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Fair Value Measurements Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The table below shows the notional amounts of our financial instruments at December 31, 2019 and 2018:
 
December 31,
Description of Financial Instrument (in thousands)
2019
 
2018
Whole loan contracts and related committed IRLCs
$
1,445

 
$
5,823

Uncommitted IRLCs
87,340

 
76,117

FMBSs related to uncommitted IRLCs
88,000

 
83,000

Whole loan contracts and related mortgage loans held for sale
6,125

 
14,285

FMBSs related to mortgage loans held for sale
144,000

 
150,000

Mortgage loans held for sale covered by FMBSs
144,411

 
149,980


Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]
The following table sets forth the amount of gain (loss) recognized, within our revenue in the Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the years ended December 31, 2019, 2018 and 2017:
 
Year Ended December 31,
Description (in thousands)
2019
 
2018
 
2017
Mortgage loans held for sale
$
(2,261
)
 
$
3,763

 
$
3,675

Forward sales of mortgage-backed securities
2,969

 
(3,482
)
 
(53
)
Interest rate lock commitments
(370
)
 
783

 
21

Whole loan contracts
173

 
(231
)
 
102

Total gain recognized
$
511

 
$
833

 
$
3,745


Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following tables set forth the fair value of the Company’s derivative instruments and their location within the Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which are disclosed as a separate line item):
 
 
Asset Derivatives
 
Liability Derivatives
 
 
December 31, 2019
 
December 31, 2019
Description of Derivatives
 
Balance Sheet
Location
 
Fair Value
(in thousands)
 
Balance Sheet Location
 
Fair Value
(in thousands)
Forward sales of mortgage-backed securities
 
Other assets
 
$

 
Other liabilities
 
$
336

Interest rate lock commitments
 
Other assets
 
654

 
Other liabilities
 

Whole loan contracts
 
Other assets
 

 
Other liabilities
 
16

Total fair value measurements
 
 
 
$
654

 
 
 
$
352

 
 
Asset Derivatives
 
Liability Derivatives
 
 
December 31, 2018
 
December 31, 2018
Description of Derivatives
 
Balance Sheet
Location
 
Fair Value
(in thousands)
 
Balance Sheet Location
 
Fair Value
(in thousands)
Forward sales of mortgage-backed securities
 
Other assets
 
$

 
Other liabilities
 
$
3,305

Interest rate lock commitments
 
Other assets
 
989

 
Other liabilities
 

Whole loan contracts
 
Other assets
 

 
Other liabilities
 
154

Total fair value measurements
 
 
 
$
989

 
 
 
$
3,459


Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] The table below shows the level and measurement of assets measured on a non-recurring basis for the years ended December 31, 2019, 2018 and 2017:
 
 
Year Ended December 31,
Description (in thousands)
Fair Value Hierarchy
2019
 
2018 (2)
 
2017 (2)
 
 
 
 
 
 
 
Adjusted basis of inventory (1)
Level 3
$
12,321

 
$
14,515

 
$
3,823

Total losses
 
5,002

 
5,809

 
7,681

 
 
 
 
 
 
 
Initial basis of inventory (3)
 
$
17,323

 
$
20,324

 
$
11,504

(1)
The fair values in the table above represent only assets whose carrying values were adjusted in the respective period.
(2)
The carrying values for these assets may have subsequently increased or decreased from the fair value reported due to activities that have occurred since the measurement date.
(3)
This amount is inclusive of our investments in joint venture arrangements. There were no losses on our investments in joint venture arrangements for 2019, 2018 and 2017.
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following table presents the carrying amounts and fair values of the Company’s financial instruments at December 31, 2019 and 2018. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions.
 
 
 
 
December 31, 2019
 
December 31, 2018
(In thousands)
 
Fair Value Hierarchy
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Assets:
 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and restricted cash
 
Level 1
 
$
6,083

 
$
6,083

 
$
21,529

 
$
21,529

Mortgage loans held for sale
 
Level 2
 
155,244

 
155,244

 
169,651

 
169,651

Interest rate lock commitments
 
Level 2
 
654

 
654

 
989

 
989

Liabilities:
 
 
 
 
 
 
 
 
 
 
Notes payable - homebuilding operations
 
Level 2
 
66,000

 
66,000

 
117,400

 
117,400

Notes payable - financial services operations
 
Level 2
 
136,904

 
136,904

 
153,168

 
153,168

Notes payable - other
 
Level 2
 
5,828

 
5,286

 
5,938

 
5,112

Senior notes due 2021 (a)
 
Level 2
 
300,000

 
299,250

 
300,000

 
298,500

Senior notes due 2025 (a)
 
Level 2
 
250,000

 
261,563

 
250,000

 
228,750

Whole loan contracts for committed IRLCs and mortgage loans held for sale
 
Level 2
 
16

 
16

 
154

 
154

Forward sales of mortgage-backed securities
 
Level 2
 
336

 
336

 
3,305

 
3,305


(a)
Our senior notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes.