Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	Apr. 29, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	BEAZER HOMES USA INC
Entity Central Index Key	0000915840
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,043,421

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
ASSETS
Cash and cash equivalents	$ 86,441	$ 139,805
Restricted cash	12,197	13,443
Accounts receivable (net of allowance of $373 and $378, respectively)	18,486	24,647
Owned inventory	1,634,399	1,692,284
Investments in unconsolidated entities	3,726	4,035
Deferred tax assets, net	256,347	213,955
Property and equipment, net	26,662	20,843
Goodwill	10,605	9,751
Other assets	6,478	9,339
Total assets	2,055,341	2,128,102
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	125,403	126,432
Other liabilities	99,020	126,389
Total debt, net	1,301,760	1,231,254
Total liabilities	1,526,183	1,484,075
Stockholders’ equity:
Preferred stock (par value $0.01 per share, 5,000,000 shares authorized, no shares issued)	0	0
Common stock (par value $0.001 per share, 63,000,000 shares authorized, 32,043,664 issued and outstanding and 33,522,046 issued and outstanding, respectively)	32	34
Paid-in capital	858,709	880,025
Accumulated deficit	(329,583)	(236,032)
Total stockholders’ equity	529,158	644,027
Total liabilities and stockholders’ equity	$ 2,055,341	$ 2,128,102

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
ASSETS
Allowances for accounts receivable	$ 373	$ 378
LIABILITIES AND STOCKHOLDERS’ EQUITY
Debt (premium) discounts	(2,254)	(2,640)
Debt issuance costs	$ 12,911	$ 14,336
Preferred stock, par value (in US$ per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in US$ per share)	$ 0.001	$ 0.001
Common stock, shares authorized	63,000,000	63,000,000
Common stock, shares issued	33,043,664	33,522,046
Common stock, shares outstanding	32,043,664	33,522,046

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Total revenue	$ 421,260	$ 455,178	$ 823,300	$ 827,667
Home construction and land sales expenses	356,329	380,101	696,707	691,761
Inventory impairments and abandonments	147,611	0	148,618	0
Gross (loss) profit	(82,680)	75,077	(22,025)	135,906
Commissions	15,998	17,334	31,735	31,690
General and administrative expenses	37,372	40,852	76,014	78,137
Depreciation and amortization	2,900	3,066	5,670	5,573
Operating (loss) income	(138,950)	13,825	(135,444)	20,506
Equity in income of unconsolidated entities	81	256	17	155
Gain (loss) on extinguishment of debt	216	0	216	(25,904)
Other expense, net	(337)	(1,453)	(379)	(4,598)
Loss from continuing operations before income taxes	(138,990)	12,628	(135,590)	(9,841)
(Benefit) expense from income taxes	(38,158)	1,012	(42,080)	109,118
(Loss) income from continuing operations	(100,832)	11,616	(93,510)	(118,959)
Loss from discontinued operations, net of tax	(30)	(58)	(41)	(430)
Net (loss) income	$ (100,862)	$ 11,558	$ (93,551)	$ (119,389)
Weighted average number of shares:
Basic (in shares)	30,714	32,140	31,263	32,097
Diluted (in shares)	30,714	32,721	31,263	32,097
Basic (loss) earnings per share:
Continuing Operations (in dollars per share)	$ (3.28)	$ 0.36	$ (2.99)	$ (3.71)
Discontinued Operations (in dollars per share)	0.00	0.00	0.00	(0.01)
Total (in dollars per share)	(3.28)	0.36	(2.99)	(3.72)
Diluted (loss) earnings per share:
Continuing operations (in dollars per share)	(3.28)	0.36	(2.99)	(3.71)
Discontinued operations (in dollars per share)	0.00	(0.01)	0.00	(0.01)
Total (in dollars per share)	$ (3.28)	$ 0.35	$ (2.99)	$ (3.72)

Condensed Consilidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Sep. 30, 2017		33,516
Beginning balance at Sep. 30, 2017	$ 682,440	$ 34	$ 873,063	$ (190,657)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(119,389)			(119,389)
Amortization of nonvested stock awards	5,208		5,208
Exercises of stock options (in shares)		2
Exercises of stock options	13		13
Shares issued under employee stock plans, net (in shares)		376
Forfeiture of restricted stock (in shares)		204
Common stock redeemed (in shares)		(62)
Common stock redeemed	(1,323)		(1,323)
Other activity	17		17
Ending balance (in shares) at Mar. 31, 2018		33,628
Ending balance at Mar. 31, 2018	566,966	$ 34	876,978	(310,046)
Beginning balance (in shares) at Dec. 31, 2017		33,596
Beginning balance at Dec. 31, 2017	552,781	$ 34	874,351	(321,604)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	11,558			11,558
Amortization of nonvested stock awards	2,598		2,598
Exercises of stock options	13		13
Shares issued under employee stock plans, net (in shares)		42
Forfeiture of restricted stock (in shares)		10
Common stock redeemed	(1)		(1)
Other activity	17		17
Ending balance (in shares) at Mar. 31, 2018		33,628
Ending balance at Mar. 31, 2018	566,966	$ 34	876,978	(310,046)
Beginning balance (in shares) at Sep. 30, 2018		33,522
Beginning balance at Sep. 30, 2018	644,027	$ 34	880,025	(236,032)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(93,551)			(93,551)
Amortization of nonvested stock awards	4,294		4,294
Exercises of stock options (in shares)		27
Exercises of stock options	278		278
Shares issued under employee stock plans, net (in shares)		910
Forfeiture of restricted stock (in shares)		30
Common stock redeemed (in shares)		(179)
Common stock redeemed	$ (1,886)		(1,886)
Share repurchases (in shares)	(2,200)	(2,206)
Share repurchases	$ (24,004)	$ (2)	(24,002)
Ending balance (in shares) at Mar. 31, 2019		32,044
Ending balance at Mar. 31, 2019	529,158	$ 32	858,709	(329,583)
Beginning balance (in shares) at Dec. 31, 2018		32,675
Beginning balance at Dec. 31, 2018	635,109	$ 33	863,797	(228,721)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(100,862)			(100,862)
Amortization of nonvested stock awards	2,180		2,180
Exercises of stock options (in shares)		26
Exercises of stock options	271		271
Forfeiture of restricted stock (in shares)		2
Common stock redeemed (in shares)		(3)
Common stock redeemed	$ (35)		(35)
Share repurchases (in shares)	(700)	(652)
Share repurchases	$ (7,505)	$ (1)	(7,504)
Ending balance (in shares) at Mar. 31, 2019		32,044
Ending balance at Mar. 31, 2019	$ 529,158	$ 32	$ 858,709	$ (329,583)

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (93,551)	$ (119,389)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,670	5,573
Stock-based compensation expense	4,294	5,208
Inventory impairments and abandonments	148,618	450
Deferred and other income tax (benefit) expense	(42,392)	108,668
Gain on sale of fixed assets	(75)	(114)
Change in allowance for doubtful accounts	(5)	16
Equity in income of unconsolidated entities	(16)	(171)
Cash distributions of income from unconsolidated entities	325	116
Non-cash (gain) loss on extinguishment of debt	(216)	3,173
Changes in operating assets and liabilities:
Decrease in accounts receivable	6,166	6,124
Increase in income tax receivable	0	(24)
Increase in inventory	(88,491)	(132,683)
Decrease in other assets	3,036	2,914
(Decrease) increase in trade accounts payable	(1,029)	13,659
Decrease in other liabilities	(25,368)	(9,705)
Net cash used in operating activities	(83,034)	(116,185)
Cash flows from investing activities:
Capital expenditures	(11,508)	(8,192)
Proceeds from sale of fixed assets	94	133
Acquisition, net of cash acquired	(4,088)	0
Investments in unconsolidated entities	0	(421)
Net cash used in investing activities	(15,502)	(8,304)
Cash flows from financing activities:
Repayment of debt	(5,062)	(401,497)
Proceeds from issuance of new debt	0	400,000
Repayment of borrowings from credit facility	(150,000)	(25,000)
Borrowings from credit facility	225,000	25,000
Debt issuance costs	(400)	(5,743)
Repurchase of common stock	(24,004)	0
Tax payments for stock-based compensation awards	(1,886)	(1,323)
Stock option exercises	278	13
Net cash provided by (used in) financing activities	43,926	(8,550)
Decrease in cash, cash equivalents, and restricted cash	(54,610)	(133,039)
Cash, cash equivalents, and restricted cash at beginning of period	153,248	304,609
Cash, cash equivalents, and restricted cash at end of period	$ 98,638	$ 171,570

Description of Business	6 Months Ended
Description of Business	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Beazer Homes USA, Inc. (“we,” “us,” “our,” “Beazer,” “Beazer Homes” and the “Company”) is a geographically diversified homebuilder with active operations in 13 states within three geographic regions in the United States: the West, East, and Southeast. Our homes are designed to appeal to homeowners at different price points across various demographic segments and are generally offered for sale in advance of their construction. Our objective is to provide our customers with homes that incorporate exceptional value and quality, while seeking to maximize our return on invested capital over the course of a housing cycle. For an additional description of our business, refer to Item 1 within our Annual Report on Form 10-K for the fiscal year ended September 30, 2018 (2018 Annual Report).

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited condensed consolidated financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. As such, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2018. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been included in the accompanying unaudited condensed consolidated financial statements. The results of the Company's consolidated operations presented herein for the three and six months ended March 31, 2019 are not necessarily indicative of the results to be expected for the full fiscal year due to seasonal variations in our operations and other factors.

Basis of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Beazer Homes USA, Inc. and its consolidated subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Our net (loss) income is equivalent to our comprehensive (loss) income, so we have not presented a separate statement of comprehensive (loss) income.

In the past, we have discontinued homebuilding operations in various markets. Results from certain of these exited markets are reported as discontinued operations in the accompanying unaudited condensed consolidated statements of operations for all periods presented (see Note 16 for a further discussion of our discontinued operations).

Our fiscal year 2019 began on October 1, 2018 and ends on September 30, 2019. Our fiscal year 2018 began on October 1, 2017 and ended on September 30, 2018.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates.

Business Combinations

On July 13, 2018, the Company acquired substantially all of the assets, operations, and certain assumed liabilities of Venture Homes, a leading private homebuilder in the Atlanta market, for a purchase price of $61.3 million, net of cash acquired. The acquired assets consisted of more than 1,100 total owned or controlled lots within 27 single-family communities in the greater Atlanta metropolitan area. The acquired lots included a backlog of 48 homes and 6 model homes. The acquired assets and liabilities were recorded at their estimated fair values and resulted in inventory of $55.8 million and goodwill of $10.7 million, and other assets of $0.7 million as well as accounts payable of $5.5 million and other liabilities of $0.2 million.

The purchase price accounting reflected above is preliminary and is based on estimates and assumptions that are subject to change within the measurement period, which is generally up to one year from the acquisition date pursuant to ASC 805. The purchase price allocation of Venture Homes is provisional pending completion of the fair value analysis of acquired assets and assumed liabilities.

Share Repurchase Program

On November 13, 2018, the Company announced that its Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to $50.0 million of its outstanding common stock. As part of this program, the Company executed an accelerated share repurchase agreement (ASR) on November 15, 2018 to repurchase an aggregate of $16.5 million of its outstanding common stock. During December 2018, the ASR was completed with a repurchase of approximately 1.6 million shares at an average price per share of $10.62. The Company repurchased an additional 0.7 million shares of common stock for $7.5 million at an average price per share of $11.53 during the three months ended March 31, 2019, bringing the total repurchases for the six months ended March 31, 2019 to 2.2 million shares of its common stock for $24.0 million at an average price per share of $10.89, inclusive of the aforementioned ASR. As of March 31, 2019, the remaining availability of the share repurchase program was $26.0 million. The Company made no share repurchases in the prior year.

Inventory Valuation

Inventory assets are assessed for recoverability no less than quarterly in accordance with the policies described in Notes 2 and 5 to the audited consolidated financial statements within our 2018 Annual Report. Homebuilding inventories that are accounted for as held for development (projects in progress) include land and home construction assets grouped together as communities. Homebuilding inventories held for development are stated at cost (including direct construction costs, capitalized indirect costs, capitalized interest, and real estate taxes) unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. For communities that have been idled (land held for future development), all applicable interest and real estate taxes are expensed as incurred, and the inventory is stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. We record land held for sale at the lower of the carrying value or fair value less costs to sell.

Revenue Recognition

We recognize revenue upon the transfer of promised goods to our customers in an amount that reflects the consideration to which we expect to be entitled by applying the following five-step process specified in Accounting Standards Codification Topic 606.


•	Identify the contract(s) with a customer


•	Identify the performance obligations


•	Determine the transaction price


•	Allocate the transaction price


•	Recognize revenue when the performance obligations are met

The following table presents our total revenue disaggregated by revenue stream:



	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2019		2018		2019		2018
Homebuilding revenue	$	420,945	$	441,115	$	821,927	$	808,869
Land sales and other revenue	315		14,063		1,373		18,798
Total revenue ^(a)	$	421,260	$	455,178	$	823,300	$	827,667

^(a) Please see Note 14 for total revenue disaggregated by reportable segment.

Homebuilding revenue

Homebuilding revenue is reported net of any discounts and incentives and is generally recognized when title to and possession of the home are transferred to the buyer at the closing date. The performance obligation to deliver the home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, and are considered deposits in-transit and classified as cash. Contract liabilities include customer deposits related to sold but undelivered homes and totaled $16.2 million and $14.9 million as of March 31, 2019 and September 30, 2018, respectively. Of the customer liabilities outstanding as of September 30, 2018, $4.0 million and $12.4 million were recognized in revenue during the three and six months ended March 31, 2019, respectively, upon closing of the related homes.

Land sales and other revenue

Land sales revenue relates to land that does not fit within our homebuilding programs and strategic plans. Land sales typically require cash consideration on the closing date, which is generally when performance obligations are satisfied. In some periods, we also have other revenue related to broker fees as well as fees received for general contractor services that we perform on behalf of third parties. Revenue for broker and general contractor services are typically immaterial and are generally recognized as performance obligations are satisfied.

Recent Accounting Pronouncements

Revenue from Contracts with Customers. On October 1, 2018, we adopted Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, and ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers, collectively referred to as ASC 606. ASC 606 provides a new model for accounting for revenue arising from contracts with customers that supersedes most revenue recognition guidance. Under the new guidance, entities are required to recognize revenue at an amount that reflects the consideration to which the entity expects to be entitled upon transferring control of goods or services to a customer. As part of our adoption of ASC 606, we applied the modified retrospective method to contracts that were not completed as of October 1, 2018. Further, results for reporting periods beginning on or after October 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported under the previous accounting standards. The adoption of ASC 606 had no impact on opening retained earnings and did not materially affect the amount or timing of our revenue.

Leases. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (ASU 2016-02). ASU 2016-02 requires lessees to record most leases on their balance sheets. The timing and classification of lease-related expenses for lessees will depend on whether a lease is determined to be an operating lease or a finance lease using updated criteria within ASU 2016-02. Operating leases will result in straight-line expense (similar to current operating leases), while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Regardless of lease type, the lessee will recognize a right-of-use asset, representing the right to use the identified asset during the lease term, and a related lease liability, representing the present value of the lease payments over the lease term. Lessor accounting will be largely similar to that under the current lease accounting rules. ASU 2016-02 also requires significantly enhanced disclosures around an entity's leases and the related accounting. The guidance within ASU 2016-02 will be effective for the Company's fiscal year beginning October 1, 2019, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, Leases - Targeted Improvements (ASU 2018-11), which provides an optional transition method to apply the requirements of the new lease standard through a cumulative-effect adjustment in the period of adoption. The Company expects to adopt the standard on October 1, 2019 using the optional transition method. We continue to evaluate the impact of ASU 2016-02 on our consolidated financial statements. However, a large majority of our leases are for office space, which we have determined will be treated as operating leases under ASU 2016-02. As such, we anticipate recording a right-of-use asset and related lease liability for these leases. We do not anticipate any significant change to our statements of operations or cash flows as a result of adopting ASU 2016-02.

Intangibles - Goodwill and Other. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). ASU 2017-04 eliminates Step 2 from the goodwill impairment test. This change will allow an entity to avoid calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination, thus reducing the cost and complexity of evaluating goodwill for impairment. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted, and applied prospectively. We do not believe the adoption of ASU 2017-04 will have a material impact on our consolidated financial statements and disclosures.

Fair Value Measurements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework (ASU 2018-13). The updated guidance improves the disclosure requirements for fair value measurements. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. We are currently assessing the impact of adopting the updated provisions.

Internal-Use Software. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This new guidance will be effective for public companies for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and related disclosures.

Interim Disclosure Requirement: Changes in Stockholders’ Equity. In August 2018, the SEC issued SEC Final Rule 33-10532, Disclosure Update and Simplification, which revised or eliminated certain of the SEC’s disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC and or GAAP disclosure requirements. As a result of the final rule’s amendments, the SEC now requires a registrant to reconcile its changes in stockholders' equity for both the current and comparative interim and year-to-date periods, with subtotals. This final rule is effective on November 5, 2018. Our Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended March 31, 2019 and 2018 reflect adoption of this final rule.

Supplemental Cash Flow Information

6 Months Ended

Mar. 31, 2019

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

The following table presents supplemental disclosure of non-cash and cash activity as well as a reconciliation of total cash balances between the condensed consolidated balance sheets and condensed consolidated statements of cash flows for the periods presented:



	Six Months Ended
	March 31,
in thousands	2019		2018
Supplemental disclosure of cash activity:
Interest payments	$	48,277	$	43,433
Income tax payments	61		10
Tax refunds received	12		39
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	86,441	$	158,787
Restricted cash	12,197		12,783
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	98,638	$	171,570

Investments in Unconsolidated Entities

6 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

Unconsolidated Entities

As of March 31, 2019, the Company participated in certain joint ventures and had investments in unconsolidated entities in which it had less than a controlling interest. The following table presents the Company's investment in these unconsolidated entities as well as the total equity and outstanding borrowings of these unconsolidated entities as of March 31, 2019 and September 30, 2018:



in thousands	March 31, 2019		September 30, 2018
Investment in unconsolidated entities	$	3,726	$	4,035
Total equity of unconsolidated entities	4,500		10,113
Total outstanding borrowings of unconsolidated entities	12,506		12,266

Equity in income from unconsolidated entity activities included in income from continuing operations is as follows for the periods presented:



	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2019		2018		2019		2018
Equity in income of unconsolidated entities	$	81	$	256	$	17	$	155

For the three and six months ended March 31, 2019 and 2018, there were no impairments related to investments in unconsolidated entities.

