Beazer Homes USA (BZH) 10-Q 2 May 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2018	Apr. 26, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	BEAZER HOMES USA INC
Entity Central Index Key	915,840
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		33,627,883

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
ASSETS
Cash and cash equivalents	$ 158,787	$ 292,147
Restricted cash	12,783	12,462
Accounts receivable (net of allowance of $346 and $330, respectively)	30,183	36,323
Income tax receivable	112	88
Owned inventory	1,677,361	1,542,807
Investments in unconsolidated entities	4,293	3,994
Deferred tax assets, net	199,229	307,896
Property and equipment, net	20,166	17,566
Other assets	4,589	7,712
Total assets	2,107,503	2,220,995
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	117,143	103,484
Other liabilities	97,937	107,659
Total debt (net of premium of $3,027 and $3,413, respectively, and debt issuance costs of $15,905 and $14,800, respectively)	1,325,457	1,327,412
Total liabilities	1,540,537	1,538,555
Stockholders’ equity:
Preferred stock (par value $.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, 33,628,126 issued and outstanding and 33,515,768 issued and outstanding, respectively)	34	34
Paid-in capital	876,978	873,063
Accumulated deficit	(310,046)	(190,657)
Total stockholders’ equity	566,966	682,440
Total liabilities and stockholders’ equity	$ 2,107,503	$ 2,220,995

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
ASSETS
Allowances for accounts receivable	$ 346	$ 330
LIABILITIES AND STOCKHOLDERS’ EQUITY
Debt (premium) discounts	(3,027)	(3,413)
Debt issuance costs	$ 15,905	$ 14,800
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	33,628,126	33,515,768
Common stock, shares outstanding	33,628,126	33,515,768

Unaudited Condensed Consolidat4

Unaudited Condensed Consolidated Statements of Income (Loss) and Unaudited Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Total revenue	$ 455,178	$ 425,468	$ 827,667	$ 764,709
Home construction and land sales expenses	380,101	357,788	691,761	643,366
Inventory impairments and abandonments	0	282	0	282
Gross profit	75,077	67,398	135,906	121,061
Commissions	17,334	16,632	31,690	29,955
General and administrative expenses	40,852	40,100	78,137	76,488
Depreciation and amortization	3,066	3,155	5,573	5,832
Operating income	13,825	7,511	20,506	8,786
Equity in income of unconsolidated entities	256	33	155	55
Loss on extinguishment of debt	0	(15,563)	(25,904)	(15,563)
Other expense, net	(1,453)	(3,940)	(4,598)	(9,136)
(Loss) income before income taxes	12,628	(11,959)	(9,841)	(15,858)
Expense (benefit) from income taxes	1,012	(4,464)	109,118	(7,004)
Income (loss) from continuing operations	11,616	(7,495)	(118,959)	(8,854)
Loss from discontinued operations, net of tax	(58)	(40)	(430)	(110)
Net income (loss) and comprehensive income (loss)	$ 11,558	$ (7,535)	$ (119,389)	$ (8,964)
Weighted average number of shares:
Basic (in shares)	32,140	31,969	32,097	31,931
Diluted (in shares)	32,721	31,969	32,097	31,931
Basic earnings (loss) per share:
Continuing Operations (in dollars per share)	$ 0.36	$ (0.23)	$ (3.71)	$ (0.27)
Discontinued Operations (in dollars per share)	0	0	(0.01)	0
Total (in dollars per shares)	0.36	(0.23)	(3.72)	(0.27)
Diluted income (loss) per share:
Continuing operations (in dollars per share)	0.36	(0.23)	(3.71)	(0.27)
Discontinued operations (in dollars per share)	(0.01)	0	(0.01)	0
Total (in dollar per share)	$ 0.35	$ (0.23)	$ (3.72)	$ (0.27)

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (119,389)	$ (8,964)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,573	5,832
Stock-based compensation expense	5,208	4,517
Inventory impairments and abandonments	450	282
Deferred and other income tax expense (benefit)	108,668	(7,334)
Write-off of deposit on legacy land investment	0	2,700
Gain on sale of fixed assets	(114)	(72)
Change in allowance for doubtful accounts	16	(161)
Equity in income of unconsolidated entities	171	55
Cash distributions of income from unconsolidated entities	116	6
Non-cash loss on extinguishment of debt	3,173	3,676
Changes in operating assets and liabilities:
Decrease in accounts receivable	6,124	9,606
(Increase) decrease in income tax receivable	(24)	4
Increase in inventory	(132,683)	(50,031)
Decrease in other assets	2,914	3,546
Increase (decrease) in trade accounts payable	13,659	(3,884)
Decrease in other liabilities	(9,705)	(31,730)
Net cash used in operating activities	(116,185)	(72,062)
Cash flows from investing activities:
Capital expenditures	(8,192)	(5,677)
Proceeds from sale of fixed assets	133	74
Investments in unconsolidated entities	(421)	(2,411)
Return of capital from unconsolidated entities	176	1,621
Net cash used in investing activities	(8,304)	(6,393)
Cash flows from financing activities:
Repayment of debt	(401,497)	(256,207)
Proceeds from issuance of new debt	400,000	250,000
Repayment of borrowings from credit facility	(25,000)	(25,000)
Borrowings from credit facility	25,000	25,000
Debt issuance costs	(5,743)	(4,721)
Other financing activities	(1,310)	(388)
Net cash used in financing activities	(8,550)	(11,316)
Decrease in cash, cash equivalents, and restricted cash	(133,039)	(89,771)
Cash, cash equivalents, and restricted cash at beginning of period	304,609	243,276
Cash, cash equivalents and restricted cash at end of period	$ 171,570	$ 153,505

Description of Business

Description of Business	6 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Beazer Homes USA, Inc. is a geographically diversified homebuilder with active operations in 13 states within three geographic regions in the United States: the West, East, and Southeast. Unless the context indicates otherwise, the terms “we,” “us,” “our,” “Beazer,” “Beazer Homes,” and the “Company” used in this Quarterly Report on Form 10-Q refer to Beazer Homes USA, Inc. and its subsidiaries. The Company's 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, 2017 (2017 Annual Report).

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	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. Such unaudited condensed consolidated financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. 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, 2017. In the opinion of management, all adjustments (consisting primarily 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, 2018 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. 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 income (loss) for all periods presented (see Note 16 for a further discussion of our discontinued operations). We evaluated events that occurred after the balance sheet date but before these financial statements were issued for accounting treatment and disclosure. Our fiscal 2018 began on October 1, 2017 and ends on September 30, 2018. Our fiscal 2017 began on October 1, 2016 and ended on September 30, 2017. 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. Inventory Valuation We assess our inventory assets no less than quarterly for recoverability in accordance with the policies described in Notes 2 and 5 to the audited consolidated financial statements within our 2017 Annual Report. Our 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 those 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. Recent Accounting Pronouncements Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASU 2014-09) . ASU 2014-09 requires entities to recognize revenue at an amount that the entity expects to be entitled to upon transferring control of goods or services to a customer, as opposed to when risks and rewards transfer to a customer under the existing revenue recognition guidance. In August 2015, the FASB issued ASU 2015-14 to defer the effective date of ASU 2014-09 for one year, which makes the guidance effective for the Company's first fiscal year beginning after December 15, 2017. Additionally, the FASB is permitting entities to early adopt the standard, which allows for either full retrospective or modified retrospective methods of adoption, for reporting periods beginning after December 15, 2016. We have been involved in industry-specific discussions with the FASB on the treatment of certain items related to our business. However, due to the nature of our operations, we expect to identify similar performance obligations under ASU 2014-09 compared with the deliverables and separate units of account we have identified under existing accounting standards. As a result, we expect the timing of our revenues to remain generally the same. Nonetheless, we expect our revenue-related disclosures to change. We expect to adopt the provisions of ASU 2014-09 effective October 1, 2018. Leases. In February 2016, the FASB issued 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. The guidance within ASU 2016-02 will be effective for the Company's first fiscal year beginning after December 15, 2018, with early adoption permitted. ASU 2016-02 must be adopted using a modified retrospective approach, which requires application of the standard at the beginning of the earliest comparative period presented, with certain optional practical expedients. ASU 2016-02 also requires significantly enhanced disclosures around an entity's leases and the related accounting. 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, but we do not expect our expense recognition pattern to change. Therefore, we do not anticipate any significant change to our statements of income or cash flows as a result of adopting ASU 2016-02. Statement of Cash Flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flow - Restricted Cash (ASU 2016-18). ASU 2016-18 requires that an entity's statement of cash flows explain the change during the period in that entity's total cash and cash equivalents, including amounts generally described as restricted cash or restricted cash equivalents. Therefore, changes in restricted cash and restricted cash equivalents will no longer be shown as specific line items within the statement of cash flows. Additionally, an entity is to reconcile its cash and cash equivalents as per its balance sheet to the cash and cash equivalent balances presented in its statement of cash flows. The Company early adopted the guidance within ASU 2016-18 as of September 30, 2017. Therefore, changes in our restricted cash balances are no longer shown in our statements of cash flows as these balances are included in the beginning and ending cash balances in our statements of cash flows. The following table presents the changes to our consolidated statements of cash flows as of March 31, 2017 due to the adoption of ASU 2016-18: (In thousands) Six Months Ended March 31, 2017 Consolidated Statements of Cash Flows: Net cash used in investing activities (as originally reported) $ (6,684 ) Movements in restricted cash 291 Net cash used in investing activities (as re-casted) $ (6,393 ) Business Combinations. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01). ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for transactions that have not been reported in previously issued financial statements. The Company early adopted this guidance as of December 31, 2017 and applied it to applicable transactions occurring during this period. Income Taxes. In December 2017, the Securities and Exchange Commission Staff issued SAB 118, which provides guidance on accounting for the income tax effects of the Tax Cuts and Jobs Act (Tax Act). SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements and should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. The Company adopted the guidance of SAB 118 as of December 31, 2017. Refer to Note 10 for additional information on the Tax Act and the impact to our financial statements.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table presents supplemental disclosure of non-cash and cash activity for the periods presented: Six Months Ended March 31, (In thousands) 2018 2017 Supplemental disclosure of non-cash activity: Non-cash land acquisitions (a) $ — $ 5,197 Land acquisitions for debt — 6,304 Supplemental disclosure of cash activity: Interest payments $ 43,433 $ 50,153 Income tax payments 10 91 Tax refunds received 39 3 Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 158,787 $ 138,809 Restricted cash 12,783 14,696 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 171,570 $ 153,505 (a) For the six months ended March 31, 2017 , non-cash land acquisitions were comprised of lot takedowns from one of the Company's unconsolidated land development joint ventures.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As of March 31, 2018 , 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 unconsolidated entities as well as the total equity and outstanding borrowings of such unconsolidated entities as of March 31, 2018 and September 30, 2017 : (In thousands) March 31, 2018 September 30, 2017 Investment in unconsolidated entities $ 4,293 $ 3,994 Total equity of unconsolidated entities 12,078 11,811 Total outstanding borrowings of unconsolidated entities 16,474 15,797 Equity in income of unconsolidated entities is as follows for the periods presented: Three Months Ended Six Months Ended March 31, March 31, (In thousands) 2018 2017 2018 2017 Equity in income of unconsolidated entities $ 256 $ 33 $ 155 $ 55 For the three and six months ended March 31, 2018 and 2017 , 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, 2018 and September 30, 2017 , the Company had no outstanding guarantees or other debt-related obligations related to investments in unconsolidated entities. Beazer 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, 2018 and 2017 , Beazer was not required to make any payments related to environmental indemnities. In assessing the need to record a contingent 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, 2018, no liability was recorded for the contingent aspects of any guarantees that were determined to be reasonably possible but not probable.

Inventory

Inventory	6 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventory	Inventory Owned inventory consisted of the following as of March 31, 2018 and September 30, 2017 : (In thousands) March 31, 2018 September 30, 2017 Homes under construction $ 527,102 $ 419,312 Development projects in progress 825,355 785,777 Land held for future development 87,718 112,565 Land held for sale 9,927 17,759 Capitalized interest 149,034 139,203 Model homes 78,225 68,191 Total owned inventory $ 1,677,361 $ 1,542,807 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. The Company had 126 (with a cost of $40.3 million ) and 171 (with a cost of $52.6 million ) substantially completed homes that were not subject to a sales contract (spec homes) as of March 31, 2018 and September 30, 2017 , 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. Land held for future development is 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. Land held for sale is recorded at the lower of the carrying value or fair value less costs to sell. The amount of interest we are able to capitalize is dependent upon 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 and by category is presented in the table below as of March 31, 2018 and September 30, 2017 : (In thousands) Projects in Progress (a) Land Held for Future Development Land Held for Sale Total Owned Inventory March 31, 2018 West Segment $ 751,745 $ 62,190 $ 1,484 $ 815,419 East Segment 285,068 14,570 7,522 307,160 Southeast Segment 338,666 10,958 897 350,521 Corporate and unallocated (b) 204,237 — 24 204,261 Total $ 1,579,716 $ 87,718 $ 9,927 $ 1,677,361 September 30, 2017 West Segment $ 673,828 $ 87,231 $ 3,848 $ 764,907 East Segment 250,002 14,391 11,578 275,971 Southeast Segment 301,268 10,943 1,233 313,444 Corporate and unallocated (b) 187,385 — 1,100 188,485 Total $ 1,412,483 $ 112,565 $ 17,759 $ 1,542,807 (a) Projects in progress include homes under construction, development projects in progress, capitalized interest, and model homes categories from the preceding table. (b) 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 our inventory related to projects in progress, we establish a quarterly “watch list” of communities that carry gross margins in backlog and in our forecast that are below a minimum threshold of profitability, as well as 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 analyses and review that consider 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, we determined that it is 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 these factors may be other than temporary, which may call into question the recoverability of our investment, a formal impairment analysis is performed. The formal impairment analysis consists of both qualitative competitive market analyses and a quantitative analysis reflecting market and asset specific information. Market deterioration that exceeds our initial estimates may lead us to incur impairment charges on previously impaired homebuilding assets, in addition to homebuilding assets not currently impaired but for which indicators of impairment may arise if markets deteriorate. For the quarter ended March 31, 2018 , there were two communities on our quarterly watch list, one in the West segment and the other in the Southeast segment. However, none of these communities required further analysis to be performed after considering certain qualitative factors. For the quarter ended March 31, 2017 , there were six communities on our quarterly watch list, five in our West segment and the other one in our East segment. However, none of these communities required further impairment analysis to be performed after considering the number of lots remaining in each community and certain other qualitative factors. Impairments on land held for sale generally represent write downs of these properties to net realizable value less estimated costs to sell and are based on current market conditions and our review of recent comparable transactions. Our assumptions about land sales prices require significant judgment because the real estate market is highly sensitive to changes in economic conditions. We calculate the estimated fair value of land held for sale based on current market conditions and assumptions made by management, which may differ materially from actual results and may result in additional impairments if market conditions deteriorate. 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 environmental, 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 environmental or regulatory restrictions that are enacted. The following table presents our total impairment and abandonment charges for the periods presented: Three Months Ended March 31, Six Months Ended March 31, (In thousands) 2018 2017 2018 2017 Land Held for Sale: West $ — $ 94 $ — $ 94 Abandonments: East — 188 — 188 Total continuing operations $ — $ 282 $ — $ 282 Discontinued Operations: Land Held for Sale — — 450 — Total impairment and abandonment charges $ — $ 282 $ 450 $ 282 Lot Option Agreements and Variable Interest Entities (VIEs) 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, 2018 and September 30, 2017 : (In thousands) Deposits & Non-refundable Pre-acquisition Costs Incurred Remaining Obligation As of March 31, 2018 Unconsolidated lot option agreements $ 78,971 $ 341,737 As of September 30, 2017 Unconsolidated lot option agreements $ 91,854 $ 408,300

Interest

Interest	6 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Interest	Interest Interest capitalized during the three and six months ended March 31, 2018 and 2017 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) 2018 2017 2018 2017 Capitalized interest in inventory, beginning of period $ 144,847 $ 144,299 $ 139,203 $ 138,108 Interest incurred 25,492 26,482 51,047 53,569 Interest expense not qualified for capitalization and included as other expense (a) (1,650 ) (4,046 ) (5,085 ) (9,298 ) Capitalized interest amortized to home construction and land sales expenses (b) (19,655 ) (19,819 ) (36,131 ) (35,463 ) Capitalized interest in inventory, end of period $ 149,034 $ 146,916 $ 149,034 $ 146,916 (a) The amount of interest we are able to capitalize is dependent upon 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. (b) Capitalized interest amortized to home construction and land sale expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.

