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Inventory and Capitalized Interest | 12 Months Ended
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Dec. 31, 2022
Inventory Disclosure [Abstract] |
Inventory Disclosure [Text Block] | Inventory A summary of the Company’s inventory as of December 31, 2022 and 2021 is as follows:
| December 31,
(In thousands) | 2022 |  | 2021
Single-family lots, land and land development costs | $ | 1,294,779 |  |  | $ | 1,125,738 |
Land held for sale | 3,331 |  |  | 4,312 |
Homes under construction | 1,366,804 |  |  | 1,187,341 |
Model homes and furnishings - at cost (less accumulated depreciation: December 31, 2022 - $10,371; December 31, 2021 - $12,023) | 61,200 |  |  | 59,268 |
Community development district infrastructure | 29,701 |  |  | 20,089 |
Land purchase deposits | 55,739 |  |  | 52,918 |
Consolidated inventory not owned | 17,048 |  |  | 2,768 |
Total inventory | $ | 2,828,602 |  |  | $ | 2,452,434 |
Single-family lots, land and land development costs include raw land that the Company has purchased to develop into lots, costs incurred to develop the raw land into lots, and lots for which development has been completed, but which have not yet been used to start construction of a home. Homes under construction include homes that are in various stages of construction. As of December 31, 2022 and 2021, we had 1,827 homes (with a carrying value of $431.7 million) and 1,266 homes (with a carrying value of $193.2 million), respectively, included in homes under construction that were not subject to a sales contract. Model homes and furnishings include homes that are under construction or have been completed and are being used as sales models. The amount also includes the net book value of furnishings included in our model homes. Depreciation on model home furnishings is recorded using an accelerated method over the estimated useful life of the assets, which is typically three years. The Company assesses inventory for recoverability on a quarterly basis. See Notes 1 and 3 to our Consolidated Financial Statements for additional details relating to our procedures for evaluating our inventories for impairment. During the fourth quarter of 2022, we incurred $8.2 million of asset impairment charges. Land purchase deposits include both refundable and non-refundable amounts paid to third party sellers relating to the purchase of land. On an ongoing basis, the Company evaluates the land option agreements relating to the land purchase deposits. The Company expenses any deposits and accumulated pre-acquisition costs relating to such agreements in the period when the Company makes the decision not to proceed with the purchase of land under an agreement. During the fourth quarter of 2022, we wrote off $10.2 million of such costs related to land we no longer intend to purchase. Capitalized Interest The Company capitalizes interest during land development and home construction. Capitalized interest is charged to land and housing costs and expensed as the related inventory is delivered to a third party. The summary of capitalized interest for the years ended December 31, 2022, 2021 and 2020 is as follows:
| Year Ended December 31,
(In thousands) | 2022 |  | 2021 |  | 2020
Capitalized interest, beginning of period | $ | 24,343 |  |  | $ | 21,329 |  |  | $ | 21,607 |
Interest capitalized to inventory | 35,552 |  |  | 36,843 |  |  | 32,408 |
Capitalized interest charged to land and housing costs and expenses | (30,270) |  |  | (33,829) |  |  | (32,686) |
Capitalized interest, end of period | $ | 29,625 |  |  | $ | 24,343 |  |  | $ | 21,329 |
Interest incurred | $ | 37,802 |  |  | $ | 38,999 |  |  | $ | 42,092 |

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI https://asc.fasb.org/topic&trid=2126998 + Details
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