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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net income $ 2,588.1 $ 1,729.1
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 39.3 44.1
Stock-based compensation expense 54.6 47.1
Deferred income taxes 23.6 2.6
Inventory and land option charges 20.0 12.1
Gain on sale of assets 0.0 (14.0)
Changes in operating assets and liabilities:    
Increase in construction in progress and finished homes (2,137.4) (1,295.8)
Increase in residential land and lots – developed, under development, held for development and held for sale (528.4) (975.2)
Increase in rental properties (655.9) 0.0
Increase in other assets (616.7) (296.2)
Increase in mortgage loans held for sale (215.5) (226.8)
Increase in accounts payable, accrued expenses and other liabilities 593.7 818.1
Cash provided by (used in) operating activities (834.6) (154.9)
INVESTING ACTIVITIES    
Expenditures for property and equipment (72.5) (30.5)
Proceeds from sale of assets 0.0 31.8
Expenditures related to rental properties 0.0 (173.9)
Payments related to business acquisitions 0.0 (24.2)
Other investing activities 3.8 0.7
Net cash used in investing activities (68.7) (196.1)
FINANCING ACTIVITIES    
Proceeds from notes payable 750.0 494.1
Repayment of notes payable (750.8) (400.1)
Advances on mortgage repurchase facility, net 84.3 70.9
Proceeds from stock associated with certain employee benefit plans 22.2 5.6
Cash paid for shares withheld for taxes (61.7) (82.9)
Cash dividends paid (159.2) (145.6)
Repurchases of common stock (569.8) (420.2)
Net proceeds from issuance of Forestar common stock 1.7 23.3
Net other financing activities 38.5 (2.3)
Net cash used in financing activities (644.8) (457.2)
Net decrease in cash, cash equivalents and restricted cash (1,548.1) (808.2)
Cash, cash equivalents and restricted cash at beginning of period 3,237.2 3,040.1
Cash, cash equivalents and restricted cash at end of period 1,689.1 2,231.9
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:    
Notes payable issued for inventory 64.3 12.5
Stock issued under employee incentive plans $ 124.4 $ 114.5