Borrowings

Borrowings	6 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Borrowings	Borrowings The Company's debt, net of premiums, discounts, and unamortized debt issuance costs consisted of the following as of March 31, 2018 and September 30, 2017 : (In thousands) Maturity Date March 31, 2018 September 30, 2017 5 3/4% Senior Notes June 2019 $ 96,393 $ 321,393 8 3/4% Senior Notes March 2022 500,000 500,000 7 1/4% Senior Notes February 2023 24,834 199,834 6 3/4% Senior Notes March 2025 250,000 250,000 5 7/8% Senior Notes October 2027 400,000 — Unamortized debt premium, net 3,026 3,413 Unamortized debt issuance costs (15,905 ) (14,800 ) Total Senior Notes, net 1,258,348 1,259,840 Junior Subordinated Notes (net of unamortized accretion of $37,803 and $38,837, respectively) July 2036 62,970 61,937 Other Secured Notes payable Various Dates 4,139 5,635 Total debt, net $ 1,325,457 $ 1,327,412 Secured Revolving Credit Facility The Secured Revolving Credit Facility (the Facility) provides working capital and letter of credit capacity. In October 2017, a Fourth Amendment to the Facility was executed. The Fourth Amendment (1) extends the termination date of the Facility from February 15, 2019 to February 15, 2020; (2) increases the maximum aggregate amount of commitments under the Facility (including borrowings and letters of credit) from $180.0 million to $200.0 million ; and (3) includes a condition that allows the Facility to be increased by an additional $50 million to $250 million , subject to the approval of any lenders providing any such increase. 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 $800.0 million . The Facility continues to be with three lenders. For additional discussion of the Facility, refer to Note 8 to the audited consolidated financial statements within our 2017 Annual Report. As of March 31, 2018 and September 30, 2017 , no borrowings were outstanding under the Facility; however, $29.7 million and $34.7 million in letters of credit were outstanding, respectively, resulting in a remaining capacity of $170.3 million and $145.3 million , respectively. The Facility requires compliance with certain covenants, including negative covenants and financial maintenance covenants. As of March 31, 2018 , the Company was in compliance with all such covenants. Letter of Credit Facilities We have entered into stand-alone, cash-secured letter of credit agreements with banks to maintain our pre-existing letters of credit and to provide for the issuance of new letters of credit in addition to those issued under the Facility. As of March 31, 2018 and September 30, 2017 , total letters of credit outstanding under these additional facilities were $11.0 million and $10.8 million , respectively, all of which were secured by cash collateral in restricted accounts. The Company may enter into additional arrangements to provide greater letter of credit capacity. Senior Notes Our Senior Notes are unsecured obligations ranking pari passu with all other existing and future senior indebtedness. Substantially all of our 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 of our 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 any outstanding indebtedness under the Facility, 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 to make certain investments. Compliance with our Senior Note covenants does not significantly impact our operations. We were in compliance with the covenants contained in the indentures of all of our Senior Notes as of March 31, 2018 . In October 2017, we issued and sold $400.0 million aggregate principal amount of 5.875% unsecured Senior Notes due October 2027 at par (before underwriting and other issuance costs) through a private placement to qualified institutional buyers (the 2027 Notes). Interest on the 2027 Notes is payable semi-annually beginning on April 15, 2018. The 2027 Notes will mature on October 15, 2027. We may redeem the 2027 Notes at any time prior to October 15, 2022, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, together with accrued and unpaid interest to, but excluding, the redemption date, plus a customary make-whole premium. In addition, on or prior to October 15, 2022, we may redeem up to 35% of the aggregate principal amount of the 2027 Notes with the net cash proceeds of certain equity offerings at a redemption price equal to 105.875% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, provided at least 65% of the aggregate principal amount of the 2027 Notes originally issued remains outstanding immediately after such redemption. Upon the occurrence of certain specified changes of control, the holders of the 2027 Notes will have the right to require us to purchase all or a part of the notes at a repurchase price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the repurchase date. The covenants related to the 2027 Notes are consistent with our other senior notes. Refer to the table on the following page for additional details regarding redemption features of the 2027 Notes. During the three months ended December 31, 2017 , the proceeds of the 2027 Notes, as well as $34.5 million cash on hand, were used to redeem $225.0 million of our 5.75% unsecured Senior Notes due 2019 and $175.0 million of our 7.25% unsecured Senior Notes due 2023, resulting in a loss on extinguishment of debt of $25.9 million during the six months ended March 31, 2018 , of which $3.2 million was a non-cash write-off of debt issuance and discount costs. In March 2017, we issued and sold $250 million aggregate principal amount of 6.75% unsecured Senior Notes due March 2025 at par (before underwriting and other issuance costs) through a private placement to qualified institutional buyers (the 2025 Notes). Interest on the 2025 Notes is payable semi-annually, beginning on September 15, 2017. The 2025 Notes will mature on March 15, 2025. We may redeem the 2025 Notes at any time prior to March 15, 2020, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, together with accrued and unpaid interest to, but excluding, the redemption date, plus a customary make-whole premium. In addition, on or prior to March 15, 2020, we may redeem up to 35% of the aggregate principal amount of the 2025 Notes with the net cash proceeds of certain equity offerings at a redemption price equal to 106.75% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date, provided at least 65% of the aggregate principal amount of the 2025 Notes originally issued remains outstanding immediately after such redemption. Upon the occurrence of certain specified changes of control, the holders of the 2025 Notes will have the right to require us to purchase all or a part of the notes at a repurchase price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the repurchase date. The covenants related to the 2025 Notes are consistent with our other senior notes. During the three months ended March 31, 2017 , we redeemed our outstanding Senior Notes due 2021, as well as the then outstanding balance on our term loan, mainly by utilizing the proceeds received from the 2025 Notes issued during the current quarter, which is discussed above, as well as cash on hand. This debt repurchase activity resulted in a loss on extinguishment of debt of $15.6 million during the three and six months ended March 31, 2017 . For additional redemption features, refer to the table below that summarizes the redemption terms for our Senior Notes: Senior Note Description Issuance Date Maturity Date Redemption Terms 5 3/4% Senior Notes April 2014 June 2019 Callable at any time before March 15, 2019, in whole or in part, at a redemption price equal to 100% of the principal amount, plus a customary make-whole premium; on or after March 15, 2019, callable at 100% of the principal amount plus, in each case, accrued and unpaid interest 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% 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% of the principal amount plus, in each case, accrued and unpaid interest 7 1/4% Senior Notes February 2013 February 2023 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 102.41% 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% 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% 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% 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 Our 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 4.24% as of March 31, 2018 (because the rate on the portion of the Junior Subordinated Notes that was modified, as discussed subsequently, is subject to a floor). The obligations relating to these notes are subordinated to the Facility and the Senior Notes. In January 2010, we 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, 2018 , the unamortized accretion was $37.8 million and will be amortized over the remaining life of the notes. As of March 31, 2018 , we were in compliance with all covenants under our Junior Subordinated Notes. Other Secured Notes Payable We periodically acquire land through the issuance of notes payable. As of March 31, 2018 and September 30, 2017 , we had outstanding secured notes payable of $4.1 million and $5.6 million , respectively, primarily related to land acquisitions. These secured notes payable related to land acquisitions have varying expiration dates between 2018 and 2019, and have a weighted-average fixed interest rate of 1.56% as of March 31, 2018 . These notes are secured by the real estate to which they relate. The agreements governing these secured notes payable contain various affirmative and negative covenants. There can be no assurance that we 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

Contingencies	6 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	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 performance 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 that 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 consolidated balance sheets, and the provision for warranty accruals is included in home construction expenses in our consolidated statements of income. 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 operating 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 reserves. Changes in warranty reserves are as follows for the periods presented: Three Months Ended Six Months Ended March 31, March 31, (In thousands) 2018 2017 2018 2017 Balance at beginning of period $ 15,816 $ 32,309 $ 18,091 $ 39,131 Accruals for warranties issued (a) 3,400 3,249 7,613 5,907 Changes in liability related to warranties existing in prior periods (b) (1,097 ) 2,463 (3,394 ) 7,855 Payments made (b) (3,536 ) (12,635 ) (7,727 ) (27,507 ) Balance at end of period $ 14,583 $ 25,386 $ 14,583 $ 25,386 (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. (b) Changes in liability related to warranties existing and payments made are elevated during the periods presented primarily due to charges and subsequent payments related to water intrusion issues in certain of our communities located in Florida (refer to separate discussion below). Florida Water Intrusion Issues In the latter portion of fiscal 2014, we began to experience an increase in reported stucco and water intrusion issues in certain of our communities in Florida (the Florida stucco issues). Through March 31, 2018 , we cumulatively recorded charges related to these issues of $85.0 million . Warranty reserves related to the Florida stucco issues decreased during the three and six months ended March 31, 2018 by $0.2 million and $0.6 million , respectively. As of March 31, 2018 , 709 homes have been identified as likely to require repairs, of which 675 homes have been repaired. The majority of the remaining repairs in our Florida communities are expected to be completed during fiscal 2018. We made payments related to the Florida stucco issues of $0.6 million and $1.7 million during the three and six months ended March 31, 2018 , respectively. These amounts included payments on fully repaired homes and homes for which remediation is not yet complete, bringing the remaining accrual related to this issue to $2.4 million as of March 31, 2018 . This accrual is included in the overall warranty liability detailed above. As of March 31, 2018 , no reserves have been established for homes within the impacted communities that are deemed unlikely to require repairs. Were such homes to require repairs, the total cost of remediation is estimated to be $2.4 million based on current repair costs. For additional information related to the Florida stucco issues, refer to Note 9 of the notes to the consolidated financial statements in our 2017 Annual Report. Insurance Recoveries The Company has insurance policies that provide for the reimbursement of certain warranty costs incurred above specified thresholds for each period covered. We have surpassed these thresholds for certain policy years, particularly those that cover most of the homes impacted by the Florida stucco issues discussed above. As such, beginning with the first quarter of our fiscal 2015, we expect a substantial majority of additional costs incurred for warranty work on homes within these policy years to be reimbursed by our insurers. We adjust our insurance receivables each quarter to reflect our estimate of future costs to be incurred subject to recoveries from insurers. Insurance receivables were reduced by $0.2 million and $0.4 million during the three and six months ended March 31, 2018 , respectively, to reflect the amounts deemed probable of receiving. The changes to our insurance receivables fully offset the current three and six month period changes in our reserve related to the Florida stucco issues. For the three and six months ended March 31, 2017 , insurance recoveries totaled $2.3 million and $6.2 million , respectively. Through March 31, 2018 , actual plus expected insurance recoveries related to the Florida stucco issues cumulatively totaled $82.6 million . Amounts recorded for anticipated insurance recoveries are reflected within the 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 consolidated balance sheets. Litigation From time-to-time, we receive claims from institutions that have acquired mortgages originated by our subsidiary, Beazer Mortgage Corporation (BMC), demanding damages or indemnity or that we repurchase such mortgages. BMC stopped originating mortgages in 2008. We have been able to resolve these claims for no cost or for amounts that are not material to our consolidated financial statements. We cannot rule out the potential for additional mortgage loan repurchase or indemnity claims in the future from other investors. At this time, we do not believe that the exposure related to any such claims would be material to our consolidated financial condition, results of operations, or cash flows. As of March 31, 2018 , no liability has been recorded for any additional claims related to this matter as such exposure is not both probable and reasonably estimable. 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 $2.9 million and $3.9 million in other liabilities on our consolidated balance sheets for litigation and related matters, excluding warranty, as of March 31, 2018 and September 30, 2017 , respectively. We had outstanding letters of credit and performance bonds of approximately $40.7 million and $222.3 million , respectively, as of March 31, 2018 , related principally to our obligations to local governments to construct roads and other improvements in various developments.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As of the dates presented, we had assets on our 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 of assets deemed to be impaired is determined based upon the type of asset being evaluated. The fair value of our owned inventory assets, when required to be calculated, is 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. Determining which hierarchical level an asset or liability falls within 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, 2018 Deferred compensation plan assets (a) $ — $ 1,445 $ — $ 1,445 Land held for sale (b) — — 642 642 As of September 30, 2017 Deferred compensation plan assets (a) $ — $ 1,114 $ — $ 1,114 Development projects in progress (b) — — 3,791 3,791 Land held for sale (b) — — 325 325 (a) Measured at fair value on a recurring basis. (b) Measured at fair value on a non-recurring basis. The fair value of our 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 of our other financial liabilities as of March 31, 2018 and September 30, 2017 : As of March 31, 2018 As of September 30, 2017 (In thousands) Carrying (a) Fair Value Carrying (a) Fair Value Senior Notes (b) $ 1,258,348 $ 1,275,856 $ 1,259,840 $ 1,355,657 Junior Subordinated Notes 62,970 62,970 61,937 61,937 $ 1,321,318 $ 1,338,826 $ 1,321,777 $ 1,417,594 (a) Carrying amounts are net of unamortized debt premiums, debt issuance costs, and accretion. (b) The estimated fair value for our publicly-held Senior Notes has been determined using quoted market rates (Level 2).

