Notes Payable (Tables)

12 Months Ended

Sep. 30, 2019

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,
	2019		2018
	(In millions)
Homebuilding:
Unsecured:
Revolving credit facility	$	—	$	—
3.75% senior notes due 2019 (1)	—		499.6
4.0% senior notes due 2020 (1)	499.6		498.8
2.55% senior notes due 2020 (1)	398.9		397.9
4.375% senior notes due 2022 (1)	348.8		348.4
4.75% senior notes due 2023 (1)	298.9		298.7
5.75% senior notes due 2023 (1)	398.4		398.0
Other secured notes	103.0		4.5
	2,047.6		2,445.9
Forestar:
Unsecured:
Revolving credit facility	—		—
3.75% convertible senior notes due 2020 (2)	119.1		119.9
8.0% senior notes due 2024 (3)	343.8		—
	462.9		119.9
Financial Services:
Mortgage repurchase facility	888.9		637.7
	$	3,399.4	$	3,203.5

Summary of notes payable terms

The key terms of the Company’s homebuilding senior notes outstanding as of September 30, 2019 are summarized below.

Notes Payable	Principal Amount	Date Issued	Date Due	Redeemable Prior to Maturity (1)	Effective Interest Rate (2)
	(In millions)
4.0% senior notes	$500.0	February 2015	February 15, 2020	Yes	4.2%
2.55% senior notes	$400.0	December 2017	December 1, 2020	Yes	2.8%
4.375% senior notes	$350.0	September 2012	September 15, 2022	Yes	4.5%
4.75% senior notes	$300.0	February 2013	February 15, 2023	Yes	4.9%
5.75% senior notes	$400.0	August 2013	August 15, 2023	Yes	5.9%

_____________

(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.

(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.