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):



	Years Ended December 31,
	2018				2017				2016
	Builder Operations		Land Development		Builder Operations		Land Development		Builder Operations		Land Development
Primary Geographic Market
Central	$	281,868	$	40,184	$	224,670	$	17,928	$	206,831	$	14,201
Southeast	297,025		4,570		214,850		802		168,990		963
Total revenues	$	578,893	$	44,754	$	439,520	$	18,730	$	375,821	$	15,164

Type of Customer
Homebuyers	$	578,893	$	—	$	439,520	$	—	$	375,821	$	—
Homebuilders	—		44,754		—		18,730		—		15,164
Total revenues	$	578,893	$	44,754	$	439,520	$	18,730	$	375,821	$	15,164

Product Type
Residential units	$	578,893	$	—	$	439,520	$	—	$	375,821	$	—
Land and lots	—		44,754		—		18,730		—		15,164
Total revenues	$	578,893	$	44,754	$	439,520	$	18,730	$	375,821	$	15,164

Timing of Revenue Recognition
Transferred at a point in time	$	571,177	$	44,754	$	435,644	$	18,730	$	365,164	$	15,164
Transferred over time	7,716		—		3,876		—		10,657		—
Total revenues	$	578,893	$	44,754	$	439,520	$	18,730	$	375,821	$	15,164

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 consolidated balance sheets are as follows (in thousands):



	December 31, 2018		December 31, 2017
Customer and builder deposits	$	31,978	$	21,447

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 years ended December 31, 2018 and 2017 are as follows (in thousands):



	2018		2017
Type of Customer
Homebuyers	$	19,342	$	9,880
Homebuilders	1,806		1,619
Total deposits recognized as revenue	$	21,148	$	11,499

As a result of the GRBK GHO business combination, customer deposits from homebuyers in the amount of $9.1 million were acquired, of which $8.2 million was recognized during the period from April 26, 2018 through December 31, 2018.

Performance Obligations

There was no revenue recognized during the years ended December 31, 2018, 2017 and 2016 from performance obligations satisfied in prior periods.

Transaction Price Allocated to Remaining Performance Obligations

The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $84.1 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):



2019	$	42,618
2020	29,126
2021	12,335
Total	$	84,079

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 and has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.