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2018
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 expense of $1.0 million and $109.0 million for the three and six months ended March 31, 2018 , respectively, compared to an income tax benefit of $4.5 million and $7.1 million for the three and six months ended March 31, 2017 , respectively. The current fiscal year income tax expense was primarily driven by (1) the remeasurement of our deferred tax assets as a result of the enactment of the Tax Cuts and Jobs Act (Tax Act); and (2) several discrete tax expenses, including the impacts to our stock-based compensation expense as a result of current period activity; both partially offset by (3) the loss incurred from continuing operations; and (4) the completion of work necessary to claim an additional $2.3 million in tax credits related to prior fiscal years. The tax benefit for the six months ended March 31, 2017 was primarily driven by the Company's loss from continuing operations and the completion of work necessary to claim an additional $1.3 million in tax credits, which were recorded in fiscal 2017 but related to fiscal 2016. Deferred Tax Assets and Liabilities The Tax Act is comprehensive tax reform legislation that was enacted by the U.S. government on December 22, 2017. The Tax Act includes significant changes to the Internal Revenue Code, including a reduction in the corporate tax rate from 35% to 21% . Additionally, the Tax Act establishes new laws that will impact our fiscal 2019, including, but not limited to, eliminating the corporate alternative minimum tax (AMT), changes to how existing AMT credits can be realized, and imposing new limitations on the deductibility of certain executive compensation. In connection with our initial analysis of the Tax Act's impacts, and in accordance with the guidance in SAB 118, we recorded a discrete net tax expense of $112.6 million during the three months ended December 31, 2017. This net expense is primarily related to the corporate tax rate reduction and the associated remeasurement of our deferred tax assets. While a provisional tax expense of $112.6 million was recorded based on reasonable estimates of the impact of the reduction in the corporate tax rate, the estimate may be affected by additional analyses related to the Tax Act and temporary differences that will reverse during our fiscal 2018 and subsequent tax years. No change to the estimate was recorded during the three months ended March 31, 2018. 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, 2018 , we 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 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. Although the Tax Act may result in changes to our taxable income in the future, we do not anticipate that these changes would be significant enough to result in a change to our estimate when taken into account with other applicable factors. As of March 31, 2018 , 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, 2017, 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 2017 Annual Report.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation Stock-based compensation expense is included in G&A expenses in the condensed consolidated statements of income. A summary of the expense related to stock-based compensation by award type is as follows for the periods presented: Three Months Ended March 31, Six Months Ended March 31, (In thousands) 2018 2017 2018 2017 Stock options expense $ 73 $ 55 $ 133 $ 162 Restricted stock awards expense 2,525 2,286 5,075 4,355 Before tax stock-based compensation expense 2,598 2,341 5,208 4,517 Tax benefit (659 ) (833 ) (1,321 ) (1,607 ) After tax stock-based compensation expense $ 1,939 $ 1,508 $ 3,887 $ 2,910 During the six months ended March 31, 2018 and 2017 , employees surrendered 62,330 shares and 30,018 shares, respectively, to the Company in payment of minimum tax obligations upon the vesting of stock awards under our stock incentive plans. The aggregate value of surrendered shares based on the the market price on the date of surrender was approximately $1.3 million and $0.4 million for the six months ended March 31, 2018 and 2017 , respectively. Stock Options The fair value of each stock option granted is estimated on the grant date using the Black-Scholes option-pricing model (Black-Scholes Model). As of March 31, 2018 , the intrinsic value of our stock options outstanding, vested and expected to vest, and exercisable were $1.6 million , $1.6 million , and $1.0 million , respectively. As of March 31, 2018 and September 30, 2017 , total unrecognized compensation cost related to nonvested stock options was $0.3 million and $0.3 million , respectively. The cost remaining as of March 31, 2018 is expected to be recognized over a weighted-average period of 2.0 years . During the six months ended March 31, 2018 , we issued 23,680 stock options, each for one share of the Company's stock. These stock options typically vest ratably over three years from the grant date or two years from the grant date if issued under the Employee Stock Option Program (EOP; refer to Note 16 of the notes to the consolidated financial statements in our 2017 Annual Report). Following are the assumptions used to value stock options granted, which derived the weighted average fair value shown, for the period presented: Six Months Ended March 31, 2018 Expected life of options 5.0 years Expected volatility 44.71 % Expected dividends — Weighted average risk-free interest rate 2.06 % Weighted average fair value $ 8.49 We relied upon a combination of the observed exercise behavior of our prior grants with similar characteristics, the vesting schedule of the current grants, and an index of peer companies with similar grant characteristics to determine the expected life of the options granted. We considered historic returns of our stock and the implied volatility of our publicly-traded options in determining expected volatility. We assumed no dividends would be paid since our Board of Directors has suspended payment of dividends indefinitely and payment of dividends is restricted under our Senior Note covenants. The risk-free interest rate is based on the term structure of interest rates at the time of the option grant. Activity related to stock options for the periods presented is as follows: Three Months Ended Six Months Ended March 31, 2018 March 31, 2018 Shares Weighted Average Shares Weighted Average Outstanding at beginning of period 556,159 $ 14.11 593,753 $ 14.76 Granted — — 23,680 20.46 Exercised — — (1,666 ) 7.56 Expired — — (56,967 ) 23.65 Forfeited (5,900 ) 7.48 (8,541 ) 9.46 Outstanding at end of period 550,259 $ 14.18 550,259 $ 14.18 Exercisable at end of period 435,432 $ 14.81 435,432 $ 14.81 Vested or expected to vest in the future 550,222 $ 14.18 550,222 $ 14.18 Restricted Stock Awards The fair value of restricted stock awards with market conditions is estimated on the grant date using a Monte Carlo valuation model. The fair value of restricted stock awards without market conditions is based on the market price of the Company's common stock on the date of grant. If applicable, the cash-settled component of any awards granted to employees is accounted for as a liability, which is adjusted to fair value each reporting period until vested. Compensation cost arising from restricted stock awards granted to employees is recognized as an expense using the straight-line method over the vesting period. As of March 31, 2018 and September 30, 2017 , there was $12.9 million and $8.8 million , respectively, of total unrecognized compensation cost related to nonvested restricted stock awards. The cost remaining as of March 31, 2018 is expected to be recognized over a weighted average period of 1.8 years . We issued two types of restricted stock awards during the six months ended March 31, 2018 as follows: (1) performance-based restricted stock awards with a payout based on the Company's performance and certain market conditions; and (2) time-based restricted stock awards. Each award type is discussed further below. Performance-Based Restricted Stock Awards. During the six months ended March 31, 2018 , we issued 165,085 shares of performance-based restricted stock with market conditions (2018 Performance Shares) to our executive officers and certain other employees. The 2018 Performance Shares are structured to be awarded based on the Company's performance under three pre-determined financial metrics at the end of the three -year performance period. After determining the number of shares earned based on these financial metrics, which can range from 0% to 175% of the targeted number of shares, the award will be subject to further upward or downward adjustment by as much as 20% based on the Company's relative total shareholder return (TSR) compared against the S&P Homebuilders Select Industry Index during the three -year performance period. The 2018 Performance Shares were valued using the Monte Carlo valuation model due to the existence of the TSR market condition and had an estimated fair value of $22.40 per share on the date of grant. A Monte Carlo valuation model requires the following inputs: (1) the expected dividend yield on the underlying stock; (2) the expected price volatility of the underlying stock; (3) the risk-free interest rate for the period corresponding with the expected term of the award; and (4) the fair value of the underlying stock. For the Company and each member of the peer group, the following inputs were used in the Monte Carlo valuation model to determine the fair value as of the grant date for the 2018 Performance Shares: 0% dividend yield for the Company; expected price volatility ranging from 21.1% to 50.0% ; and a risk-free interest rate of 1.81% . The methodology used to determine these assumptions is similar to the Black-Scholes Model; however, the expected term is determined by the model in the Monte Carlo simulation. Each Performance Share represents a contingent right to receive one share of the Company's common stock if vesting is satisfied at the end of the three -year performance period. Any 2018 Performance Shares earned in excess of the target number of 165,085 shares may be settled in cash or additional shares at the discretion of the Compensation Committee of our Board of Directors. Any portion of these that do not vest at the end of the period will be forfeited. Time-Based Restricted Stock Awards. During six months ended March 31, 2018 , we also issued 211,165 shares of time-based restricted stock (Restricted Shares) to our directors, executive officers, and certain other employees. The Restricted Shares granted to our non-employee directors vest on the one-year anniversary of the date of grant, while the Restricted Shares granted to our executive officers and other employees vest ratably over three years on each anniversary from the date of grant. Activity relating to restricted stock awards for the period presented is as follows: Six Months Ended March 31, 2018 Performance-Based Restricted Stock Time-Based Restricted Stock Total Restricted Stock Shares Weighted Average Shares Weighted Average Shares Weighted Average Beginning of period 668,766 $ 15.72 872,181 $ 16.47 1,540,947 $ 16.14 Granted 165,085 22.40 211,165 20.20 376,250 21.17 Vested — — (225,608 ) 14.01 (225,608 ) 14.01 Forfeited (188,058 ) 18.96 (15,685 ) 16.35 (203,743 ) 18.76 End of period 645,793 $ 16.48 842,053 $ 18.07 1,487,846 $ 17.38

Earnings Per Share

Earnings Per Share	6 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted income per share adjusts the basic income per share for the effects of any potentially dilutive instruments, only in periods in which the Company has net income and such effects are dilutive under the treasury stock method. Basic and diluted income (loss) per share is calculated using unrounded numbers. The Company reported net income for the three months ended March 31, 2018 , but a net loss for the remaining periods presented. Accordingly, for the periods with a net loss, all common stock equivalents were excluded from the computation of diluted loss per share because inclusion would have resulted in anti-dilution. For the three and six months ended March 31, 2018 , 0.3 million and 1.4 million shares related to nonvested stock-based compensation awards, respectively, were excluded from our calculation of diluted income (loss) per share as a result of their anti-dilutive effect. For both the three and six months ended March 31, 2017 , 1.6 million shares related to nonvested stock-based compensation awards were excluded from our calculation of diluted income per share as a result of their anti-dilutive effect. Three Months Ended March 31, Six Months Ended March 31, (In thousands) 2018 2017 2018 2017 Basic shares 32,140 31,969 32,097 31,931 Shares issuable upon vesting of restricted stock 466 — — — Shares issuable upon exercise of options 115 — — — Diluted shares 32,721 31,969 32,097 31,931

Other Liabilities

Other Liabilities	6 Months Ended
	Mar. 31, 2018
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other liabilities include the following as of March 31, 2018 and September 30, 2017 : (In thousands) March 31, 2018 September 30, 2017 Accrued bonus and deferred compensation $ 19,620 $ 36,753 Customer deposits 17,562 11,704 Accrued interest 16,318 11,024 Accrued warranty expense 14,583 18,091 Litigation accrual 2,886 3,899 Income tax liabilities 1,168 811 Other 25,800 25,377 Total other liabilities $ 97,937 $ 107,659

Segment Information

Segment Information	6 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information We currently operate in 13 states that are grouped into three homebuilding segments based on geography. Revenue from our homebuilding segments is 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 income. Operating income for our homebuilding segments is defined as homebuilding, land sale, and other revenues 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 described in Note 2 to the consolidated financial statements within our 2017 Annual Report. The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented: Three Months Ended Six Months Ended March 31, March 31, (In thousands) 2018 2017 2018 2017 Revenue West $ 234,510 $ 185,155 $ 412,481 $ 356,904 East 107,412 116,640 196,265 200,799 Southeast 113,256 123,673 218,921 207,006 Total revenue $ 455,178 $ 425,468 $ 827,667 $ 764,709 Three Months Ended Six Months Ended March 31, March 31, (In thousands) 2018 2017 2018 2017 Operating income (a) West $ 31,715 $ 20,779 $ 52,825 $ 41,794 East (b) 8,926 10,532 16,322 12,089 Southeast 7,897 12,574 14,807 17,589 Segment total 48,538 43,885 83,954 71,472 Corporate and unallocated (c) (34,713 ) (36,374 ) (63,448 ) (62,686 ) Total operating income $ 13,825 $ 7,511 $ 20,506 $ 8,786 Three Months Ended Six Months Ended March 31, March 31, (In thousands) 2018 2017 2018 2017 Depreciation and amortization West $ 1,697 $ 1,545 $ 2,953 $ 2,793 East 551 598 990 1,127 Southeast 542 656 1,121 1,122 Segment total 2,790 2,799 5,064 5,042 Corporate and unallocated (c) 276 356 509 790 Total depreciation and amortization $ 3,066 $ 3,155 $ 5,573 $ 5,832 (a) Operating income is impacted by impairment and abandonment charges incurred during the periods presented (see Note 5). (b) Operating income for our East segment for the six months ended March 31, 2017 was impacted by a charge to G&A of $ 2.7 million related to the write-off of a deposit on a legacy investment in a development site that we deemed uncollectible. (c) 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 certain 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 contains capital expenditures by segment for the periods presented: Six Months Ended March 31, (In thousands) 2018 2017 Capital Expenditures West $ 4,238 $ 3,165 East 1,133 1,446 Southeast 1,185 875 Corporate and unallocated 1,636 191 Total capital expenditures $ 8,192 $ 5,677 The following table contains our asset balance by segment as of March 31, 2018 and September 30, 2017 : (In thousands) March 31, 2018 September 30, 2017 Assets West $ 830,572 $ 779,964 East 318,984 298,532 Southeast 365,975 331,618 Corporate and unallocated (a) 591,972 810,881 Total assets $ 2,107,503 $ 2,220,995 (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 Informat

