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Inventory (Tables) | 12 Months Ended
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Sep. 30, 2020
Real Estate [Abstract] |
Schedule of inventory | The components of our owned inventory as of September 30, 2020 and September 30, 2019 are as follows:
in thousands | September 30, 2020 |  | September 30, 2019
Homes under construction | $ | 525,021 |  |  | $ | 507,542 |
Development projects in progress | 589,763 |  |  | 738,201 |
Land held for future development | 28,531 |  |  | 28,531 |
Land held for sale | 12,622 |  |  | 12,662 |
Capitalized interest | 119,659 |  |  | 136,565 |
Model homes | 75,142 |  |  | 80,747 |
Total owned inventory | $ | 1,350,738 |  |  | $ | 1,504,248 |
Schedule of total inventory by segment | Total owned inventory by reportable segment is presented in the table below as of September 30, 2020 and September 30, 2019:
in thousands | Projects in Progress (a) |  | Land Held for Future Development |  | Land Held for Sale |  | Total Owned Inventory
September 30, 2020 |  |  |  |  |  |  |
West Segment | $ | 627,986 |  |  | $ | 3,483 |  |  | $ | 4,516 |  |  | $ | 635,985 |
East Segment | 241,799 |  |  | 14,077 |  |  | 3,702 |  |  | 259,578 |
Southeast Segment | 266,905 |  |  | 10,971 |  |  | 4,404 |  |  | 282,280 |
Corporate and unallocated (b) | 172,895 |  |  | — |  |  | — |  |  | 172,895 |
Total | $ | 1,309,585 |  |  | $ | 28,531 |  |  | $ | 12,622 |  |  | $ | 1,350,738 |
September 30, 2019 |  |  |  |  |  |  |
West Segment | $ | 723,094 |  |  | $ | 3,483 |  |  | $ | 5,160 |  |  | $ | 731,737 |
East Segment | 228,937 |  |  | 14,077 |  |  | 4,104 |  |  | 247,118 |
Southeast Segment | 318,737 |  |  | 10,971 |  |  | 3,398 |  |  | 333,106 |
Corporate and unallocated (b) | 192,287 |  |  | — |  |  | — |  |  | 192,287 |
Total | $ | 1,463,055 |  |  | $ | 28,531 |  |  | $ | 12,662 |  |  | $ | 1,504,248 |
(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.
Schedule of inventory impairments and lot option abandonment charges | The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented:
| Fiscal Year Ended September 30,
in thousands | 2020 |  | 2019 |  | 2018
Projects in Progress: |  |  |  |  |
West | $ | — |  |  | $ | 92,912 |  |  | $ | — |
Southeast | — |  |  | 858 |  |  | 793 |
Corporate and unallocated (a) | — |  |  | 16,260 |  |  | 212 |
Total impairments on projects in progress | $ | — |  |  | $ | 110,030 |  |  | $ | 1,005 |
Land Held for Sale: |  |  |  |  |
West | $ | 89 |  |  | $ | 37,963 |  |  | $ | — |
East | — |  |  | — |  |  | 168 |
Southeast | 8 |  |  | — |  |  | 3,218 |
Corporate and unallocated (a) | 1,160 |  |  | 625 |  |  | 2,108 |
Total impairments on land held for sale | $ | 1,257 |  |  | $ | 38,588 |  |  | $ | 5,494 |
Abandonments: |  |  |  |  |
West | $ | 923 |  |  | $ | — |  |  | $ | — |
East | 82 |  |  | — |  |  | — |
Southeast | 641 |  |  | — |  |  | — |
Total abandonments | $ | 1,646 |  |  | $ | — |  |  | $ | — |
Total continuing operations | $ | 2,903 |  |  | $ | 148,618 |  |  | $ | 6,499 |
Discontinued Operations: |  |  |  |  |
Land Held for Sale | $ | — |  |  | $ | — |  |  | $ | 450 |
Total discontinued operations | $ | — |  |  | $ | — |  |  | $ | 450 |
Total impairments and abandonments | $ | 2,903 |  |  | $ | 148,618 |  |  | $ | 6,949 |
(a) Amount represents capitalized interest and indirect costs that were impaired. Capitalized interest and indirect costs are maintained within our Corporate and unallocated segment.
Schedule of interests in lot option agreements | The following table provides a summary of our interests in lot option agreements as of September 30, 2020 and September 30, 2019:
in thousands | Deposits & Non-refundable Pre-acquisition Costs Incurred |  | Remaining Obligation |  |
As of September 30, 2020 |  |  |  |  |
Unconsolidated lot option agreements | $ | 75,921 |  |  | $ | 395,133 |  |  |
As of September 30, 2019 |  |  |  |  |
Unconsolidated lot option agreements | $ | 78,202 |  |  | $ | 389,705 |  |  |
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 periods presented:
|  |  | Fiscal Year Ended September 30,
Unobservable Inputs |  |  |  | 2019 |  | 2018
Average selling price (in thousands) |  |  |  | $350 - $615 |  | $356
Closings per community per month |  |  |  | 1 - 4 |  | 1 - 6
Discount rate |  |  |  | 14.7% - 16.8% |  | 15.1 | %
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 periods presented (no discounted cash flow analysis was performed during fiscal 2020):
$ 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
Year Ended September 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 |
Year Ended September 30, 2018 |  |  |
Southeast | 1 |  |  | 25 |  |  | $ | 793 |  |  | $ | 1,312 |
Corporate and unallocated (a) | — |  |  | — |  |  | 212 |  |  | — |
Total | 1 |  |  | 25 |  |  | $ | 1,005 |  |  | $ | 1,312 |
(a) Amount represents the capitalized interest and indirect cost that were impaired. Capitalized interest and indirect costs are maintained within our Corporate and unallocated segment.

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