Guarantees

Historically, the Company's joint ventures typically obtained secured acquisition, development, and construction financing. In addition, the Company and its joint venture partners provided varying levels of guarantees of debt and other debt-related obligations for these unconsolidated entities. However, as of March 31, 2019 and September 30, 2018, the Company had no outstanding guarantees or other debt-related obligations related to our investments in unconsolidated entities.

The Company and its joint venture partners generally provide unsecured environmental indemnities to land development joint venture project lenders. These indemnities obligate the Company to reimburse the project lenders for claims related to environmental matters for which they are held responsible. During the three and six months ended March 31, 2019 and 2018, the Company was not required to make any payments related to environmental indemnities.

In assessing the need to record a liability for these guarantees, the Company considers its historical experience in being required to perform under the guarantees, the fair value of the collateral underlying these guarantees, and the financial condition of the applicable unconsolidated entities. In addition, the fair value of the collateral of unconsolidated entities is monitored to ensure that the related borrowings do not exceed the specified percentage of the value of the property securing the borrowings. As of March 31, 2019, no liability was recorded for the contingent aspects of any guarantees that were determined to be reasonably possible but not probable.

Inventory

6 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Inventory

The components of our owned inventory are as follows as of March 31, 2019 and September 30, 2018:



in thousands	March 31, 2019		September 30, 2018
Homes under construction	$	536,039	$	476,752
Development projects in progress	836,829		907,793
Land held for future development	28,531		83,173
Land held for sale	12,926		7,781
Capitalized interest	144,756		144,645
Model homes	75,318		72,140
Total owned inventory	$	1,634,399	$	1,692,284

Homes under construction include homes substantially finished and ready for delivery and homes in various stages of construction, including the cost of the underlying lot. We had 159 (with a cost of $60.0 million) and 240 (with a cost of $84.8 million) substantially completed homes that were not subject to a sales contract (spec homes) as of March 31, 2019 and September 30, 2018, respectively.

Development projects in progress consist principally of land and land improvement costs. Certain of the fully developed lots in this category are reserved by a customer deposit or sales contract. Land held for future development consists of communities for which construction and development activities are expected to occur in the future or have been idled and are stated at cost unless facts and circumstances indicate that the carrying value of the assets may not be recoverable. All applicable interest and real estate taxes on land held for future development are expensed as incurred. Land held for sale includes land and lots that do not fit within our homebuilding programs and strategic plans in certain markets and land is classified as held for sale once certain criteria are met. These assets are recorded at the lower of the carrying value or fair value less costs to sell.

The amount of interest we are able to capitalize depends on our qualified inventory balance, which considers the status of our inventory holdings. Our qualified inventory balance includes the majority of our homes under construction and development projects in progress, but excludes land held for future development and land held for sale (see Note 6 for additional information on capitalized interest).

Total owned inventory by reportable segment is presented in the table below as of March 31, 2019 and September 30, 2018:



in thousands	Projects in Progress ^(a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
March 31, 2019
West Segment	$	736,249	$	3,483	$	5,077	$	744,809
East Segment	286,404		14,077		4,758		305,239
Southeast Segment	364,900		10,971		3,091		378,962
Corporate and unallocated ^(b)	205,389		—		—		205,389
Total	$	1,592,942	$	28,531	$	12,926	$	1,634,399
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.

Inventory Impairments

When conducting our community level review for the recoverability of inventory related to projects in progress, we establish a quarterly “watch list” comprised of communities that carry profit margins in backlog and in our forecast that are below a minimum threshold of profitability. Our watch list also includes communities with recent closings that have gross margins less than a specific threshold. Each community is first evaluated qualitatively to determine if there are temporary factors driving the low profitability levels. Following our qualitative evaluation, communities with more than ten homes remaining to close are subjected to substantial additional financial and operational analysis and review that considers the competitive environment and other factors contributing to gross margins below our watch list threshold. Our assumptions about future home sales prices and absorption rates require significant judgment because the residential homebuilding industry is cyclical and is highly sensitive to changes in economic conditions. For certain communities, it may be prudent to reduce sales prices or further increase sales incentives in response to a variety of factors, including competitive market conditions in those specific submarkets for the product and locations of these communities. For communities where the current competitive and market dynamics indicate that assets may not be recoverable, a formal impairment analysis is performed. The formal impairment analysis consists of both qualitative considerations and quantitative analyses reflecting market and asset specific information.

We recognized impairment charges of $147.6 million related to 15 communities during the current quarter, all of which were previously land held for future development assets. As of the beginning of the quarter, 9 of these communities were included in projects in progress due to their activation for development in prior periods, while the remaining 6 communities were classified as land held for future development. The impairments were determined as described below.

We identified 12 communities on our current quarter watch list that required further analysis after considering certain quantitative and qualitative factors in accordance with our watch list procedures. This additional analysis led to impairment charges of $109.0 million for 9 of these communities representing 839 lots in our Southern California market. The impairments were primarily driven by a reduction in average selling prices based on current competitive dynamics in the market.

Concurrently, we performed a strategic review of our remaining land held for future development assets in California and determined to sell all of these parcels. As a consequence of the change in strategy with respect to the future use of these assets, we recognized land held for sale impairments totaling $38.6 million for 6 communities representing 732 lots in our Northern and Southern California markets. While steps to initiate planned sales of land held for sale assets have been taken, the timing of completion of such asset dispositions is unknown.

For the quarter ended March 31, 2018, there were two communities on our quarterly watch list. However, neither of these communities required impairment after considering certain quantitative and qualitative factors.

The table below summarizes the results of our recoverability tests by reportable segment, where applicable, for the quarter ended March 31, 2019:



$ in thousands		Recoverability Analyses Prepared
Segment ^(a)	# of Communities on Watch List^(b)	# of Communities ^(c)	Pre-analysis Book Value (BV)		Aggregate Undiscounted Cash Flow as a % of BV ^(d)
Quarter Ended March 31, 2019
West	12	9	$	162,362	79.4	%
Corporate and unallocated ^(e)	—	—	30,037		N/A ^(f)
Total	12	9	$	192,399

^(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)Number of communities in this column excludes communities that are closing out and have fewer than ten closings remaining.

^(c)Some of the communities on the watch list were not tested for recoverability on an undiscounted cash flow basis due to certain quantitative and qualitative considerations that indicated that their carrying values are recoverable.

^(d)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. The book value of each project assessed for recoverability on an undiscounted cash flow basis includes all inventory costs applicable to the project as of the date of the analysis, including capitalized interest and indirects.

^(e) Amount represents capitalized interest and indirects balance related to the communities for which a recoverability analysis was prepared. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.

^(f) N/A - not applicable.

The following table presents, by reportable segment, details of the impairment charges taken on projects in progress for the periods presented:



	Results of Impairment Analyses
$ in thousands	Three Months Ended						Six Months Ended
Segment	# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at time of Impairment		# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at time of Impairment
March 31, 2019
West	9	839	$	92,912	$	69,449	9	839	$	92,912	$	69,449
Southeast	—	—	—		—		1	15	858		1,367
Corporate and unallocated ^(a)	—	—	16,111		13,928		—	—	16,260		14,166
Total	9	839	$	109,023	$	83,377	10	854	$	110,030	$	84,982

^(a) Amount represents the capitalized interest and indirects balances that were impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.

Impairments on land held for sale generally represent write downs of these properties to net realizable value and are based on current market conditions and our review of recent comparable transactions. Our assumptions related to land sales prices require significant judgment because the real estate market is highly sensitive to changes in economic conditions, and our estimates of sale prices could differ significantly from actual results.

From time-to-time, we also determine that the proper course of action with respect to a community is to not exercise an option and to write off the deposit securing the option takedown and the related pre-acquisition costs, as applicable. In determining whether to abandon lots or lot option contracts, our evaluation is primarily based upon the expected cash flows from the property. Additionally, in certain limited instances, we are forced to abandon lots due to permitting or other regulatory issues that do not allow us to build on those lots. If we intend to abandon or walk away from a property, we record a charge to earnings for the deposit amount and any related capitalized costs in the period such decision is made. Abandonment charges generally relate to our decision to abandon lots or not exercise certain option contracts that are not projected to produce adequate results, no longer fit with our long-term strategic plan or, in limited circumstances, are not suitable for building due to regulatory or environmental restrictions that are enacted.

The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented:



	Three Months Ended March 31,				Six Months Ended March 31,
in thousands	2019		2018		2019		2018
Projects in Progress:
West	$	92,912	$	—	$	92,912	$	—
Southeast	—		—		858		—
Corporate and unallocated ^(a)	16,111		—		16,260		—
Total impairment charges on projects in progress	$	109,023	$	—	$	110,030	$	—
Land Held for Sale:
West	$	37,963	$	—	$	37,963	$	—
Corporate and unallocated ^(a)	625		—		625		—
Total impairment charges on land held for sale	$	38,588	$	—	$	38,588	$	—
Discontinued Operations:
Land Held for Sale	$	—	$	—	$	—	$	450
Total impairment and abandonment charges	$	147,611	$	—	$	148,618	$	450

^(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.

Valuation assumptions for communities tested for impairment are specific to each community. For projects in progress impaired during the periods presented, we determined the fair value of each community by discounting its estimated future cash flows at a rate commensurate with the risks inherent in the project. The discount rate used depends on the development stage and expected duration of the project, local market conditions, and other specific factors. The estimated future cash flows for each community were determined based on the expected pace of closings and average sales price of the community less expected costs for land acquisition and land development, direct construction, overhead, and interest. We determined the fair value of land held for sale assets impaired during the periods presented based on sales contracts, letters of intent, and recent comparable land sale transactions, as applicable. The assumptions used in the determination of fair value of both projects in progress and land held for sale communities are based on factors known to us at the time such estimates are made and our expectations of future operations and market conditions. Should the estimates or expectations used in determining estimated fair values deteriorate in the future, we may be required to recognize additional impairment charges and write-offs related to these assets, and such amounts could be material.

The following table 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:



$ in thousands	Three Months Ended	Six Months Ended
Unobservable Inputs	March 31, 2019	March 31, 2019
Average selling price	$350 to $615	$350 to $615
Closings per community per month	2 - 4	1 - 4
Discount rate	14.7% - 16.4%	14.7% - 16.8%

Lot Option Agreements and Variable Interest Entities (VIE)

As previously discussed, we also have access to land inventory through lot option contracts, which generally enable us to defer acquiring portions of properties owned by third parties and unconsolidated entities until we have determined whether to exercise our lot option. The majority of our lot option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land for the right to acquire lots during a specified period of time at a specified price. Under lot option contracts, purchase of the properties is contingent upon satisfaction of certain requirements by us and the sellers. Our liability under option contracts is generally limited to forfeiture of the non-refundable deposits, letters of credit, and other non-refundable amounts incurred. We expect to exercise, subject to market conditions and seller satisfaction of contract terms, most of our remaining option contracts. Various factors, some of which are beyond our control, such as market conditions, weather conditions, and the timing of the completion of development activities, will have a significant impact on the timing of option exercises or whether lot options will be exercised at all.

The following table provides a summary of our interests in lot option agreements as of March 31, 2019 and September 30, 2018:



in thousands	Deposits & Non-refundable Pre-acquisition Costs Incurred		Remaining Obligation
As of March 31, 2019
Unconsolidated lot option agreements	$	78,047	$	386,913
As of September 30, 2018
Unconsolidated lot option agreements	$	72,191	$	383,150

Interest

6 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Interest

Interest capitalized during the three and six months ended March 31, 2019 and 2018 was limited by the balance of inventory eligible for capitalization. The following table presents certain information regarding interest for the periods presented:



	Three Months Ended March 31,						Six Months Ended March 31,
in thousands	2019			2018			2019			2018
Capitalized interest in inventory, beginning of period	$	151,886		$	144,847		$	144,645		$	139,203
Interest incurred	25,803			25,492			50,724			51,047
Capitalized interest impaired	(13,792		)	—			(13,907		)	—
Interest expense not qualified for capitalization and included as other expense ^(a)	(597		)	(1,650		)	(839		)	(5,085		)
Capitalized interest amortized to home construction and land sales expenses ^(b)	(18,544		)	(19,655		)	(35,867		)	(36,131		)
Capitalized interest in inventory, end of period	$	144,756		$	149,034		$	144,756		$	149,034

^(a)The amount of interest capitalized depends on the qualified inventory balance, which considers the status of the Company's inventory holdings. The qualified inventory balance includes the majority of homes under construction and development projects in progress but excludes land held for future development and land held for sale.

^(b)Capitalized interest amortized to home construction and land sales expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.

Borrowings

6 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Borrowings

The Company's debt, net of premiums, discounts, and unamortized debt issuance costs consisted of the following as of March 31, 2019 and September 30, 2018:



in thousands	Maturity Date	March 31, 2019			September 30, 2018
8 3/4% Senior Notes	March 2022	$	500,000		$	500,000
7 1/4% Senior Notes	February 2023	23,603			24,834
6 3/4% Senior Notes	March 2025	246,155			250,000
5 7/8% Senior Notes	October 2027	400,000			400,000
Unamortized debt premium, net		2,254			2,640
Unamortized debt issuance costs		(12,911		)	(14,336		)
Total Senior Notes, net		1,159,101			1,163,138
Junior Subordinated Notes (net of unamortized accretion of $35,737 and $36,770, respectively)	July 2036	65,037			64,003
Revolving Credit Facility	February 2021	75,000			—
Other Secured Notes payable	Various Dates	2,622			4,113
Total debt, net		$	1,301,760		$	1,231,254

Secured Revolving Credit Facility

The Secured Revolving Credit Facility (the Facility) provides working capital and letter of credit capacity. In October 2018, the Company executed a Fifth Amendment to the Facility, extending the termination date of the Facility from February 15, 2020 to February 15, 2021 and increasing the maximum aggregate amount of commitments under the Facility, including borrowings and letters of credit, from $200.0 million to $210.0 million. The aggregate collateral ratio (as defined by the underlying Credit Agreement) remained at 4.00 to 1.00 and the after-acquired exclusionary condition (also as defined by the underlying Credit Agreement) remained at $840.0 million. The Facility continues to be with three lenders. For additional discussion of the Facility, refer to Note 8 to the consolidated financial statements within our 2018 Annual Report.

As of March 31, 2019, $75.0 million of borrowings and no letters of credit were outstanding under the Facility, resulting in a remaining capacity of $135.0 million. As of September 30, 2018, no borrowings and no letters of credit were outstanding under the Facility, resulting in a remaining capacity of $200.0 million. The Facility requires compliance with certain covenants, including negative covenants and financial maintenance covenants. As of March 31, 2019, the Company was in compliance with all such covenants.

Letter of Credit Facilities

The Company has entered into stand-alone, cash-secured letter of credit agreements with banks to maintain pre-existing letters of credit and to provide for the issuance of new letters of credit (in addition to the letters of credit issued under the Facility). As of March 31, 2019 and September 30, 2018, the Company had letters of credit outstanding under these additional facilities of $10.9 million and $10.4 million, respectively, all of which were secured by cash collateral in restricted accounts. The Company may enter into additional arrangements to provide additional letter of credit capacity.

In May 2018, the Company entered into a reimbursement agreement, which provides for the issuance of performance letters of credit, and an unsecured credit agreement that provides for the issuance of up to $50.0 million of standby letters of credit to backstop the Company's obligations under the reimbursement agreement (collectively, the "Bilateral Facility"). The Bilateral Facility will terminate on June 10, 2021. As of March 31, 2019, the total stated amount of performance letters of credit issued under the reimbursement agreement was $36.3 million (and the stated amount of the backstop standby letter of credit issued under the credit agreement was $40.0 million). The Company may enter into additional arrangements to provide greater letter of credit capacity.

Senior Notes

The Company's Senior Notes are unsecured obligations ranking pari passu with all other existing and future senior indebtedness. Substantially all of the Company's significant subsidiaries are full and unconditional guarantors of the Senior Notes and are jointly and severally liable for obligations under the Senior Notes and the Facility. Each guarantor subsidiary is a 100% owned subsidiary of Beazer Homes. See Note 15 for further information.

All unsecured Senior Notes rank equally in right of payment with all existing and future senior unsecured obligations, senior to all of the Company's existing and future subordinated indebtedness and effectively subordinated to the Company's existing and future secured indebtedness, including indebtedness under the Facility, if outstanding, to the extent of the value of the assets securing such indebtedness. The unsecured Senior Notes and related guarantees are structurally subordinated to all indebtedness and other liabilities of all of the Company's subsidiaries that do not guarantee these notes but are fully and unconditionally guaranteed jointly and severally on a senior basis by the Company's wholly-owned subsidiaries party to each applicable indenture.

The Company's Senior Notes are issued under indentures that contain certain restrictive covenants which, among other things, restrict our ability to pay dividends, repurchase our common stock, incur certain types of additional indebtedness, and make certain investments. Compliance with the Senior Note covenants does not significantly impact the Company's operations. The Company is in compliance with the covenants contained in the indentures of all of its Senior Notes as of March 31, 2019.

During the three months ended March 31, 2019, the Company redeemed $1.2 million and $3.8 million of the 7.25% unsecured Senior Notes due February 2023 and 6.75% unsecured Senior Notes due February 2025, respectively, using cash on hand, resulting in a gain on extinguishment of debt of $0.2 million, which was net of a $0.1 million non-cash write-off of debt issuance costs.

