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Real Estate Inventories (Tables)

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Summary of Real Estate Inventories

Real estate inventories consisted of the following (in thousands):

	March 31, 2019				December 31, 2018
Real estate inventories owned:
Homes completed or under construction	$	1,037,271			$	959,911
Land under development	1,668,075				1,743,537
Land held for future development	203,476				201,874
Model homes	258,545				238,828
Total real estate inventories owned	3,167,367				3,144,150
Real estate inventories not owned:
Land purchase and land option deposits	75,311				71,909
Total real estate inventories not owned	75,311				71,909
Total real estate inventories	$	3,242,678			$	3,216,059

Summary of Interest Incurred, Capitalized and Expensed

Interest incurred, capitalized and expensed were as follows (in thousands):

	Three Months Ended March 31,
	2019				2018
Interest incurred	$	23,373			$	21,520
Interest capitalized	(23,373		)		(21,520		)
Interest expensed	$	—			$	—
Capitalized interest in beginning inventory	$	184,400			$	176,348
Interest capitalized as a cost of inventory	23,373				21,520
Interest previously capitalized as a cost of inventory, included in cost of sales	(14,333		)		(14,242		)
Capitalized interest in ending inventory	$	193,440			$	183,626

Schedule of Real Estate Inventory Impairments and Land Option Abandonments

Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):

	Three Months Ended March 31,
	2019				2018
Real estate inventory impairments	$	—			$	—
Land and lot option abandonments and pre-acquisition charges	5,202				248
Total	$	5,202			$	248

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Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2921-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-URI http://asc.fasb.org/extlink&oid=27011434&loc=d3e125687-122742

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Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations.

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