Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

The following table sets forth, by reportable segment, information relating to our homebuilding inventories:

	September 30, 2023		December 31, 2022
	(Dollars in thousands)
Housing completed or under construction:
West	$	1,191,600	$	1,026,880
Mountain	464,534		511,092
East	265,000		184,089
Subtotal	1,921,134		1,722,061
Land and land under development:
West	793,379		1,145,119
Mountain	356,655		433,893
East	165,162		214,706
Subtotal	1,315,196		1,793,718
Total inventories	$	3,236,330	$	3,515,779

Schedule of Inventory Impairments

Inventory impairments recognized by segment for the three and nine months ended September 30, 2023 and 2022 are shown in the table below.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(Dollars in thousands)				(Dollars in thousands)
Housing Completed or Under Construction:
West	$	1,106	$	2,538	$	2,893	$	3,198
Mountain	700		—		1,364		—
East	—		—		—		—
Subtotal	1,806		2,538		4,257		3,198
Land and Land Under Development:
West	2,994		23,362		14,707		23,362
Mountain	1,400		2,515		8,536		2,515
East	—		—		—		—
Subtotal	4,394		25,877		23,243		25,877
Total Inventory Impairments	$	6,200	$	28,415	$	27,500	$	29,075

Schedule of Quantitative Data for Fair Value of the Impaired Inventory

The table below provides quantitative data, for the periods presented, where applicable, used in determining the fair value of the impaired inventory.

	Impairment Data					Quantitative Data
Three Months Ended	Number of Subdivisions Impaired	Inventory Impairments		Fair Value of Inventory After Impairments		Discount Rate
	(Dollars in thousands)
September 30, 2023	2	$	6,200	$	17,116	15%	—	18%
June 30, 2023	1	13,500		17,886		18%
March 31, 2023	1	7,800		13,016		18%
Total		$	27,500
September 30, 2022	9	$	28,415	$	44,615	15%	—	18%
March 31, 2022	1	660		1,728			N/A
Total		$	29,075