For additional redemption features, refer to the table below that summarizes the redemption terms of our Senior Notes:



Senior Note Description	Issuance Date	Maturity Date	Redemption Terms
8 3/4% Senior Notes	September 2016	March 2022	Callable at any time prior to March 15, 2019, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after March 15, 2019, callable at a redemption price equal to 104.375% of the principal amount; on or after March 15, 2020, callable at a redemption price equal to 102.188% of the principal amount; on or after March 15, 2021, callable at a redemption price equal to 100.000% of the principal amount plus, in each case, accrued and unpaid interest
7 1/4% Senior Notes	February 2013	February 2023	Callable at any time on or after February 1, 2018, callable at a redemption price equal to 103.625% of the principal amount; on or after February 1, 2019, callable at a redemption price equal to 102.417% of the principal amount; on or after February 1, 2020, callable at a redemption price equal to 101.208% of the principal amount; on or after February 1, 2021, callable at 100.000% of the principal amount plus, in each case, accrued and unpaid interest
6 3/4% Senior Notes	March 2017	March 2025	Callable at any time prior to March 15, 2020, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after March 15, 2020, callable at a redemption price equal to 105.063% of the principal amount; on or after March 15, 2021, callable at a redemption price equal to 103.375% of the principal amount; on or after March 15, 2022, callable at a redemption price equal to 101.688% of the principal amount; on or after March 15, 2023, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest
5 7/8% Senior Notes	October 2017	October 2027	Callable at any time prior to October 15, 2022, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2022, callable at a redemption price equal to 102.938% of the principal amount; on or after October 15, 2023, callable at a redemption price equal to 101.958% of the principal amount; on or after October 15, 2024, callable at a redemption price equal to 100.979% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest

Junior Subordinated Notes

The Company's unsecured junior subordinated notes (Junior Subordinated Notes) mature on July 30, 2036. The Junior Subordinated Notes are redeemable at par and paid interest at a fixed rate of 7.987% for the first ten years ending July 30, 2016. The securities now have a floating interest rate as defined in the Junior Subordinated Notes Indenture, which was a weighted-average of 5.20% as of March 31, 2019 (because the rate on the portion of the Junior Subordinated Notes that was modified, as discussed below, is subject to a floor). The obligations relating to these notes are subordinated to the Facility and the Senior Notes. In January 2010, the Company modified the terms of $75.0 million of these notes and recorded them at their then estimated fair value. Over the remaining life of the Junior Subordinated Notes, we will increase their carrying value until this carrying value equals the face value of the notes. As of March 31, 2019, the unamortized accretion was $35.7 million and will be amortized over the remaining life of the notes. As of March 31, 2019, the Company was in compliance with all covenants under the Junior Subordinated Notes.

Other Secured Notes Payable

The Company periodically acquires land through the issuance of notes payable. As of March 31, 2019 and September 30, 2018, the Company had outstanding notes payable of $2.6 million and $4.1 million, respectively, primarily related to land acquisitions. These secured notes payable have varying expiration dates in 2019, a weighted-average fixed interest rate of 1.88% as of March 31, 2019, and are secured by the real estate to which they relate.

The agreements governing these other secured notes payable contain various affirmative and negative covenants. There can be no assurance that the Company will be able to obtain any future waivers or amendments that may become necessary without significant additional cost or at all. In each instance, however, a covenant default can be cured by repayment of the indebtedness.

Contingencies

6 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Beazer Homes and certain of its subsidiaries have been and continue to be named as defendants in various construction defect claims, complaints, and other legal actions. The Company is subject to the possibility of loss contingencies related to these defects as well as others arising from its business. In determining loss contingencies, we consider the likelihood of loss and our ability to reasonably estimate the amount of such loss. An estimated loss is recorded when it is considered probable that a liability has been incurred and the amount of loss can be reasonably estimated.

Warranty Reserves

We currently provide a limited warranty ranging from one to two years covering workmanship and materials per our defined quality standards. In addition, we provide a limited warranty for up to ten years covering only certain defined structural element failures.

Our homebuilding work is performed by subcontractors who typically must agree to indemnify us with regard to their work and provide certificates of insurance demonstrating that they have met our insurance requirements and have named us as an additional insured under their policies. Therefore, many claims relating to workmanship and materials that result in warranty spending are the primary responsibility of these subcontractors. In addition, we maintain insurance coverage related to our construction efforts that can result in recoveries of warranty and construction defect costs above certain specified limits.

Warranty reserves are included in other liabilities within the condensed consolidated balance sheets, and the provision for warranty accruals is included in home construction expenses in the condensed consolidated statements of operations. Reserves covering anticipated warranty expenses are recorded for each home closed. Management assesses the adequacy of warranty reserves each reporting period based on historical experience and the expected costs to remediate potential claims. Our review includes a quarterly analysis of the historical data and trends in warranty expense by division. Such analysis considers market-specific factors such as warranty experience, the number of home closings, the prices of homes, product mix, and other data in estimating warranty reserves. In addition, the analysis also contemplates the existence of any non-recurring or community-specific warranty-related matters that might not be included in historical data and trends. While estimated warranty liabilities are adjusted each reporting period based on the results of our quarterly analyses, we may not accurately predict actual warranty costs, which could lead to significant changes in the reserve.

Changes in warranty reserves are as follows for the periods presented:



	Three Months Ended						Six Months Ended
	March 31,						March 31,
in thousands	2019			2018			2019			2018
Balance at beginning of period	$	13,432		$	15,816		$	15,331		$	18,091
Accruals for warranties issued ^(a)	2,490			3,400			4,854			7,613
Changes in liability related to warranties existing in prior periods	(663		)	(1,097		)	(1,968		)	(3,394		)
Payments made	(2,674		)	(3,536		)	(5,632		)	(7,727		)
Balance at end of period	$	12,585		$	14,583		$	12,585		$	14,583

^(a) Accruals for warranties issued are a function of the number of home closings in the period, the selling prices of the homes closed, and the rates of accrual per home estimated as a percentage of the selling price of the home.

Insurance Recoveries

The Company has insurance policies that provide for the reimbursement of certain warranty costs incurred above specified thresholds for each period covered. Amounts recorded for anticipated insurance recoveries are reflected within the condensed consolidated statements of income as a reduction of home construction expenses. Amounts not yet received from our insurer are recorded on a gross basis, without any reduction for the associated warranty expense, within accounts receivable on our condensed consolidated balance sheets.

Litigation

In the normal course of business, we are subject to various lawsuits. We cannot predict or determine the timing or final outcome of these lawsuits or the effect that any adverse findings or determinations in pending lawsuits may have on us. In addition, an estimate of possible loss or range of loss, if any, cannot presently be made with respect to certain of these pending matters. An unfavorable determination in any of the pending lawsuits could result in the payment by us of substantial monetary damages that may not be fully covered by insurance. Further, the legal costs associated with the lawsuits and the amount of time required to be spent by management and our Board of Directors on these matters, even if we are ultimately successful, could have a material adverse effect on our financial condition, results of operations, or cash flows.

Other Matters

We and certain of our subsidiaries have been named as defendants in various claims, complaints, and other legal actions, most relating to construction defects, moisture intrusion, and product liability. Certain of the liabilities resulting from these actions are covered in whole or in part by insurance. In our opinion, based on our current assessment, the ultimate resolution of these matters will not have a material adverse effect on our financial condition, results of operations, or cash flows.

We have an accrual of $3.3 million and $3.7 million in other liabilities on our condensed consolidated balance sheets related to litigation and other matters, excluding warranty, as of March 31, 2019 and September 30, 2018, respectively.

We had outstanding letters of credit and performance bonds of approximately $47.2 million and $271.6 million, respectively, as of March 31, 2019, related principally to our obligations to local governments to construct roads and other improvements in various developments.

Fair Value Measurements

6 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

As of the dates presented, we had assets on our condensed consolidated balance sheets that were required to be measured at fair value on a recurring or non-recurring basis. We use a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value as follows:


•	Level 1 – Quoted prices in active markets for identical assets or liabilities;


•	Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly through corroboration with market data; and


•	Level 3 – Unobservable inputs that reflect our own estimates about the assumptions market participants would use in pricing the asset or liability.

Certain of our assets are required to be recorded at fair value on a recurring basis. The fair value of our deferred compensation plan assets is based on market-corroborated inputs (Level 2).

Certain of our assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value of these assets may not be recovered. We review our long-lived assets, including inventory, for recoverability when factors indicate an impairment may exist, but no less than quarterly. Fair value on assets deemed to be impaired is determined based upon the type of asset being evaluated. Fair value of our owned inventory assets, when required to be calculated, is further discussed within Notes 2 and 5. The fair value of our investments in unconsolidated entities is determined primarily using a discounted cash flow model to value the underlying net assets of the respective entities. Due to the substantial use of unobservable inputs in valuing the assets on a non-recurring basis, they are classified within Level 3.

During the three months ended March 31, 2019, we recognized impairments of $109.0 million on projects in process and $38.6 million on land held for sale compared to no such impairments during the three months ended March 31, 2018.

During the six months ended March 31, 2019, we recognized impairments of $110.0 million on projects in process and $38.6 million on land held for sale compared to no impairment on projects in process and $0.5 million of impairments on land held for sale during the six months ended March 31, 2018.

Determining within which hierarchical level an asset or liability falls requires significant judgment. We evaluate our hierarchy disclosures each quarter.

The following table presents the period-end balances of assets measured at fair value on a recurring basis and the impairment-date fair value of certain assets measured at fair value on a non-recurring basis for each hierarchy level. These balances represent only those assets whose carrying values were adjusted to fair value during the periods presented:



in thousands	Level 1		Level 2		Level 3		Total
As of March 31, 2019
Deferred compensation plan assets ^(a)	$	—	$	1,828	$	—	$	1,828
Development projects in progress ^(b)	—		—		84,982		84,982
Land held for sale ^(b)	—		—		5,207		5,207
As of September 30, 2018
Deferred compensation plan assets ^(a)	$	—	$	1,578	$	—	$	1,578
Development projects in progress ^(b)	—		—		1,312		1,312
Land held for sale ^(b)	—		—		1,724		1,724
Unconsolidated entity investments ^(b)	—		—		80		80

^(a)Measured at fair value on a recurring basis.

^(b)Measured at fair value on a non-recurring basis, including the capitalized interest and indirects related to the asset.

The fair value of cash and cash equivalents, restricted cash, accounts receivable, trade accounts payable, other liabilities, amounts due under the Facility (if outstanding), and other secured notes payable approximate their carrying amounts due to the short maturity of these assets and liabilities. When outstanding, obligations related to land not owned under option agreements approximate fair value.

The following table presents the carrying value and estimated fair value of certain other financial liabilities as of March 31, 2019 and September 30, 2018:



	As of March 31, 2019				As of September 30, 2018
in thousands	Carrying Amount ^(a)		Fair Value		Carrying Amount ^(a)		Fair Value
Senior Notes ^(b)	$	1,159,101	$	1,128,049	$	1,163,138	$	1,096,214
Junior Subordinated Notes	65,037		65,037		64,003		64,003
Total	$	1,224,138	$	1,193,086	$	1,227,141	$	1,160,217

^(a)Carrying amounts are net of unamortized debt premiums/discounts, debt issuance costs, or accretion.

^(b) The estimated fair value for our publicly-held Senior Notes has been determined using quoted market rates (Level 2).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes	6 Months Ended
Income Taxes	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Tax Provision The Company's income tax provision for quarterly interim periods is based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent, or unusual items. The total income tax provision, including discontinued operations, was a tax benefit of $38.2 million and $42.1 million for the three and six months ended March 31, 2019, respectively, compared to an income tax expense of $1.0 million and $109.0 million for the three and six months ended March 31, 2018, respectively. The current fiscal year income tax benefit was primarily driven by (1) the loss from continuing operations due to the $148.6 million of impairments on our land inventory assets and (2) the completion of work necessary to claim an additional $5.4 million in tax credits related to prior fiscal years, partially offset by discrete impacts related to stock-based compensation. The tax expense for the six months ended March 31, 2018 was primarily driven by the remeasurement of the Company's deferred tax assets as a result of the enactment of the Tax Cuts and Jobs Act and several discrete tax items, including stock-based compensation. These items were partially offset by the loss incurred from continuing operations and completion of the work necessary to claim an additional $2.3 million in tax credits related to prior fiscal years. Deferred Tax Assets and Liabilities As of March 31, 2019, the net deferred tax asset is comprised of various tax attributes that include $9.6 million of minimum tax credit carryforwards. Beginning with the fiscal 2019 tax return, the Company will be able to make cash refund claims for significant portions of these credits due to the elimination of the alternative minimum tax in the Tax Cuts and Jobs Act. The Company continues to evaluate its deferred tax assets each period to determine if a valuation allowance is required based on whether it is more likely than not that some portion of these deferred tax assets will not be realized. As of March 31, 2019, management concluded that it is more likely than not that a substantial portion of our deferred tax assets will be realized. As part of our analysis, we considered both positive and negative factors, including current quarter impairments, that impact profitability and whether those factors would lead to a change in the estimate of our deferred tax assets that may be realized in the future. Our conclusions on the valuation allowance and Internal Revenue Code Section 382 limitations related to our deferred tax assets remain consistent with the determinations we made during the period ended September 30, 2018, and such conclusions are based on similar company specific and industry factors to those discussed in Note 13 to the audited consolidated financial statements within our 2018 Annual Report.

Stock-based Compensation

6 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

Stock-based compensation expense is included in general and administrative expenses in the condensed consolidated statements of operations. Following is a summary of stock-based compensation expense related to stock options and restricted stock awards for the three and six months ended March 31, 2019 and March 31, 2018, respectively.



	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2019		2018		2019		2018
Stock-based compensation expense	$	2,180	$	2,598	$	4,294	$	5,208

Stock Options

Following is a summary of stock option activity for the six months ended March 31, 2019:



	Six Months Ended
	March 31, 2019
	Shares		Weighted Average Exercise Price
Outstanding at beginning of period	533,052		$	14.26
Granted	25,230		10.38
Exercised	(26,650	)	10.44
Cancelled	(2,319	)	9.81
Outstanding at end of period	529,313		$	14.29
Exercisable at end of period	478,064		$	14.33
Vested or expected to vest in the future	526,534		$	14.31

As of March 31, 2019 and September 30, 2018, total unrecognized compensation cost related to unvested stock options was $0.3 million and $0.2 million, respectively. The remaining cost as of March 31, 2019 is expected to be recognized over a weighted-average period of 1.5 years.

Restricted Stock Awards

During the six months ended March 31, 2019, the Company issued time-based restricted stock awards that vest ratably over three years on each anniversary from the grant date and performance-based restricted stock awards with a payout subject to the achievement of performance and market conditions over a three-year period.

Following is a summary of restricted stock activity for the six months ended March 31, 2019:



	Six Months Ended March 31,
	Performance-Based Restricted Shares		Time-Based Restricted Shares		Total Restricted Shares
Beginning of period	644,785		431,783		1,076,568
Granted ^(a)	467,819		441,991		909,810
Vested ^(a)	(309,843	)	(204,977	)	(514,820	)
Forfeited	(7,020	)	(23,647	)	(30,667	)
End of period	795,741		645,150		1,440,891

^(a) Grant and vesting activity during the six months ended March 31, 2019 include 86,050 shares that were issued above target based on the performance level achieved under performance-based restricted stock vesting in the current period.

As of March 31, 2019 and September 30, 2018, total unrecognized compensation cost related to unvested restricted stock awards was $13.1 million and $8.8 million, respectively. The remaining cost as of March 31, 2019 is expected to be recognized over a weighted average period of 2.0 years.

Earnings Per Share

6 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Basic (loss) income per share is calculated by dividing net (loss) income by the weighted-average number of shares outstanding during the period. Diluted (loss) income per share adjusts the basic (loss) income per share for the effects of any potentially dilutive securities in periods in which the Company has net income and such effects are dilutive under the treasury stock method.

Following is a summary of the components of basic and diluted (loss) income per share for the periods presented:



	Three Months Ended March 31,						Six Months Ended March 31,
in thousands, except per share data	2019			2018			2019			2018
Numerator:
(Loss) income from continuing operations	$	(100,832	)	$	11,616		$	(93,510	)	$	(118,959	)
Loss from discontinued operations, net of tax	(30		)	(58		)	(41		)	(430		)
Net (loss) income	$	(100,862	)	$	11,558		$	(93,551	)	$	(119,389	)

Denominator:
Basic weighted-average shares	30,714			32,140			31,263			32,097
Dilutive effect of restricted stock awards	—			466			—			—
Dilutive effect of stock options	—			115			—			—
Diluted weighted-average shares ^(a)	30,714			32,721			31,263			32,097

Basic (loss) income per share:
Continuing operations	$	(3.28	)	$	0.36		$	(2.99	)	$	(3.71	)
Discontinued operations	—			—			—			(0.01		)
Total	$	(3.28	)	$	0.36		$	(2.99	)	$	(3.72	)

Diluted (loss) income per share:
Continuing operations	$	(3.28	)	$	0.36		$	(2.99	)	$	(3.71	)
Discontinued operations	—			(0.01		)	—			(0.01		)
Total	$	(3.28	)	$	0.35		$	(2.99	)	$	(3.72	)

^(a) The following potentially dilutive shares were excluded from the calculation of diluted (loss) income per share as a result of their anti-dilutive effect. Due to the reported net loss for the three and six months ended March 31, 2019 and six months ended March 31, 2018, all common stock equivalents were excluded from the computation of diluted loss per share for those periods because inclusion would have resulted in anti-dilution.



	Three Months Ended March 31,		Six Months Ended March 31,
in thousands	2019	2018	2019	2018
Stock options	529	179	529	550
Time-based restricted stock	645	142	645	842
Performance-based restricted stock	796	—	796	646

Segment Information

6 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Information

We currently operate in 13 states that are grouped into three homebuilding segments based on geography. Revenues from our homebuilding segments are derived from the sale of homes that we construct and from land and lot sales. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. We have considered the applicable aggregation criteria and have combined our homebuilding operations into three reportable segments as follows:

West: Arizona, California, Nevada, and Texas

East: Delaware, Indiana, Maryland, New Jersey^(a), Tennessee, and Virginia

Southeast: Florida, Georgia, North Carolina, and South Carolina

^(a)During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, it is included in this listing because the segment information below continues to include New Jersey.

