Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | December 31, 2018 | | | | | | | | | | | | | | | | | | Hierarchy | | Carrying | | Fair Value | | Carrying | | Fair Value | Secured notes receivable(1) | | Level 2 | | $ | 2,602 | | $ | 2,545 | | $ | 4,947 | | $ | 4,830 | Mortgage loans held for sale(2) | | Level 2 | | $ | 185,246 | | $ | 185,246 | | $ | 112,394 | | $ | 112,394 | Derivative assets(3) | | Level 2 | | $ | 1,382 | | $ | 1,382 | | $ | 726 | | $ | 726 | | | | | | | | | | | | | | | | 5.875% senior notes(4)(5) | | Level 2 | | $ | 396,120 | | $ | 415,680 | | $ | 395,415 | | $ | 356,000 | 6.750% senior notes(4)(5) | | Level 2 | | $ | 494,307 | | $ | 537,500 | | $ | — | | $ | — | 6.875% senior notes(4)(5) | | Level 2 | | $ | — | | $ | — | | $ | 380,567 | | $ | 372,488 | Revolving line of credit(6) | | Level 3 | | $ | 68,700 | | $ | 68,700 | | $ | 202,500 | | $ | 202,500 | Other financing obligations(6)(7) | | Level 2 | | $ | 6,277 | | $ | 6,277 | | $ | 8,795 | | $ | 8,795 | Mortgage repurchase facilities(6) | | Level 2 | | $ | 174,095 | | $ | 174,095 | | $ | 104,555 | | $ | 104,555 |
| | | (1) | | Estimated fair value of the secured notes receivable was based on cash flow models discounted at market interest rates which considered the underlying risks of the note. | (2) | | The mortgage loans held for sale are carried at fair value, which is based on quoted market prices for committed mortgage loans. | (3) | | Derivative instruments are carried at fair value and based on market prices for similar instruments. Changes in fair value are reflected in financial services revenue on the condensed consolidated statement of operations. As of December 31, 2019 and December 31, 2018, we had immaterial amounts of derivative liabilities which are presented within accrued expenses and other liabilities on the condensed consolidated balance sheets. Refer to Note 1 – Nature of Operations and Summary of Significant Accounting Policies for further information regarding our derivative instruments. | (4) | | Estimated fair value of the senior notes is based on recent trading activity in inactive markets. | (5) | | Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of December 31, 2019, these amounts totaled $5.7 million and $3.9 million for the 6.750% senior notes and 5.875% senior notes, respectively. As of December 31, 2018, these amounts totaled $4.9 million and $4.6 million for the 6.875% senior notes and 5.875% senior notes, respectively. | (6) | | Carrying amount approximates fair value due to short-term nature and interest rate terms. | (7) | | Insurance premium notes included in other financing obligations bore interest rates ranging from 3.278% to 3.240% during the year ended December 31, 2019 and during the year ended December 31, 2018 bore an interest rate of 3.278%. |
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