Supplemental Guarantor Information	6 Months Ended
	Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Supplemental Guarantor information	Supplemental Guarantor Information As discussed in Note 7, our obligations to pay principal, premium, if any, and interest under certain debt are guaranteed on a joint and several basis by substantially all of our subsidiaries. Certain of our immaterial subsidiaries do not guarantee our 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 our 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, 2018 (Unaudited) in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated ASSETS Cash and cash equivalents $ 157,652 $ 7,735 $ 694 $ (7,294 ) $ 158,787 Restricted cash 11,818 965 — — 12,783 Accounts receivable (net of allowance of $346) — 30,180 3 — 30,183 Income tax receivable 112 — — — 112 Owned inventory — 1,677,361 — — 1,677,361 Investments in unconsolidated entities 773 3,520 — — 4,293 Deferred tax assets, net 199,229 — — — 199,229 Property and equipment, net — 20,166 — — 20,166 Investments in subsidiaries 737,894 — — (737,894 ) — Intercompany 799,150 — 2,329 (801,479 ) — Other assets 803 3,786 — — 4,589 Total assets $ 1,907,431 $ 1,743,713 $ 3,026 $ (1,546,667 ) $ 2,107,503 LIABILITIES AND STOCKHOLDERS’ EQUITY Trade accounts payable $ — $ 117,143 $ — $ — $ 117,143 Other liabilities 16,818 80,889 230 — 97,937 Intercompany 2,329 806,444 — (808,773 ) — Total debt (net of premium and debt issuance costs) 1,321,318 4,139 — — 1,325,457 Total liabilities 1,340,465 1,008,615 230 (808,773 ) 1,540,537 Stockholders’ equity 566,966 735,098 2,796 (737,894 ) 566,966 Total liabilities and stockholders’ equity $ 1,907,431 $ 1,743,713 $ 3,026 $ (1,546,667 ) $ 2,107,503 Beazer Homes USA, Inc. Condensed Consolidating Balance Sheet Information September 30, 2017 (Unaudited) in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated ASSETS Cash and cash equivalents $ 283,191 $ 15,393 $ 724 $ (7,161 ) $ 292,147 Restricted cash 11,001 1,461 — — 12,462 Accounts receivable (net of allowance of $330) — 36,322 1 — 36,323 Income tax receivable 88 — — — 88 Owned inventory — 1,542,807 — — 1,542,807 Investments in unconsolidated entities 773 3,221 — — 3,994 Deferred tax assets, net 307,896 — — — 307,896 Property and equipment, net — 17,566 — — 17,566 Investments in subsidiaries 808,067 — — (808,067 ) — Intercompany 606,168 — 2,337 (608,505 ) — Other assets 599 7,098 15 — 7,712 Total assets $ 2,017,783 $ 1,623,868 $ 3,077 $ (1,423,733 ) $ 2,220,995 LIABILITIES AND STOCKHOLDERS’ EQUITY Trade accounts payable $ — $ 103,484 $ — $ — $ 103,484 Other liabilities 11,229 96,189 241 — 107,659 Intercompany 2,337 613,329 — (615,666 ) — Total debt (net of premium and debt issuance costs) 1,321,777 5,635 — — 1,327,412 Total liabilities 1,335,343 818,637 241 (615,666 ) 1,538,555 Stockholders’ equity 682,440 805,231 2,836 (808,067 ) 682,440 Total liabilities and stockholders’ equity $ 2,017,783 $ 1,623,868 $ 3,077 $ (1,423,733 ) $ 2,220,995 Beazer Homes USA, Inc. Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated 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 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 — (52 ) (6 ) — (58 ) Equity in loss of subsidiaries from discontinued operations (58 ) — — 58 — Net income (loss) and comprehensive income (loss) $ 11,558 $ 27,168 $ (15 ) $ (27,153 ) $ 11,558 in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated Three Months Ended March 31, 2017 Total revenue $ — $ 425,468 $ 24 $ (24 ) $ 425,468 Home construction and land sales expenses 19,819 337,993 — (24 ) 357,788 Inventory impairments and abandonments — 282 — — 282 Gross (loss) profit (19,819 ) 87,193 24 — 67,398 Commissions — 16,632 — — 16,632 General and administrative expenses — 40,071 29 — 40,100 Depreciation and amortization — 3,155 — — 3,155 Operating (loss) income (19,819 ) 27,335 (5 ) — 7,511 Equity in income of unconsolidated entities — 33 — — 33 Loss on extinguishment of debt (15,563 ) — — — (15,563 ) Other (expense) income, net (4,046 ) 114 (8 ) — (3,940 ) (Loss) income before income taxes (39,428 ) 27,482 (13 ) — (11,959 ) (Benefit) expense from income taxes (14,478 ) 10,019 (5 ) — (4,464 ) Equity in income of subsidiaries 17,455 — — (17,455 ) — (Loss) income from continuing operations (7,495 ) 17,463 (8 ) (17,455 ) (7,495 ) Loss from discontinued operations — (34 ) (6 ) — (40 ) Equity in loss of subsidiaries from discontinued operations (40 ) — — 40 — Net (loss) income and comprehensive (loss) income $ (7,535 ) $ 17,429 $ (14 ) $ (17,415 ) $ (7,535 ) 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 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 — (421 ) (9 ) — (430 ) Equity in loss of subsidiaries from discontinued operations (430 ) — — 430 — Net loss and comprehensive loss $ (119,389 ) $ (70,133 ) $ (41 ) $ 70,174 $ (119,389 ) in thousands Beazer Homes USA, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Beazer Homes USA, Inc. Six Months Ended March 31, 2017 Total revenue $ — $ 764,709 $ 60 $ (60 ) $ 764,709 Home construction and land sales expenses 35,463 607,963 — (60 ) 643,366 Inventory impairments and abandonments — 282 — — 282 Gross (loss) profit (35,463 ) 156,464 60 — 121,061 Commissions — 29,955 — — 29,955 General and administrative expenses — 76,436 52 — 76,488 Depreciation and amortization — 5,832 — — 5,832 Operating (loss) income (35,463 ) 44,241 8 — 8,786 Equity in income of unconsolidated entities — 55 — — 55 Loss on extinguishment of debt (15,563 ) — — — (15,563 ) Other (expense) income, net (9,298 ) 171 (9 ) — (9,136 ) (Loss) income before income taxes (60,324 ) 44,467 (1 ) — (15,858 ) (Benefit) expense from income taxes (22,048 ) 15,044 — — (7,004 ) Equity in income of subsidiaries 29,422 — — (29,422 ) — (Loss) income from continuing operations (8,854 ) 29,423 (1 ) (29,422 ) (8,854 ) Loss from discontinued operations — (101 ) (9 ) — (110 ) Equity in loss of subsidiaries and discontinued operations (110 ) — — 110 — Net (loss) income and comprehensive (loss) income $ (8,964 ) $ 29,322 $ (10 ) $ (29,312 ) $ (8,964 ) Beazer Homes USA, Inc. Condensed Consolidating Statements of Cash Flow Information (Unaudited) in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated 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 Repayment of borrowings from credit facility (25,000 ) — — — (25,000 ) Borrowings from credit facility 25,000 — — — 25,000 Debt issuance costs (5,743 ) — — — (5,743 ) Advances to/from subsidiaries — 186,633 — (186,633 ) — Other financing activities (1,310 ) — — — (1,310 ) 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 in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated Six Months Ended March 31, 2017 Net cash used in operating activities $ (44,754 ) $ (27,243 ) $ (65 ) $ — $ (72,062 ) Cash flows from investing activities: Capital expenditures — (5,677 ) — — (5,677 ) Proceeds from sale of fixed assets — 74 — — 74 Investments in unconsolidated entities — (2,411 ) — — (2,411 ) Return of capital from unconsolidated entities — 1,621 — — 1,621 Advances to/from subsidiaries (20,019 ) — 10 20,009 — Net cash (used in) provided by investing activities (20,019 ) (6,393 ) 10 20,009 (6,393 ) Cash flows from financing activities: Repayment of debt (253,000 ) (3,207 ) — — (256,207 ) Proceeds from issuance of new debt 250,000 — — — 250,000 Repayment of borrowings from credit facility (25,000 ) — — — (25,000 ) Borrowings from credit facility 25,000 — — — 25,000 Debt issuance costs (4,721 ) — — — (4,721 ) Advances to/from subsidiaries — 20,747 — (20,747 ) — Other financing activities (388 ) — — — (388 ) Net cash (used in) provided by financing activities (8,109 ) 17,540 — (20,747 ) (11,316 ) Decrease in cash, cash equivalents and restricted cash (72,882 ) (16,096 ) (55 ) (738 ) (89,771 ) Cash, cash equivalents and restricted cash at beginning of period 228,513 18,404 859 (4,500 ) 243,276 Cash, cash equivalents and restricted cash at end of period $ 155,631 $ 2,308 $ 804 $ (5,238 ) $ 153,505

Discontinued Operations

Discontinued Operations	6 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	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 income for all periods presented. There were no material assets or liabilities related to these discontinued operations as of March 31, 2018 or September 30, 2017 . 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 income. The results of our discontinued operations in the condensed consolidated statements of income for the periods presented were as follows: Three Months Ended Six Months Ended March 31, March 31, (In thousands) 2018 2017 2018 2017 Total revenue $ 8 $ — $ 633 $ — Home construction and land sales expenses 56 6 723 84 Inventory impairments and lot option abandonments — — 450 — Gross loss (48 ) (6 ) (540 ) (84 ) General and administrative expenses 31 60 47 91 Operating loss (79 ) (66 ) (587 ) (175 ) Equity in income of unconsolidated entities 4 — 16 — Other expense, net (2 ) (3 ) (5 ) (3 ) Loss from discontinued operations before income taxes (77 ) (69 ) (576 ) (178 ) Benefit from income taxes (19 ) (29 ) (146 ) (68 ) Loss from discontinued operations, net of tax $ (58 ) $ (40 ) $ (430 ) $ (110 )

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Consolidation	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. 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 income (loss) for all periods presented (see Note 16 for a further discussion of our discontinued operations). We evaluated events that occurred after the balance sheet date but before these financial statements were issued for accounting treatment and disclosure. Our fiscal 2018 began on October 1, 2017 and ends on September 30, 2018. Our fiscal 2017 began on October 1, 2016 and ended on September 30, 2017.
Use of Estimates	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.
Inventory Valuation	Inventory Valuation We assess our inventory assets no less than quarterly for recoverability in accordance with the policies described in Notes 2 and 5 to the audited consolidated financial statements within our 2017 Annual Report. Our 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 those 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASU 2014-09) . ASU 2014-09 requires entities to recognize revenue at an amount that the entity expects to be entitled to upon transferring control of goods or services to a customer, as opposed to when risks and rewards transfer to a customer under the existing revenue recognition guidance. In August 2015, the FASB issued ASU 2015-14 to defer the effective date of ASU 2014-09 for one year, which makes the guidance effective for the Company's first fiscal year beginning after December 15, 2017. Additionally, the FASB is permitting entities to early adopt the standard, which allows for either full retrospective or modified retrospective methods of adoption, for reporting periods beginning after December 15, 2016. We have been involved in industry-specific discussions with the FASB on the treatment of certain items related to our business. However, due to the nature of our operations, we expect to identify similar performance obligations under ASU 2014-09 compared with the deliverables and separate units of account we have identified under existing accounting standards. As a result, we expect the timing of our revenues to remain generally the same. Nonetheless, we expect our revenue-related disclosures to change. We expect to adopt the provisions of ASU 2014-09 effective October 1, 2018. Leases. In February 2016, the FASB issued 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. The guidance within ASU 2016-02 will be effective for the Company's first fiscal year beginning after December 15, 2018, with early adoption permitted. ASU 2016-02 must be adopted using a modified retrospective approach, which requires application of the standard at the beginning of the earliest comparative period presented, with certain optional practical expedients. ASU 2016-02 also requires significantly enhanced disclosures around an entity's leases and the related accounting. 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, but we do not expect our expense recognition pattern to change. Therefore, we do not anticipate any significant change to our statements of income or cash flows as a result of adopting ASU 2016-02. Statement of Cash Flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flow - Restricted Cash (ASU 2016-18). ASU 2016-18 requires that an entity's statement of cash flows explain the change during the period in that entity's total cash and cash equivalents, including amounts generally described as restricted cash or restricted cash equivalents. Therefore, changes in restricted cash and restricted cash equivalents will no longer be shown as specific line items within the statement of cash flows. Additionally, an entity is to reconcile its cash and cash equivalents as per its balance sheet to the cash and cash equivalent balances presented in its statement of cash flows. The Company early adopted the guidance within ASU 2016-18 as of September 30, 2017. Therefore, changes in our restricted cash balances are no longer shown in our statements of cash flows as these balances are included in the beginning and ending cash balances in our statements of cash flows. The following table presents the changes to our consolidated statements of cash flows as of March 31, 2017 due to the adoption of ASU 2016-18: (In thousands) Six Months Ended March 31, 2017 Consolidated Statements of Cash Flows: Net cash used in investing activities (as originally reported) $ (6,684 ) Movements in restricted cash 291 Net cash used in investing activities (as re-casted) $ (6,393 ) Business Combinations. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01). ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for transactions that have not been reported in previously issued financial statements. The Company early adopted this guidance as of December 31, 2017 and applied it to applicable transactions occurring during this period. Income Taxes. In December 2017, the Securities and Exchange Commission Staff issued SAB 118, which provides guidance on accounting for the income tax effects of the Tax Cuts and Jobs Act (Tax Act). SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements and should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. The Company adopted the guidance of SAB 118 as of December 31, 2017. Refer to Note 10 for additional information on the Tax Act and the impact to our financial statements.

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements	The following table presents the changes to our consolidated statements of cash flows as of March 31, 2017 due to the adoption of ASU 2016-18: (In thousands) Six Months Ended March 31, 2017 Consolidated Statements of Cash Flows: Net cash used in investing activities (as originally reported) $ (6,684 ) Movements in restricted cash 291 Net cash used in investing activities (as re-casted) $ (6,393 )

Supplemental Cash Flow Inform24

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental disclosure of non-cash activity	The following table presents supplemental disclosure of non-cash and cash activity for the periods presented: Six Months Ended March 31, (In thousands) 2018 2017 Supplemental disclosure of non-cash activity: Non-cash land acquisitions (a) $ — $ 5,197 Land acquisitions for debt — 6,304 Supplemental disclosure of cash activity: Interest payments $ 43,433 $ 50,153 Income tax payments 10 91 Tax refunds received 39 3 Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 158,787 $ 138,809 Restricted cash 12,783 14,696 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 171,570 $ 153,505 (a) For the six months ended March 31, 2017 , non-cash land acquisitions were comprised of lot takedowns from one of the Company's unconsolidated land development joint ventures.

Investments in Unconsolidated25

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Mar. 31, 2018
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 unconsolidated entities as well as the total equity and outstanding borrowings of such unconsolidated entities as of March 31, 2018 and September 30, 2017 : (In thousands) March 31, 2018 September 30, 2017 Investment in unconsolidated entities $ 4,293 $ 3,994 Total equity of unconsolidated entities 12,078 11,811 Total outstanding borrowings of unconsolidated entities 16,474 15,797 Equity in income of unconsolidated entities is as follows for the periods presented: Three Months Ended Six Months Ended March 31, March 31, (In thousands) 2018 2017 2018 2017 Equity in income of unconsolidated entities $ 256 $ 33 $ 155 $ 55

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Schedule of inventory	wned inventory consisted of the following as of March 31, 2018 and September 30, 2017 : (In thousands) March 31, 2018 September 30, 2017 Homes under construction $ 527,102 $ 419,312 Development projects in progress 825,355 785,777 Land held for future development 87,718 112,565 Land held for sale 9,927 17,759 Capitalized interest 149,034 139,203 Model homes 78,225 68,191 Total owned inventory $ 1,677,361 $ 1,542,807
Schedule of total owned inventory, by segment	Total owned inventory by reportable segment and by category is presented in the table below as of March 31, 2018 and September 30, 2017 : (In thousands) Projects in Progress (a) Land Held for Future Development Land Held for Sale Total Owned Inventory March 31, 2018 West Segment $ 751,745 $ 62,190 $ 1,484 $ 815,419 East Segment 285,068 14,570 7,522 307,160 Southeast Segment 338,666 10,958 897 350,521 Corporate and unallocated (b) 204,237 — 24 204,261 Total $ 1,579,716 $ 87,718 $ 9,927 $ 1,677,361 September 30, 2017 West Segment $ 673,828 $ 87,231 $ 3,848 $ 764,907 East Segment 250,002 14,391 11,578 275,971 Southeast Segment 301,268 10,943 1,233 313,444 Corporate and unallocated (b) 187,385 — 1,100 188,485 Total $ 1,412,483 $ 112,565 $ 17,759 $ 1,542,807 (a) Projects in progress include homes under construction, development projects in progress, capitalized interest, and model homes categories from the preceding table. (b) Projects in progress amount includes capitalized interest and indirect costs that are maintained within our Corporate and unallocated segment. Land held for sale amount includes parcels held by our discontinued operations.
Schedule of inventory impairments and lot option abandonment charges, by reportable homebuilding segment	The following table presents our total impairment and abandonment charges for the periods presented: Three Months Ended March 31, Six Months Ended March 31, (In thousands) 2018 2017 2018 2017 Land Held for Sale: West $ — $ 94 $ — $ 94 Abandonments: East — 188 — 188 Total continuing operations $ — $ 282 $ — $ 282 Discontinued Operations: Land Held for Sale — — 450 — Total impairment and abandonment charges $ — $ 282 $ 450 $ 282
Summary of interests in lot option agreements	The following table provides a summary of our interests in lot option agreements as of March 31, 2018 and September 30, 2017 : (In thousands) Deposits & Non-refundable Pre-acquisition Costs Incurred Remaining Obligation As of March 31, 2018 Unconsolidated lot option agreements $ 78,971 $ 341,737 As of September 30, 2017 Unconsolidated lot option agreements $ 91,854 $ 408,300

