XML 20 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Inventory
6 Months Ended
Mar. 31, 2017
Inventory Disclosure [Abstract]  
INVENTORY
INVENTORY

At March 31, 2017, the Company reviewed the performance and outlook for all of its communities and land inventories for indicators of potential impairment and performed detailed impairment evaluations and analyses when necessary. The Company performed detailed impairment evaluations of communities and land inventories with a combined carrying value of $103.8 million and recorded impairment charges of $9.4 million during the three months ended March 31, 2017 to reduce the carrying value of impaired communities and land to their estimated fair value. During the six months ended March 31, 2017, impairment charges totaled $9.4 million. There were $3.2 million and $3.7 million of impairment charges recorded in the three and six months ended March 31, 2016, respectively.

During the three and six months ended March 31, 2017, the Company wrote off $2.8 million and $5.1 million, respectively, of earnest money deposits and pre-acquisition costs related to land option contracts that the Company has terminated or expects to terminate. Earnest money and pre-acquisition cost write-offs for the three and six months ended March 31, 2016 were $2.8 million and $4.2 million, respectively.