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INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables) | 6 Months Ended
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Jun. 30, 2023
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
| June 30, 2023 |  | December 31, 2022
Assets: |  |  |
Cash | $ | 3,114 |  |  | $ | 3,389 |
Real estate | 20,301 |  |  | 17,965 |
Other assets | 5,720 |  |  | 11,653 |
Total assets | $ | 29,135 |  |  | $ | 33,007 |
Liabilities and equity: |  |  |
Accounts payable and other liabilities | $ | 5,313 |  |  | $ | 11,397 |
Equity of: |  |  |
Meritage (1) | 11,637 |  |  | 10,356 |
Other | 12,185 |  |  | 11,254 |
Total liabilities and equity | $ | 29,135 |  |  | $ | 33,007 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenue | $ | 11,710 |  |  | $ | 9,840 |  |  | $ | 21,226 |  |  | $ | 19,078 |
Costs and expenses | (9,099) |  |  | (7,936) |  |  | (17,450) |  |  | (16,208) |
Net earnings of unconsolidated entities | $ | 2,611 |  |  | $ | 1,904 |  |  | $ | 3,776 |  |  | $ | 2,870 |
Meritage’s share of pre-tax earnings (1) (2) | $ | 1,536 |  |  | $ | 1,208 |  |  | $ | 2,882 |  |  | $ | 2,192 |
(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 the accompanying unaudited 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/(loss) from our mortgage joint venture is recorded in (Loss)/earnings from financial services unconsolidated entities and other, net on the accompanying unaudited consolidated income statements. Our share of pre-tax earnings/(loss) from all other joint ventures is recorded in Other income/(expense), net on the accompanying 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://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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