Inventory (Tables)

3 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Schedule of inventory

The components of our owned inventory are as follows as of December 31, 2017 and September 30, 2017:

(In thousands)	December 31, 2017		September 30, 2017
Homes under construction	$	461,185	$	419,312
Development projects in progress	830,827		785,777
Land held for future development	97,166		112,565
Land held for sale	19,258		17,759
Capitalized interest	144,847		139,203
Model homes	73,438		68,191
Total owned inventory	$	1,626,721	$	1,542,807

Schedule of total owned inventory, by segment

Total owned inventory, by reportable segment, is presented by category in the table below as of December 31, 2017 and September 30, 2017:

(In thousands)	Projects in Progress (a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
December 31, 2017
West Segment	$	712,742	$	71,647	$	7,445	$	791,834
East Segment	271,224		14,561		10,679		296,464
Southeast Segment (b)	329,589		10,958		1,110		341,657
Corporate and unallocated (c)	196,742		—		24		196,766
Total	$	1,510,297	$	97,166	$	19,258	$	1,626,721
September 30, 2017
West Segment	$	673,828	$	87,231	$	3,848	$	764,907
East Segment	250,002		14,391		11,578		275,971
Southeast Segment	301,268		10,943		1,233		313,444
Corporate and unallocated (c)	187,385		—		1,100		188,485
Total	$	1,412,483	$	112,565	$	17,759	$	1,542,807

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

^(b) In December 2017, we acquired more than 450 lots spread across four new home communities in Raleigh and three in Myrtle Beach in the Southeast segment from Bill Clark Homes. The transaction value was approximately $29.0 million and the assets were reported in the Southeast segment.

^(c) 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 inventory impairments and lot option abandonment charges, by reportable homebuilding segment

The following table presents our total impairment and abandonment charges for the period presented:

	Three Months Ended December 31,
(In thousands)	2017
Discontinued Operations:
Land Held for Sale	$	450
Total impairment and abandonment charges	$	450

Summary of interests in lot option agreements

The following table provides a summary of our interests in lot option agreements as of December 31, 2017 and September 30, 2017:

(In thousands)	Deposits & Non-refundable Pre-acquisition Costs Incurred		Remaining Obligation
As of December 31, 2017
Unconsolidated lot option agreements	$	92,864	$	380,378
As of September 30, 2017
Unconsolidated lot option agreements	$	91,854	$	408,300