Interest (Tables)

Interest (Tables)	6 Months Ended
	Mar. 31, 2018
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) 2018 2017 2018 2017 Capitalized interest in inventory, beginning of period $ 144,847 $ 144,299 $ 139,203 $ 138,108 Interest incurred 25,492 26,482 51,047 53,569 Interest expense not qualified for capitalization and included as other expense (a) (1,650 ) (4,046 ) (5,085 ) (9,298 ) Capitalized interest amortized to home construction and land sales expenses (b) (19,655 ) (19,819 ) (36,131 ) (35,463 ) Capitalized interest in inventory, end of period $ 149,034 $ 146,916 $ 149,034 $ 146,916 (a) The amount of interest we are able to capitalize is dependent upon 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. (b) Capitalized interest amortized to home construction and land sale expenses varies based on the number of homes closed during the period and land sales, if any, as well as other factors.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Mar. 31, 2018
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, 2018 and September 30, 2017 : (In thousands) Maturity Date March 31, 2018 September 30, 2017 5 3/4% Senior Notes June 2019 $ 96,393 $ 321,393 8 3/4% Senior Notes March 2022 500,000 500,000 7 1/4% Senior Notes February 2023 24,834 199,834 6 3/4% Senior Notes March 2025 250,000 250,000 5 7/8% Senior Notes October 2027 400,000 — Unamortized debt premium, net 3,026 3,413 Unamortized debt issuance costs (15,905 ) (14,800 ) Total Senior Notes, net 1,258,348 1,259,840 Junior Subordinated Notes (net of unamortized accretion of $37,803 and $38,837, respectively) July 2036 62,970 61,937 Other Secured Notes payable Various Dates 4,139 5,635 Total debt, net $ 1,325,457 $ 1,327,412
Debt Instrument Redemption	For additional redemption features, refer to the table below that summarizes the redemption terms for our Senior Notes: Senior Note Description Issuance Date Maturity Date Redemption Terms 5 3/4% Senior Notes April 2014 June 2019 Callable at any time before March 15, 2019, in whole or in part, at a redemption price equal to 100% of the principal amount, plus a customary make-whole premium; on or after March 15, 2019, callable at 100% of the principal amount plus, in each case, accrued and unpaid interest 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% 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% of the principal amount plus, in each case, accrued and unpaid interest 7 1/4% Senior Notes February 2013 February 2023 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 102.41% 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% 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% 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% 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

Contingencies (Tables)

Contingencies (Tables)	6 Months Ended
	Mar. 31, 2018
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) 2018 2017 2018 2017 Balance at beginning of period $ 15,816 $ 32,309 $ 18,091 $ 39,131 Accruals for warranties issued (a) 3,400 3,249 7,613 5,907 Changes in liability related to warranties existing in prior periods (b) (1,097 ) 2,463 (3,394 ) 7,855 Payments made (b) (3,536 ) (12,635 ) (7,727 ) (27,507 ) Balance at end of period $ 14,583 $ 25,386 $ 14,583 $ 25,386 (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. (b) Changes in liability related to warranties existing and payments made are elevated during the periods presented primarily due to charges and subsequent payments related to water intrusion issues in certain of our communities located in Florida (refer to separate discussion below).

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of fair value assets measured on a recurring and non-recurring basis	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, 2018 Deferred compensation plan assets (a) $ — $ 1,445 $ — $ 1,445 Land held for sale (b) — — 642 642 As of September 30, 2017 Deferred compensation plan assets (a) $ — $ 1,114 $ — $ 1,114 Development projects in progress (b) — — 3,791 3,791 Land held for sale (b) — — 325 325 (a) Measured at fair value on a recurring basis. (b) Measured at fair value on a non-recurring basis.
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 of our other financial liabilities as of March 31, 2018 and September 30, 2017 : As of March 31, 2018 As of September 30, 2017 (In thousands) Carrying (a) Fair Value Carrying (a) Fair Value Senior Notes (b) $ 1,258,348 $ 1,275,856 $ 1,259,840 $ 1,355,657 Junior Subordinated Notes 62,970 62,970 61,937 61,937 $ 1,321,318 $ 1,338,826 $ 1,321,777 $ 1,417,594 (a) Carrying amounts are net of unamortized debt premiums, debt issuance costs, and accretion. (b) The estimated fair value for our publicly-held Senior Notes has been determined using quoted market rates (Level 2).

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock-based compensation expense	A summary of the expense related to stock-based compensation by award type is as follows for the periods presented: Three Months Ended March 31, Six Months Ended March 31, (In thousands) 2018 2017 2018 2017 Stock options expense $ 73 $ 55 $ 133 $ 162 Restricted stock awards expense 2,525 2,286 5,075 4,355 Before tax stock-based compensation expense 2,598 2,341 5,208 4,517 Tax benefit (659 ) (833 ) (1,321 ) (1,607 ) After tax stock-based compensation expense $ 1,939 $ 1,508 $ 3,887 $ 2,910
Summary of stock option valuation assumptions	Following are the assumptions used to value stock options granted, which derived the weighted average fair value shown, for the period presented: Six Months Ended March 31, 2018 Expected life of options 5.0 years Expected volatility 44.71 % Expected dividends — Weighted average risk-free interest rate 2.06 % Weighted average fair value $ 8.49
Schedule of stock options and SSARs outstanding	Activity related to stock options for the periods presented is as follows: Three Months Ended Six Months Ended March 31, 2018 March 31, 2018 Shares Weighted Average Shares Weighted Average Outstanding at beginning of period 556,159 $ 14.11 593,753 $ 14.76 Granted — — 23,680 20.46 Exercised — — (1,666 ) 7.56 Expired — — (56,967 ) 23.65 Forfeited (5,900 ) 7.48 (8,541 ) 9.46 Outstanding at end of period 550,259 $ 14.18 550,259 $ 14.18 Exercisable at end of period 435,432 $ 14.81 435,432 $ 14.81 Vested or expected to vest in the future 550,222 $ 14.18 550,222 $ 14.18
Schedule of nonvested stock awards activity	Activity relating to restricted stock awards for the period presented is as follows: Six Months Ended March 31, 2018 Performance-Based Restricted Stock Time-Based Restricted Stock Total Restricted Stock Shares Weighted Average Shares Weighted Average Shares Weighted Average Beginning of period 668,766 $ 15.72 872,181 $ 16.47 1,540,947 $ 16.14 Granted 165,085 22.40 211,165 20.20 376,250 21.17 Vested — — (225,608 ) 14.01 (225,608 ) 14.01 Forfeited (188,058 ) 18.96 (15,685 ) 16.35 (203,743 ) 18.76 End of period 645,793 $ 16.48 842,053 $ 18.07 1,487,846 $ 17.38

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Calculation of diluted shares	Three Months Ended March 31, Six Months Ended March 31, (In thousands) 2018 2017 2018 2017 Basic shares 32,140 31,969 32,097 31,931 Shares issuable upon vesting of restricted stock 466 — — — Shares issuable upon exercise of options 115 — — — Diluted shares 32,721 31,969 32,097 31,931

Other Liabilities Other Liabili

Other Liabilities Other Liabilities (Tables)	6 Months Ended
	Mar. 31, 2018
Other Liabilities Disclosure [Abstract]
Schedule of other liabilities	Other liabilities include the following as of March 31, 2018 and September 30, 2017 : (In thousands) March 31, 2018 September 30, 2017 Accrued bonus and deferred compensation $ 19,620 $ 36,753 Customer deposits 17,562 11,704 Accrued interest 16,318 11,024 Accrued warranty expense 14,583 18,091 Litigation accrual 2,886 3,899 Income tax liabilities 1,168 811 Other 25,800 25,377 Total other liabilities $ 97,937 $ 107,659

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of segment reporting information	The following tables contain our revenue, operating income, and depreciation and amortization by segment for the periods presented: Three Months Ended Six Months Ended March 31, March 31, (In thousands) 2018 2017 2018 2017 Revenue West $ 234,510 $ 185,155 $ 412,481 $ 356,904 East 107,412 116,640 196,265 200,799 Southeast 113,256 123,673 218,921 207,006 Total revenue $ 455,178 $ 425,468 $ 827,667 $ 764,709 Three Months Ended Six Months Ended March 31, March 31, (In thousands) 2018 2017 2018 2017 Operating income (a) West $ 31,715 $ 20,779 $ 52,825 $ 41,794 East (b) 8,926 10,532 16,322 12,089 Southeast 7,897 12,574 14,807 17,589 Segment total 48,538 43,885 83,954 71,472 Corporate and unallocated (c) (34,713 ) (36,374 ) (63,448 ) (62,686 ) Total operating income $ 13,825 $ 7,511 $ 20,506 $ 8,786 Three Months Ended Six Months Ended March 31, March 31, (In thousands) 2018 2017 2018 2017 Depreciation and amortization West $ 1,697 $ 1,545 $ 2,953 $ 2,793 East 551 598 990 1,127 Southeast 542 656 1,121 1,122 Segment total 2,790 2,799 5,064 5,042 Corporate and unallocated (c) 276 356 509 790 Total depreciation and amortization $ 3,066 $ 3,155 $ 5,573 $ 5,832 (a) Operating income is impacted by impairment and abandonment charges incurred during the periods presented (see Note 5). (b) Operating income for our East segment for the six months ended March 31, 2017 was impacted by a charge to G&A of $ 2.7 million related to the write-off of a deposit on a legacy investment in a development site that we deemed uncollectible. (c) 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 certain 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 contains capital expenditures by segment for the periods presented: Six Months Ended March 31, (In thousands) 2018 2017 Capital Expenditures West $ 4,238 $ 3,165 East 1,133 1,446 Southeast 1,185 875 Corporate and unallocated 1,636 191 Total capital expenditures $ 8,192 $ 5,677 The following table contains our asset balance by segment as of March 31, 2018 and September 30, 2017 : (In thousands) March 31, 2018 September 30, 2017 Assets West $ 830,572 $ 779,964 East 318,984 298,532 Southeast 365,975 331,618 Corporate and unallocated (a) 591,972 810,881 Total assets $ 2,107,503 $ 2,220,995 (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 Inform35

Supplemental Guarantor Information (Tables)	6 Months Ended
	Mar. 31, 2018
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, 2018 (Unaudited) in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated ASSETS Cash and cash equivalents $ 157,652 $ 7,735 $ 694 $ (7,294 ) $ 158,787 Restricted cash 11,818 965 — — 12,783 Accounts receivable (net of allowance of $346) — 30,180 3 — 30,183 Income tax receivable 112 — — — 112 Owned inventory — 1,677,361 — — 1,677,361 Investments in unconsolidated entities 773 3,520 — — 4,293 Deferred tax assets, net 199,229 — — — 199,229 Property and equipment, net — 20,166 — — 20,166 Investments in subsidiaries 737,894 — — (737,894 ) — Intercompany 799,150 — 2,329 (801,479 ) — Other assets 803 3,786 — — 4,589 Total assets $ 1,907,431 $ 1,743,713 $ 3,026 $ (1,546,667 ) $ 2,107,503 LIABILITIES AND STOCKHOLDERS’ EQUITY Trade accounts payable $ — $ 117,143 $ — $ — $ 117,143 Other liabilities 16,818 80,889 230 — 97,937 Intercompany 2,329 806,444 — (808,773 ) — Total debt (net of premium and debt issuance costs) 1,321,318 4,139 — — 1,325,457 Total liabilities 1,340,465 1,008,615 230 (808,773 ) 1,540,537 Stockholders’ equity 566,966 735,098 2,796 (737,894 ) 566,966 Total liabilities and stockholders’ equity $ 1,907,431 $ 1,743,713 $ 3,026 $ (1,546,667 ) $ 2,107,503 Beazer Homes USA, Inc. Condensed Consolidating Balance Sheet Information September 30, 2017 (Unaudited) in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated ASSETS Cash and cash equivalents $ 283,191 $ 15,393 $ 724 $ (7,161 ) $ 292,147 Restricted cash 11,001 1,461 — — 12,462 Accounts receivable (net of allowance of $330) — 36,322 1 — 36,323 Income tax receivable 88 — — — 88 Owned inventory — 1,542,807 — — 1,542,807 Investments in unconsolidated entities 773 3,221 — — 3,994 Deferred tax assets, net 307,896 — — — 307,896 Property and equipment, net — 17,566 — — 17,566 Investments in subsidiaries 808,067 — — (808,067 ) — Intercompany 606,168 — 2,337 (608,505 ) — Other assets 599 7,098 15 — 7,712 Total assets $ 2,017,783 $ 1,623,868 $ 3,077 $ (1,423,733 ) $ 2,220,995 LIABILITIES AND STOCKHOLDERS’ EQUITY Trade accounts payable $ — $ 103,484 $ — $ — $ 103,484 Other liabilities 11,229 96,189 241 — 107,659 Intercompany 2,337 613,329 — (615,666 ) — Total debt (net of premium and debt issuance costs) 1,321,777 5,635 — — 1,327,412 Total liabilities 1,335,343 818,637 241 (615,666 ) 1,538,555 Stockholders’ equity 682,440 805,231 2,836 (808,067 ) 682,440 Total liabilities and stockholders’ equity $ 2,017,783 $ 1,623,868 $ 3,077 $ (1,423,733 ) $ 2,220,995
Unaudited Condensed Consolidating Statements of Income (Loss) and Unaudited Comprehensive Income (Loss)	Beazer Homes USA, Inc. Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated 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 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 — (52 ) (6 ) — (58 ) Equity in loss of subsidiaries from discontinued operations (58 ) — — 58 — Net income (loss) and comprehensive income (loss) $ 11,558 $ 27,168 $ (15 ) $ (27,153 ) $ 11,558 in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated Three Months Ended March 31, 2017 Total revenue $ — $ 425,468 $ 24 $ (24 ) $ 425,468 Home construction and land sales expenses 19,819 337,993 — (24 ) 357,788 Inventory impairments and abandonments — 282 — — 282 Gross (loss) profit (19,819 ) 87,193 24 — 67,398 Commissions — 16,632 — — 16,632 General and administrative expenses — 40,071 29 — 40,100 Depreciation and amortization — 3,155 — — 3,155 Operating (loss) income (19,819 ) 27,335 (5 ) — 7,511 Equity in income of unconsolidated entities — 33 — — 33 Loss on extinguishment of debt (15,563 ) — — — (15,563 ) Other (expense) income, net (4,046 ) 114 (8 ) — (3,940 ) (Loss) income before income taxes (39,428 ) 27,482 (13 ) — (11,959 ) (Benefit) expense from income taxes (14,478 ) 10,019 (5 ) — (4,464 ) Equity in income of subsidiaries 17,455 — — (17,455 ) — (Loss) income from continuing operations (7,495 ) 17,463 (8 ) (17,455 ) (7,495 ) Loss from discontinued operations — (34 ) (6 ) — (40 ) Equity in loss of subsidiaries from discontinued operations (40 ) — — 40 — Net (loss) income and comprehensive (loss) income $ (7,535 ) $ 17,429 $ (14 ) $ (17,415 ) $ (7,535 ) 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 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 — (421 ) (9 ) — (430 ) Equity in loss of subsidiaries from discontinued operations (430 ) — — 430 — Net loss and comprehensive loss $ (119,389 ) $ (70,133 ) $ (41 ) $ 70,174 $ (119,389 ) in thousands Beazer Homes USA, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Beazer Homes USA, Inc. Six Months Ended March 31, 2017 Total revenue $ — $ 764,709 $ 60 $ (60 ) $ 764,709 Home construction and land sales expenses 35,463 607,963 — (60 ) 643,366 Inventory impairments and abandonments — 282 — — 282 Gross (loss) profit (35,463 ) 156,464 60 — 121,061 Commissions — 29,955 — — 29,955 General and administrative expenses — 76,436 52 — 76,488 Depreciation and amortization — 5,832 — — 5,832 Operating (loss) income (35,463 ) 44,241 8 — 8,786 Equity in income of unconsolidated entities — 55 — — 55 Loss on extinguishment of debt (15,563 ) — — — (15,563 ) Other (expense) income, net (9,298 ) 171 (9 ) — (9,136 ) (Loss) income before income taxes (60,324 ) 44,467 (1 ) — (15,858 ) (Benefit) expense from income taxes (22,048 ) 15,044 — — (7,004 ) Equity in income of subsidiaries 29,422 — — (29,422 ) — (Loss) income from continuing operations (8,854 ) 29,423 (1 ) (29,422 ) (8,854 ) Loss from discontinued operations — (101 ) (9 ) — (110 ) Equity in loss of subsidiaries and discontinued operations (110 ) — — 110 — Net (loss) income and comprehensive (loss) income $ (8,964 ) $ 29,322 $ (10 ) $ (29,312 ) $ (8,964 )
Unaudited Condensed Consolidating Statements of Cash Flow Information	Beazer Homes USA, Inc. Condensed Consolidating Statements of Cash Flow Information (Unaudited) in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated 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 Repayment of borrowings from credit facility (25,000 ) — — — (25,000 ) Borrowings from credit facility 25,000 — — — 25,000 Debt issuance costs (5,743 ) — — — (5,743 ) Advances to/from subsidiaries — 186,633 — (186,633 ) — Other financing activities (1,310 ) — — — (1,310 ) 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 in thousands Beazer Homes Guarantor Non-Guarantor Consolidating Consolidated Six Months Ended March 31, 2017 Net cash used in operating activities $ (44,754 ) $ (27,243 ) $ (65 ) $ — $ (72,062 ) Cash flows from investing activities: Capital expenditures — (5,677 ) — — (5,677 ) Proceeds from sale of fixed assets — 74 — — 74 Investments in unconsolidated entities — (2,411 ) — — (2,411 ) Return of capital from unconsolidated entities — 1,621 — — 1,621 Advances to/from subsidiaries (20,019 ) — 10 20,009 — Net cash (used in) provided by investing activities (20,019 ) (6,393 ) 10 20,009 (6,393 ) Cash flows from financing activities: Repayment of debt (253,000 ) (3,207 ) — — (256,207 ) Proceeds from issuance of new debt 250,000 — — — 250,000 Repayment of borrowings from credit facility (25,000 ) — — — (25,000 ) Borrowings from credit facility 25,000 — — — 25,000 Debt issuance costs (4,721 ) — — — (4,721 ) Advances to/from subsidiaries — 20,747 — (20,747 ) — Other financing activities (388 ) — — — (388 ) Net cash (used in) provided by financing activities (8,109 ) 17,540 — (20,747 ) (11,316 ) Decrease in cash, cash equivalents and restricted cash (72,882 ) (16,096 ) (55 ) (738 ) (89,771 ) Cash, cash equivalents and restricted cash at beginning of period 228,513 18,404 859 (4,500 ) 243,276 Cash, cash equivalents and restricted cash at end of period $ 155,631 $ 2,308 $ 804 $ (5,238 ) $ 153,505

