompany advances
—

 
164.6

 
3.7

 
(168.3
)
 
—

Proceeds from stock associated with certain employee benefit plans
50.9

 
—

 
—

 
—

 
50.9

Cash dividends paid
(47.8
)
 
—

 
(51.1
)
 
51.1

 
(47.8
)
Net cash provided by financing activities
685.8

 
159.0

 
23.9

 
(117.2
)
 
751.5

Increase in cash and cash equivalents
287.6

 
25.0

 
2.5

 
—

 
315.1

Cash and cash equivalents at beginning of year
681.3

 
31.3

 
20.0

 
—

 
732.6

Cash and cash equivalents at end of year
$
968.9

 
$
56.3

 
$
22.5

 
$
—

 
$
1,047.7


Consolidating Statement of Cash Flows
Year Ended September 30, 2011

 
D.R.
Horton, Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(In millions)
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

Net cash (used in) provided by operating activities
$
(104.4
)
 
$
151.2

 
$
(27.9
)
 
$
—

 
$
18.9

INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

Purchases of property and equipment
(6.7
)
 
(9.3
)
 
(0.3
)
 
—

 
(16.3
)
Purchases of marketable securities
(300.1
)
 
—

 
—

 
—

 
(300.1
)
Proceeds from the sale or maturity of marketable securities
292.5

 
—

 
—

 
—

 
292.5

Decrease in restricted cash
4.6

 
—

 
—

 
—

 
4.6

Net principal increase of other mortgage loans and real estate owned
—

 
—

 
(4.0
)
 
—

 
(4.0
)
Intercompany advances
161.9

 
—

 
—

 
(161.9
)
 
—

Net cash provided by (used in) investing activities
152.2

 
(9.3
)
 
(4.3
)
 
(161.9
)
 
(23.3
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

Net change in notes payable
(518.4
)
 
(0.9
)
 
30.0

 
—

 
(489.3
)
Intercompany advances
—

 
(155.0
)
 
(6.9
)
 
161.9

 
—

Proceeds from stock associated with certain employee benefit plans
3.4

 
—

 
—

 
—

 
3.4

Cash dividends paid
(47.8
)
 
—

 
—

 
—

 
(47.8
)
Purchase of treasury stock
(38.6
)
 
—

 
—

 
—

 
(38.6
)
Net cash (used in) provided by financing activities
(601.4
)
 
(155.9
)
 
23.1

 
161.9

 
(572.3
)
Decrease in cash and cash equivalents
(553.6
)
 
(14.0
)
 
(9.1
)
 
—

 
(576.7
)
Cash and cash equivalents at beginning of year
1,234.9

 
45.3

 
29.1

 
—

 
1,309.3

Cash and cash equivalents at end of year
$
681.3

 
$
31.3

 
$
20.0

 
$
—

 
$
732.6

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