Inventory (Tables)

12 Months Ended

Sep. 30, 2020

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.