Management’s evaluation of segment performance is based on segment operating (loss) income. Operating (loss) income for our homebuilding segments is defined as homebuilding and land sales and other revenue less home construction, land development, and land sales expense, commission expense, depreciation and amortization, and certain G&A expenses that are incurred by or allocated to our homebuilding segments. The accounting policies of our segments are those described in Note 2 to the consolidated financial statements within our 2018 Annual Report.

The following tables contain our revenue, operating (loss) income, and depreciation and amortization by segment for the periods presented:



	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2019		2018		2019		2018
Revenue
West	$	210,430	$	234,510	$	419,374	$	412,481
East	94,066		107,412		182,812		196,265
Southeast	116,764		113,256		221,114		218,921
Total revenue	$	421,260	$	455,178	$	823,300	$	827,667



	Three Months Ended						Six Months Ended
	March 31,						March 31,
in thousands	2019			2018			2019			2018
Operating (loss) income ^(a)
West	$	(107,018	)	$	31,715		$	(82,757	)	$	52,825
East	6,929			8,926			12,324			16,322
Southeast	7,324			7,897			8,704			14,807
Segment total	(92,765		)	48,538			(61,729		)	83,954
Corporate and unallocated ^(b)	(46,185		)	(34,713		)	(73,715		)	(63,448		)
Total operating (loss) income	$	(138,950	)	$	13,825		$	(135,444	)	$	20,506



	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2019		2018		2019		2018
Depreciation and amortization
West	$	1,263	$	1,697	$	2,541	$	2,953
East	547		551		1,085		990
Southeast	731		542		1,341		1,121
Segment total	2,541		2,790		4,967		5,064
Corporate and unallocated ^(b)	359		276		703		509
Total depreciation and amortization	$	2,900	$	3,066	$	5,670	$	5,573

^(a) Operating (loss) income is impacted by impairment and abandonment charges incurred during the periods presented (see Note 5).

^(b)Corporate and unallocated operating loss includes amortization of capitalized interest; movement in capitalized indirects; expenses related to numerous shared services functions that benefit all segments but are not allocated to the operating segments reported above, including information technology, treasury, corporate finance, legal, branding and national marketing; and other amounts that are not allocated to our operating segments. Corporate and unallocated depreciation and amortization represents depreciation and amortization related to assets held by our corporate functions that benefit all segments.

The following table presents capital expenditures by segment for the periods presented:



	Six Months Ended
	March 31,
in thousands	2019		2018
Capital Expenditures
West	$	5,338	$	4,238
East	1,286		1,133
Southeast	2,055		1,185
Corporate and unallocated	2,829		1,636
Total capital expenditures	$	11,508	$	8,192

The following table presents assets by segment as of March 31, 2019 and September 30, 2018:



in thousands	March 31, 2019		September 30, 2018
Assets
West	$	758,627	$	835,230
East	315,728		335,474
Southeast	400,954		414,685
Corporate and unallocated ^(a)	580,032		542,713
Total assets	$	2,055,341	$	2,128,102

^(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirects, and other items that are not allocated to the segments.

Supplemental Guarantor Information

6 Months Ended

Mar. 31, 2019

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Supplemental Guarantor information

Supplemental Guarantor Information

As discussed in Note 7, the Company's obligations to pay principal, premium, if any, and interest under certain debt agreements are guaranteed on a joint and several basis by substantially all of the Company's subsidiaries. Some of the immaterial subsidiaries do not guarantee the Senior Notes or the Facility. The guarantees are full and unconditional and the guarantor subsidiaries are 100% owned by Beazer Homes USA, Inc. The following unaudited financial information presents the line items of the Company's unaudited condensed consolidated financial statements separated by amounts related to the parent issuer, guarantor subsidiaries, non-guarantor subsidiaries, and consolidating adjustments as of or for the periods presented.

Beazer Homes USA, Inc.

Condensed Consolidating Balance Sheet Information

March 31, 2019

(Unaudited)



in thousands	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	80,363	$	6,071	$	7	$	—		$	86,441
Restricted cash	11,097		1,100		—		—			12,197
Accounts receivable (net of allowance of $373)	—		18,481		5		—			18,486
Owned inventory	—		1,634,399		—		—			1,634,399
Investments in unconsolidated entities	773		2,953		—		—			3,726
Deferred tax assets, net	256,347		—		—		—			256,347
Property and equipment, net	—		26,662		—		—			26,662
Investments in subsidiaries	636,795		—		—		(636,795		)	—
Intercompany	859,697		—		1,688		(861,385		)	—
Goodwill	—		10,605		—		—			10,605
Other assets	870		5,604		4		—			6,478
Total assets	$	1,845,942	$	1,705,875	$	1,704	$	(1,498,180	)	$	2,055,341
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	125,403	$	—	$	—		$	125,403
Other liabilities	15,958		83,043		19		—			99,020
Intercompany	1,688		859,697		—		(861,385		)	—
Total debt (net of premium and debt issuance costs)	1,299,138		2,622		—		—			1,301,760
Total liabilities	1,316,784		1,070,765		19		(861,385		)	1,526,183
Stockholders’ equity	529,158		635,110		1,685		(636,795		)	529,158
Total liabilities and stockholders’ equity	$	1,845,942	$	1,705,875	$	1,704	$	(1,498,180	)	$	2,055,341

Beazer Homes USA, Inc.

Condensed Consolidating Balance Sheet Information

September 30, 2018

(Unaudited)



in thousands	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	93,875	$	45,355	$	575	$	—		$	139,805
Restricted cash	10,921		2,522		—		—			13,443
Accounts receivable (net of allowance of $378)	—		24,647		—		—			24,647
Owned inventory	—		1,692,284		—		—			1,692,284
Investments in unconsolidated entities	773		3,262		—		—			4,035
Deferred tax assets, net	213,955		—		—		—			213,955
Property and equipment, net	—		20,843		—		—			20,843
Investments in subsidiaries	645,086		—		—		(645,086		)	—
Intercompany	922,525		—		2,304		(924,829		)	—
Goodwill	—		9,751		—		—			9,751
Other assets	694		8,626		19		—			9,339
Total assets	$	1,887,829	$	1,807,290	$	2,898	$	(1,569,915	)	$	2,128,102
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	126,432	$	—	$	—		$	126,432
Other liabilities	14,357		111,906		126		—			126,389
Intercompany	2,304		922,525		—		(924,829		)	—
Total debt (net of premium and debt issuance costs)	1,227,141		4,113		—		—			1,231,254
Total liabilities	1,243,802		1,164,976		126		(924,829		)	1,484,075
Stockholders’ equity	644,027		642,314		2,772		(645,086		)	644,027
Total liabilities and stockholders’ equity	$	1,887,829	$	1,807,290	$	2,898	$	(1,569,915	)	$	2,128,102

Beazer Homes USA, Inc.

Condensed Consolidating Statements of Operations

(Unaudited)



in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2019
Total revenue	$	—		$	421,260		$	—		$	—		$	421,260
Home construction and land sales expenses	18,544			337,785			—			—			356,329
Inventory impairments and abandonments	13,792			133,819			—			—			147,611
Gross loss	(32,336		)	(50,344		)	—			—			(82,680		)
Commissions	—			15,998			—			—			15,998
General and administrative expenses	—			37,372			—			—			37,372
Depreciation and amortization	—			2,900			—			—			2,900
Operating loss	(32,336		)	(106,614		)	—			—			(138,950		)
Equity in income of unconsolidated entities	—			81			—			—			81
Gain on extinguishment of debt	216			—			—			—			216
Other (expense) income, net	(597		)	260			—			—			(337		)
Loss from continuing operations before income taxes	(32,717		)	(106,273		)	—			—			(138,990		)
Benefit from income taxes	(10,142		)	(28,016		)	—			—			(38,158		)
Equity in loss of subsidiaries	(78,257		)	—			—			78,257			—
Loss from continuing operations	(100,832		)	(78,257		)	—			78,257			(100,832		)
Loss from discontinued operations, net of tax	—			(25		)	(5		)	—			(30		)
Equity in loss of subsidiaries from discontinued operations	(30		)	—			—			30			—
Net loss	$	(100,862	)	$	(78,282	)	$	(5	)	$	78,287		$	(100,862	)

in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2018
Total revenue	$	—		$	455,178		$	23		$	(23	)	$	455,178
Home construction and land sales expenses	19,655			360,469			—			(23		)	380,101
Gross (loss) profit	(19,655		)	94,709			23			—			75,077
Commissions	—			17,334			—			—			17,334
General and administrative expenses	—			40,823			29			—			40,852
Depreciation and amortization	—			3,066			—			—			3,066
Operating (loss) income	(19,655		)	33,486			(6		)	—			13,825
Equity in income of unconsolidated entities	—			256			—			—			256
Other (expense) income, net	(1,650		)	203			(6		)	—			(1,453		)
(Loss) income from continuing operations before income taxes	(21,305		)	33,945			(12		)	—			12,628
(Benefit) expense from income taxes	(5,710		)	6,725			(3		)	—			1,012
Equity in income of subsidiaries	27,211			—			—			(27,211		)	—
Income (loss) from continuing operations	11,616			27,220			(9		)	(27,211		)	11,616
Loss from discontinued operations, net of tax	—			(52		)	(6		)	—			(58		)
Equity in loss of subsidiaries from discontinued operations	(58		)	—			—			58			—
Net income (loss)	$	11,558		$	27,168		$	(15	)	$	(27,153	)	$	11,558



in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2019
Total revenue	$	—		$	823,300		$	115		$	(115	)	$	823,300
Home construction and land sales expenses	35,867			660,955			—			(115		)	696,707
Inventory impairments and abandonments	13,908			134,710			—			—			148,618
Gross (loss) profit	(49,775		)	27,635			115			—			(22,025		)
Commissions	—			31,735			—			—			31,735
General and administrative expenses	—			76,018			(4		)	—			76,014
Depreciation and amortization	—			5,670			—			—			5,670
Operating (loss) income	(49,775		)	(85,788		)	119			—			(135,444		)
Equity in income of unconsolidated entities	—			17			—			—			17
Gain on extinguishment of debt	216			—			—			—			216
Other (expense) income, net	(839		)	464			(4		)	—			(379		)
(Loss) income from continuing operations before income taxes	(50,398		)	(85,307		)	115			—			(135,590		)
Expense (benefit) from income taxes	10,241			(52,350		)	29			—			(42,080		)
Equity in loss of subsidiaries	(32,871		)	—			—			32,871			—
(Loss) income from continuing operations	(93,510		)	(32,957		)	86			32,871			(93,510		)
Loss from discontinued operations, net of tax	—			(31		)	(10		)	—			(41		)
Equity in loss of subsidiaries from discontinued operations	(41		)	—			—			41			—
Net (loss) income	$	(93,551	)	$	(32,988	)	$	76		$	32,912		$	(93,551	)

in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2018
Total revenue	$	—		$	827,667		$	37		$	(37	)	$	827,667
Home construction and land sales expenses	36,123			655,675			—			(37		)	691,761
Gross (loss) profit	(36,123		)	171,992			37			—			135,906
Commissions	—			31,690			—			—			31,690
General and administrative expenses	—			78,067			70			—			78,137
Depreciation and amortization	—			5,573			—			—			5,573
Operating (loss) income	(36,123		)	56,662			(33		)	—			20,506
Equity in income of unconsolidated entities	—			155			—			—			155
Loss on extinguishment of debt	(25,904		)	—			—			—			(25,904		)
Other (expense) income, net	(5,085		)	500			(13		)	—			(4,598		)
(Loss) income from continuing operations before income taxes	(67,112		)	57,317			(46		)	—			(9,841		)
(Benefit) expense from income taxes	(17,897		)	127,029			(14		)	—			109,118
Equity in loss of subsidiaries	(69,744		)	—			—			69,744			—
Loss from continuing operations	(118,959		)	(69,712		)	(32		)	69,744			(118,959		)
Loss from discontinued operations, net of tax	—			(421		)	(9		)	—			(430		)
Equity in loss of subsidiaries and discontinued operations	(430		)	—			—			430			—
Net loss	$	(119,389	)	$	(70,133	)	$	(41	)	$	70,174		$	(119,389	)

Beazer Homes USA, Inc.

Condensed Consolidating Statements of Cash Flow Information

(Unaudited)



in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2019
Net cash (used in) provided by operating activities	$	(101,323	)	$	18,324		$	(35	)	$	—		$	(83,034	)
Cash flows from investing activities:
Capital expenditures	—			(11,508		)	—			—			(11,508		)
Proceeds from sale of fixed assets	—			94			—			—			94
Cash used for business acquisition, net of cash acquired	—			(4,088		)	—			—			(4,088		)
Advances to/from subsidiaries	44,061			—			(533		)	(43,528		)	—
Net cash provided by (used in) investing activities	44,061			(15,502		)	(533		)	(43,528		)	(15,502		)
Cash flows from financing activities:
Repayment of debt	(5,062		)	—			—			—			(5,062		)
Repayment of borrowings from credit facility	(150,000		)	—			—			—			(150,000		)
Borrowings from credit facility	225,000			—			—			—			225,000
Debt issuance costs	(400		)	—			—			—			(400		)
Repurchase of common stock	(24,004		)	—			—			—			(24,004		)
Tax payments for stock-based compensation awards	(1,886		)	—			—			—			(1,886		)
Stock option exercises	278			—			—			—			278
Advances to/from subsidiaries	—			(43,528		)	—			43,528			—
Net cash provided by (used in) financing activities	43,926			(43,528		)	—			43,528			43,926
Decrease in cash, cash equivalents, and restricted cash	(13,336		)	(40,706		)	(568		)	—			(54,610		)
Cash, cash equivalents, and restricted cash at beginning of period	104,796			47,877			575			—			153,248
Cash, cash equivalents, and restricted cash at end of period	$	91,460		$	7,171		$	7		$	—		$	98,638

in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2018
Net cash provided by (used in) operating activities	$	68,837		$	(185,014	)	$	(8	)	$	—		$	(116,185	)
Cash flows from investing activities:
Capital expenditures	—			(8,192		)	—			—			(8,192		)
Proceeds from sale of fixed assets	—			133			—			—			133
Investments in unconsolidated entities	—			(421		)	—			—			(421		)
Return of capital from unconsolidated entities	—			176			—			—			176
Advances to/from subsidiaries	(186,478		)	—			(22		)	186,500			—
Net cash used in investing activities	(186,478		)	(8,304		)	(22		)	186,500			(8,304		)
Cash flows from financing activities:
Repayment of debt	(400,028		)	(1,469		)	—			—			(401,497		)
Proceeds from issuance of new debt	400,000			—			—			—			400,000
Borrowings from credit facility	25,000			—			—			—			25,000
Repayment of borrowings from credit facility	(25,000		)	—			—			—			(25,000		)
Debt issuance costs	(5,743		)	—			—			—			(5,743		)
Tax payments for stock-based compensation awards	(1,323		)	—			—			—			(1,323		)
Stock option exercises	13			—			—			—			13
Advances to/from subsidiaries	—			186,633			—			(186,633		)	—
Net cash (used in) provided by financing activities	(7,081		)	185,164			—			(186,633		)	(8,550		)
Decrease in cash, cash equivalents, and restricted cash	(124,722		)	(8,154		)	(30		)	(133		)	(133,039		)
Cash, cash equivalents, and restricted cash at beginning of period	294,192			16,854			724			(7,161		)	304,609
Cash, cash equivalents, and restricted cash at end of period	$	169,470		$	8,700		$	694		$	(7,294	)	$	171,570

Discontinued Operations

6 Months Ended

Mar. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

We continually review each of our markets in order to refine our overall investment strategy and to optimize capital and resource allocations in an effort to enhance our financial position and to increase stockholder value. This review entails an evaluation of both external market factors and our position in each market and over time has resulted in the decision to discontinue certain of our homebuilding operations. During our fiscal 2015, we made the decision that we would not continue to reinvest in new homebuilding assets in our New Jersey division; therefore, it is no longer considered an active operation. However, the results of our New Jersey division are not included in the discontinued operations information shown below.

We have classified the results of operations of our discontinued operations separately in the accompanying condensed consolidated statements of operations for all periods presented. There were no material assets or liabilities related to our discontinued operations as of March 31, 2019 or September 30, 2018. Discontinued operations were not segregated in the condensed consolidated statements of cash flows. Therefore, amounts for certain captions in the condensed consolidated statements of cash flows will not agree with the respective data in the condensed consolidated statements of operations. The results of our discontinued operations in the condensed consolidated statements of operations for the periods presented were as follows:



	Three Months Ended						Six Months Ended
	March 31,						March 31,
in thousands	2019			2018			2019			2018
Total revenue	$	—		$	8		$	55		$	633
Home construction and land sales expenses	6			56			39			723
Inventory impairments and lot option abandonments	—			—			—			450
Gross (loss) profit	(6		)	(48		)	16			(540		)
General and administrative expenses	34			31			67			47
Operating loss	(40		)	(79		)	(51		)	(587		)
Equity in income (loss) of unconsolidated entities	—			4			(1		)	16
Other expense, net	—			(2		)	(1		)	(5		)
Loss from discontinued operations before income taxes	(40		)	(77		)	(53		)	(576		)
Benefit from income taxes	(10		)	(19		)	(12		)	(146		)
Loss from discontinued operations, net of tax	$	(30	)	$	(58	)	$	(41	)	$	(430	)

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Basis of Consolidation

Our fiscal year 2019 began on October 1, 2018 and ends on September 30, 2019. Our fiscal year 2018 began on October 1, 2017 and ended on September 30, 2018.

