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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 901,248 $ 878,539 $ 797,197
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 21,992 20,818 20,168
Equity-based compensation expense 50,794 78,532 75,701
Contract land deposit impairments (recoveries), net 28,079 (680) 11,760
Gain on sale of loans, net (168,720) (128,642) (122,755)
Deferred tax (benefit) expense (17,565) (4,070) 914
Mortgage loans closed (5,323,932) (5,169,422) (4,828,615)
Mortgage loans sold and principal payments on mortgage loans held for sale 5,536,568 5,260,600 4,845,999
Distribution of earnings from unconsolidated joint ventures 1,432 3,476 4,596
Net change in assets and liabilities:      
Increase in inventory (362,384) (94,178) (6,911)
Decrease (increase) in contract land deposits 519 (16,994) (30,863)
(Increase) decrease in receivables (1,675) 2,754 (1,008)
Increase (decrease) in accounts payable and accrued expenses 168,667 33,926 (30,713)
Increase (Decrease) in Contract with Customer, Liability 108,872 (6,360) (11,787)
Other, net (18,626) 8,236 (557)
Operating activities 925,269 866,535 723,126
Net cash provided by operating activities 925,269 866,535 723,126
Cash flows from investing activities:      
Investments in and advances to unconsolidated joint ventures (435) (702) (284)
Distribution of capital from unconsolidated joint ventures 11,625 8,247 10,515
Purchase of property, plant and equipment (16,119) (22,699) (19,665)
Proceeds from the sale of property, plant and equipment 996 1,870 1,257
Net Cash Provided by (Used in) Investing Activities (3,933) (13,284) (8,177)
Cash flows from financing activities:      
Purchase of treasury stock (371,078) (698,417) (846,134)
Proceeds from Issuance of Senior Long-term Debt 923,905 0 0
Payments of Debt Issuance Costs (5,062) 0 0
Finance Lease, Principal Payments (989) (306) 0
Distributions to partner in consolidated variable interest entity 0 0 (234)
Proceeds from the exercise of stock options 180,866 274,028 174,110
Financing activities 727,642 (424,695) (672,258)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect 1,648,978 428,556 42,691
Financing activities 727,642 (424,695) (672,258)
Cash, restricted cash, and cash equivalents, beginning of the year 1,160,804 732,248 689,557
Cash, restricted cash, and cash equivalents, end of the year 2,809,782 1,160,804 732,248
Supplemental disclosures of cash flow information:      
Interest paid during the year, net of interest capitalized 36,805 24,453 24,178
Income taxes paid during the year, net of refunds $ 163,076 $ 153,915 $ 181,166