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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net income $ 2,845.7 $ 1,549.3
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 56.7 57.4
Amortization of discounts and fees 6.9 7.8
Stock-based compensation expense 69.7 59.2
Equity in earnings of unconsolidated entities (1.0) (0.6)
Deferred income taxes (2.1) 1.0
Inventory and land option charges 17.6 17.8
Gain on sale of assets (14.0) (59.5)
Loss on extinguishment of debt 18.1 0.0
Changes in operating assets and liabilities:    
Increase in construction in progress and finished homes (1,739.7) (602.3)
Increase in residential land and lots – developed, under development, held for development and held for sale (1,349.8) (361.9)
Increase in rental properties (196.0) 0.0
Increase in other assets (367.2) (62.2)
Net increase in mortgage loans held for sale (115.1) (430.7)
Increase in accounts payable, accrued expenses and other liabilities 735.7 413.6
Cash provided by (used in) operating activities (34.5) 588.9
INVESTING ACTIVITIES    
Expenditures for property and equipment (46.0) (66.8)
Proceeds from sale of assets 37.6 129.8
Expenditures related to rental properties (173.9) (153.6)
Return of investment in unconsolidated entities 2.2 2.4
Net principal increase of other mortgage loans and real estate owned (2.4) (3.7)
Payments related to business acquisitions (24.4) (8.5)
Net cash used in investing activities (206.9) (100.4)
FINANCING ACTIVITIES    
Proceeds from notes payable 914.1 2,346.3
Repayment of notes payable (792.8) (1,679.5)
(Payments) advances on mortgage repurchase facility, net (39.0) 284.0
Proceeds from stock associated with certain employee benefit plans 15.5 15.0
Cash paid for shares withheld for taxes (78.5) (38.2)
Cash dividends paid (217.7) (192.3)
Repurchases of common stock (661.4) (360.4)
Distributions to noncontrolling interests, net (0.1) (0.7)
Net proceeds from issuance of Forestar common stock 32.6 0.0
Other financing activities (2.3) (4.0)
Net cash (used in) provided by financing activities (829.6) 370.2
Net (decrease) increase in cash, cash equivalents and restricted cash (1,071.0) 858.7
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 1,969.1 2,372.7
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:    
Notes payable issued for inventory 12.5 2.8
Stock issued under employee incentive plans 124.7 84.4
Accrual for holdback payments related to acquisitions $ 1.2 $ 1.9