Use of Estimates

Business Combinations

Inventory Valuation

Revenue Recognition


•	Identify the contract(s) with a customer


•	Identify the performance obligations


•	Determine the transaction price


•	Allocate the transaction price


•	Recognize revenue when the performance obligations are met

Homebuilding revenue

Land sales and other revenue

Recent Accounting Pronouncements

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table presents our total revenue disaggregated by revenue stream:



	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2019		2018		2019		2018
Homebuilding revenue	$	420,945	$	441,115	$	821,927	$	808,869
Land sales and other revenue	315		14,063		1,373		18,798
Total revenue ^(a)	$	421,260	$	455,178	$	823,300	$	827,667

^(a) Please see Note 14 for total revenue disaggregated by reportable segment.

Supplemental Cash Flow Information (Tables)

6 Months Ended

Mar. 31, 2019

Supplemental Cash Flow Elements [Abstract]

Supplemental disclosure of non-cash activity



	Six Months Ended
	March 31,
in thousands	2019		2018
Supplemental disclosure of cash activity:
Interest payments	$	48,277	$	43,433
Income tax payments	61		10
Tax refunds received	12		39
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	86,441	$	158,787
Restricted cash	12,197		12,783
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	98,638	$	171,570

Investments in Unconsolidated Entities (Tables)

6 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in unconsolidated joint ventures, total equity and outstanding borrowings

The following table presents the Company's investment in these unconsolidated entities as well as the total equity and outstanding borrowings of these unconsolidated entities as of March 31, 2019 and September 30, 2018:



in thousands	March 31, 2019		September 30, 2018
Investment in unconsolidated entities	$	3,726	$	4,035
Total equity of unconsolidated entities	4,500		10,113
Total outstanding borrowings of unconsolidated entities	12,506		12,266

Equity in income from unconsolidated entity activities included in income from continuing operations is as follows for the periods presented:



	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2019		2018		2019		2018
Equity in income of unconsolidated entities	$	81	$	256	$	17	$	155

Inventory (Tables)

6 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Schedule of inventory

The components of our owned inventory are as follows as of March 31, 2019 and September 30, 2018:



in thousands	March 31, 2019		September 30, 2018
Homes under construction	$	536,039	$	476,752
Development projects in progress	836,829		907,793
Land held for future development	28,531		83,173
Land held for sale	12,926		7,781
Capitalized interest	144,756		144,645
Model homes	75,318		72,140
Total owned inventory	$	1,634,399	$	1,692,284

Schedule of total owned inventory, by segment

Total owned inventory by reportable segment is presented in the table below as of March 31, 2019 and September 30, 2018:



in thousands	Projects in Progress ^(a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
March 31, 2019
West Segment	$	736,249	$	3,483	$	5,077	$	744,809
East Segment	286,404		14,077		4,758		305,239
Southeast Segment	364,900		10,971		3,091		378,962
Corporate and unallocated ^(b)	205,389		—		—		205,389
Total	$	1,592,942	$	28,531	$	12,926	$	1,634,399
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.

Schedule of Undiscounted Cash Flow Analysis Prepared

The table below summarizes the results of our recoverability tests by reportable segment, where applicable, for the quarter ended March 31, 2019:



$ in thousands		Recoverability Analyses Prepared
Segment ^(a)	# of Communities on Watch List^(b)	# of Communities ^(c)	Pre-analysis Book Value (BV)		Aggregate Undiscounted Cash Flow as a % of BV ^(d)
Quarter Ended March 31, 2019
West	12	9	$	162,362	79.4	%
Corporate and unallocated ^(e)	—	—	30,037		N/A ^(f)
Total	12	9	$	192,399

^(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)Number of communities in this column excludes communities that are closing out and have fewer than ten closings remaining.

^(f) N/A - not applicable.

Schedule of Discounted Cash Flow Analysis

The following table presents, by reportable segment, details of the impairment charges taken on projects in progress for the periods presented:



	Results of Impairment Analyses
$ in thousands	Three Months Ended						Six Months Ended
Segment	# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at time of Impairment		# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at time of Impairment
March 31, 2019
West	9	839	$	92,912	$	69,449	9	839	$	92,912	$	69,449
Southeast	—	—	—		—		1	15	858		1,367
Corporate and unallocated ^(a)	—	—	16,111		13,928		—	—	16,260		14,166
Total	9	839	$	109,023	$	83,377	10	854	$	110,030	$	84,982

^(a) Amount represents the capitalized interest and indirects balances that were impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.

Quantitative unobservable inputs for inventory impairment

The following table 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:



$ in thousands	Three Months Ended	Six Months Ended
Unobservable Inputs	March 31, 2019	March 31, 2019
Average selling price	$350 to $615	$350 to $615
Closings per community per month	2 - 4	1 - 4
Discount rate	14.7% - 16.4%	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 March 31,				Six Months Ended March 31,
in thousands	2019		2018		2019		2018
Projects in Progress:
West	$	92,912	$	—	$	92,912	$	—
Southeast	—		—		858		—
Corporate and unallocated ^(a)	16,111		—		16,260		—
Total impairment charges on projects in progress	$	109,023	$	—	$	110,030	$	—
Land Held for Sale:
West	$	37,963	$	—	$	37,963	$	—
Corporate and unallocated ^(a)	625		—		625		—
Total impairment charges on land held for sale	$	38,588	$	—	$	38,588	$	—
Discontinued Operations:
Land Held for Sale	$	—	$	—	$	—	$	450
Total impairment and abandonment charges	$	147,611	$	—	$	148,618	$	450

^(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.

Summary of interests in lot option agreements

The following table provides a summary of our interests in lot option agreements as of March 31, 2019 and September 30, 2018:



in thousands	Deposits & Non-refundable Pre-acquisition Costs Incurred		Remaining Obligation
As of March 31, 2019
Unconsolidated lot option agreements	$	78,047	$	386,913
As of September 30, 2018
Unconsolidated lot option agreements	$	72,191	$	383,150

Interest (Tables)

6 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Real Estate Inventory, Capitalized Interest Costs

The following table presents certain information regarding interest for the periods presented:



	Three Months Ended March 31,						Six Months Ended March 31,
in thousands	2019			2018			2019			2018
Capitalized interest in inventory, beginning of period	$	151,886		$	144,847		$	144,645		$	139,203
Interest incurred	25,803			25,492			50,724			51,047
Capitalized interest impaired	(13,792		)	—			(13,907		)	—
Interest expense not qualified for capitalization and included as other expense ^(a)	(597		)	(1,650		)	(839		)	(5,085		)
Capitalized interest amortized to home construction and land sales expenses ^(b)	(18,544		)	(19,655		)	(35,867		)	(36,131		)
Capitalized interest in inventory, end of period	$	144,756		$	149,034		$	144,756		$	149,034

^(b)Capitalized interest amortized to home construction and land sales expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.

Borrowings (Tables)

6 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The Company's debt, net of premiums, discounts, and unamortized debt issuance costs consisted of the following as of March 31, 2019 and September 30, 2018:



in thousands	Maturity Date	March 31, 2019			September 30, 2018
8 3/4% Senior Notes	March 2022	$	500,000		$	500,000
7 1/4% Senior Notes	February 2023	23,603			24,834
6 3/4% Senior Notes	March 2025	246,155			250,000
5 7/8% Senior Notes	October 2027	400,000			400,000
Unamortized debt premium, net		2,254			2,640
Unamortized debt issuance costs		(12,911		)	(14,336		)
Total Senior Notes, net		1,159,101			1,163,138
Junior Subordinated Notes (net of unamortized accretion of $35,737 and $36,770, respectively)	July 2036	65,037			64,003
Revolving Credit Facility	February 2021	75,000			—
Other Secured Notes payable	Various Dates	2,622			4,113
Total debt, net		$	1,301,760		$	1,231,254

Debt Instrument Redemption

For additional redemption features, refer to the table below that summarizes the redemption terms of our Senior Notes:



Senior Note Description	Issuance Date	Maturity Date	Redemption Terms
8 3/4% Senior Notes	September 2016	March 2022	Callable at any time prior to March 15, 2019, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after March 15, 2019, callable at a redemption price equal to 104.375% of the principal amount; on or after March 15, 2020, callable at a redemption price equal to 102.188% of the principal amount; on or after March 15, 2021, callable at a redemption price equal to 100.000% of the principal amount plus, in each case, accrued and unpaid interest
7 1/4% Senior Notes	February 2013	February 2023	Callable at any time on or after February 1, 2018, callable at a redemption price equal to 103.625% of the principal amount; on or after February 1, 2019, callable at a redemption price equal to 102.417% of the principal amount; on or after February 1, 2020, callable at a redemption price equal to 101.208% of the principal amount; on or after February 1, 2021, callable at 100.000% of the principal amount plus, in each case, accrued and unpaid interest
6 3/4% Senior Notes	March 2017	March 2025	Callable at any time prior to March 15, 2020, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after March 15, 2020, callable at a redemption price equal to 105.063% of the principal amount; on or after March 15, 2021, callable at a redemption price equal to 103.375% of the principal amount; on or after March 15, 2022, callable at a redemption price equal to 101.688% of the principal amount; on or after March 15, 2023, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest
5 7/8% Senior Notes	October 2017	October 2027	Callable at any time prior to October 15, 2022, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2022, callable at a redemption price equal to 102.938% of the principal amount; on or after October 15, 2023, callable at a redemption price equal to 101.958% of the principal amount; on or after October 15, 2024, callable at a redemption price equal to 100.979% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Contingencies (Tables)

6 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Warranty reserves

Changes in warranty reserves are as follows for the periods presented:



	Three Months Ended						Six Months Ended
	March 31,						March 31,
in thousands	2019			2018			2019			2018
Balance at beginning of period	$	13,432		$	15,816		$	15,331		$	18,091
Accruals for warranties issued ^(a)	2,490			3,400			4,854			7,613
Changes in liability related to warranties existing in prior periods	(663		)	(1,097		)	(1,968		)	(3,394		)
Payments made	(2,674		)	(3,536		)	(5,632		)	(7,727		)
Balance at end of period	$	12,585		$	14,583		$	12,585		$	14,583

Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of fair value assets measured on a recurring and non-recurring basis



in thousands	Level 1		Level 2		Level 3		Total
As of March 31, 2019
Deferred compensation plan assets ^(a)	$	—	$	1,828	$	—	$	1,828
Development projects in progress ^(b)	—		—		84,982		84,982
Land held for sale ^(b)	—		—		5,207		5,207
As of September 30, 2018
Deferred compensation plan assets ^(a)	$	—	$	1,578	$	—	$	1,578
Development projects in progress ^(b)	—		—		1,312		1,312
Land held for sale ^(b)	—		—		1,724		1,724
Unconsolidated entity investments ^(b)	—		—		80		80

^(a)Measured at fair value on a recurring basis.

^(b)Measured at fair value on a non-recurring basis, including the capitalized interest and indirects related to the asset.

Schedule of carrying values and estimated fair values of other financial assets and liabilities

The following table presents the carrying value and estimated fair value of certain other financial liabilities as of March 31, 2019 and September 30, 2018:



	As of March 31, 2019				As of September 30, 2018
in thousands	Carrying Amount ^(a)		Fair Value		Carrying Amount ^(a)		Fair Value
Senior Notes ^(b)	$	1,159,101	$	1,128,049	$	1,163,138	$	1,096,214
Junior Subordinated Notes	65,037		65,037		64,003		64,003
Total	$	1,224,138	$	1,193,086	$	1,227,141	$	1,160,217

^(a)Carrying amounts are net of unamortized debt premiums/discounts, debt issuance costs, or accretion.

^(b) The estimated fair value for our publicly-held Senior Notes has been determined using quoted market rates (Level 2).

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Stock-based compensation (Tables)

6 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of compensation cost

Following is a summary of stock-based compensation expense related to stock options and restricted stock awards for the three and six months ended March 31, 2019 and March 31, 2018, respectively.



	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2019		2018		2019		2018
Stock-based compensation expense	$	2,180	$	2,598	$	4,294	$	5,208

Schedule of stock options and SSARs outstanding

Following is a summary of stock option activity for the six months ended March 31, 2019:



	Six Months Ended
	March 31, 2019
	Shares		Weighted Average Exercise Price
Outstanding at beginning of period	533,052		$	14.26
Granted	25,230		10.38
Exercised	(26,650	)	10.44
Cancelled	(2,319	)	9.81
Outstanding at end of period	529,313		$	14.29
Exercisable at end of period	478,064		$	14.33
Vested or expected to vest in the future	526,534		$	14.31

Schedule of nonvested stock awards activity

Following is a summary of restricted stock activity for the six months ended March 31, 2019:



	Six Months Ended March 31,
	Performance-Based Restricted Shares		Time-Based Restricted Shares		Total Restricted Shares
Beginning of period	644,785		431,783		1,076,568
Granted ^(a)	467,819		441,991		909,810
Vested ^(a)	(309,843	)	(204,977	)	(514,820	)
Forfeited	(7,020	)	(23,647	)	(30,667	)
End of period	795,741		645,150		1,440,891

Earnings Per Share (Tables)

6 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

Following is a summary of the components of basic and diluted (loss) income per share for the periods presented:



	Three Months Ended March 31,						Six Months Ended March 31,
in thousands, except per share data	2019			2018			2019			2018
Numerator:
(Loss) income from continuing operations	$	(100,832	)	$	11,616		$	(93,510	)	$	(118,959	)
Loss from discontinued operations, net of tax	(30		)	(58		)	(41		)	(430		)
Net (loss) income	$	(100,862	)	$	11,558		$	(93,551	)	$	(119,389	)

Denominator:
Basic weighted-average shares	30,714			32,140			31,263			32,097
Dilutive effect of restricted stock awards	—			466			—			—
Dilutive effect of stock options	—			115			—			—
Diluted weighted-average shares ^(a)	30,714			32,721			31,263			32,097

Basic (loss) income per share:
Continuing operations	$	(3.28	)	$	0.36		$	(2.99	)	$	(3.71	)
Discontinued operations	—			—			—			(0.01		)
Total	$	(3.28	)	$	0.36		$	(2.99	)	$	(3.72	)

Diluted (loss) income per share:
Continuing operations	$	(3.28	)	$	0.36		$	(2.99	)	$	(3.71	)
Discontinued operations	—			(0.01		)	—			(0.01		)
Total	$	(3.28	)	$	0.35		$	(2.99	)	$	(3.72	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	Three Months Ended March 31,		Six Months Ended March 31,
in thousands	2019	2018	2019	2018
Stock options	529	179	529	550
Time-based restricted stock	645	142	645	842
Performance-based restricted stock	796	—	796	646

Segment Information (Tables)

6 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Schedule of segment reporting information

The following tables contain our revenue, operating (loss) income, and depreciation and amortization by segment for the periods presented:



	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2019		2018		2019		2018
Revenue
West	$	210,430	$	234,510	$	419,374	$	412,481
East	94,066		107,412		182,812		196,265
Southeast	116,764		113,256		221,114		218,921
Total revenue	$	421,260	$	455,178	$	823,300	$	827,667



	Three Months Ended						Six Months Ended
	March 31,						March 31,
in thousands	2019			2018			2019			2018
Operating (loss) income ^(a)
West	$	(107,018	)	$	31,715		$	(82,757	)	$	52,825
East	6,929			8,926			12,324			16,322
Southeast	7,324			7,897			8,704			14,807
Segment total	(92,765		)	48,538			(61,729		)	83,954
Corporate and unallocated ^(b)	(46,185		)	(34,713		)	(73,715		)	(63,448		)
Total operating (loss) income	$	(138,950	)	$	13,825		$	(135,444	)	$	20,506



	Three Months Ended				Six Months Ended
	March 31,				March 31,
in thousands	2019		2018		2019		2018
Depreciation and amortization
West	$	1,263	$	1,697	$	2,541	$	2,953
East	547		551		1,085		990
Southeast	731		542		1,341		1,121
Segment total	2,541		2,790		4,967		5,064
Corporate and unallocated ^(b)	359		276		703		509
Total depreciation and amortization	$	2,900	$	3,066	$	5,670	$	5,573

^(a) Operating (loss) income is impacted by impairment and abandonment charges incurred during the periods presented (see Note 5).

The following table presents capital expenditures by segment for the periods presented:



	Six Months Ended
	March 31,
in thousands	2019		2018
Capital Expenditures
West	$	5,338	$	4,238
East	1,286		1,133
Southeast	2,055		1,185
Corporate and unallocated	2,829		1,636
Total capital expenditures	$	11,508	$	8,192

The following table presents assets by segment as of March 31, 2019 and September 30, 2018:



in thousands	March 31, 2019		September 30, 2018
Assets
West	$	758,627	$	835,230
East	315,728		335,474
Southeast	400,954		414,685
Corporate and unallocated ^(a)	580,032		542,713
Total assets	$	2,055,341	$	2,128,102

^(a) Primarily consists of cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirects, and other items that are not allocated to the segments.

Supplemental Guarantor Information (Tables)

6 Months Ended

Mar. 31, 2019

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Unaudited Condensed Consolidating Balance Sheet Information

Beazer Homes USA, Inc.

Condensed Consolidating Balance Sheet Information

March 31, 2019

(Unaudited)



in thousands	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	80,363	$	6,071	$	7	$	—		$	86,441
Restricted cash	11,097		1,100		—		—			12,197
Accounts receivable (net of allowance of $373)	—		18,481		5		—			18,486
Owned inventory	—		1,634,399		—		—			1,634,399
Investments in unconsolidated entities	773		2,953		—		—			3,726
Deferred tax assets, net	256,347		—		—		—			256,347
Property and equipment, net	—		26,662		—		—			26,662
Investments in subsidiaries	636,795		—		—		(636,795		)	—
Intercompany	859,697		—		1,688		(861,385		)	—
Goodwill	—		10,605		—		—			10,605
Other assets	870		5,604		4		—			6,478
Total assets	$	1,845,942	$	1,705,875	$	1,704	$	(1,498,180	)	$	2,055,341
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	125,403	$	—	$	—		$	125,403
Other liabilities	15,958		83,043		19		—			99,020
Intercompany	1,688		859,697		—		(861,385		)	—
Total debt (net of premium and debt issuance costs)	1,299,138		2,622		—		—			1,301,760
Total liabilities	1,316,784		1,070,765		19		(861,385		)	1,526,183
Stockholders’ equity	529,158		635,110		1,685		(636,795		)	529,158
Total liabilities and stockholders’ equity	$	1,845,942	$	1,705,875	$	1,704	$	(1,498,180	)	$	2,055,341

Beazer Homes USA, Inc.

