XML 26 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES      
Net income $ 4,191.2 $ 2,380.5 $ 1,618.6
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation and amortization 73.9 80.4 72.0
Amortization of discounts and fees 8.2 10.2 10.9
Stock-based compensation expense 91.4 77.8 73.2
Equity in earnings of unconsolidated entities (1.0) (0.7) 0.0
Deferred income taxes (10.0) 14.1 20.1
Inventory and land option charges 28.6 23.8 54.0
Gain on sale of assets (14.0) (59.5) (53.9)
Loss on extinguishment of debt 18.1 0.0 0.0
Changes in operating assets and liabilities:      
(Increase) decrease in construction in progress and finished homes (1,734.9) (739.1) 84.6
Increase in residential land and lots — developed, under development, held for development and held for sale (1,720.6) (324.4) (676.4)
Increase in rental properties (303.6) 0.0 0.0
Increase in other assets (439.7) (150.7) (161.6)
Increase in mortgage loans held for sale (498.3) (457.0) (275.6)
Increase in accounts payable, accrued expenses and other liabilities 845.1 566.2 126.2
Net cash provided by operating activities 534.4 1,421.6 892.1
INVESTING ACTIVITIES      
Expenditures for property and equipment (93.5) (96.5) (127.2)
Proceeds from sale of assets 37.6 129.8 143.8
Expenditures related to rental properties (173.9) (190.3) (96.9)
Payments related to business acquisitions, net of cash acquired (24.5) (9.7) (315.8)
Other investing activities 2.1 0.6 2.1
Net cash used in investing activities (252.2) (166.1) (394.0)
FINANCING ACTIVITIES      
Proceeds from notes payable 1,541.6 2,346.1 2,528.2
Repayment of notes payable (826.3) (1,682.9) (2,686.1)
Advances on mortgage repurchase facility, net 362.0 243.7 251.2
Proceeds from stock associated with certain employee benefit plans 22.7 23.4 42.7
Cash paid for shares withheld for taxes (78.5) (38.2) (19.7)
Cash dividends paid (289.3) (256.0) (223.4)
Repurchases of common stock (848.4) (360.4) (479.8)
Distributions to noncontrolling interests, net (0.1) (0.7) (3.9)
Net proceeds from issuance of Forestar common stock 33.5 0.0 100.7
Other financing activities (2.3) (4.4) 0.0
Net cash (used in) provided by financing activities (85.1) 270.6 (490.1)
Net increase in cash, cash equivalents and restricted cash 197.1 1,526.1 8.0
Total cash, cash equivalents and restricted cash 3,237.2 3,040.1 1,514.0
Supplemental cash flow information:      
Income taxes paid, net 1,137.8 581.3 488.0
Supplemental disclosures of non-cash activities:      
Notes payable issued for inventory 12.5 5.1 83.6
Stock issued under employee incentive plans 124.7 84.4 49.6
Accrual for holdback payment related to acquisition 1.1 0.7 10.1
Repurchase of common stock not settled $ 25.6 $ 0.0 $ 0.0