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Inventory (Tables) | 9 Months Ended
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Jun. 30, 2016
Real Estate [Abstract] |
Schedule of Inventory | The components of our owned inventory are as follows as of June 30, 2016 and September 30, 2015:
(In thousands) | June 30, 2016 |  | September 30, 2015
Homes under construction | $ | 520,313 |  |  | $ | 377,281 |
Development projects in progress | 736,587 |  |  | 809,900 |
Land held for future development | 221,148 |  |  | 270,990 |
Land held for sale | 38,791 |  |  | 44,555 |
Capitalized interest | 142,398 |  |  | 123,457 |
Model homes | 72,613 |  |  | 71,407 |
Total owned inventory | $ | 1,731,850 |  |  | $ | 1,697,590 |
Schedule of Total Owned Inventory, by Segment | Total owned inventory, by reportable segment, is presented by category in the table below as of June 30, 2016 and September 30, 2015:
(In thousands) | Projects in Progress (a) |  | Land Held for Future Development |  | Land Held for Sale |  | Total Owned Inventory
June 30, 2016 |  |  |  |  |  |  |
West Segment | $ | 651,000 |  |  | $ | 180,233 |  |  | $ | 5,413 |  |  | $ | 836,646 |
East Segment | 316,779 |  |  | 29,918 |  |  | 26,339 |  |  | 373,036 |
Southeast Segment | 309,886 |  |  | 10,997 |  |  | 5,939 |  |  | 326,822 |
Corporate and unallocated | 194,246 |  | (b) | — |  |  | 1,100 |  |  | 195,346 |
Total | $ | 1,471,911 |  |  | $ | 221,148 |  |  | $ | 38,791 |  |  | $ | 1,731,850 |
September 30, 2015 |  |  |  |  |  |  |
West Segment | $ | 583,210 |  |  | $ | 230,778 |  |  | $ | 6,941 |  |  | $ | 820,929 |
East Segment | 353,054 |  |  | 29,280 |  |  | 30,927 |  |  | 413,261 |
Southeast Segment | 277,351 |  |  | 10,932 |  |  | 5,587 |  |  | 293,870 |
Corporate and unallocated | 168,430 |  | (b) | — |  |  | 1,100 |  |  | 169,530 |
Total | $ | 1,382,045 |  |  | $ | 270,990 |  |  | $ | 44,555 |  |  | $ | 1,697,590 |
(a) Projects in progress include homes under construction, development projects in progress, capitalized interest and model home categories from the preceding table. (b) Includes capitalized interest and indirect costs that are maintained within Corporate and unallocated.
Recoverability Schedule of Inventory Assets Held for Development, by Reportable Segment | The table below summarizes the results of our undiscounted cash flow analysis by reportable segment, where applicable, for the quarter ended June 30, 2016:
($ in thousands) |  |  | Undiscounted Cash Flow Analyses Prepared
Segment (a) | # of Communities on Watch List (b) |  | # of Communities |  | Pre-analysis Book Value (BV) |  | Aggregate Undiscounted Cash Flow as a % of BV (c)
Three Months Ended June 30, 2016 |  |  |  |  |  |  |
West | 2 |  |  | 2 |  |  | $ | 22,969 |  |  | 124.0 | %
East | 1 |  |  | 1 |  |  | 22,469 |  |  | 88.5 | %
Corporate and unallocated (d) | — |  |  | — |  |  | 2,794 |  |  | N/A (e) |
Total | 3 |  |  | 3 |  |  | $ | 48,232 |  |  |  |
(a) 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. (b) Totals in this column exclude communities that are closing out (and have less than 10 closings remaining), as well as communities that are excluded due to certain qualitative considerations that would imply that low profitability levels are temporary in nature. (c) An aggregate undiscounted cash flow as a percentage of book value under 100% would indicate a possible impairment and is consistent with our “watch list” methodology. While this metric for the communities in the West segment was above 100% for the current quarter in total, the community that we ultimately impaired was below 100%, while the community we did not impair was above 100%. (d) Amount represents capitalized interest and indirects balance related to the communities for which an undiscounted cash flow analysis was prepared. Capitalized interest and indirects are maintained within our Corporate and unallocated segment. (e) N/A - not applicable.
