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Inventory (Tables) | 3 Months Ended
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Dec. 31, 2018
Inventory Disclosure [Abstract] |
Schedule of inventory | The components of our owned inventory are as follows as of December 31, 2018 and September 30, 2018:
in thousands | December 31, 2018 |  | September 30, 2018
Homes under construction | $ | 478,539 |  |  | $ | 476,752 |
Development projects in progress | 925,728 |  |  | 907,793 |
Land held for future development | 83,177 |  |  | 83,173 |
Land held for sale | 6,997 |  |  | 7,781 |
Capitalized interest | 151,886 |  |  | 144,645 |
Model homes | 75,793 |  |  | 72,140 |
Total owned inventory | $ | 1,722,120 |  |  | $ | 1,692,284 |
Schedule of total owned inventory, by segment | Total owned inventory by reportable segment is presented in the table below as of December 31, 2018 and September 30, 2018:
in thousands | Projects in Progress (a) |  | Land Held for Future Development |  | Land Held for Sale |  | Total Owned Inventory
December 31, 2018 |  |  |  |  |  |  |
West Segment | $ | 785,702 |  |  | $ | 58,129 |  |  | $ | — |  |  | $ | 843,831 |
East Segment | 277,300 |  |  | 14,077 |  |  | 3,906 |  |  | 295,283 |
Southeast Segment | 357,172 |  |  | 10,971 |  |  | 3,091 |  |  | 371,234 |
Corporate and unallocated (b) | 211,772 |  |  | — |  |  | — |  |  | 211,772 |
Total | $ | 1,631,946 |  |  | $ | 83,177 |  |  | $ | 6,997 |  |  | $ | 1,722,120 |
September 30, 2018 |  |  |  |  |  |  |
West Segment | $ | 763,453 |  |  | $ | 58,125 |  |  | $ | — |  |  | $ | 821,578 |
East Segment | 280,761 |  |  | 14,077 |  |  | 4,580 |  |  | 299,418 |
Southeast Segment | 358,126 |  |  | 10,971 |  |  | 3,177 |  |  | 372,274 |
Corporate and unallocated (b) | 198,990 |  |  | — |  |  | 24 |  |  | 199,014 |
Total | $ | 1,601,330 |  |  | $ | 83,173 |  |  | $ | 7,781 |  |  | $ | 1,692,284 |
(a) Projects in progress include homes under construction, development projects in progress, capitalized interest, and model home 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.
Schedule of Undiscounted Cash Flow Analysis Prepared | The table below summarizes the results of our undiscounted cash flow analyses by reportable segment, where applicable, for the quarter ended December 31, 2018 (the period that such analyses were required):
$ 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 December 31, 2018 |  |  |  |  |  |  |
West | 3 |  |  | — |  |  | $ | — |  |  | — | %
Southeast | 1 |  |  | 1 |  |  | 2,225 |  |  | 71.3 | %
Corporate and unallocated (e) | — |  |  | — |  |  | 387 |  |  | N/A (f) |
Total | 4 |  |  | 1 |  |  | $ | 2,612 |  |  |
(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. The book value of each project assessed for recoverability on an undiscounted cash flow basis includes all inventory costs applicable to the project as of the date of the analysis, including capitalized interest and indirects. (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 of the impairment charges taken on projects in progress for the periods presented:
$ 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 time of Impairment
Quarter Ended December 31, 2018 |  |  |  |  |  |  |
Southeast | 1 |  |  | 15 |  |  | $ | 858 |  |  | $ | 1,367 |
Corporate and unallocated (a) | — |  |  | — |  |  | 149 |  |  | 238 |
Total | 1 |  |  | 15 |  |  | $ | 1,007 |  |  | $ | 1,605 |
(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:
$ in thousands | Three Months Ended
Unobservable Inputs | December 31, 2018
Average selling price | $ | 412 |
Closings per community per month | 1 - 2 |
Discount rate | 16.8 | %
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 December 31,
in thousands | 2018 |  | 2017
Projects in Progress: |  |  |
Southeast | $ | 858 |  |  | $ | — |
Corporate and unallocated (a) | 149 |  |  | — |
Total impairment charges on projects in progress | $ | 1,007 |  |  | $ | — |
Discontinued Operations: |  |  |
Land Held for Sale | — |  |  | 450 |
Total impairment and abandonment charges | $ | 1,007 |  |  | $ | 450 |
(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.
Summary of interests in lot option agreements | The following table provides a summary of our interests in lot option agreements as of December 31, 2018 and September 30, 2018:
in thousands | Deposits & Non-refundable Pre-acquisition Costs Incurred |  | Remaining Obligation
As of December 31, 2018 |  |  |
Unconsolidated lot option agreements | $ | 71,644 |  |  | $ | 367,026 |
As of September 30, 2018 |  |  |
Unconsolidated lot option agreements | $ | 72,191 |  |  | $ | 383,150 |

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