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Results of Discontinued Operations	The results of our discontinued operations in the condensed consolidated statements of income for the periods presented were as follows: Three Months Ended Six Months Ended March 31, March 31, (In thousands) 2018 2017 2018 2017 Total revenue $ 8 $ — $ 633 $ — Home construction and land sales expenses 56 6 723 84 Inventory impairments and lot option abandonments — — 450 — Gross loss (48 ) (6 ) (540 ) (84 ) General and administrative expenses 31 60 47 91 Operating loss (79 ) (66 ) (587 ) (175 ) Equity in income of unconsolidated entities 4 — 16 — Other expense, net (2 ) (3 ) (5 ) (3 ) Loss from discontinued operations before income taxes (77 ) (69 ) (576 ) (178 ) Benefit from income taxes (19 ) (29 ) (146 ) (68 ) Loss from discontinued operations, net of tax $ (58 ) $ (40 ) $ (430 ) $ (110 )

Description of Business (Detail

Description of Business (Details)	Mar. 31, 2018stateregion
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

Basis of Presentation and Sum38

Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash used in investing activities	$ (8,304)	$ (6,393)
Accounting Standards Update 2016-18 | Scenario, Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash used in investing activities		(6,684)
Accounting Standards Update 2016-18 | Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash used in investing activities		$ 291

Supplemental Cash Flow Inform39

Supplemental Cash Flow Information - Supplemental Disclosure of Non-cash Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2016
Supplemental disclosure of non-cash activity:
Non-cash land acquisitions	$ 0	$ 5,197
Land acquisitions for debt	0	6,304
Supplemental disclosure of cash activity:
Interest payments	43,433	50,153
Income tax payments	10	91
Tax refunds received	39	3
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	158,787	138,809	$ 292,147
Restricted cash	12,783	14,696	12,462
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 171,570	$ 153,505	$ 304,609	$ 243,276

Investments in Unconsolidated40

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, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Sep. 30, 2017
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 4,293		$ 4,293		$ 3,994
Equity in income of unconsolidated entities	256	$ 33	155	$ 55
Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	4,293		4,293		3,994
Total equity of unconsolidated entities	12,078		12,078		11,811
Total outstanding borrowings of unconsolidated entities	$ 16,474		$ 16,474		$ 15,797

Investments in Unconsolidated41

Investments in Unconsolidated Entities - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Impairment of unconsolidated entity investments	$ 0	$ 0
Unconsolidated Entities | Financial Guarantee
Schedule of Equity Method Investments [Line Items]
Outstanding guarantees	$ 0

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Inventory Disclosure [Abstract]
Homes under construction	$ 527,102		$ 419,312
Development projects in progress	825,355		785,777
Land held for future development	87,718		112,565
Land held for sale	9,927		17,759
Capitalized interest	149,034	$ 144,847	139,203	$ 146,916	$ 144,299	$ 138,108
Model homes	78,225		68,191
Total owned inventory	$ 1,677,361		$ 1,542,807

Inventory - Narrative (Details)

Inventory - Narrative (Details) $ in Millions	6 Months Ended
	Mar. 31, 2018USD ($)homeCommunity	Sep. 30, 2017USD ($)home	Mar. 31, 2017Community
Inventory Disclosure [Abstract]
Number of substantially completed homes unsold | home	126	171
Total value of substantially completed homes | $	$ 40.3	$ 52.6
Threshold number of homes below a minimum threshold of profitability | home	10
Real Estate Properties [Line Items]
Number of communities on watch list	2		6
Number of communities requiring further analysis	0		0
West Segment
Real Estate Properties [Line Items]
Number of communities requiring further analysis	1		5
Southeast Segment
Real Estate Properties [Line Items]
Number of communities requiring further analysis	1
East Segment
Real Estate Properties [Line Items]
Number of communities requiring further analysis			1

Inventory - Total Owned Invento

Inventory - Total Owned Inventory by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Projects in progress	$ 1,579,716	$ 1,412,483
Land held for future development	87,718	112,565
Land held for sale	9,927	17,759
Total owned inventory	1,677,361	1,542,807
Corporate and unallocated
Segment Reporting Information [Line Items]
Projects in progress	204,237	187,385
Land held for future development	0	0
Land held for sale	24	1,100
Total owned inventory	204,261	188,485
West Segment | Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	751,745	673,828
Land held for future development	62,190	87,231
Land held for sale	1,484	3,848
Total owned inventory	815,419	764,907
East Segment | Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	285,068	250,002
Land held for future development	14,570	14,391
Land held for sale	7,522	11,578
Total owned inventory	307,160	275,971
Southeast Segment | Operating Segments
Segment Reporting Information [Line Items]
Projects in progress	338,666	301,268
Land held for future development	10,958	10,943
Land held for sale	897	1,233
Total owned inventory	$ 350,521	$ 313,444

Inventory - Impairments and Lot

Inventory - Impairments and Lot Option Abandonment Charges, by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Real Estate, Write-down or Reserve [Line Items]
Total impairment and abandonment charges	$ 0	$ 282	$ 0	$ 282
Continuing Operations
Real Estate, Write-down or Reserve [Line Items]
Total impairment and abandonment charges	0	282	0	282
Discontinued Operations
Real Estate, Write-down or Reserve [Line Items]
Land Held for Sale	0	0	450	0
Total impairment and abandonment charges	0	0	450	0
West Segment
Real Estate, Write-down or Reserve [Line Items]
Land Held for Sale	0	94	0	94
East Segment
Real Estate, Write-down or Reserve [Line Items]
Abandonments	$ 0	$ 188	$ 0	$ 188

Inventory - Summary of Interest

Inventory - Summary of Interests in Lot Option Agreements (Details) - Unconsolidated lot option agreements - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
Real Estate Properties [Line Items]
Deposits & Non-refundable Pre-acquisition Costs Incurred	$ 78,971	$ 91,854
Remaining Obligation	$ 341,737	$ 408,300

Interest - Schedule of Capitali

Interest - Schedule of Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in inventory, beginning of period	$ 144,847	$ 144,299	$ 139,203	$ 138,108
Interest incurred	25,492	26,482	51,047	53,569
Interest expense not qualified for capitalization and included as other expense	(1,650)	(4,046)	(5,085)	(9,298)
Capitalized interest amortized to home construction and land sales expenses	(19,655)	(19,819)	(36,131)	(35,463)
Capitalized interest in inventory, end of period	$ 149,034	$ 146,916	$ 149,034	$ 146,916

Borrowings - Schedule of Long-t

Borrowings - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017	Jul. 30, 2016
Debt Instrument [Line Items]
Unamortized debt premium, net	$ (3,027)	$ (3,413)
Unamortized debt issuance costs	(15,905)	(14,800)
Total debt, net	1,325,457	1,327,412
Senior Notes
Debt Instrument [Line Items]
Unamortized debt premium, net	(3,026)	(3,413)
Unamortized debt issuance costs	(15,905)	(14,800)
Total debt, net	$ 1,258,348	1,259,840
Senior Notes | 5 3/4% Senior Notes Maturing June 2019
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	5.75%
Total debt, net	$ 96,393	$ 321,393
Senior Notes | 7 1/2% Senior Notes Maturing September 2021
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	7.50%	7.50%
Senior Notes | 8 3/4% Senior Notes Maturing March 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	8.75%	8.75%
Total debt, net	$ 500,000	$ 500,000
Senior Notes | 7 1/4% Senior Notes Maturing February 2023
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	7.25%	7.25%
Total debt, net	$ 24,834	$ 199,834
Senior Notes | 6 3/4% Senior Notes Maturing March of 2025
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	6.75%	6.75%
Total debt, net	$ 250,000	$ 250,000
Senior Notes | 5 7/8% Senior Notes Maturing October 2027
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	5.875%	0.00%
Total debt, net	$ 400,000	$ 0
Junior Subordinated Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)			7.987%
Total debt, net	62,970	61,937
Other Secured Notes payable
Debt Instrument [Line Items]
Total debt, net	$ 4,139	$ 5,635

Borrowings - Narrative (Details

Borrowings - Narrative (Details)	Jul. 30, 2016	Oct. 31, 2017USD ($)	Mar. 31, 2018USD ($)lender	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)lender	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jan. 31, 2010USD ($)
Line of Credit Facility [Abstract]
Amount of available borrowings under the Secured Revolving Credit Facility			$ 170,300,000		$ 170,300,000		$ 145,300,000
Senior Notes [Abstract]
Loss on extinguishment of debt			0	$ 15,563,000	25,904,000	$ 15,563,000
Non-cash loss on extinguishment of debt					3,173,000	3,676,000
Secured Debt [Abstract]
Total debt, net			1,325,457,000		1,325,457,000			$ 1,327,412,000
Senior Notes
Line of Credit Facility [Abstract]
Early repayment of senior debt			34,500,000
Senior Notes [Abstract]
Non-cash loss on extinguishment of debt			3,200,000
Secured Debt [Abstract]
Total debt, net			$ 1,258,348,000		$ 1,258,348,000			1,259,840,000
Senior Notes | 5 7/8% Unsecured Senior Notes Maturing October 2027
Line of Credit Facility [Abstract]
Debt instrument, face amount		$ 400,000,000
Stated interest rate on debt instrument (percent)		5.875%
Senior Notes | 6 3/4% Senior Notes Maturing March 2025
Line of Credit Facility [Abstract]
Debt instrument, face amount				$ 250,000,000		$ 250,000,000
Stated interest rate on debt instrument (percent)				6.75%		6.75%
Repurchase price upon change of control, percent of par				101.00%		101.00%
Percentage of debt outstanding after repurchase				35.00%		35.00%
Senior Notes | 6 3/4% Senior Notes Maturing March 2025 | Optional Redemption Under Indenture
Line of Credit Facility [Abstract]
Percentage of debt outstanding after repurchase				65.00%		65.00%
Redemption option, percent of par				106.75%		106.75%
Senior Notes | 5 3/4% Senior Notes Maturing June 2019
Line of Credit Facility [Abstract]
Stated interest rate on debt instrument (percent)			5.75%		5.75%
Extinguishment of debt, amount			$ 225,000,000
Secured Debt [Abstract]
Total debt, net			$ 96,393,000		$ 96,393,000			$ 321,393,000
Senior Notes | 7 1/4% Senior Notes Maturing February 2023
Line of Credit Facility [Abstract]
Stated interest rate on debt instrument (percent)			7.25%		7.25%			7.25%
Extinguishment of debt, amount			$ 175,000,000
Secured Debt [Abstract]
Total debt, net			24,834,000		$ 24,834,000			$ 199,834,000
Senior Notes | Debt Instrument, Redemption, Period Two | 5 7/8% Unsecured Senior Notes Maturing October 2027
Line of Credit Facility [Abstract]
Redemption price, percentage of principal amount redeemed		35.00%
Redemption price (as a percentage)		105.875%
Redemption price, percentage of principal amount outstanding after redemption		65.00%
Repurchase price upon change of control, percent of par				101.00%		101.00%
Senior Notes | Debt Instrument, Redemption, Period Two | 7 1/4% Senior Notes Maturing February 2023
Line of Credit Facility [Abstract]
Redemption price (as a percentage)					103.625%
Junior Subordinated Notes
Line of Credit Facility [Abstract]
Stated interest rate on debt instrument (percent)	7.987%
Junior Subordinated Notes [Abstract]
Effective period of debt instrument interest rate	10 years
Face amount modification									$ 75,000,000
Unamortized accretion			$ 37,803,000		$ 37,803,000			38,837,000
Secured Debt [Abstract]
Weighted average fixed interest rate of debt (percent)			4.24%		4.24%
Total debt, net			$ 62,970,000		$ 62,970,000			61,937,000
Other secured notes payable
Secured Debt [Abstract]
Weighted average fixed interest rate of debt (percent)			1.56%		1.56%
Total debt, net			$ 4,139,000		$ 4,139,000			5,635,000
Revolving Credit Facility
Line of Credit Facility [Abstract]
Credit facility borrowing capacity			200,000,000		200,000,000		180,000,000
Inventory assets pledged as collateral			$ 800,000,000		$ 800,000,000
Number of lenders | lender			3		3
Borrowings outstanding under facility			$ 0		$ 0			$ 0
Letters of credit secured using cash collateral			29,700,000		29,700,000		34,700,000
Revolving Credit Facility | Maximum
Line of Credit Facility [Abstract]
Line of credit facility, allowed increase in borrowing capacity			$ 250,000,000		$ 250,000,000
Aggregate collateral ratio			4		4
Revolving Credit Facility | Minimum
Line of Credit Facility [Abstract]
Line of credit facility, allowed increase in borrowing capacity			$ 50,000,000		$ 50,000,000
Aggregate collateral ratio			1		1
Letter of Credit, Cash Secured
Line of Credit Facility [Abstract]
Letters of credit secured using cash collateral			$ 11,000,000		$ 11,000,000		$ 10,800,000

