XML 61 R51.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 9 - Capitalization of Interest - Homebuilding Capitalized Interest (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Total interest incurred [1] $ 52,972 $ 56,872 $ 156,845 $ 175,207
Less: Interest capitalized to inventories owned [1] (52,158) (55,761) (154,371) (172,170)
Less: Interest capitalized to investments in unconsolidated joint ventures (814) (1,111) (2,474) (3,037)
Interest expense
Interest previously capitalized to inventories owned, included in cost of home sales 48,912 44,636 140,687 115,367
Interest previously capitalized to inventories owned, included in cost of land sales 115 1,596
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures 5 613 13 613
Interest capitalized in ending inventories owned [2] $ 379,884 $ 362,807 $ 379,884 $ 362,807
Interest capitalized as a percentage of inventories owned 5.50% 5.60% 5.50% 5.60%
Interest capitalized in ending investments in unconsolidated joint ventures [2] $ 5,324 $ 3,224 $ 5,324 $ 3,224
Interest capitalized as a percentage of investments in unconsolidated joint ventures 4.10% 2.30% 4.10% 2.30%
[1] Total interest incurred and interest capitalized to inventories owned during the nine months ended September 30, 2016 includes a $9 million increase related to the valuation of the 1.625% convertible senior notes that was completed during the 2016 first quarter.
[2] During the three and nine months ended September 30, 2017, in connection with lot purchases from our joint ventures, $0 and $0.5 million, respectively, of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned.