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Inventory (Tables) | 9 Months Ended
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Jun. 30, 2019
Inventory Disclosure [Abstract] |
Schedule of inventory | The components of our owned inventory are as follows as of June 30, 2019 and September 30, 2018:
in thousands | June 30, 2019 |  | September 30, 2018
Homes under construction | $ | 679,181 |  |  | $ | 476,752 |
Development projects in progress | 753,048 |  |  | 907,793 |
Land held for future development | 28,531 |  |  | 83,173 |
Land held for sale | 13,352 |  |  | 7,781 |
Capitalized interest | 148,825 |  |  | 144,645 |
Model homes | 79,787 |  |  | 72,140 |
Total owned inventory | $ | 1,702,724 |  |  | $ | 1,692,284 |
Schedule of total owned inventory, by segment | Total owned inventory by reportable segment is presented in the table below as of June 30, 2019 and September 30, 2018:
in thousands | Projects in Progress (a) |  | Land Held for Future Development |  | Land Held for Sale |  | Total Owned Inventory
June 30, 2019 |  |  |  |  |  |  |
West Segment | $ | 773,121 |  |  | $ | 3,483 |  |  | $ | 5,750 |  |  | $ | 782,354 |
East Segment | 297,575 |  |  | 14,077 |  |  | 4,511 |  |  | 316,163 |
Southeast Segment | 379,361 |  |  | 10,971 |  |  | 3,091 |  |  | 393,423 |
Corporate and unallocated (b) | 210,784 |  |  | — |  |  | — |  |  | 210,784 |
Total | $ | 1,660,841 |  |  | $ | 28,531 |  |  | $ | 13,352 |  |  | $ | 1,702,724 |
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 Discounted Cash Flow Analysis | The table below presents, by reportable segment, details of the impairment charges taken on projects in progress for the nine months ended June 30, 2019. No impairments on projects in progress were recognized during the three months ended June 30, 2019 or the three and nine months ended June 30, 2018.
| Results of Impairment Analyses
$ in thousands | Nine Months Ended
Segment | # of Communities Impaired |  | # of Lots Impaired |  | Impairment Charge |  | Estimated Fair Value of Impaired Inventory at time of Impairment
June 30, 2019 |  |  |  |  |  |  |
West | 9 |  |  | 839 |  |  | $ | 92,912 |  |  | $ | 69,449 |
Southeast | 1 |  |  | 15 |  |  | 858 |  |  | 1,367 |
Corporate and unallocated (a) | — |  |  | — |  |  | 16,260 |  |  | 14,166 |
Total | 10 |  |  | 854 |  |  | $ | 110,030 |  |  | $ | 84,982 |
Quantitative unobservable inputs for inventory impairment | The table below presents the ranges or values of significant quantitative unobservable inputs we used in determining the fair value of the communities impaired during the nine months ended June 30, 2019. No impairments were recognized during the three months ended June 30, 2019.
$ in thousands | Nine Months Ended
Unobservable Inputs | June 30, 2019
Average selling price | $350 to $615
Closings per community per month | 1 - 4
Discount rate | 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 June 30, |  | Nine Months Ended June 30,
in thousands | 2019 |  | 2018 |  | 2019 |  | 2018
Projects in Progress: |  |  |  |  |  |  |
West | $ | — |  |  | $ | — |  |  | $ | 92,912 |  |  | $ | — |
Southeast | — |  |  | — |  |  | 858 |  |  | — |
Corporate and unallocated (a) | — |  |  | — |  |  | 16,260 |  |  | — |
Total impairment charges on projects in progress | $ | — |  |  | $ | — |  |  | $ | 110,030 |  |  | $ | — |
Land Held for Sale: |  |  |  |  |  |  |
West (b) | $ | — |  |  | $ | — |  |  | $ | 37,963 |  |  | $ | — |
East | — |  |  | 168 |  |  | — |  |  | 168 |
Corporate and unallocated (a) | — |  |  | — |  |  | 625 |  |  | — |
Total impairment charges on land held for sale | $ | — |  |  | $ | 168 |  |  | $ | 38,588 |  |  | $ | 168 |
Discontinued Operations: |  |  |  |  |  |  |
Land Held for Sale | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 450 |
Total impairment and abandonment charges | $ | — |  |  | $ | 168 |  |  | $ | 148,618 |  |  | $ | 618 |
(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment. (b) Land held for sale impairments during the nine months ended June 30, 2019 related to six communities representing 732 lots in California that were impaired in the second quarter of fiscal 2019. Two of these parcels were sold in July for amounts approximately equal to their carrying costs. While steps to initiate planned sales of our remaining land held for sale assets have been taken, the timing of completion of such asset dispositions is unknown.
Summary of interests in lot option agreements | The following table provides a summary of our interests in lot option agreements as of June 30, 2019 and September 30, 2018:
in thousands | Deposits & Non-refundable Pre-acquisition Costs Incurred |  | Remaining Obligation
As of June 30, 2019 |  |  |
Unconsolidated lot option agreements | $ | 75,740 |  |  | $ | 389,772 |
As of September 30, 2018 |  |  |
Unconsolidated lot option agreements | $ | 72,191 |  |  | $ | 383,150 |

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