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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net income $ 1,729.1 $ 916.4
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 39.3 38.8
Amortization of discounts and fees 4.8 5.8
Stock-based compensation expense 47.1 37.9
Equity in earnings of unconsolidated entities (1.0) (0.9)
Deferred income taxes 2.6 10.0
Inventory and land option charges 12.1 12.8
Gain on sale of assets (14.0) (59.5)
Changes in operating assets and liabilities:    
Increase in construction in progress and finished homes (1,295.8) (724.4)
Increase in residential land and lots – developed, under development, held for development and held for sale (975.2) (324.2)
Increase in other assets (295.2) (153.1)
Net increase in mortgage loans held for sale (226.8) (307.4)
Increase in accounts payable, accrued expenses and other liabilities 818.1 152.7
Net cash used in operating activities (154.9) (395.1)
INVESTING ACTIVITIES    
Expenditures for property and equipment (30.5) (47.6)
Proceeds from sale of assets 31.8 129.8
Expenditures related to rental properties 173.9 113.0
Return of investment in unconsolidated entities 2.2 2.4
Net principal increase of other mortgage loans and real estate owned (1.5) (0.6)
Payments related to business acquisitions (24.2) (5.6)
Net cash used in investing activities (196.1) (34.6)
FINANCING ACTIVITIES    
Proceeds from notes payable 494.1 1,591.3
Repayment of notes payable (400.1) (918.9)
Advances on mortgage repurchase facility, net 70.9 297.6
Proceeds from stock associated with certain employee benefit plans 5.6 12.9
Cash paid for shares withheld for taxes (82.9) (38.1)
Cash dividends paid (145.6) (128.7)
Repurchases of common stock (420.2) (360.4)
Distributions to noncontrolling interests, net (0.1) (0.4)
Net proceeds from issuance of Forestar common stock 23.3 0.0
Other financing activities (2.2) (2.3)
Net cash (used in) provided by financing activities (457.2) 453.0
Net (decrease) increase in cash, cash equivalents and restricted cash (808.2) 23.3
Cash, cash equivalents and restricted cash at beginning of period 3,040.1 1,514.0
Cash, cash equivalents and restricted cash at end of period 2,231.9 1,537.3
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:    
Notes payable issued for inventory 12.5 0.0
Stock issued under employee incentive plans 114.5 84.3
Accrued expenditures for property and equipment 24.9 8.6
Accrual for holdback payments related to acquisitions $ 1.4 $ 3.9