Condensed Consolidating Balance Sheet Information

September 30, 2018

(Unaudited)



in thousands	Beazer Homes USA, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	$	93,875	$	45,355	$	575	$	—		$	139,805
Restricted cash	10,921		2,522		—		—			13,443
Accounts receivable (net of allowance of $378)	—		24,647		—		—			24,647
Owned inventory	—		1,692,284		—		—			1,692,284
Investments in unconsolidated entities	773		3,262		—		—			4,035
Deferred tax assets, net	213,955		—		—		—			213,955
Property and equipment, net	—		20,843		—		—			20,843
Investments in subsidiaries	645,086		—		—		(645,086		)	—
Intercompany	922,525		—		2,304		(924,829		)	—
Goodwill	—		9,751		—		—			9,751
Other assets	694		8,626		19		—			9,339
Total assets	$	1,887,829	$	1,807,290	$	2,898	$	(1,569,915	)	$	2,128,102
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	—	$	126,432	$	—	$	—		$	126,432
Other liabilities	14,357		111,906		126		—			126,389
Intercompany	2,304		922,525		—		(924,829		)	—
Total debt (net of premium and debt issuance costs)	1,227,141		4,113		—		—			1,231,254
Total liabilities	1,243,802		1,164,976		126		(924,829		)	1,484,075
Stockholders’ equity	644,027		642,314		2,772		(645,086		)	644,027
Total liabilities and stockholders’ equity	$	1,887,829	$	1,807,290	$	2,898	$	(1,569,915	)	$	2,128,102

Unaudited Condensed Consolidating Statements of Income (Loss) and Unaudited Comprehensive Income (Loss)

Beazer Homes USA, Inc.

Condensed Consolidating Statements of Operations

(Unaudited)



in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2019
Total revenue	$	—		$	421,260		$	—		$	—		$	421,260
Home construction and land sales expenses	18,544			337,785			—			—			356,329
Inventory impairments and abandonments	13,792			133,819			—			—			147,611
Gross loss	(32,336		)	(50,344		)	—			—			(82,680		)
Commissions	—			15,998			—			—			15,998
General and administrative expenses	—			37,372			—			—			37,372
Depreciation and amortization	—			2,900			—			—			2,900
Operating loss	(32,336		)	(106,614		)	—			—			(138,950		)
Equity in income of unconsolidated entities	—			81			—			—			81
Gain on extinguishment of debt	216			—			—			—			216
Other (expense) income, net	(597		)	260			—			—			(337		)
Loss from continuing operations before income taxes	(32,717		)	(106,273		)	—			—			(138,990		)
Benefit from income taxes	(10,142		)	(28,016		)	—			—			(38,158		)
Equity in loss of subsidiaries	(78,257		)	—			—			78,257			—
Loss from continuing operations	(100,832		)	(78,257		)	—			78,257			(100,832		)
Loss from discontinued operations, net of tax	—			(25		)	(5		)	—			(30		)
Equity in loss of subsidiaries from discontinued operations	(30		)	—			—			30			—
Net loss	$	(100,862	)	$	(78,282	)	$	(5	)	$	78,287		$	(100,862	)

in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Three Months Ended March 31, 2018
Total revenue	$	—		$	455,178		$	23		$	(23	)	$	455,178
Home construction and land sales expenses	19,655			360,469			—			(23		)	380,101
Gross (loss) profit	(19,655		)	94,709			23			—			75,077
Commissions	—			17,334			—			—			17,334
General and administrative expenses	—			40,823			29			—			40,852
Depreciation and amortization	—			3,066			—			—			3,066
Operating (loss) income	(19,655		)	33,486			(6		)	—			13,825
Equity in income of unconsolidated entities	—			256			—			—			256
Other (expense) income, net	(1,650		)	203			(6		)	—			(1,453		)
(Loss) income from continuing operations before income taxes	(21,305		)	33,945			(12		)	—			12,628
(Benefit) expense from income taxes	(5,710		)	6,725			(3		)	—			1,012
Equity in income of subsidiaries	27,211			—			—			(27,211		)	—
Income (loss) from continuing operations	11,616			27,220			(9		)	(27,211		)	11,616
Loss from discontinued operations, net of tax	—			(52		)	(6		)	—			(58		)
Equity in loss of subsidiaries from discontinued operations	(58		)	—			—			58			—
Net income (loss)	$	11,558		$	27,168		$	(15	)	$	(27,153	)	$	11,558



in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2019
Total revenue	$	—		$	823,300		$	115		$	(115	)	$	823,300
Home construction and land sales expenses	35,867			660,955			—			(115		)	696,707
Inventory impairments and abandonments	13,908			134,710			—			—			148,618
Gross (loss) profit	(49,775		)	27,635			115			—			(22,025		)
Commissions	—			31,735			—			—			31,735
General and administrative expenses	—			76,018			(4		)	—			76,014
Depreciation and amortization	—			5,670			—			—			5,670
Operating (loss) income	(49,775		)	(85,788		)	119			—			(135,444		)
Equity in income of unconsolidated entities	—			17			—			—			17
Gain on extinguishment of debt	216			—			—			—			216
Other (expense) income, net	(839		)	464			(4		)	—			(379		)
(Loss) income from continuing operations before income taxes	(50,398		)	(85,307		)	115			—			(135,590		)
Expense (benefit) from income taxes	10,241			(52,350		)	29			—			(42,080		)
Equity in loss of subsidiaries	(32,871		)	—			—			32,871			—
(Loss) income from continuing operations	(93,510		)	(32,957		)	86			32,871			(93,510		)
Loss from discontinued operations, net of tax	—			(31		)	(10		)	—			(41		)
Equity in loss of subsidiaries from discontinued operations	(41		)	—			—			41			—
Net (loss) income	$	(93,551	)	$	(32,988	)	$	76		$	32,912		$	(93,551	)

in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2018
Total revenue	$	—		$	827,667		$	37		$	(37	)	$	827,667
Home construction and land sales expenses	36,123			655,675			—			(37		)	691,761
Gross (loss) profit	(36,123		)	171,992			37			—			135,906
Commissions	—			31,690			—			—			31,690
General and administrative expenses	—			78,067			70			—			78,137
Depreciation and amortization	—			5,573			—			—			5,573
Operating (loss) income	(36,123		)	56,662			(33		)	—			20,506
Equity in income of unconsolidated entities	—			155			—			—			155
Loss on extinguishment of debt	(25,904		)	—			—			—			(25,904		)
Other (expense) income, net	(5,085		)	500			(13		)	—			(4,598		)
(Loss) income from continuing operations before income taxes	(67,112		)	57,317			(46		)	—			(9,841		)
(Benefit) expense from income taxes	(17,897		)	127,029			(14		)	—			109,118
Equity in loss of subsidiaries	(69,744		)	—			—			69,744			—
Loss from continuing operations	(118,959		)	(69,712		)	(32		)	69,744			(118,959		)
Loss from discontinued operations, net of tax	—			(421		)	(9		)	—			(430		)
Equity in loss of subsidiaries and discontinued operations	(430		)	—			—			430			—
Net loss	$	(119,389	)	$	(70,133	)	$	(41	)	$	70,174		$	(119,389	)

Unaudited Condensed Consolidating Statements of Cash Flow Information

Beazer Homes USA, Inc.

Condensed Consolidating Statements of Cash Flow Information

(Unaudited)



in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2019
Net cash (used in) provided by operating activities	$	(101,323	)	$	18,324		$	(35	)	$	—		$	(83,034	)
Cash flows from investing activities:
Capital expenditures	—			(11,508		)	—			—			(11,508		)
Proceeds from sale of fixed assets	—			94			—			—			94
Cash used for business acquisition, net of cash acquired	—			(4,088		)	—			—			(4,088		)
Advances to/from subsidiaries	44,061			—			(533		)	(43,528		)	—
Net cash provided by (used in) investing activities	44,061			(15,502		)	(533		)	(43,528		)	(15,502		)
Cash flows from financing activities:
Repayment of debt	(5,062		)	—			—			—			(5,062		)
Repayment of borrowings from credit facility	(150,000		)	—			—			—			(150,000		)
Borrowings from credit facility	225,000			—			—			—			225,000
Debt issuance costs	(400		)	—			—			—			(400		)
Repurchase of common stock	(24,004		)	—			—			—			(24,004		)
Tax payments for stock-based compensation awards	(1,886		)	—			—			—			(1,886		)
Stock option exercises	278			—			—			—			278
Advances to/from subsidiaries	—			(43,528		)	—			43,528			—
Net cash provided by (used in) financing activities	43,926			(43,528		)	—			43,528			43,926
Decrease in cash, cash equivalents, and restricted cash	(13,336		)	(40,706		)	(568		)	—			(54,610		)
Cash, cash equivalents, and restricted cash at beginning of period	104,796			47,877			575			—			153,248
Cash, cash equivalents, and restricted cash at end of period	$	91,460		$	7,171		$	7		$	—		$	98,638

in thousands	Beazer Homes USA, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Beazer Homes USA, Inc.
Six Months Ended March 31, 2018
Net cash provided by (used in) operating activities	$	68,837		$	(185,014	)	$	(8	)	$	—		$	(116,185	)
Cash flows from investing activities:
Capital expenditures	—			(8,192		)	—			—			(8,192		)
Proceeds from sale of fixed assets	—			133			—			—			133
Investments in unconsolidated entities	—			(421		)	—			—			(421		)
Return of capital from unconsolidated entities	—			176			—			—			176
Advances to/from subsidiaries	(186,478		)	—			(22		)	186,500			—
Net cash used in investing activities	(186,478		)	(8,304		)	(22		)	186,500			(8,304		)
Cash flows from financing activities:
Repayment of debt	(400,028		)	(1,469		)	—			—			(401,497		)
Proceeds from issuance of new debt	400,000			—			—			—			400,000
Borrowings from credit facility	25,000			—			—			—			25,000
Repayment of borrowings from credit facility	(25,000		)	—			—			—			(25,000		)
Debt issuance costs	(5,743		)	—			—			—			(5,743		)
Tax payments for stock-based compensation awards	(1,323		)	—			—			—			(1,323		)
Stock option exercises	13			—			—			—			13
Advances to/from subsidiaries	—			186,633			—			(186,633		)	—
Net cash (used in) provided by financing activities	(7,081		)	185,164			—			(186,633		)	(8,550		)
Decrease in cash, cash equivalents, and restricted cash	(124,722		)	(8,154		)	(30		)	(133		)	(133,039		)
Cash, cash equivalents, and restricted cash at beginning of period	294,192			16,854			724			(7,161		)	304,609
Cash, cash equivalents, and restricted cash at end of period	$	169,470		$	8,700		$	694		$	(7,294	)	$	171,570

Discontinued Operations (Tables)

6 Months Ended

Mar. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Results of Discontinued Operations

The results of our discontinued operations in the condensed consolidated statements of operations for the periods presented were as follows:



	Three Months Ended						Six Months Ended
	March 31,						March 31,
in thousands	2019			2018			2019			2018
Total revenue	$	—		$	8		$	55		$	633
Home construction and land sales expenses	6			56			39			723
Inventory impairments and lot option abandonments	—			—			—			450
Gross (loss) profit	(6		)	(48		)	16			(540		)
General and administrative expenses	34			31			67			47
Operating loss	(40		)	(79		)	(51		)	(587		)
Equity in income (loss) of unconsolidated entities	—			4			(1		)	16
Other expense, net	—			(2		)	(1		)	(5		)
Loss from discontinued operations before income taxes	(40		)	(77		)	(53		)	(576		)
Benefit from income taxes	(10		)	(19		)	(12		)	(146		)
Loss from discontinued operations, net of tax	$	(30	)	$	(58	)	$	(41	)	$	(430	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 421,260	$ 455,178	$ 823,300	$ 827,667
Customer deposits	16,232		16,232		$ 14,903
Contract with customer, liability, revenue recognized	4,000		12,400
Homebuilding revenue
Disaggregation of Revenue [Line Items]
Total revenue	420,945	441,115	821,927	808,869
Land sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 315	$ 14,063	$ 1,373	$ 18,798

Basis of Presentation and Summary of Significant Accounting Policies - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended	6 Months Ended
	Nov. 15, 2018	Dec. 31, 2018	Mar. 31, 2019	Mar. 31, 2019	Nov. 13, 2018
Accounting Policies [Abstract]
Authorized amount repurchase of common stock					$ 50,000
Share repurchases	$ 16,500		$ 7,505	$ 24,004
Average price per share (in dollars per share)			$ 11.53	$ 10.89
Completed common stock repurchase (in shares)		1.6	0.7	2.2
Average price per share (in dollars per share)		$ 10.62
Remaining authorized repurchase amount			$ 26,000	$ 26,000

Basis of Presentation and Summary of Significant Accounting Policies - Business Combinations (Details) - Venture Homes $ in Millions	Jul. 13, 2018 USD ($) home lot Community
Business Acquisition [Line Items]
Purchase price, net of cash acquired	$ 61.3
Number of active communities \| Community	27
Number of homes in backlog \| home	48
Number of model homes in backlog \| home	6
Inventory acquired	$ 55.8
Intangible Assets, Net (Including Goodwill)	10.7
Other assets acquired	0.7
Accounts payable	5.5
Other liabilities assumed	$ 0.2
Minimum
Business Acquisition [Line Items]
Number of lots acquired \| lot	1,100

Supplemental Cash Flow Information - Supplemental Disclosure of Non-cash Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Supplemental disclosure of cash activity:
Interest payments	$ 48,277	$ 43,433
Income tax payments	61	10
Tax refunds received	12	39
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	86,441	158,787	$ 139,805
Restricted cash	12,197	12,783	$ 13,443
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 98,638	$ 171,570

Investments in Unconsolidated Entities - Outstanding Borrowings of Unconsolidated Entities and Equity in Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in unconsolidated entities	$ 3,726		$ 3,726		$ 4,035
Total equity of unconsolidated entities	4,500		4,500		10,113
Total outstanding borrowings of unconsolidated entities	12,506		12,506		$ 12,266
Equity in income of unconsolidated entities	$ 81	$ 256	$ 17	$ 155

Investments in Unconsolidated Entities - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Impairment of unconsolidated entity investments	$ 0	$ 0	$ 0	$ 0
Financial Guarantee
Schedule of Equity Method Investments [Line Items]
Outstanding guarantees	$ 0		$ 0		$ 0

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017
Inventory Disclosure [Abstract]
Homes under construction	$ 536,039		$ 476,752
Development projects in progress	836,829		907,793
Land held for future development	28,531		83,173
Land held for sale	12,926		7,781
Capitalized interest	144,756	$ 151,886	144,645	$ 149,034	$ 144,847	$ 139,203
Model homes	75,318		72,140
Total owned inventory	$ 1,634,399		$ 1,692,284

Inventory - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Inventory - Narrative (Details) $ in Thousands	Mar. 31, 2019 USD ($) home lot Community	Mar. 31, 2018 USD ($) Community	Mar. 31, 2019 USD ($) home Community	Mar. 31, 2018 USD ($) Community	Sep. 30, 2018 USD ($) home
Inventory Disclosure [Abstract]
Number of substantially completed homes unsold \| home	159		159		240
Total value of substantially completed homes \| $	$ 60,000		$ 60,000		$ 84,800
Threshold number of homes below a minimum threshold of profitability \| home			10
Impairment and abandonment charges \| $	$ 147,611	$ 0	$ 148,618
Properties land held for sale and impaired properties	15
Number of Communities Impaired	9		10
Real Estate Properties [Line Items]
Number of communities on watch list	12	2	12	2
Number of communities requiring further analysis	9	0	9	0
Inventory impairment charge \| $	$ 109,023		$ 110,030
Land Held for Sale \| $	$ 38,588	$ 0	$ 38,588	$ 0
Number of properties included in land held for sale	6
West Segment
Real Estate Properties [Line Items]
Number of communities on watch list	12		12
Number of communities requiring further analysis	9		9
Land Held for Sale \| $	$ 37,963	$ 0	$ 37,963	$ 0
Southern California market
Real Estate Properties [Line Items]
Number of communities requiring further analysis	9		9
Inventory impairment charge \| $	$ 109,000
Number of lots \| lot	839
Northern and Southern California market
Real Estate Properties [Line Items]
Number of lots \| lot	732
Land Held for Sale \| $	$ 38,600
Number of properties included in land held for sale			6

Inventory - Total Owned Inventory by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Projects in progress	$ 1,592,942	$ 1,601,330
Land held for future development	28,531	83,173
Land held for sale	12,926	7,781
Total owned inventory	1,634,399	1,692,284
Corporate and unallocated
Segment Reporting Information [Line Items]
Projects in progress	205,389	198,990
Land held for future development	0	0
Land held for sale	0	24
Total owned inventory	205,389	199,014
West Segment \| Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	736,249	763,453
Land held for future development	3,483	58,125
Land held for sale	5,077	0
Total owned inventory	744,809	821,578
East Segment \| Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	286,404	280,761
Land held for future development	14,077	14,077
Land held for sale	4,758	4,580
Total owned inventory	305,239	299,418
Southeast Segment \| Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	364,900	358,126
Land held for future development	10,971	10,971
Land held for sale	3,091	3,177
Total owned inventory	$ 378,962	$ 372,274

Inventory - Recoverability Schedule of Inventory assets Held for Development, by Reportable Segment (Details) $ in Thousands	Mar. 31, 2019 USD ($) Community	Mar. 31, 2018 Community
Real Estate Properties [Line Items]
Number of Communities on Watch List	12	2
Number of Communities	9	0
Pre-analysis Book Value \| $	$ 192,399
West Segment
Real Estate Properties [Line Items]
Number of Communities on Watch List	12
Number of Communities	9
Pre-analysis Book Value \| $	$ 162,362
Aggregate Undiscounted Cash Flow as a % of BV	79.40%
Corporate and unallocated
Real Estate Properties [Line Items]
Number of Communities on Watch List	0
Number of Communities	0
Pre-analysis Book Value \| $	$ 30,037

