Inventory (Tables)

12 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

Schedule of Inventory

The components of our owned inventory are as follows as of September 30, 2015 and September 30, 2014:

(In thousands)	September 30, 2015		September 30, 2014
Homes under construction	$	377,281	$	282,095
Development projects in progress	809,900		786,768
Land held for future development	270,990		301,048
Land held for sale	44,555		51,672
Capitalized interest	123,457		87,619
Model homes	71,407		48,294
Total owned inventory	$	1,697,590	$	1,557,496

Schedule of Total Owned Inventory, by Segment

Total owned inventory, by reportable segment, is presented in the table below as of September 30, 2015 and September 30, 2014:

(In thousands)	Projects in Progress (a)			Land Held for Future Development		Land Held for Sale		Total Owned Inventory
September 30, 2015
West Segment	$	583,210		$	230,778	$	6,941	$	820,929
East Segment	353,054			29,280		30,927		413,261
Southeast Segment	277,351			10,932		5,587		293,870
Corporate and unallocated	168,430		(b)	—		1,100		169,530
Total	$	1,382,045		$	270,990	$	44,555	$	1,697,590
September 30, 2014
West Segment	$	462,508		$	260,898	$	10,026	$	733,432
East Segment	353,859			29,239		34,530		417,628
Southeast Segment	264,843			10,911		4,821		280,575
Corporate and unallocated	123,566		(b)	—		2,295		125,861
Total	$	1,204,776		$	301,048	$	51,672	$	1,557,496

^(a) Projects in progress include homes under construction, development projects in progress, capitalized interest and model home categories from the preceding table.

^(b) Includes capitalized interest and indirect costs that are maintained within Corporate and unallocated.

Recoverability Schedule of Inventory assets Held for Development, by Reportable Segment

The following table summarizes the number of communities on our watch list (excluding certain communities exempted due to qualitative factors) and the results, by reportable segment, of our community level review of the recoverability of our inventory assets related to projects in progress as of September 30, 2014 and 2013 that required at a minimum an undiscounted cash flow analysis to be performed:

($ in thousands)		Undiscounted Cash Flow Analyses Prepared
Segment (a)	Number of Communities on Watch List	Number of Communities	Pre-analysis Book Value (BV)		Aggregate Undiscounted Cash Flow as a % of BV (c)
Year Ended September 30, 2014
West	5	3	$	25,191	90.9	%
East (b)	1	—	—		—	%
Southeast	2	1	7,479		120.2	%
Corporate and unallocated (d)	—	—	2,558		100.0	%
Total	8	4	$	35,228	97.8	%
Year Ended September 30, 2013
West	1	1	$	11,080	117.6	%
East	3	3	9,588		107.0	%
Southeast	1	1	5,257		128.6	%
Corporate and unallocated (d)	—	—	1,755		100.0	%
Total	5	5	$	27,680	114.9	%

^(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) During the year ended September 30, 2014, we recorded an impairment charge of $0.1 million in our East segment on a single community. The community had less than 10 lots remaining to close at the time of the analysis and therefore, consistent with our policy, we did not prepare an undiscounted or discounted cash flow analysis related to this community. However, the community is shown here to list all communities for which an impairment was eventually recorded.

^(c) 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. Accordingly, a discounted cash flow analysis was performed in fiscal 2014 on certain communities in our West segment, evidenced by this metric being below 100%.

^(d) Amount represents capitalized interest balance related to communities for which an undiscounted cash flow analysis was prepared. Capitalized interest is maintained within our Corporate and unallocated segment.

Summary of Discounted Cash Flow Analysis

The table below summarizes the results of our discounted cash flow analysis for our fiscal 2014 (the only year that such an analysis was required) that resulted in impairments on two communities. There were no impairments recorded during the fiscal years ended September 30, 2015 or September 30, 2013 related to our impairment analyses.

($ 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 Period End
Year Ended September 30, 2014
West	2	180	$	4,948	$	14,379
Corporate and unallocated (a)	—	—	373		—
Total	2	180	$	5,321	$	14,379

^(a) Amount represents capitalized interest balance related to communities for which an discounted cash flow analysis was prepared. Capitalized interest is maintained within our Corporate and unallocated segment.

Schedule of Inventory Impairments and Lot Option Abandonment Charges, by Reportable Homebuilding Segment

The following table presents, by reportable segment, our projects in progress impairments, land held for sale impairments and lot option abandonment charges for the periods presented:

	Fiscal Year Ended September 30,
(In thousands)	2015		2014		2013
Projects in Progress:
West	$	—	$	4,948	$	46
East	—		100		13
Corporate and unallocated	—		373		—
Total impairment charges on projects in progress	$	—	$	5,421	$	59
Land Held for Sale:
West	$	—	$	—	$	228
East	1,433		232		123
Southeast	—		28		1,778
Total impairment charges on land held for sale	$	1,433	$	260	$	2,129
Lot Option Abandonments:
West	$	—	$	—	$	104
East	1,676		131		20
Southeast	—		2,495		321
Total lot option abandonments charges	$	1,676	$	2,626	$	445
Total continuing operations	$	3,109	$	8,307	$	2,633
Discontinued Operations	—		—		17
Total company impairment and lot option abandonment charges	$	3,109	$	8,307	$	2,650

Summary of Interests in Lot Option Agreements

The following table provides a summary of our interests in lot option agreements as of September 30, 2015 and September 30, 2014:

(In thousands)	Deposits & Non-refundable Preacquisition Costs Incurred		Remaining Obligation		Land Not Owned - Under Option Agreements
As of September 30, 2015
Unconsolidated lot option agreements	$	51,475	$	420,070	N/A(a)
Total lot option agreements	$	51,475	$	420,070	$	—
As of September 30, 2014
Consolidated VIEs	$	941	$	2,916	$	3,857
Unconsolidated lot option agreements	42,588		417,618		N/A(a)
Total lot option agreements	$	43,529	$	420,534	$	3,857

^(a) N/A - Not applicable