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INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables) | 3 Months Ended
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Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures | Summarized condensed combined financial information related to unconsolidated joint ventures that are accounted for using the equity method was as follows (in thousands):
| As of |  |
| March 31, 2020 |  | December 31, 2019
Assets: |  |  |
Cash | $ | 6,793 |  |  | $ | 6,329 |
Real estate | 7,048 |  |  | 6,654 |
Other assets | 2,817 |  |  | 4,382 |
Total assets | $ | 16,658 |  |  | $ | 17,365 |
Liabilities and equity: |  |  |
Accounts payable and other liabilities | $ | 5,497 |  |  | $ | 6,580 |
Equity of: |  |  |
Meritage (1) | 4,691 |  |  | 5,678 |
Other | 6,470 |  |  | 5,107 |
Total liabilities and equity | $ | 16,658 |  |  | $ | 17,365 |
| Three Months Ended March 31, |  |  |  |  |  |
| 2020 |  | 2019 |  |  |  |
Revenue | $ | 6,723 |  |  | $ | 8,998 |  |  |  |  |
Costs and expenses | (5,863) |  |  | (6,116) |  |  |  |  |
Net earnings of unconsolidated entities | $ | 860 |  |  | $ | 2,882 |  |  |  |  |
Meritage’s share of pre-tax earnings (1) (2) | $ | 687 |  |  | $ | 2,174 |  |  |  |  |
(1)Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reported in our consolidated financial statements due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) capitalization of interest on qualified assets, (iv) income deferrals as discussed in Note (2) below and (v) the cessation of allocation of losses from joint ventures in which we have previously written down our investment balance to zero and where we have no commitment to fund additional losses. (2)Our share of pre-tax earnings is recorded in Earnings from financial services unconsolidated entities and other, net and Other income, net on our unaudited consolidated income statements and excludes joint venture profit related to lots we purchased from the joint ventures, if any. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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