Borrowings - Debt Redemption (D

Borrowings - Debt Redemption (Details) - Senior Notes	6 Months Ended
	Mar. 31, 2018	Sep. 30, 2017
5 3/4% Senior Notes Maturing June 2019
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	5.75%
7 1/2% Senior Notes Maturing September 2021
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	7.50%	7.50%
7 1/2% Senior Notes Maturing September 2021 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price (as a percentage)	105.625%
7 1/2% Senior Notes Maturing September 2021 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price (as a percentage)	103.75%
7 1/2% Senior Notes Maturing September 2021 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price (as a percentage)	101.875%
7 1/2% Senior Notes Maturing September 2021 | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price (as a percentage)	100.00%
8 3/4% Senior Notes Maturing March 2022
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	8.75%	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%	7.25%
7 1/4% Senior Notes Maturing February 2023 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price (as a percentage)	100.00%
7 1/4% Senior Notes Maturing February 2023 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price (as a percentage)	103.625%
7 1/4% Senior Notes Maturing February 2023 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price (as a percentage)	102.41%
7 1/4% Senior Notes Maturing February 2023 | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price (as a percentage)	101.208%
6 3/4% Senior Notes Maturing March of 2025
Debt Instrument [Line Items]
Stated interest rate on debt instrument (percent)	6.75%	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%	0.00%
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 (Detai

Contingencies - Warranty (Details) $ in Thousands	3 Months Ended		6 Months Ended		42 Months Ended
	Mar. 31, 2018USD ($)home	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)home	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)home
Loss Contingencies [Line Items]
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	$ 15,816	$ 32,309	$ 18,091	$ 39,131
Accruals for warranties issued	3,400	3,249	7,613	5,907
Changes in liability related to warranties existing in prior periods	(1,097)	2,463	(3,394)	7,855
Payments made	(3,536)	(12,635)	(7,727)	(27,507)
Balance at end of period	14,583	25,386	14,583	25,386	$ 14,583
Insurance recoveries	200	$ 2,300	400	$ 6,200	82,600
Specific Warranty Issue
Movement in Standard Product Warranty Accrual [Roll Forward]
Product warranty expense					85,000
Specific Warranty Issue | Florida
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at end of period	2,400		2,400		$ 2,400
Decrease in warranty reserves	$ 200		$ 600
Homes likely to require more than minor repairs | home	709		709		709
Homes have been repaired | home	675		675		675
Product warranty accrual, payments	$ 600		$ 1,700
Estimated remaining warranty costs	$ 2,400		$ 2,400		$ 2,400

Contingencies - Litigation and

Contingencies - Litigation and Other Matters (Details) - USD ($)	Mar. 31, 2018	Sep. 30, 2017
Loss Contingencies [Line Items]
Estimated litigation liability	$ 0
Legal Reserve
Loss Contingencies [Line Items]
Accrued amounts for litigation and other contingent liabilities	2,900,000	$ 3,900,000
Performance Bonds
Loss Contingencies [Line Items]
Letters of credit secured using cash collateral	40,700,000
Outstanding performance bonds	$ 222,300,000

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Assets Measured on a Non-recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 1,445	$ 1,114	$ 1,080
Development projects in progress		3,791
Land held for sale		325
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	0
Development projects in progress		0
Land held for sale		0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	1,445	1,114	1,080
Development projects in progress		0
Land held for sale		0
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	0
Development projects in progress		3,791
Land held for sale		$ 325
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land held for sale	642		325
Fair Value, Measurements, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land held for sale	0		0
Fair Value, Measurements, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land held for sale	0		0
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land held for sale	$ 642		$ 325

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Values and Estimated Fair Values of Other Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 1,321,318	$ 1,321,777
Carrying Amount | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	1,258,348	1,259,840
Carrying Amount | Junior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	62,970	61,937
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	1,338,826	1,417,594
Fair Value | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	1,275,856	1,355,657
Fair Value | Junior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 62,970	$ 61,937

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense (benefit), including discontinued operations	$ 1	$ (4.5)	$ 109	$ (7.1)
Tax credit		$ 1.3	$ 2.3
Corporate Tax Rate per The Tax Cuts and Jobs Acts (TTCJA) [Line Items]
Provisional tax expense per the Tax Cuts Cuts and Jobs Act	$ 112.6
Maximum
Corporate Tax Rate per The Tax Cuts and Jobs Acts (TTCJA) [Line Items]
Corporate Tax Rate per The Tax Cuts and Jobs Acts (TTCJA)	35.00%		35.00%
Minimum
Corporate Tax Rate per The Tax Cuts and Jobs Acts (TTCJA) [Line Items]
Corporate Tax Rate per The Tax Cuts and Jobs Acts (TTCJA)	21.00%		21.00%

Stock-based Compensation - Sch

Stock-based Compensation - Schedule of Compensation Cost for Share-based Payment Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Before tax stock-based compensation expense	$ 2,598	$ 2,341	$ 5,208	$ 4,517
Tax benefit	(659)	(833)	(1,321)	(1,607)
After tax stock-based compensation expense	1,939	1,508	3,887	2,910
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Before tax stock-based compensation expense	73	55	133	162
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Before tax stock-based compensation expense	$ 2,525	$ 2,286	$ 5,075	$ 4,355

- Narrative (Details)

- Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares surrendered by employees (shares)		62,330	30,018
Payments related to tax withholding for share-based compensation		$ 1.3	$ 0.4
2017 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period		3 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of stock options outstanding	$ 1.6	$ 1.6
Aggregate intrinsic value of exercisable stock options	1.6	1.6
Intrinsic value of options exercisable	1	1
Unrecognized compensation costs related to non-vested stock options award	$ 0.3	$ 0.3		$ 0.3
Weighted average period to recognize remaining cost		1 year 11 months 27 days
Granted (shares)	0	23,680
Award vesting period		3 years
Expected dividends		0.00%
Risk free interest rate		2.06%
Employee purchase plan (EOP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		2 years
Time Based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Granted restricted stock (shares)		211,165
Granted (in dollars per share)		$ 20.20
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted restricted stock (shares)		376,250
Granted (in dollars per share)		$ 21.17
Restricted Stock | 2017 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Granted (in dollars per share)		$ 22.40
Expected dividends		0.00%
Expected volatility rate range minimum (percent)		21.10%
Expected volatility rate range maximum (percent)		50.00%
Risk free interest rate		1.81%
Restricted Stock | 2017 Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		0.00%
Restricted Stock | 2017 Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		175.00%
Nonvested Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period to recognize remaining cost		1 year 10 months 2 days
Unrecognized compensation costs related to non-vested stock awards	$ 12.9	$ 12.9		$ 8.8
Total Shareholder Return Performance Share | 2017 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage		20.00%

Stock-based Compensation - S58

Stock-based Compensation - Schedule of Share-based Payment Arrangement, Stock Options, Valuation (Details) - Stock Options	6 Months Ended
	Mar. 31, 2018$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options	4 years 11 months 30 days
Expected volatility	44.71%
Expected dividends	0.00%
Weighted average risk-free interest rate	2.06%
Weighted average grant date fair value (in dollars per share)	$ 8.49

Stock-based Compensation - Sto

Stock-based Compensation - Stock Options Outstanding (Details)	3 Months Ended	6 Months Ended
	Mar. 31, 2018$ / sharesshares	Mar. 31, 2018$ / sharesshares
Shares
Exercised (shares) | shares		(1,666)
Weighted Average Exercise Price
Exercised (in dollars per share) | $ / shares		$ 7.56
Stock Options
Shares
Outstanding at beginning of period (shares) | shares	556,159	593,753
Granted (shares) | shares	0	23,680
Exercised (shares) | shares	0
Expired (shares) | shares	0	(56,967)
Forfeited (shares) | shares	(5,900)	(8,541)
Outstanding at end of period (shares) | shares	550,259	550,259
Exercisable at end of period (shares) | shares	435,432	435,432
Vested or expected to vest in the future (shares) | shares	550,222	550,222
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 14.11	$ 14.76
Granted (in dollars per share) | $ / shares	0	20.46
Exercised (in dollars per share) | $ / shares	0
Expired (in dollars per share) | $ / shares	0	23.65
Forfeited (in dollars per share) | $ / shares	7.48	9.46
Outstanding at end of period (in dollars per share) | $ / shares	14.18	14.18
Exercisable at end of period (in dollars per share) | $ / shares	14.81	14.81
Vested or expected to vest in the future (in dollars per share) | $ / shares	$ 14.18	$ 14.18

Stock-based Compensation - Non

Stock-based Compensation - Nonvested Stock Awards (Details)	6 Months Ended
	Mar. 31, 2018$ / sharesshares
Restricted Stock
Shares
Beginning of period (in shares) | shares	1,540,947
Granted (in shares) | shares	376,250
Vested (in shares) | shares	(225,608)
Forfeited (in shares) | shares	(203,743)
End of period (in shares) | shares	1,487,846
Weighted Average Grant Date Fair Value
Beginning of period (in dollars per share) | $ / shares	$ 16.14
Granted (in dollars per share) | $ / shares	21.17
Vested (in dollars per share) | $ / shares	14.01
Forfeited (in dollars per share) | $ / shares	18.76
End of period (in dollars per share) | $ / shares	$ 17.38
Performance-Based Restricted Stock Awards
Shares
Beginning of period (in shares) | shares	668,766
Granted (in shares) | shares	165,085
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(188,058)
End of period (in shares) | shares	645,793
Weighted Average Grant Date Fair Value
Beginning of period (in dollars per share) | $ / shares	$ 15.72
Granted (in dollars per share) | $ / shares	22.40
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	18.96
End of period (in dollars per share) | $ / shares	$ 16.48
Time Based Restricted Stock Awards
Shares
Beginning of period (in shares) | shares	872,181
Granted (in shares) | shares	211,165
Vested (in shares) | shares	(225,608)
Forfeited (in shares) | shares	(15,685)
End of period (in shares) | shares	842,053
Weighted Average Grant Date Fair Value
Beginning of period (in dollars per share) | $ / shares	$ 16.47
Granted (in dollars per share) | $ / shares	20.20
Vested (in dollars per share) | $ / shares	14.01
Forfeited (in dollars per share) | $ / shares	16.35
End of period (in dollars per share) | $ / shares	$ 18.07

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Nonvested Stock Awards
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.3	1.6	1.4	1.6

Earnings Per Share - Diluted Sh

Earnings Per Share - Diluted Shares Calculation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Basic shares (in shares)	32,140	31,969	32,097	31,931
Shares issuable upon vesting of restricted stock (in shares)	466	0	0	0
Shares issuable upon exercise of options (in shares)	115	0	0	0
Diluted shares (in shares)	32,721	31,969	32,097	31,931

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Other Liabilities Disclosure [Abstract]
Accrued bonus and deferred compensation	$ 19,620		$ 36,753
Customer deposits	17,562		11,704
Accrued interest	16,318		11,024
Accrued warranty expense	14,583	$ 15,816	18,091	$ 25,386	$ 32,309	$ 39,131
Litigation accrual	2,886		3,899
Income tax liabilities	1,168		811
Other	25,800		25,377
Total other liabilities	$ 97,937		$ 107,659

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018USD ($)stateregion	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)segmentstateregion	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)
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	$ 455,178	$ 425,468	$ 827,667	$ 764,709
Operating income	13,825	7,511	20,506	8,786
Depreciation and amortization	3,066	3,155	5,573	5,832
Write-off of deposit on legacy land investment			0	2,700
Capital Expenditures			8,192	5,677
Assets	2,107,503		2,107,503		$ 2,220,995	$ 2,220,995
Operating Segments
Segment Reporting Information [Line Items]
Operating income	48,538	43,885	83,954	71,472
Depreciation and amortization	2,790	2,799	5,064	5,042
Corporate and unallocated
Segment Reporting Information [Line Items]
Operating income	(34,713)	(36,374)	(63,448)	(62,686)
Depreciation and amortization	276	356	509	790
Capital Expenditures			1,636	191
Assets	591,972		591,972		810,881
West Segment
Segment Reporting Information [Line Items]
Revenue	234,510	185,155	412,481	356,904
West Segment | Operating Segments
Segment Reporting Information [Line Items]
Operating income	31,715	20,779	52,825	41,794
Depreciation and amortization	1,697	1,545	2,953	2,793
Capital Expenditures			4,238	3,165
Assets	830,572		830,572		779,964
East Segment
Segment Reporting Information [Line Items]
Revenue	107,412	116,640	196,265	200,799
East Segment | Operating Segments
Segment Reporting Information [Line Items]
Operating income	8,926	10,532	16,322	12,089
Depreciation and amortization	551	598	990	1,127
Capital Expenditures			1,133	1,446
Assets	318,984		318,984		298,532
Southeast Segment
Segment Reporting Information [Line Items]
Revenue	113,256	123,673	218,921	207,006
Southeast Segment | Operating Segments
Segment Reporting Information [Line Items]
Operating income	7,897	12,574	14,807	17,589
Depreciation and amortization	542	$ 656	1,121	1,122
Capital Expenditures			1,185	$ 875
Assets	$ 365,975		$ 365,975		$ 331,618

