XML 45 R26.htm IDEA: XBRL DOCUMENT
v3.20.2

Notes Payable (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2020
Debt Disclosure [Abstract] |
Summary of notes payable at principal amounts, net of unamortized discounts | The Company’s notes payable at their carrying amounts consist of the following:
| September 30,
| 2020 |  | 2019
| (In millions)
Homebuilding: |  |  |
Unsecured: |  |  |
Revolving credit facility | $ | — |  |  | $ | — |
364-day revolving credit facility | — |  |  | — |
4.0% senior notes due 2020 (1) | — |  |  | 499.6 |
2.55% senior notes due 2020 (1) | 399.8 |  |  | 398.9 |
4.375% senior notes due 2022 (1) | 349.2 |  |  | 348.8 |
4.75% senior notes due 2023 (1) | 299.2 |  |  | 298.9 |
5.75% senior notes due 2023 (1) | 398.7 |  |  | 398.4 |
2.5% senior notes due 2024 (1) | 496.5 |  |  | — |
2.6% senior notes due 2025 (1) | 495.1 |  |  | — |
Other secured notes (2) | 71.1 |  |  | 103.0 |
| 2,509.6 |  |  | 2,047.6 |
Forestar: |  |  |
Unsecured: |  |  |
Revolving credit facility | — |  |  | — |
3.75% convertible senior notes due 2020 (3) | — |  |  | 119.1 |
8.0% senior notes due 2024 (4) | 345.2 |  |  | 343.8 |
5.0% senior notes due 2028 (4) | 295.9 |  |  | — |
| 641.1 |  |  | 462.9 |
Financial Services: |  |  |
Mortgage repurchase facility | 1,132.6 |  |  | 888.9 |
| $ | 4,283.3 |  |  | $ | 3,399.4 |
______________________ (1)Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $10.7 million and $5.4 million at September 30, 2020 and 2019, respectively. (2)Homebuilding other secured notes at September 30, 2020 excludes $4.8 million of earnest money notes payable due to Forestar. These intercompany notes are eliminated in consolidation. (3)Forestar’s 3.75% convertible senior notes due March 2020 included an unamortized fair value adjustment of $2.4 million at September 30, 2019. (4)Debt issuance costs that were deducted from the carrying amount of Forestar’s senior notes totaled $8.9 million and $6.2 million at September 30, 2020 and 2019, respectively.
Summary of notes payable terms | The key terms of the Company’s homebuilding senior notes outstanding as of September 30, 2020 are summarized below.
Notes Payable |  | Principal Amount |  | Date Issued |  | Date Due |  | Redeemable Prior to Maturity (1) |  | Effective Interest Rate (2)
|  | (In millions) |  |  |  |  |  |  |  |
2.55% senior notes |  | $400 |  | December 2017 |  | December 1, 2020 |  | Yes |  | 2.8%
4.375% senior notes |  | $350 |  | September 2012 |  | September 15, 2022 |  | Yes |  | 4.5%
4.75% senior notes |  | $300 |  | February 2013 |  | February 15, 2023 |  | Yes |  | 4.9%
5.75% senior notes |  | $400 |  | August 2013 |  | August 15, 2023 |  | Yes |  | 5.9%
2.5% senior notes |  | $500 |  | October 2019 |  | October 15, 2024 |  | Yes |  | 2.7%
2.6% senior notes |  | $500 |  | May 2020 |  | October 15, 2025 |  | Yes |  | 2.8%
_____________ (1)The Company may redeem the notes in whole at any time or in part from time to time, at a redemption price equal to the greater of 100% of their principal amount or the present value of the remaining scheduled payments discounted to the redemption date, plus accrued and unpaid interest. In addition, the 4.375% senior notes, 4.75% senior notes and 5.75% senior notes are redeemable at a redemption price of 100% of their principal amount, plus accrued and unpaid interest, on or after the date that is three months prior to the final maturity date of the notes, and the 2.5% senior notes and 2.6% senior notes are redeemable at a redemption price of 100% of their principal amount, plus accrued and unpaid interest, on or after the date that is one month prior to the final maturity date of the notes. (2)Interest is payable semi-annually on each of the series of senior notes. The annual effective interest rate is calculated after giving effect to the amortization of debt issuance costs.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration