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Inventory (Tables) | 12 Months Ended
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Sep. 30, 2014
Real Estate [Abstract] |
Schedule of Inventory |
(In thousands) | September 30, 2014 |  | September 30, 2013
Homes under construction | $ | 282,095 |  |  | $ | 262,476 |
Development projects in progress | 786,768 |  |  | 578,453 |
Land held for future development | 301,048 |  |  | 341,986 |
Land held for sale | 51,672 |  |  | 31,331 |
Capitalized interest | 87,619 |  |  | 52,562 |
Model homes | 48,294 |  |  | 37,886 |
Total owned inventory | $ | 1,557,496 |  |  | $ | 1,304,694 |
Schedule of Total Owned Inventory, by Segment | Total owned inventory, by reportable segment, is set forth in the table below. Inventory located in California, the state with our largest concentration of inventory, was $426.1 million and $388.1 million at September 30, 2014 and 2013, respectively.
(In thousands) | Projects in Progress |  | Held for Future Development |  | Land Held for Sale |  | Total Owned Inventory
September 30, 2014 |  |  |  |  |  |  |
West Segment | $ | 462,508 |  |  | $ | 260,898 |  |  | $ | 10,026 |  |  | $ | 733,432 |
East Segment | 353,859 |  |  | 29,239 |  |  | 34,530 |  |  | 417,628 |
Southeast Segment | 264,843 |  |  | 10,911 |  |  | 4,821 |  |  | 280,575 |
Unallocated & Other | 123,566 |  |  | — |  |  | 2,295 |  |  | 125,861 |
Total | $ | 1,204,776 |  |  | $ | 301,048 |  |  | $ | 51,672 |  |  | $ | 1,557,496 |
September 30, 2013 |  |  |  |  |  |  |
West Segment | $ | 339,319 |  |  | $ | 292,875 |  |  | $ | 16,572 |  |  | $ | 648,766 |
East Segment | 331,894 |  |  | 25,491 |  |  | 3,833 |  |  | 361,218 |
Southeast Segment | 178,624 |  |  | 23,620 |  |  | 8,208 |  |  | 210,452 |
Unallocated & Other | 81,540 |  |  | — |  |  | 2,718 |  |  | 84,258 |
Total | $ | 931,377 |  |  | $ | 341,986 |  |  | $ | 31,331 |  |  | $ | 1,304,694 |
Recoverability Schedule of Inventory assets Held for Development, by Reportable Segment | The following tables represent the results, by reportable segment of our community level review of the recoverability of our inventory assets held for development as of September 30, 2014, 2013 and 2012. We have elected to aggregate our disclosure at the reportable segment level because we believe this level of disclosure is most meaningful to the readers of our financial statements. The aggregate undiscounted cash flow fair value as a percentage of book value for the communities represented below is consistent with our expectations given our “watch list” methodology.
($ in thousands) |  |  | Undiscounted Cash Flow Analyses Prepared
Segment | # of Communities on Watch List |  | # of Communities |  | Pre-analysis Book Value (BV) |  | Aggregate Undiscounted Cash Flow as a % of BV
Year Ended September 30, 2014 |  |  |  |  |  |  |
West | 5 |  |  | 3 |  |  | $ | 25,191 |  |  | 90.9 | %
East (a) | 1 |  |  | — |  |  | — |  |  | — | %
Southeast | 2 |  |  | 1 |  |  | 7,479 |  |  | 120.2 | %
Unallocated | — |  |  | — |  |  | 2,558 |  |  | 100.0 | %
Total | 8 |  |  | 4 |  |  | $ | 35,228 |  |  | 97.8 | %
Year Ended September 30, 2013 |  |  |  |  |  |  |
West | 1 |  |  | 1 |  |  | $ | 11,080 |  |  | 117.6 | %
East | 3 |  |  | 3 |  |  | 9,588 |  |  | 107.0 | %
Southeast | 1 |  |  | 1 |  |  | 5,257 |  |  | 128.6 | %
Unallocated | — |  |  | — |  |  | 1,755 |  |  | 100.0 | %
Total | 5 |  |  | 5 |  |  | $ | 27,680 |  |  | 114.9 | %
Year Ended September 30, 2012 |  |  |  |  |  |  |
West | 14 |  |  | 8 |  |  | $ | 28,467 |  |  | 94.7 | %
East | 12 |  |  | 8 |  |  | 30,052 |  |  | 91.8 | %
Southeast | 5 |  |  | 3 |  |  | 9,247 |  |  | 116.5 | %
Unallocated | — |  |  | — |  |  | 5,193 |  |  | 100.0 | %
Total | 31 |  |  | 19 |  |  | $ | 72,959 |  |  | 96.7 | %
Summary of Discounted Cash Flow Analysis | The estimated fair value of the impaired inventory is determined immediately after a community’s impairment.