Supplemental Guarantor Inform65

Supplemental Guarantor Information - Unaudited Condensed Consolidating Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017
ASSETS
Cash and cash equivalents	$ 158,787		$ 292,147	$ 138,809
Restricted cash	12,783		12,462	$ 14,696
Accounts receivable (net of allowance of $346 and $330, respectively)	30,183		36,323
Income tax receivable	112		88
Owned inventory	1,677,361		1,542,807
Investments in unconsolidated entities	4,293		3,994
Deferred tax assets, net	199,229		307,896
Property and equipment, net	20,166		17,566
Investments in subsidiaries	0		0
Intercompany	0		0
Other assets	4,589		7,712
Total assets	2,107,503	$ 2,220,995	2,220,995
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	117,143		103,484
Other liabilities	97,937		107,659
Intercompany	0		0
Total debt (net of premium of $3,027 and $3,413, respectively, and debt issuance costs of $15,905 and $14,800, respectively)	1,325,457		1,327,412
Total liabilities	1,540,537		1,538,555
Stockholders’ equity	566,966		682,440
Total liabilities and stockholders’ equity	2,107,503		2,220,995
Consolidating Adjustments
ASSETS
Cash and cash equivalents	(7,294)		(7,161)
Restricted cash	0		0
Accounts receivable (net of allowance of $346 and $330, respectively)	0		0
Income tax receivable	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	(737,894)		(808,067)
Intercompany	(801,479)		(608,505)
Other assets	0		0
Total assets	(1,546,667)		(1,423,733)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	0		0
Other liabilities	0		0
Intercompany	(808,773)		(615,666)
Total debt (net of premium of $3,027 and $3,413, respectively, and debt issuance costs of $15,905 and $14,800, respectively)	0		0
Total liabilities	(808,773)		(615,666)
Stockholders’ equity	(737,894)		(808,067)
Total liabilities and stockholders’ equity	(1,546,667)		(1,423,733)
Beazer Homes USA, Inc.
ASSETS
Cash and cash equivalents	157,652		283,191
Restricted cash	11,818		11,001
Accounts receivable (net of allowance of $346 and $330, respectively)	0		0
Income tax receivable	112		88
Owned inventory	0		0
Investments in unconsolidated entities	773		773
Deferred tax assets, net	199,229		307,896
Property and equipment, net	0		0
Investments in subsidiaries	737,894		808,067
Intercompany	799,150		606,168
Other assets	803		599
Total assets	1,907,431		2,017,783
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	0		0
Other liabilities	16,818		11,229
Intercompany	2,329		2,337
Total debt (net of premium of $3,027 and $3,413, respectively, and debt issuance costs of $15,905 and $14,800, respectively)	1,321,318		1,321,777
Total liabilities	1,340,465		1,335,343
Stockholders’ equity	566,966		682,440
Total liabilities and stockholders’ equity	1,907,431		2,017,783
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	7,735		15,393
Restricted cash	965		1,461
Accounts receivable (net of allowance of $346 and $330, respectively)	30,180		36,322
Income tax receivable	0		0
Owned inventory	1,677,361		1,542,807
Investments in unconsolidated entities	3,520		3,221
Deferred tax assets, net	0		0
Property and equipment, net	20,166		17,566
Investments in subsidiaries	0		0
Intercompany	0		0
Other assets	3,786		7,098
Total assets	1,743,713		1,623,868
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	117,143		103,484
Other liabilities	80,889		96,189
Intercompany	806,444		613,329
Total debt (net of premium of $3,027 and $3,413, respectively, and debt issuance costs of $15,905 and $14,800, respectively)	4,139		5,635
Total liabilities	1,008,615		818,637
Stockholders’ equity	735,098		805,231
Total liabilities and stockholders’ equity	1,743,713		1,623,868
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	694		724
Restricted cash	0		0
Accounts receivable (net of allowance of $346 and $330, respectively)	3		1
Income tax receivable	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	0		0
Intercompany	2,329		2,337
Other assets	0		15
Total assets	3,026		3,077
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	0		0
Other liabilities	230		241
Intercompany	0		0
Total debt (net of premium of $3,027 and $3,413, respectively, and debt issuance costs of $15,905 and $14,800, respectively)	0		0
Total liabilities	230		241
Stockholders’ equity	2,796		2,836
Total liabilities and stockholders’ equity	$ 3,026		$ 3,077

Supplemental Guarantor Inform66

Supplemental Guarantor Information - Unaudited Condensed Consolidating Statements of Income (Loss) and Unaudited Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Total revenue	$ 455,178	$ 425,468	$ 827,667	$ 764,709
Home construction and land sales expenses	380,101	357,788	691,761	643,366
Inventory impairments and abandonments	0	282	0	282
Gross profit	75,077	67,398	135,906	121,061
Commissions	17,334	16,632	31,690	29,955
General and administrative expenses	40,852	40,100	78,137	76,488
Depreciation and amortization	3,066	3,155	5,573	5,832
Operating income	13,825	7,511	20,506	8,786
Equity in income of unconsolidated entities	256	33	155	55
Loss on extinguishment of debt	0	(15,563)	(25,904)	(15,563)
Other (expense) income, net	(1,453)	(3,940)	(4,598)	(9,136)
(Loss) income before income taxes	12,628	(11,959)	(9,841)	(15,858)
(Benefit) expense from income taxes	1,012	(4,464)	109,118	(7,004)
Equity in income of subsidiaries	0	0	0	0
Income (loss) from continuing operations	11,616	(7,495)	(118,959)	(8,854)
Loss from discontinued operations, net of tax	(58)	(40)	(430)	(110)
Equity in loss of subsidiaries from discontinued operations	0	0	0	0
Net income (loss) and comprehensive income (loss)	11,558	(7,535)	(119,389)	(8,964)
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Total revenue	(23)	(24)	(37)	(60)
Home construction and land sales expenses	(23)	(24)	(37)	(60)
Inventory impairments and abandonments		0		0
Gross 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 income	0	0	0	0
Equity in income of unconsolidated entities	0	0	0	0
Loss on extinguishment of debt		0	0	0
Other (expense) income, net	0	0	0	0
(Loss) income before income taxes	0	0	0	0
(Benefit) expense from income taxes	0	0	0	0
Equity in income of subsidiaries	(27,211)	(17,455)	69,744	(29,422)
Income (loss) from continuing operations	(27,211)	(17,455)	69,744	(29,422)
Loss from discontinued operations, net of tax	0	0	0	0
Equity in loss of subsidiaries from discontinued operations	58	40	430	110
Net income (loss) and comprehensive income (loss)	(27,153)	(17,415)	70,174	(29,312)
Beazer Homes USA, Inc.
Condensed Financial Statements, Captions [Line Items]
Total revenue	0	0	0	0
Home construction and land sales expenses	19,655	19,819	36,123	35,463
Inventory impairments and abandonments		0		0
Gross profit	(19,655)	(19,819)	(36,123)	(35,463)
Commissions	0	0	0	0
General and administrative expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Operating income	(19,655)	(19,819)	(36,123)	(35,463)
Equity in income of unconsolidated entities	0	0	0	0
Loss on extinguishment of debt		(15,563)	(25,904)	(15,563)
Other (expense) income, net	(1,650)	(4,046)	(5,085)	(9,298)
(Loss) income before income taxes	(21,305)	(39,428)	(67,112)	(60,324)
(Benefit) expense from income taxes	(5,710)	(14,478)	(17,897)	(22,048)
Equity in income of subsidiaries	27,211	17,455	(69,744)	29,422
Income (loss) from continuing operations	11,616	(7,495)	(118,959)	(8,854)
Loss from discontinued operations, net of tax	0	0	0	0
Equity in loss of subsidiaries from discontinued operations	(58)	(40)	(430)	(110)
Net income (loss) and comprehensive income (loss)	11,558	(7,535)	(119,389)	(8,964)
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenue	455,178	425,468	827,667	764,709
Home construction and land sales expenses	360,469	337,993	655,675	607,963
Inventory impairments and abandonments		282		282
Gross profit	94,709	87,193	171,992	156,464
Commissions	17,334	16,632	31,690	29,955
General and administrative expenses	40,823	40,071	78,067	76,436
Depreciation and amortization	3,066	3,155	5,573	5,832
Operating income	33,486	27,335	56,662	44,241
Equity in income of unconsolidated entities	256	33	155	55
Loss on extinguishment of debt		0	0	0
Other (expense) income, net	203	114	500	171
(Loss) income before income taxes	33,945	27,482	57,317	44,467
(Benefit) expense from income taxes	6,725	10,019	127,029	15,044
Equity in income of subsidiaries	0	0	0	0
Income (loss) from continuing operations	27,220	17,463	(69,712)	29,423
Loss from discontinued operations, net of tax	(52)	(34)	(421)	(101)
Equity in loss of subsidiaries from discontinued operations	0	0	0	0
Net income (loss) and comprehensive income (loss)	27,168	17,429	(70,133)	29,322
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenue	23	24	37	60
Home construction and land sales expenses	0	0	0	0
Inventory impairments and abandonments		0		0
Gross profit	23	24	37	60
Commissions	0	0	0	0
General and administrative expenses	29	29	70	52
Depreciation and amortization	0	0	0	0
Operating income	(6)	(5)	(33)	8
Equity in income of unconsolidated entities	0	0	0	0
Loss on extinguishment of debt		0	0	0
Other (expense) income, net	(6)	(8)	(13)	(9)
(Loss) income before income taxes	(12)	(13)	(46)	(1)
(Benefit) expense from income taxes	(3)	(5)	(14)	0
Equity in income of subsidiaries	0	0	0	0
Income (loss) from continuing operations	(9)	(8)	(32)	(1)
Loss from discontinued operations, net of tax	(6)	(6)	(9)	(9)
Equity in loss of subsidiaries from discontinued operations	0	0	0	0
Net income (loss) and comprehensive income (loss)	$ (15)	$ (14)	$ (41)	$ (10)

Supplemental Guarantor Inform67

Supplemental Guarantor Information - Unaudited Condensed Consolidating Statements of Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net cash used in operating activities	$ (116,185)	$ (72,062)
Cash flows from investing activities:
Capital expenditures	(8,192)	(5,677)
Proceeds from sale of fixed assets	133	74
Investments in unconsolidated entities	(421)	(2,411)
Return of capital from unconsolidated entities	176	1,621
Advances to/from subsidiaries	0	0
Net cash used in investing activities	(8,304)	(6,393)
Cash flows from financing activities:
Repayment of debt	(401,497)	(256,207)
Proceeds from issuance of new debt	400,000	250,000
Repayment of borrowings from credit facility	(25,000)	(25,000)
Borrowings from credit facility	25,000	25,000
Debt issuance costs	(5,743)	(4,721)
Advances to/from subsidiaries	0	0
Other financing activities	(1,310)	(388)
Net cash used in financing activities	(8,550)	(11,316)
Decrease in cash, cash equivalents, and restricted cash	(133,039)	(89,771)
Cash, cash equivalents, and restricted cash at beginning of period	304,609	243,276
Cash, cash equivalents and restricted cash at end of period	171,570	153,505
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Net cash used in operating activities	0	0
Cash flows from investing activities:
Capital expenditures	0	0
Proceeds from sale of fixed assets	0	0
Investments in unconsolidated entities	0	0
Return of capital from unconsolidated entities	0	0
Advances to/from subsidiaries	186,500	20,009
Net cash used in investing activities	186,500	20,009
Cash flows from financing activities:
Repayment of debt	0	0
Proceeds from issuance of new debt	0	0
Repayment of borrowings from credit facility	0	0
Borrowings from credit facility	0	0
Debt issuance costs	0	0
Advances to/from subsidiaries	(186,633)	(20,747)
Other financing activities	0	0
Net cash used in financing activities	(186,633)	(20,747)
Decrease in cash, cash equivalents, and restricted cash	(133)	(738)
Cash, cash equivalents, and restricted cash at beginning of period	(7,161)	(4,500)
Cash, cash equivalents and restricted cash at end of period	(7,294)	(5,238)
Beazer Homes USA, Inc.
Condensed Financial Statements, Captions [Line Items]
Net cash used in operating activities	68,837	(44,754)
Cash flows from investing activities:
Capital expenditures	0	0
Proceeds from sale of fixed assets	0	0
Investments in unconsolidated entities	0	0
Return of capital from unconsolidated entities	0	0
Advances to/from subsidiaries	(186,478)	(20,019)
Net cash used in investing activities	(186,478)	(20,019)
Cash flows from financing activities:
Repayment of debt	(400,028)	(253,000)
Proceeds from issuance of new debt	400,000	250,000
Repayment of borrowings from credit facility	(25,000)	(25,000)
Borrowings from credit facility	25,000	25,000
Debt issuance costs	(5,743)	(4,721)
Advances to/from subsidiaries	0	0
Other financing activities	(1,310)	(388)
Net cash used in financing activities	(7,081)	(8,109)
Decrease in cash, cash equivalents, and restricted cash	(124,722)	(72,882)
Cash, cash equivalents, and restricted cash at beginning of period	294,192	228,513
Cash, cash equivalents and restricted cash at end of period	169,470	155,631
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash used in operating activities	(185,014)	(27,243)
Cash flows from investing activities:
Capital expenditures	(8,192)	(5,677)
Proceeds from sale of fixed assets	133	74
Investments in unconsolidated entities	(421)	(2,411)
Return of capital from unconsolidated entities	176	1,621
Advances to/from subsidiaries	0	0
Net cash used in investing activities	(8,304)	(6,393)
Cash flows from financing activities:
Repayment of debt	(1,469)	(3,207)
Proceeds from issuance of new debt	0	0
Repayment of borrowings from credit facility	0	0
Borrowings from credit facility	0	0
Debt issuance costs	0	0
Advances to/from subsidiaries	186,633	20,747
Other financing activities	0	0
Net cash used in financing activities	185,164	17,540
Decrease in cash, cash equivalents, and restricted cash	(8,154)	(16,096)
Cash, cash equivalents, and restricted cash at beginning of period	16,854	18,404
Cash, cash equivalents and restricted cash at end of period	8,700	2,308
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash used in operating activities	(8)	(65)
Cash flows from investing activities:
Capital expenditures	0	0
Proceeds from sale of fixed assets	0	0
Investments in unconsolidated entities	0	0
Return of capital from unconsolidated entities	0	0
Advances to/from subsidiaries	(22)	10
Net cash used in investing activities	(22)	10
Cash flows from financing activities:
Repayment of debt	0	0
Proceeds from issuance of new debt	0	0
Repayment of borrowings from credit facility	0	0
Borrowings from credit facility	0	0
Debt issuance costs	0	0
Advances to/from subsidiaries	0	0
Other financing activities	0	0
Net cash used in financing activities	0	0
Decrease in cash, cash equivalents, and restricted cash	(30)	(55)
Cash, cash equivalents, and restricted cash at beginning of period	724	859
Cash, cash equivalents and restricted cash at end of period	$ 694	$ 804

Discontinued Operations - Resul

Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory impairments and lot option abandonments	$ 0	$ 282	$ 0	$ 282
Loss from discontinued operations, net of tax	(58)	(40)	(430)	(110)
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenue	8	0	633	0
Home construction and land sales expenses	56	6	723	84
Inventory impairments and lot option abandonments	0	0	450	0
Gross loss	(48)	(6)	(540)	(84)
General and administrative expenses	31	60	47	91
Operating loss	(79)	(66)	(587)	(175)
Equity in income of unconsolidated entities	4	0	16	0
Other expense, net	(2)	(3)	(5)	(3)
Loss from discontinued operations before income taxes	(77)	(69)	(576)	(178)
Benefit from income taxes	(19)	(29)	(146)	(68)
Loss from discontinued operations, net of tax	$ (58)	$ (40)	$ (430)	$ (110)