XML 27 R10.htm IDEA: XBRL DOCUMENT v3.19.1
Revenue Recognition
3 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
REVENUE RECOGNITION

Disaggregation of Revenue
The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition (in thousands):
 
Three Months Ended March 31, 2019
 
Three Months Ended March 31, 2018
 
Builder Operations
 
Land Development
 
Builder Operations
 
Land Development
Primary Geographical Market
 
 
 
 
 
 
 
Central
$
84,425


$
7,030


$
72,446


$
3,999

Southeast
77,163


10


48,818


3,900

Total revenues
$
161,588


$
7,040


$
121,264


$
7,899

 
 
 
 
 
 
 
 
Type of Customer







Homebuyers
$
161,588


$


$
121,264


$

Homebuilders


7,040




7,899

Total revenues
$
161,588


$
7,040


$
121,264


$
7,899

 
 
 
 
 
 
 
 
Product Type







Residential units
$
161,588


$


$
121,264


$

Land and lots


7,040




7,899

Total revenues
$
161,588


$
7,040


$
121,264


$
7,899

 
 
 
 
 
 
 
 
Timing of Revenue Recognition







Transferred at a point in time
$
159,233


$
7,040


$
120,366


$
7,899

Transferred over time
2,355




898



Total revenues
$
161,588


$
7,040


$
121,264


$
7,899


Revenue recognized over time represents revenue from mechanic’s lien contracts.

Contract Balances
Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands):

March 31, 2019
 
December 31, 2018
Customer and builder deposits
$
30,335

 
$
31,978



The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customer’s payment of a deposit and the Company’s performance, impacted slightly by terminations of contracts. 

The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three months ended March 31, 2019 and 2018 are as follows (in thousands):
 
Three Months Ended March 31,
 
2019
 
2018
Type of Customer
 
 
 
Homebuyers
$
6,604

 
$
3,201

Homebuilders
825

 
231

Total deposits recognized as revenue
$
7,429

 
$
3,432



Performance Obligations
There was no revenue recognized during the three months ended March 31, 2019 and 2018 from performance obligations satisfied in prior periods.

Transaction Price Allocated to the Remaining Performance Obligations
The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $92.1 million. The Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel, which is expected to occur as follows (in thousands):
 
Total
Remainder of 2019
$
42,724

2020
33,936

2021
15,476

Total
$
92,136


The timing of lot takedowns is contingent upon a number of factors, including customer needs, the number of lots being purchased, receipt of acceptance of the plat by the municipality, weather-related delays, and agreed-upon lot takedown schedules.

Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, and has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.