Inventory - Results of Discounted Cash Flow Analysis (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2019 USD ($) lot Community	Mar. 31, 2019 USD ($) lot Community
Real Estate, Write-down or Reserve [Line Items]
Number of Communities Impaired \| Community	9	10
Number of Lots Impaired \| lot	839	854
Impairment Charge	$ 109,023	$ 110,030
Estimated Fair Value of Impaired Inventory at time of Impairment	$ 83,377	$ 84,982
Continuing Operations \| West Segment
Real Estate, Write-down or Reserve [Line Items]
Number of Communities Impaired \| Community	9	9
Number of Lots Impaired \| lot	839	839
Impairment Charge	$ 92,912	$ 92,912
Estimated Fair Value of Impaired Inventory at time of Impairment	$ 69,449	$ 69,449
Continuing Operations \| Southeast Segment
Real Estate, Write-down or Reserve [Line Items]
Number of Communities Impaired \| Community	0	1
Number of Lots Impaired \| lot	0	15
Impairment Charge	$ 0	$ 858
Estimated Fair Value of Impaired Inventory at time of Impairment	$ 0	$ 1,367
Corporate and unallocated \| Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Number of Communities Impaired \| Community	0	0
Number of Lots Impaired \| lot	0	0
Impairment Charge	$ 16,111	$ 16,260
Estimated Fair Value of Impaired Inventory at time of Impairment	$ 13,928	$ 14,166

Inventory - Quantitative Unobservable Inputs (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2019 USD ($) home	Mar. 31, 2019 USD ($) home
Minimum
Quantitative unobservable inputs for inventory impairment [Line Items]
Average selling price \| $	$ 350	$ 350
Closings per community per month \| home	2	1
Maximum
Quantitative unobservable inputs for inventory impairment [Line Items]
Average selling price \| $	$ 615	$ 615
Closings per community per month \| home	4	4
Measurement Input, Discount Rate \| Minimum
Quantitative unobservable inputs for inventory impairment [Line Items]
Discount rate	0.147	0.147
Measurement Input, Discount Rate, Three Months Ended \| Maximum
Quantitative unobservable inputs for inventory impairment [Line Items]
Discount rate	0.164	0.164
Measurement Input, Discount Rate, Six Months Ended \| Maximum
Quantitative unobservable inputs for inventory impairment [Line Items]
Discount rate	0.168	0.168

Inventory - Impairments and Lot Option Abandonment Charges, by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Real Estate, Write-down or Reserve [Line Items]
Land Held for Sale	$ 38,588	$ 0	$ 38,588	$ 0
Total impairment and abandonment charges	147,611	0	148,618
Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Impairment charges on projects in progress	109,023	0	110,030	0
Discontinued Operations
Real Estate, Write-down or Reserve [Line Items]
Land Held for Sale	0	0	0	450
West Segment
Real Estate, Write-down or Reserve [Line Items]
Land Held for Sale	37,963	0	37,963	0
West Segment \| Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Impairment charges on projects in progress	92,912	0	92,912	0
Southeast Segment \| Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Impairment charges on projects in progress	0	0	858	0
Corporate and unallocated \| Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Impairment charges on projects in progress	16,111	0	16,260	0
Land Held for Sale	$ 625	$ 0	$ 625	$ 0

Inventory - Summary of Interests in Lot Option Agreements (Details) - Unconsolidated lot option agreements - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Real Estate Properties [Line Items]
Deposits & Non-refundable Pre-acquisition Costs Incurred	$ 78,047	$ 72,191
Remaining Obligation	$ 386,913	$ 383,150

Interest - Schedule of Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in inventory, beginning of period	$ 151,886	$ 144,847	$ 144,645	$ 139,203
Interest incurred	25,803	25,492	50,724	51,047
Capitalized interest impaired	(13,792)	0	(13,907)	0
Interest expense not qualified for capitalization and included as other expense	(597)	(1,650)	(839)	(5,085)
Capitalized interest amortized to home construction and land sales expenses	(18,544)	(19,655)	(35,867)	(36,131)
Capitalized interest in inventory, end of period	$ 144,756	$ 149,034	$ 144,756	$ 149,034

Borrowings - Schedule of Long-term Debt (Details) - USD ($)	Mar. 31, 2019	Sep. 30, 2018	Jul. 30, 2016
Debt Instrument [Line Items]
Unamortized debt premium, net	$ 2,254,000	$ 2,640,000
Unamortized debt issuance costs	(12,911,000)	(14,336,000)
Total debt, net	1,301,760,000	1,231,254,000
Senior Notes
Debt Instrument [Line Items]
Unamortized debt premium, net	2,254,000	2,640,000
Unamortized debt issuance costs	(12,911,000)	(14,336,000)
Total debt, net	$ 1,159,101,000	1,163,138,000
Senior Notes \| 8 3/4% Senior Notes Maturing March 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	8.75%
Total debt, net	$ 500,000,000	500,000,000
Senior Notes \| 7 1/4% Senior Notes Maturing February 2023
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	7.25%
Total debt, net	$ 23,603,000	24,834,000
Senior Notes \| 6 3/4% Senior Notes Maturing March of 2025
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	6.75%
Total debt, net	$ 246,155,000	250,000,000
Senior Notes \| 5 7/8% Senior Notes Maturing October 2027
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	5.875%
Total debt, net	$ 400,000,000	400,000,000
Junior Subordinated Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)			7.987%
Total debt, net	65,037,000	64,003,000
Other Secured Notes payable
Debt Instrument [Line Items]
Total debt, net	2,622,000	4,113,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility	$ 75,000,000	$ 0

Borrowings - Narrative (Details)		3 Months Ended		6 Months Ended
Borrowings - Narrative (Details)	Jul. 30, 2016	Mar. 31, 2019 USD ($) lender	Mar. 31, 2018 USD ($)	Mar. 31, 2019 USD ($) lender	Mar. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	May 31, 2018 USD ($)	Jan. 31, 2010 USD ($)
Line of Credit Facility [Abstract]
Amount of available borrowings under the Secured Revolving Credit Facility		$ 135,000,000		$ 135,000,000		$ 200,000,000
Senior Notes [Abstract]
Ownership interest In guarantor subsidiaries		100.00%		100.00%
Gain (loss) on extinguishment of debt		$ 216,000	$ 0	$ 216,000	$ (25,904,000)
Secured Debt [Abstract]
Total debt, net		1,301,760,000		1,301,760,000		1,231,254,000
Junior Subordinated Notes
Junior Subordinated Notes [Abstract]
Stated interest rate on debt instrument (percent)	7.987%
Effective period of debt instrument interest rate	10 years
Face amount modification								$ 75,000,000
Unamortized accretion		35,737,000		35,737,000		36,770,000
Secured Debt [Abstract]
Total debt, net		$ 65,037,000		$ 65,037,000		64,003,000
Weighted average fixed interest rate of debt (percent)		5.20%		5.20%
Other secured notes payable
Secured Debt [Abstract]
Total debt, net		$ 2,622,000		$ 2,622,000		4,113,000
Weighted average fixed interest rate of debt (percent)		1.88%		1.88%
Revolving Credit Facility
Line of Credit Facility [Abstract]
Credit facility borrowing capacity		$ 210,000,000.0		$ 210,000,000.0		200,000,000.0
Inventory assets pledged as collateral		$ 840,000,000		$ 840,000,000
Number of lenders \| lender		3		3
Borrowings outstanding		$ 75,000,000		$ 75,000,000		0
Letters of credit secured using cash collateral		$ 0		$ 0		0
Revolving Credit Facility \| Maximum
Line of Credit Facility [Abstract]
Aggregate collateral ratio		4.00		4.00
Revolving Credit Facility \| Minimum
Line of Credit Facility [Abstract]
Aggregate collateral ratio		1.00		1.00
Letter of Credit, Cash Secured
Line of Credit Facility [Abstract]
Letters of credit secured using cash collateral		$ 10,900,000		$ 10,900,000		$ 10,400,000
Standby Letters of Credit \| Standby Letters for Credit Facility
Line of Credit Facility [Abstract]
Credit facility borrowing capacity							$ 50,000,000.0
Letters of credit secured using cash collateral		36,300,000		$ 36,300,000
Standby Letters of Credit \| Backstop Standby Letters of Credit
Line of Credit Facility [Abstract]
Credit facility borrowing capacity							$ 40,000,000
Senior Notes
Senior Notes [Abstract]
Gain (loss) on extinguishment of debt		200,000
Non-cash (gain) loss on extinguishment of debt		100,000
Senior Notes \| Unsecured Senior Notes 7.25 Percent
Senior Notes [Abstract]
Extinguishment of debt, amount		1,200,000
Senior Notes \| Unsecured Senior Notes 6.75 Percent
Senior Notes [Abstract]
Extinguishment of debt, amount		$ 3,800,000

Borrowings - Debt Redemption (Details) - Senior Notes	6 Months Ended
Borrowings - Debt Redemption (Details) - Senior Notes	Mar. 31, 2019
8 3/4% Senior Notes Maturing March 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	8.75%
8 3/4% Senior Notes Maturing March 2022 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price (as a percentage)	100.00%
8 3/4% Senior Notes Maturing March 2022 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price (as a percentage)	104.375%
8 3/4% Senior Notes Maturing March 2022 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price (as a percentage)	102.188%
8 3/4% Senior Notes Maturing March 2022 \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price (as a percentage)	100.00%
7 1/4% Senior Notes Maturing February 2023
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	7.25%
7 1/4% Senior Notes Maturing February 2023 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price (as a percentage)	103.625%
7 1/4% Senior Notes Maturing February 2023 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price (as a percentage)	102.417%
7 1/4% Senior Notes Maturing February 2023 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price (as a percentage)	101.208%
7 1/4% Senior Notes Maturing February 2023 \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price (as a percentage)	100.00%
6 3/4% Senior Notes Maturing March of 2025
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	6.75%
6 3/4% Senior Notes Maturing March of 2025 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price (as a percentage)	100.00%
6 3/4% Senior Notes Maturing March of 2025 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price (as a percentage)	105.063%
6 3/4% Senior Notes Maturing March of 2025 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price (as a percentage)	103.375%
6 3/4% Senior Notes Maturing March of 2025 \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price (as a percentage)	101.688%
6 3/4% Senior Notes Maturing March of 2025 \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price (as a percentage)	100.00%
5 7/8% Senior Notes Maturing October 2027
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	5.875%
5 7/8% Senior Notes Maturing October 2027 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price (as a percentage)	100.00%
5 7/8% Senior Notes Maturing October 2027 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price (as a percentage)	102.938%
5 7/8% Senior Notes Maturing October 2027 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price (as a percentage)	101.958%
5 7/8% Senior Notes Maturing October 2027 \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price (as a percentage)	100.979%
5 7/8% Senior Notes Maturing October 2027 \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price (as a percentage)	100.00%

Contingencies - Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Contingencies - Warranty (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Standard product warranty length, minimum			1 year
Standard product warranty length, maximum			2 years
Limited product warranty length (up to)			10 years
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 13,432	$ 15,816	$ 15,331	$ 18,091
Accruals for warranties issued	2,490	3,400	4,854	7,613
Changes in liability related to warranties existing in prior periods	(663)	(1,097)	(1,968)	(3,394)
Payments made	(2,674)	(3,536)	(5,632)	(7,727)
Balance at end of period	$ 12,585	$ 14,583	$ 12,585	$ 14,583

Contingencies - Litigation and Other Matters (Details) - USD ($) $ in Millions	Mar. 31, 2019	Sep. 30, 2018
Legal Reserve
Loss Contingencies [Line Items]
Accrued amounts for litigation and other contingent liabilities	$ 3.3	$ 3.7
Performance Bonds
Loss Contingencies [Line Items]
Letters of credit secured using cash collateral	47.2
Outstanding performance bonds	$ 271.6

Fair Value Measurements - Fair Value Assets Measured on a Non-recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 1,828	$ 1,578
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	1,828	1,578
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development projects in progress	84,982	1,312
Land held for sale	5,207	1,724
Unconsolidated entity investments		80
Fair Value, Measurements, Nonrecurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development projects in progress	0	0
Land held for sale	0	0
Unconsolidated entity investments		0
Fair Value, Measurements, Nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development projects in progress	0	0
Land held for sale	0	0
Unconsolidated entity investments		0
Fair Value, Measurements, Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development projects in progress	84,982	1,312
Land held for sale	$ 5,207	1,724
Unconsolidated entity investments		$ 80

Fair Value Measurements - Carrying Values and Estimated Fair Values of Other Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 1,224,138	$ 1,227,141
Carrying Amount \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	1,159,101	1,163,138
Carrying Amount \| Junior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	65,037	64,003
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	1,193,086	1,160,217
Fair Value \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	1,128,049	1,096,214
Fair Value \| Junior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 65,037	$ 64,003

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land Held for Sale	$ 38,588	$ 0	$ 38,588	$ 0
Discontinued Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land Held for Sale	0	0	0	450
Continuing Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges on projects in progress	$ 109,023	$ 0	$ 110,030	$ 0

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit), including discontinued operations	$ (38,200)	$ 1,000	$ (42,100)	$ 109,000
Inventory impairments and abandonments	147,611	$ 0	148,618	0
Tax credit			5,400	$ 2,300
Deferred tax assets, tax credit carryforwards	$ 9,600		$ 9,600

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 2,180	$ 2,598	$ 4,294	$ 5,208

Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2019	Sep. 30, 2018
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested stock options award	$ 0.3	$ 0.2
Weighted average period to recognize remaining cost	1 year 5 months 27 days
Nonvested Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested stock awards	$ 13.1	$ 8.8
Weighted average period to recognize remaining cost	2 years 7 days

Stock-based Compensation - Stock Options Outstanding (Details) - Stock Options - $ / shares	6 Months Ended
	Mar. 31, 2019
Shares
Outstanding at beginning of period (shares)	533,052
Granted (shares)	25,230
Exercised (shares)	(26,650)
Forfeited (shares)	(2,319)
Outstanding at end of period (shares)	529,313
Exercisable at end of period (shares)	478,064
Vested or expected to vest in the future (shares)	526,534
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 14.26
Granted (in dollars per share)	10.38
Exercised (in dollars per share)	10.44
Forfeited (in dollars per share)	9.81
Outstanding at end of period (in dollars per share)	14.29
Exercisable at end of period (in dollars per share)	14.33
Vested or expected to vest in the future (in dollars per share)	$ 14.31

Stock-based Compensation - Restricted Stock Awards (Details)	6 Months Ended
	Mar. 31, 2019 shares
Performance-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant and vesting activity (in shares)	86,050
Restricted Stock
Shares
Beginning of period (in shares)	1,076,568
Granted (in shares)	909,810
Vested (in shares)	(514,820)
Forfeited (in shares)	(30,667)
End of period (in shares)	1,440,891
Performance-Based Restricted Stock Awards
Shares
Beginning of period (in shares)	644,785
Granted (in shares)	467,819
Vested (in shares)	(309,843)
Forfeited (in shares)	(7,020)
End of period (in shares)	795,741
Time Based Restricted Stock Awards
Shares
Beginning of period (in shares)	431,783
Granted (in shares)	441,991
Vested (in shares)	(204,977)
Forfeited (in shares)	(23,647)
End of period (in shares)	645,150

Earnings Per Share - Schedule of Earnings Per Share. Basic and Dilutive (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Numerator:
(Loss) income from continuing operations	$ (100,832)	$ 11,616	$ (93,510)	$ (118,959)
Loss from discontinued operations, net of tax	(30)	(58)	(41)	(430)
Net (loss) income	$ (100,862)	$ 11,558	$ (93,551)	$ (119,389)
Denominator:
Basic weighted-average shares (in shares)	30,714	32,140	31,263	32,097
Dilutive effect of restricted stock awards (in shares)	0	466	0	0
Dilutive effect of stock options (in shares)	0	115	0	0
Dilutive weighted-average shares (in shares)	30,714	32,721	31,263	32,097
Basic (loss) earnings per share:
Continuing Operations (in dollars per share)	$ (3.28)	$ 0.36	$ (2.99)	$ (3.71)
Discontinued Operations (in dollars per share)	0.00	0.00	0.00	(0.01)
Total (in dollars per share)	(3.28)	0.36	(2.99)	(3.72)
Diluted (loss) earnings per share:
Continuing operations (in dollars per share)	(3.28)	0.36	(2.99)	(3.71)
Discontinued operations (in dollars per share)	0.00	(0.01)	0.00	(0.01)
Total (in dollars per share)	$ (3.28)	$ 0.35	$ (2.99)	$ (3.72)

Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Stock options
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	529	179	529	550
Time-based restricted stock
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	645	142	645	842
Performance-based restricted stock
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	796	0	796	646

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017
Other Liabilities Disclosure [Abstract]
Accrued bonus and deferred compensation	$ 19,616		$ 41,508
Customer deposits	16,232		14,903
Accrued interest	14,609		14,401
Accrued warranty expense	12,585	$ 13,432	15,331	$ 14,583	$ 15,816	$ 18,091
Litigation accrual	3,294		3,656
Income tax liabilities	961		710
Other	31,723		35,880
Total	$ 99,020		$ 126,389