($ in thousands) | Results of Discounted Cash Flow Analyses Prepared
Segment | # of Communities Impaired |  | # of Lots Impaired |  | Impairment Charge |  | Estimated Fair Value of Impaired Inventory at Period End
Year Ended September 30, 2014
West | 2 |  |  | 180 |  |  | $ | 4,948 |  |  | $ | 14,379 |
East (a) | — |  |  | — |  |  | — |  |  | — |
Southeast | — |  |  | — |  |  | — |  |  | — |
Unallocated | — |  |  | — |  |  | 373 |  |  | — |
Continuing Operations (a) | 2 |  |  | 180 |  |  | 5,321 |  |  | 14,379 |
Discontinued Operations | — |  |  | — |  |  | — |  |  | — |
Total (a) | 2 |  |  | 180 |  |  | $ | 5,321 |  |  | $ | 14,379 |
Year Ended September 30, 2012 |  |  |
West | 2 |  |  | 116 |  |  | $ | 3,902 |  |  | $ | 11,058 |
East | 2 |  |  | 93 |  |  | 4,316 |  |  | 7,342 |
Southeast | 1 |  |  | 37 |  |  | 796 |  |  | 2,457 |
Unallocated | — |  |  | — |  |  | 473 |  |  | — |
Continuing Operations | 5 |  |  | 246 |  |  | 9,487 |  |  | 20,857 |
Discontinued Operations | — |  |  | — |  |  | 60 |  |  | — |
Total | 5 |  |  | 246 |  |  | $ | 9,547 |  |  | $ | 20,857 |
(a) During the year ended September 30, 2014, we recorded an impairment charge of $0.1 million in our East segment. The community had less than 10 lots remaining to close at the time of the analysis and therefore, consistent with our policy, we did not prepare an undiscounted or discounted cash flow analysis related to this community.
Schedule of Inventory Impairments and Lot Option Abandonment Charges, by Reportable Homebuilding Segment | The following table sets forth, by reportable homebuilding segment, the inventory impairments and lot option abandonment charges recorded for the fiscal years ended September 30, 2014, 2013 and 2012:
| Fiscal Year Ended September 30,
(In thousands) | 2014 |  | 2013 |  | 2012
Development projects and homes in process (Held for Development) |  |  |  |  |
West | $ | 4,948 |  |  | $ | 46 |  |  | $ | 3,902 |
East | 100 |  |  | 13 |  |  | 4,316 |
Southeast | — |  |  | — |  |  | 796 |
Unallocated | 373 |  |  | — |  |  | 473 |
Subtotal | $ | 5,421 |  |  | $ | 59 |  |  | $ | 9,487 |
Land Held for Sale |  |  |  |  |
West | $ | — |  |  | $ | 228 |  |  | $ | — |
East | 232 |  |  | 123 |  |  | 100 |
Southeast | 28 |  |  | 1,778 |  |  | 208 |
Subtotal | $ | 260 |  |  | $ | 2,129 |  |  | $ | 308 |
Lot Option Abandonments |  |  |  |  |
West | $ | — |  |  | $ | 104 |  |  | $ | 301 |
East | 131 |  |  | 20 |  |  | 1,320 |
Southeast | 2,495 |  |  | 321 |  |  | 792 |
Unallocated | — |  |  | — |  |  | 2 |
Subtotal | $ | 2,626 |  |  | $ | 445 |  |  | $ | 2,415 |
Continuing Operations | $ | 8,307 |  |  | $ | 2,633 |  |  | $ | 12,210 |
Discontinued Operations |  |  |  |  |
Held for Development | $ | — |  |  | $ | — |  |  | $ | 60 |
Land Held for Sale | — |  |  | 17 |  |  | 503 |
Lot Option Abandonments | — |  |  | — |  |  | 16 |
Subtotal | $ | — |  |  | $ | 17 |  |  | $ | 579 |
Total Company | $ | 8,307 |  |  | $ | 2,650 |  |  | $ | 12,789 |
Summary of Interests in Lot Option Agreements | The following provides a summary of our interests in lot option agreements as of September 30, 2014 and September 30, 2013:
(In thousands) | Deposits & Non-refundable Preacquisition Costs Incurred |  | Remaining Obligation |  | Land Not Owned - Under Option Agreements
As of September 30, 2014 |  |  |  |  |
Consolidated VIEs | $ | 941 |  |  | $ | 2,916 |  |  | $ | 3,857 |
Unconsolidated lot option agreements | 42,588 |  |  | 417,618 |  |  | — |
Total lot option agreements | $ | 43,529 |  |  | $ | 420,534 |  |  | $ | 3,857 |
As of September 30, 2013 |  |  |  |  |
Consolidated VIEs | $ | 4,491 |  |  | $ | 4,633 |  |  | $ | 9,124 |
Unconsolidated lot option agreements | 32,822 |  |  | 284,005 |  |  | — |
Total lot option agreements | $ | 37,313 |  |  | $ | 288,638 |  |  | $ | 9,124 |

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