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Inventory (Tables) | 6 Months Ended
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Mar. 31, 2019
Inventory Disclosure [Abstract] |
Schedule of inventory | The components of our owned inventory are as follows as of March 31, 2019 and September 30, 2018:
in thousands | March 31, 2019 |  | September 30, 2018
Homes under construction | $ | 536,039 |  |  | $ | 476,752 |
Development projects in progress | 836,829 |  |  | 907,793 |
Land held for future development | 28,531 |  |  | 83,173 |
Land held for sale | 12,926 |  |  | 7,781 |
Capitalized interest | 144,756 |  |  | 144,645 |
Model homes | 75,318 |  |  | 72,140 |
Total owned inventory | $ | 1,634,399 |  |  | $ | 1,692,284 |
Schedule of total owned inventory, by segment | Total owned inventory by reportable segment is presented in the table below as of March 31, 2019 and September 30, 2018:
in thousands | Projects in Progress (a) |  | Land Held for Future Development |  | Land Held for Sale |  | Total Owned Inventory
March 31, 2019 |  |  |  |  |  |  |
West Segment | $ | 736,249 |  |  | $ | 3,483 |  |  | $ | 5,077 |  |  | $ | 744,809 |
East Segment | 286,404 |  |  | 14,077 |  |  | 4,758 |  |  | 305,239 |
Southeast Segment | 364,900 |  |  | 10,971 |  |  | 3,091 |  |  | 378,962 |
Corporate and unallocated (b) | 205,389 |  |  | — |  |  | — |  |  | 205,389 |
Total | $ | 1,592,942 |  |  | $ | 28,531 |  |  | $ | 12,926 |  |  | $ | 1,634,399 |
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 recoverability tests by reportable segment, where applicable, for the quarter ended March 31, 2019:
$ in thousands |  |  | Recoverability 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, 2019 |  |  |  |  |  |  |
West | 12 |  |  | 9 |  |  | $ | 162,362 |  |  | 79.4 | %
Corporate and unallocated (e) | — |  |  | — |  |  | 30,037 |  |  | N/A (f) |
Total | 12 |  |  | 9 |  |  | $ | 192,399 |  |  |
(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 fewer than ten closings remaining. (c) Some of the communities on the watch list were not tested for recoverability on an undiscounted cash flow basis due to certain quantitative and qualitative considerations that indicated that their carrying values are recoverable. (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 a recoverability 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:
| Results of Impairment Analyses
$ in thousands | Three Months Ended |  | Six Months Ended
Segment | # of Communities Impaired |  | # of Lots Impaired |  | Impairment Charge |  | Estimated Fair Value of Impaired Inventory at time of Impairment |  | # of Communities Impaired |  | # of Lots Impaired |  | Impairment Charge |  | Estimated Fair Value of Impaired Inventory at time of Impairment
March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
West | 9 |  |  | 839 |  |  | $ | 92,912 |  |  | $ | 69,449 |  |  | 9 |  |  | 839 |  |  | $ | 92,912 |  |  | $ | 69,449 |
Southeast | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 15 |  |  | 858 |  |  | 1,367 |
Corporate and unallocated (a) | — |  |  | — |  |  | 16,111 |  |  | 13,928 |  |  | — |  |  | — |  |  | 16,260 |  |  | 14,166 |
Total | 9 |  |  | 839 |  |  | $ | 109,023 |  |  | $ | 83,377 |  |  | 10 |  |  | 854 |  |  | $ | 110,030 |  |  | $ | 84,982 |
(a) Amount represents the capitalized interest and indirects balances that were 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 impaired during the periods presented:
$ in thousands | Three Months Ended |  | Six Months Ended
Unobservable Inputs | March 31, 2019 |  | March 31, 2019
Average selling price | $350 to $615 |  | $350 to $615
Closings per community per month | 2 - 4 |  | 1 - 4
Discount rate | 14.7% - 16.4% |  | 14.7% - 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 March 31, |  | Six Months Ended March 31,
in thousands | 2019 |  | 2018 |  | 2019 |  | 2018
Projects in Progress: |  |  |  |  |  |  |
West | $ | 92,912 |  |  | $ | — |  |  | $ | 92,912 |  |  | $ | — |
Southeast | — |  |  | — |  |  | 858 |  |  | — |
Corporate and unallocated (a) | 16,111 |  |  | — |  |  | 16,260 |  |  | — |
Total impairment charges on projects in progress | $ | 109,023 |  |  | $ | — |  |  | $ | 110,030 |  |  | $ | — |
Land Held for Sale: |  |  |  |  |  |  |
West | $ | 37,963 |  |  | $ | — |  |  | $ | 37,963 |  |  | $ | — |
Corporate and unallocated (a) | 625 |  |  | — |  |  | 625 |  |  | — |
Total impairment charges on land held for sale | $ | 38,588 |  |  | $ | — |  |  | $ | 38,588 |  |  | $ | — |
Discontinued Operations: |  |  |  |  |  |  |
Land Held for Sale | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 450 |
Total impairment and abandonment charges | $ | 147,611 |  |  | $ | — |  |  | $ | 148,618 |  |  | $ | 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 March 31, 2019 and September 30, 2018:
in thousands | Deposits & Non-refundable Pre-acquisition Costs Incurred |  | Remaining Obligation
As of March 31, 2019 |  |  |
Unconsolidated lot option agreements | $ | 78,047 |  |  | $ | 386,913 |
As of September 30, 2018 |  |  |
Unconsolidated lot option agreements | $ | 72,191 |  |  | $ | 383,150 |

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