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2019 USD ($) state region	Mar. 31, 2018 USD ($)	Mar. 31, 2019 USD ($) state region segment	Mar. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)
Segment Reporting [Abstract]
Number of states in which home building segments operate \| state	13		13
Number of regions in which entity operates \| region	3		3
Number of homebuilding segments \| segment			3
Segment Reporting Information [Line Items]
Revenue	$ 421,260	$ 455,178	$ 823,300	$ 827,667
Operating income	(138,950)	13,825	(135,444)	20,506
Depreciation and amortization	2,900	3,066	5,670	5,573
Capital Expenditures			11,508	8,192
Assets	2,055,341		2,055,341		$ 2,128,102
Operating Segments
Segment Reporting Information [Line Items]
Operating income	(92,765)	48,538	(61,729)	83,954
Depreciation and amortization	2,541	2,790	4,967	5,064
Corporate and unallocated
Segment Reporting Information [Line Items]
Operating income	(46,185)	(34,713)	(73,715)	(63,448)
Depreciation and amortization	359	276	703	509
Capital Expenditures			2,829	1,636
Assets	580,032		580,032		542,713
West Segment
Segment Reporting Information [Line Items]
Revenue	210,430	234,510	419,374	412,481
West Segment \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	(107,018)	31,715	(82,757)	52,825
Depreciation and amortization	1,263	1,697	2,541	2,953
Capital Expenditures			5,338	4,238
Assets	758,627		758,627		835,230
East Segment
Segment Reporting Information [Line Items]
Revenue	94,066	107,412	182,812	196,265
East Segment \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	6,929	8,926	12,324	16,322
Depreciation and amortization	547	551	1,085	990
Capital Expenditures			1,286	1,133
Assets	315,728		315,728		335,474
Southeast Segment
Segment Reporting Information [Line Items]
Revenue	116,764	113,256	221,114	218,921
Southeast Segment \| Operating Segments
Segment Reporting Information [Line Items]
Operating income	7,324	7,897	8,704	14,807
Depreciation and amortization	731	$ 542	1,341	1,121
Capital Expenditures			2,055	$ 1,185
Assets	$ 400,954		$ 400,954		$ 414,685

Supplemental Guarantor Information - Unaudited Condensed Consolidating Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017
ASSETS
Cash and cash equivalents	$ 86,441		$ 139,805	$ 158,787
Restricted cash	12,197		13,443	12,783
Accounts receivable (net of allowance of $373 and $378, respectively)	18,486		24,647
Owned inventory	1,634,399		1,692,284
Investments in unconsolidated entities	3,726		4,035
Deferred tax assets, net	256,347		213,955
Property and equipment, net	26,662		20,843
Investments in subsidiaries	0		0
Intercompany	0		0
Goodwill	10,605		9,751
Other assets	6,478		9,339
Total assets	2,055,341		2,128,102
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	125,403		126,432
Other liabilities	99,020		126,389
Intercompany	0		0
Total debt, net	1,301,760		1,231,254
Total liabilities	1,526,183		1,484,075
Stockholders’ equity	529,158	$ 635,109	644,027	$ 566,966	$ 552,781	$ 682,440
Total liabilities and stockholders’ equity	2,055,341		2,128,102
Consolidating Adjustments
ASSETS
Cash and cash equivalents	0		0
Restricted cash	0		0
Accounts receivable (net of allowance of $373 and $378, respectively)	0		0
Owned inventory	0		0
Investments in unconsolidated entities	0		0
Deferred tax assets, net	0		0
Property and equipment, net	0		0
Investments in subsidiaries	(636,795)		(645,086)
Intercompany	(861,385)		(924,829)
Goodwill	0		0
Other assets	0		0
Total assets	(1,498,180)		(1,569,915)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	0		0
Other liabilities	0		0
Intercompany	(861,385)		(924,829)
Total debt, net	0		0
Total liabilities	(861,385)		(924,829)
Stockholders’ equity	(636,795)		(645,086)
Total liabilities and stockholders’ equity	(1,498,180)		(1,569,915)
Beazer Homes USA, Inc. \| Reportable Legal Entities
ASSETS
Cash and cash equivalents	80,363		93,875
Restricted cash	11,097		10,921
Accounts receivable (net of allowance of $373 and $378, respectively)	0		0
Owned inventory	0		0
Investments in unconsolidated entities	773		773
Deferred tax assets, net	256,347		213,955
Property and equipment, net	0		0
Investments in subsidiaries	636,795		645,086
Intercompany	859,697		922,525
Goodwill	0		0
Other assets	870		694
Total assets	1,845,942		1,887,829
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	0		0
Other liabilities	15,958		14,357
Intercompany	1,688		2,304
Total debt, net	1,299,138		1,227,141
Total liabilities	1,316,784		1,243,802
Stockholders’ equity	529,158		644,027
Total liabilities and stockholders’ equity	1,845,942		1,887,829
Guarantor Subsidiaries \| Reportable Legal Entities
ASSETS
Cash and cash equivalents	6,071		45,355
Restricted cash	1,100		2,522
Accounts receivable (net of allowance of $373 and $378, respectively)	18,481		24,647
Owned inventory	1,634,399		1,692,284
Investments in unconsolidated entities	2,953		3,262
Deferred tax assets, net	0		0
Property and equipment, net	26,662		20,843
Investments in subsidiaries	0		0
Intercompany	0		0
Goodwill	10,605		9,751
Other assets	5,604		8,626
Total assets	1,705,875		1,807,290
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	125,403		126,432
Other liabilities	83,043		111,906
Intercompany	859,697		922,525
Total debt, net	2,622		4,113
Total liabilities	1,070,765		1,164,976
Stockholders’ equity	635,110		642,314
Total liabilities and stockholders’ equity	1,705,875		1,807,290
Non-Guarantor Subsidiaries \| Reportable Legal Entities
ASSETS
Cash and cash equivalents	7		575
Restricted cash	0		0
Accounts receivable (net of allowance of $373 and $378, respectively)	5		0
Owned inventory	0		0
Investments in unconsolidated entities	0		0
Deferred tax assets, net	0		0
Property and equipment, net	0		0
Investments in subsidiaries	0		0
Intercompany	1,688		2,304
Goodwill	0		0
Other assets	4		19
Total assets	1,704		2,898
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	0		0
Other liabilities	19		126
Intercompany	0		0
Total debt, net	0		0
Total liabilities	19		126
Stockholders’ equity	1,685		2,772
Total liabilities and stockholders’ equity	$ 1,704		$ 2,898

Supplemental Guarantor Information - Unaudited Condensed Consolidating Balance Sheet Information (Additional Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Allowances for accounts receivable	$ 373	$ 378
Beazer Homes USA, Inc.
Condensed Financial Statements, Captions [Line Items]
Allowances for accounts receivable	$ 373	$ 378

Supplemental Guarantor Information - Unaudited Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Total revenue	$ 421,260	$ 455,178	$ 823,300	$ 827,667
Home construction and land sales expenses	356,329	380,101	696,707	691,761
Inventory impairments and abandonments	147,611	0	148,618	0
Gross (loss) profit	(82,680)	75,077	(22,025)	135,906
Commissions	15,998	17,334	31,735	31,690
General and administrative expenses	37,372	40,852	76,014	78,137
Depreciation and amortization	2,900	3,066	5,670	5,573
Operating (loss) income	(138,950)	13,825	(135,444)	20,506
Equity in income of unconsolidated entities	81	256	17	155
Gain (loss) on extinguishment of debt	216	0	216	(25,904)
Other (expense) income, net	(337)	(1,453)	(379)	(4,598)
Loss from continuing operations before income taxes	(138,990)	12,628	(135,590)	(9,841)
Benefit from income taxes	(38,158)	1,012	(42,080)	109,118
Equity in loss of subsidiaries	0	0	0	0
(Loss) income from continuing operations	(100,832)	11,616	(93,510)	(118,959)
Loss from discontinued operations, net of tax	(30)	(58)	(41)	(430)
Equity in loss of subsidiaries from discontinued operations	0	0	0	0
Net (loss) income	(100,862)	11,558	(93,551)	(119,389)
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Total revenue	0	(23)	(115)	(37)
Home construction and land sales expenses	0	(23)	(115)	(37)
Inventory impairments and abandonments	0		0
Gross (loss) profit	0	0	0	0
Commissions	0	0	0	0
General and administrative expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Operating (loss) income	0	0	0	0
Equity in income of unconsolidated entities	0	0	0	0
Gain (loss) on extinguishment of debt	0		0	0
Other (expense) income, net	0	0	0	0
Loss from continuing operations before income taxes	0	0	0	0
Benefit from income taxes	0	0	0	0
Equity in loss of subsidiaries	78,257	(27,211)	32,871	69,744
(Loss) income from continuing operations	78,257	(27,211)	32,871	69,744
Loss from discontinued operations, net of tax	0	0	0	0
Equity in loss of subsidiaries from discontinued operations	30	58	41	430
Net (loss) income	78,287	(27,153)	32,912	70,174
Beazer Homes USA, Inc. \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total revenue	0	0	0	0
Home construction and land sales expenses	18,544	19,655	35,867	36,123
Inventory impairments and abandonments	13,792		13,908
Gross (loss) profit	(32,336)	(19,655)	(49,775)	(36,123)
Commissions	0	0	0	0
General and administrative expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Operating (loss) income	(32,336)	(19,655)	(49,775)	(36,123)
Equity in income of unconsolidated entities	0	0	0	0
Gain (loss) on extinguishment of debt	216		216	(25,904)
Other (expense) income, net	(597)	(1,650)	(839)	(5,085)
Loss from continuing operations before income taxes	(32,717)	(21,305)	(50,398)	(67,112)
Benefit from income taxes	(10,142)	(5,710)	10,241	(17,897)
Equity in loss of subsidiaries	(78,257)	27,211	(32,871)	(69,744)
(Loss) income from continuing operations	(100,832)	11,616	(93,510)	(118,959)
Loss from discontinued operations, net of tax	0	0	0	0
Equity in loss of subsidiaries from discontinued operations	(30)	(58)	(41)	(430)
Net (loss) income	(100,862)	11,558	(93,551)	(119,389)
Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total revenue	421,260	455,178	823,300	827,667
Home construction and land sales expenses	337,785	360,469	660,955	655,675
Inventory impairments and abandonments	133,819		134,710
Gross (loss) profit	(50,344)	94,709	27,635	171,992
Commissions	15,998	17,334	31,735	31,690
General and administrative expenses	37,372	40,823	76,018	78,067
Depreciation and amortization	2,900	3,066	5,670	5,573
Operating (loss) income	(106,614)	33,486	(85,788)	56,662
Equity in income of unconsolidated entities	81	256	17	155
Gain (loss) on extinguishment of debt	0		0	0
Other (expense) income, net	260	203	464	500
Loss from continuing operations before income taxes	(106,273)	33,945	(85,307)	57,317
Benefit from income taxes	(28,016)	6,725	(52,350)	127,029
Equity in loss of subsidiaries	0	0	0	0
(Loss) income from continuing operations	(78,257)	27,220	(32,957)	(69,712)
Loss from discontinued operations, net of tax	(25)	(52)	(31)	(421)
Equity in loss of subsidiaries from discontinued operations	0	0	0	0
Net (loss) income	(78,282)	27,168	(32,988)	(70,133)
Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total revenue	0	23	115	37
Home construction and land sales expenses	0	0	0	0
Inventory impairments and abandonments	0		0
Gross (loss) profit	0	23	115	37
Commissions	0	0	0	0
General and administrative expenses	0	29	(4)	70
Depreciation and amortization	0	0	0	0
Operating (loss) income	0	(6)	119	(33)
Equity in income of unconsolidated entities	0	0	0	0
Gain (loss) on extinguishment of debt	0		0	0
Other (expense) income, net	0	(6)	(4)	(13)
Loss from continuing operations before income taxes	0	(12)	115	(46)
Benefit from income taxes	0	(3)	29	(14)
Equity in loss of subsidiaries	0	0	0	0
(Loss) income from continuing operations	0	(9)	86	(32)
Loss from discontinued operations, net of tax	(5)	(6)	(10)	(9)
Equity in loss of subsidiaries from discontinued operations	0	0	0	0
Net (loss) income	$ (5)	$ (15)	$ 76	$ (41)

Supplemental Guarantor Information - Unaudited Condensed Consolidating Statements of Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ (83,034)	$ (116,185)
Cash flows from investing activities:
Capital expenditures	(11,508)	(8,192)
Proceeds from sale of fixed assets	94	133
Cash used for business acquisition, net of cash acquired	(4,088)	0
Investments in unconsolidated entities	0	(421)
Return of capital from unconsolidated entities	0	176
Advances to/from subsidiaries	0	0
Net cash used in investing activities	(15,502)	(8,304)
Cash flows from financing activities:
Repayment of debt	(5,062)	(401,497)
Proceeds from issuance of new debt	0	400,000
Borrowings from credit facility	225,000	25,000
Repayment of borrowings from credit facility	(150,000)	(25,000)
Debt issuance costs	(400)	(5,743)
Repurchase of common stock	(24,004)	0
Tax payments for stock-based compensation awards	(1,886)	(1,323)
Stock option exercises	278	13
Advances to/from subsidiaries	0	0
Net cash provided by (used in) financing activities	43,926	(8,550)
Decrease in cash, cash equivalents, and restricted cash	(54,610)	(133,039)
Cash, cash equivalents, and restricted cash at beginning of period	153,248	304,609
Cash, cash equivalents, and restricted cash at end of period	98,638	171,570
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities:
Capital expenditures	0	0
Proceeds from sale of fixed assets	0	0
Cash used for business acquisition, net of cash acquired	0
Investments in unconsolidated entities		0
Return of capital from unconsolidated entities		0
Advances to/from subsidiaries	(43,528)	186,500
Net cash used in investing activities	(43,528)	186,500
Cash flows from financing activities:
Repayment of debt	0	0
Proceeds from issuance of new debt		0
Borrowings from credit facility	0	0
Repayment of borrowings from credit facility	0	0
Debt issuance costs	0	0
Repurchase of common stock	0
Tax payments for stock-based compensation awards	0	0
Stock option exercises	0	0
Advances to/from subsidiaries	43,528	(186,633)
Net cash provided by (used in) financing activities	43,528	(186,633)
Decrease in cash, cash equivalents, and restricted cash	0	(133)
Cash, cash equivalents, and restricted cash at beginning of period	0	(7,161)
Cash, cash equivalents, and restricted cash at end of period	0	(7,294)
Beazer Homes USA, Inc. \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(101,323)	68,837
Cash flows from investing activities:
Capital expenditures	0	0
Proceeds from sale of fixed assets	0	0
Cash used for business acquisition, net of cash acquired	0
Investments in unconsolidated entities		0
Return of capital from unconsolidated entities		0
Advances to/from subsidiaries	44,061	(186,478)
Net cash used in investing activities	44,061	(186,478)
Cash flows from financing activities:
Repayment of debt	(5,062)	(400,028)
Proceeds from issuance of new debt		400,000
Borrowings from credit facility	225,000	25,000
Repayment of borrowings from credit facility	(150,000)	(25,000)
Debt issuance costs	(400)	(5,743)
Repurchase of common stock	(24,004)
Tax payments for stock-based compensation awards	(1,886)	(1,323)
Stock option exercises	278	13
Advances to/from subsidiaries	0	0
Net cash provided by (used in) financing activities	43,926	(7,081)
Decrease in cash, cash equivalents, and restricted cash	(13,336)	(124,722)
Cash, cash equivalents, and restricted cash at beginning of period	104,796	294,192
Cash, cash equivalents, and restricted cash at end of period	91,460	169,470
Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	18,324	(185,014)
Cash flows from investing activities:
Capital expenditures	(11,508)	(8,192)
Proceeds from sale of fixed assets	94	133
Cash used for business acquisition, net of cash acquired	(4,088)
Investments in unconsolidated entities		(421)
Return of capital from unconsolidated entities		176
Advances to/from subsidiaries	0	0
Net cash used in investing activities	(15,502)	(8,304)
Cash flows from financing activities:
Repayment of debt	0	(1,469)
Proceeds from issuance of new debt		0
Borrowings from credit facility	0	0
Repayment of borrowings from credit facility	0	0
Debt issuance costs	0	0
Repurchase of common stock	0
Tax payments for stock-based compensation awards	0	0
Stock option exercises	0	0
Advances to/from subsidiaries	(43,528)	186,633
Net cash provided by (used in) financing activities	(43,528)	185,164
Decrease in cash, cash equivalents, and restricted cash	(40,706)	(8,154)
Cash, cash equivalents, and restricted cash at beginning of period	47,877	16,854
Cash, cash equivalents, and restricted cash at end of period	7,171	8,700
Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(35)	(8)
Cash flows from investing activities:
Capital expenditures	0	0
Proceeds from sale of fixed assets	0	0
Cash used for business acquisition, net of cash acquired	0
Investments in unconsolidated entities		0
Return of capital from unconsolidated entities		0
Advances to/from subsidiaries	(533)	(22)
Net cash used in investing activities	(533)	(22)
Cash flows from financing activities:
Repayment of debt	0	0
Proceeds from issuance of new debt		0
Borrowings from credit facility	0	0
Repayment of borrowings from credit facility	0	0
Debt issuance costs	0	0
Repurchase of common stock	0
Tax payments for stock-based compensation awards	0	0
Stock option exercises	0	0
Advances to/from subsidiaries	0	0
Net cash provided by (used in) financing activities	0	0
Decrease in cash, cash equivalents, and restricted cash	(568)	(30)
Cash, cash equivalents, and restricted cash at beginning of period	575	724
Cash, cash equivalents, and restricted cash at end of period	$ 7	$ 694

Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory impairments and lot option abandonments	$ 147,611	$ 0	$ 148,618	$ 0
Loss from discontinued operations, net of tax	(30)	(58)	(41)	(430)
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenue	0	8	55	633
Home construction and land sales expenses	6	56	39	723
Inventory impairments and lot option abandonments	0	0	0	450
Gross (loss) profit	(6)	(48)	16	(540)
General and administrative expenses	34	31	67	47
Operating loss	(40)	(79)	(51)	(587)
Equity in income (loss) of unconsolidated entities	0	4	(1)	16
Other expense, net	0	(2)	(1)	(5)
Loss from discontinued operations before income taxes	(40)	(77)	(53)	(576)
Benefit from income taxes	(10)	(19)	(12)	(146)
Loss from discontinued operations, net of tax	$ (30)	$ (58)	$ (41)	$ (430)

Description of Business (Details)	Mar. 31, 2019 state region
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which home building segments operate \| state	13
Number of regions in which entity operates \| region	3