Schedule of Discounted Cash Flow Analysis | The following table presents, by reportable segment, details around the impairment charges taken on projects in progress for the three and nine months ended June 30, 2016:
($ in thousands) | Three Months Ended June 30, 2016 |  | Nine Months Ended June 30, 2016
Segment | # of Communities Impaired |  | # of Lots Impaired |  | Impairment Charge |  | Estimated Fair Value of Impaired Inventory at Period End |  | # of Communities Impaired |  | # of Lots Impaired |  | Impairment Charge |  | Estimated Fair Value of Impaired Inventory at Period End
West | 1 |  |  | 179 |  |  | $ | 5,216 |  |  | $ | 10,827 |  |  | 2 |  |  | 213 |  |  | $ | 6,729 |  |  | $ | 16,345 |
East | 1 |  |  | 78 |  |  | 5,894 |  |  | 18,073 |  |  | 1 |  |  | 78 |  |  | 5,894 |  |  | 18,073 |
Corporate and unallocated (a) | — |  |  | — |  |  | 789 |  |  | — |  |  | — |  |  | — |  |  | 1,101 |  |  | — |
Total | 2 |  |  | 257 |  |  | $ | 11,899 |  |  | $ | 28,900 |  |  | 3 |  |  | 291 |  |  | $ | 13,724 |  |  | $ | 34,418 |
(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.
Quantitative Unobservable Inputs for Inventory Impairment | The following table presents the ranges or values of significant quantitative unobservable inputs we used in determining the fair value of the communities we impaired during the periods presented:
|  | Three Months Ended June 30, |  | Nine Months Ended June 30,
Unobservable Inputs |  | 2016 |  | 2015 |  | 2016 |  | 2015
Average selling price (in thousands) |  | $355 - $560 |  |  | — |  |  | $355 - $560 |  | — |
Closings per community per month |  | 2 - 4 |  |  | — |  |  | 2 - 4 |  | — |
Discount rate |  | 14.15 | % |  | — |  |  | 14.15% - 15.33% |  | — |
Schedule of Inventory Impairments and Lot Option Abandonment Charges, by Reportable Homebuilding Segment | The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
(In thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Projects in Progress: |  |  |  |  |  |
West | $ | 5,216 |  |  | $ | — |  |  | $ | 6,729 |  |  | $ | — |
East | 5,894 |  |  | — |  |  | 5,894 |  |  | — |
Corporate and unallocated | 789 |  |  | — |  |  | 1,101 |  |  | — |
Total impairment charges on projects in progress | $ | 11,899 |  |  | $ | — |  |  | $ | 13,724 |  |  | $ | — |
Land Held for Sale: |  |  |  |  |  |  |
East | $ | 18 |  |  | $ | 249 |  |  | $ | 215 |  |  | $ | 249 |
Southeast | — |  |  | — |  |  | 371 |  |  | — |
Total impairment charges on land held for sale | $ | 18 |  |  | $ | 249 |  |  | $ | 586 |  |  | $ | 249 |
Abandonments: |  |  |  |  |  |  |
Southeast | $ | — |  |  | $ | — |  |  | $ | 788 |  |  | $ | — |
Total impairment and abandonment charges | $ | 11,917 |  |  | $ | 249 |  |  | $ | 15,098 |  |  | $ | 249 |
Summary of Interests in Lot Option Agreements | The following table provides a summary of our interests in lot option agreements as of June 30, 2016 and September 30, 2015:
(In thousands) | Deposits & Non-refundable Pre-acquisition Costs Incurred |  | Remaining Obligation
As of June 30, 2016 |  |  |
Unconsolidated lot option agreements | $ | 76,968 |  |  | $ | 438,498 |
As of September 30, 2015 |  |  |
Unconsolidated lot option agreements | $ | 51,475 |  |  | $ | 420,070 |

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