Variable Interest Entities (Notes) $ in Thousands |
9 Months Ended | ||
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Sep. 30, 2018
USD ($)
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Apr. 26, 2018 |
Dec. 31, 2017
USD ($)
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|
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |||
Variable Interest Entity Disclosure [Text Block] | VARIABLE INTEREST ENTITIES Consolidated VIEs The Company owns 50% equity interests in the Dallas and Atlanta based controlled builders. The Dallas and Atlanta based controlled builders are deemed to be VIEs for which the Company is considered the primary beneficiary. We sell finished lots or option lots from third-party developers to the Dallas and Atlanta based controlled builders for their homebuilding operations and provide each of the controlled builders with construction financing and strategic planning. The board of managers of each of the controlled builders has the power to direct the activities that significantly impact the controlled builder’s economic performance. Pursuant to the Company’s agreements with each controlled builder, it has the ability to appoint two of the three members to each controlled builder’s board of managers. A majority of the board of managers constitutes a quorum to transact business. No action can be approved by the board of managers without the approval from at least one individual whom the Company has appointed at each controlled builder. The Company has the ability to control the activities of each controlled builder that most significantly impact the controlled builder’s economic performance. Such activities include, but are not limited to, involvement in the day to day capital and operating decisions, the ability to determine the budget and plan, the ability to control financing decisions, and the ability to acquire additional land or dispose of land. In addition, the Company has the right to receive the expected residual returns and obligation to absorb the expected losses of each controlled builder through the pro rata profits and losses we are allocated based on our ownership interest. Therefore, the financial statements of the Dallas and Atlanta based controlled builders are consolidated in the Company’s condensed consolidated financial statements following the variable interest model. The noncontrolling interests attributable to the 50% minority interests owned by the Dallas and Atlanta based controlled builders are included as noncontrolling interests in the Company’s condensed consolidated financial statements. Our controlled builders’ creditors have no recourse against us. The assets of two of our consolidated controlled builders can only be used to settle obligations of those controlled builders. The assets of our VIEs that can be used only to settle obligations of the VIEs as of September 30, 2018 totaled $65.5 million, of which $0.3 million was cash and $57.2 million was inventory. The assets of our VIEs that could be used only to settle obligations of the VIEs as of December 31, 2017 totaled $56.1 million, of which $0.9 million was cash and $47.8 million was inventory. Unconsolidated VIEs Option Contracts The Company evaluates all option contracts to purchase land and land lots to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of counterparts of these option contracts. Although the Company does not have legal title to the optioned land or lots, if the Company is deemed to be the primary beneficiary of or makes a significant deposit for optioned land or lots, it may need to consolidate the land or lots under option at the purchase price of the optioned land or lot. As of September 30, 2018 and as of December 31, 2017, the Company’s exposure to loss related to its option contracts with third parties primarily consisted of its non-refundable option deposits. Following VIE evaluation, it was concluded that the Company was not the primary beneficiary in any of the VIEs related to the land or lot option contracts. |
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Class of Stock [Line Items] | |||
Board seats available | 3 | ||
Assets of VIEs that can be used only to settle obligations of the VIEs | $ 65,500 | $ 56,100 | |
Debt issuance costs | $ 1,035 | 1,227 | |
Florida Based Controlled Builder [Member] | |||
Class of Stock [Line Items] | |||
Percent of equity interests acquired | 80.00% | ||
Cash | |||
Class of Stock [Line Items] | |||
Assets of VIEs that can be used only to settle obligations of the VIEs | $ 300 | 900 | |
Inventories | |||
Class of Stock [Line Items] | |||
Assets of VIEs that can be used only to settle obligations of the VIEs | $ 57,200 | $ 47,800 | |
GHO Homes | |||
Class of Stock [Line Items] | |||
Percent of equity interests acquired | 80.00% | ||
Ownership percentage by noncontrolling owners | 20.00% | ||
Variable Interest Entity, Primary Beneficiary | |||
Class of Stock [Line Items] | |||
Board seats available | 2 | ||
Number of individuals required to give approval of an action to the board of managers | 1 | ||
Variable Interest Entity, Primary Beneficiary | Dallas and Atlanta Based Controlled Builders | |||
Class of Stock [Line Items] | |||
Percentage of voting interest | 0.00% |