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Inventory (Tables) | 6 Months Ended
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Mar. 31, 2017 | Mar. 31, 2016
Inventory Disclosure [Abstract] |  |
Schedule of inventory | The components of our owned inventory are as follows as of March 31, 2017 and September 30, 2016:
(In thousands) | March 31, 2017 |  | September 30, 2016
Homes under construction | $ | 462,017 |  |  | $ | 377,191 |
Development projects in progress | 772,664 |  |  | 742,417 |
Land held for future development | 152,724 |  |  | 213,006 |
Land held for sale | 25,585 |  |  | 29,696 |
Capitalized interest | 146,916 |  |  | 138,108 |
Model homes | 71,166 |  |  | 68,861 |
Total owned inventory | $ | 1,631,072 |  |  | $ | 1,569,279 |
Schedule of total owned inventory, by segment | Total owned inventory, by reportable segment, is presented by category in the table below as of March 31, 2017 and September 30, 2016:
(In thousands) | Projects in Progress (a) |  | Land Held for Future Development |  | Land Held for Sale |  | Total Owned Inventory
March 31, 2017 |  |  |  |  |  |  |
West Segment | $ | 647,239 |  |  | $ | 128,132 |  |  | $ | 8,144 |  |  | $ | 783,515 |
East Segment | 297,967 |  |  | 13,649 |  |  | 15,129 |  |  | 326,745 |
Southeast Segment | 308,362 |  |  | 10,943 |  |  | 1,210 |  |  | 320,515 |
Corporate and unallocated (b) | 199,195 |  |  | — |  |  | 1,102 |  |  | 200,297 |
Total | $ | 1,452,763 |  |  | $ | 152,724 |  |  | $ | 25,585 |  |  | $ | 1,631,072 |
September 30, 2016 |  |  |  |  |  |  |
West Segment | $ | 586,420 |  |  | $ | 172,015 |  |  | $ | 6,577 |  |  | $ | 765,012 |
East Segment | 276,785 |  |  | 30,036 |  |  | 20,930 |  |  | 327,751 |
Southeast Segment | 276,385 |  |  | 10,955 |  |  | 1,090 |  |  | 288,430 |
Corporate and unallocated (b) | 186,987 |  |  | — |  |  | 1,099 |  |  | 188,086 |
Total | $ | 1,326,577 |  |  | $ | 213,006 |  |  | $ | 29,696 |  |  | $ | 1,569,279 |
(a) Projects in progress include homes under construction, development projects in progress, capitalized interest and model homes categories from the preceding table. (b) Projects in progress amount includes capitalized interest and indirect costs that are maintained within our Corporate and unallocated segment. Land held for sale amount includes parcels held by our discontinued operations. |
Recoverability schedule of inventory assets held for development, by reportable segment |  | The table below summarizes the results of our impairment analysis by reportable segment for the period presented:
($ in thousands) |  |  | Undiscounted Cash Flow Analyses Prepared
Segment (a) | # of Communities on Watch List (b) |  | # of Communities (c) |  | Pre-analysis Book Value (BV) |  | Aggregate Undiscounted Cash Flow as a % of BV (d)
Quarter Ended March 31, 2016 |  |  |  |  |  |  |
West | 8 |  |  | 2 |  |  | $ | 20,809 |  |  | 108.0 | %
East | 1 |  |  | — |  |  | — |  |  | — | %
Corporate and unallocated (e) | — |  |  | — |  |  | 1,105 |  |  | N/A (f) |
Total | 9 |  |  | 2 |  |  | $ | 21,914 |  |  |
(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) Number of communities in this column excludes communities that are closing out and have less than ten closings remaining. (c) Number of communities in this column is lower than the number of communities on our watch list because it excludes communities due to certain qualitative considerations that would imply that the low profitability levels are temporary in nature. (d) 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 quarter ended March 31, 2016 in total, for the community that we ultimately impaired, the metric was below 100%, while the metric for the community we did not impair was above 100%. (e) 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. (f) 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 periods presented:
($ in thousands) | Three and Six Months Ended
Segment | # of Communities Impaired |  | # of Lots Impaired |  | Impairment Charge |  | Estimated Fair Value of Impaired Inventory at time of Impairment
March 31, 2016 |  |  |  |  |  |  |
West | 1 |  |  | 34 |  |  | $ | 1,513 |  |  | $ | 5,518 |
Corporate and unallocated (a) | — |  |  | — |  |  | 312 |  |  | — |
Total | 1 |  |  | 34 |  |  | $ | 1,825 |  |  | $ | 5,518 |
(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 values of significant quantitative unobservable inputs we used in determining the fair value of the community we impaired during the periods presented:
|  | Three and Six Months Ended
Unobservable Inputs |  | March 31, 2016
Average selling price (in thousands) |  | $ | 409 |
Closings per community per month |  | 2 |
Discount rate |  | 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 March 31, |  | Six Months Ended March 31,
(In thousands) | 2017 |  | 2016 |  | 2017 |  | 2016
Projects in Progress: |  |  |  |  |  |  |
West | $ | — |  |  | $ | 1,513 |  |  | $ | — |  |  | $ | 1,513 |
Corporate and unallocated | — |  |  | 312 |  |  | — |  |  | 312 |
Total impairment charges on projects in progress | $ | — |  |  | $ | 1,825 |  |  | $ | — |  |  | $ | 1,825 |
Land Held for Sale: |  |  |  |  |  |  |
West | $ | 94 |  |  | $ | — |  |  | $ | 94 |  |  | $ | — |
East | — |  |  | — |  |  | — |  |  | 197 |
Southeast | — |  |  | — |  |  | — |  |  | 371 |
Total impairment charges on land held for sale | $ | 94 |  |  | $ | — |  |  | $ | 94 |  |  | $ | 568 |
Abandonments: |  |  |  |  |  |  |
East | $ | 188 |  |  | $ | — |  |  | $ | 188 |  |  | $ | — |
Southeast | — |  |  | — |  |  | — |  |  | 788 |
Total abandonments charges | $ | 188 |  |  | $ | — |  |  | $ | 188 |  |  | $ | 788 |
Total impairment and abandonment charges | $ | 282 |  |  | $ | 1,825 |  |  | $ | 282 |  |  | $ | 3,181 |
Summary of interests in lot option agreements | The following table provides a summary of our interests in lot option agreements as of March 31, 2017 and September 30, 2016:
(In thousands) | Deposits & Non-refundable Pre-acquisition Costs Incurred |  | Remaining Obligation
As of March 31, 2017 |  |  |
Unconsolidated lot option agreements | $ | 92,227 |  |  | $ | 435,606 |
As of September 30, 2016 |  |  |
Unconsolidated lot option agreements | $ | 80,433 |  |  | $ | 446,414 |

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