XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES    
Net income $ 286.7 $ 188.8
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 16.9 16.2
Amortization of discounts and fees 2.6 1.2
Stock-based compensation expense 18.1 13.6
Equity in earnings of unconsolidated entities (0.6) (2.3)
Distributions of earnings of unconsolidated entities 0.5 0.2
Deferred income taxes 3.9 126.3
Inventory and land option charges 8.0 3.7
Gain on sale of assets (2.0) (13.4)
Changes in operating assets and liabilities:    
Increase in construction in progress and finished homes (500.3) (302.3)
Increase in residential land and lots – developed, under development, held for development and held for sale (435.9) (185.2)
(Increase) decrease in other assets (34.0) 4.3
Decrease in mortgage loans held for sale 174.2 49.1
Increase in accounts payable, accrued expenses and other liabilities 88.8 24.8
Net cash (used in) provided by operating activities (373.1) (75.0)
INVESTING ACTIVITIES    
Expenditures for property and equipment (20.2) (25.3)
Proceeds from sale of assets 10.4 24.8
Expenditures related to multi-family rental properties (11.4) (19.1)
Return of investment in unconsolidated entities 4.4 14.9
Net principal (increase) decrease of other mortgage loans and real estate owned (0.6) 0.1
Payments related to business acquisitions, net of cash acquired (293.0) (156.4)
Net cash (used in) provided by investing activities (310.4) (161.0)
FINANCING ACTIVITIES    
Proceeds from notes payable 578.3 1,113.9
Repayment of notes payable (276.1) (825.8)
Payments on mortgage repurchase facility, net (163.8) (32.6)
Proceeds from stock associated with certain employee benefit plans 8.6 14.6
Cash paid for shares withheld for taxes (4.1) (10.3)
Cash dividends paid (56.0) (47.0)
Repurchases of common stock (140.6) (25.4)
Distributions to noncontrolling interests, net (0.5) (1.7)
Net cash (used in) provided by financing activities (54.2) 185.7
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (737.7) (50.3)
Cash, cash equivalents and restricted cash at beginning of period 1,506.0 1,024.3
Cash, cash equivalents and restricted cash at end of period 768.3 974.0
Supplemental disclosures of non-cash activities:    
Stock issued under employee incentive plans 9.4 13.9
Accrual for holdback payment related to acquisition $ 27.7 $ 0.0