XML 44 R27.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Value Measurements Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Measurements [Abstract]  
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, 2016 and 2015:
 
December 31,
Description of Financial Instrument (in thousands)
2016
 
2015
Best efforts contracts and related committed IRLCs
$
6,607

 
$
2,625

Uncommitted IRLCs
66,875

 
46,339

FMBSs related to uncommitted IRLCs
66,000

 
46,000

Best efforts contracts and related mortgage loans held for sale
125,348

 
100,152

FMBSs related to mortgage loans held for sale
33,000

 
27,000

Mortgage loans held for sale covered by FMBSs
32,870

 
26,690
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets Measured on Recurring Basis [Table Text Block]
The table below shows the level and measurement of assets and liabilities measured on a recurring basis at December 31, 2016 and 2015:
Description of Financial Instrument (in thousands)
Fair Value Measurements
December 31, 2016
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Mortgage loans held for sale
$
154,020

 
$
—

 
$
154,020

 
$
—

Forward sales of mortgage-backed securities
230

 
—

 
230

 
—

Interest rate lock commitments
250

 
—

 
250

 
—

Best-efforts contracts
(90
)
 
—

 
(90
)
 
—

Total
$
154,410

 
$
—

 
$
154,410

 
$
—

Description of Financial Instrument (in thousands)
Fair Value Measurements
December 31, 2015
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Mortgage loans held for sale
$
127,001

 
$
—

 
$
127,001

 
$
—

Forward sales of mortgage-backed securities
(93
)
 
—

 
(93
)
 
—

Interest rate lock commitments
321

 
—

 
321

 
—

Best-efforts contracts
(206
)
 
—

 
(206
)
 
—

Total
$
127,023

 
$
—

 
$
127,023

 
$
—
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]
The following table sets forth the amount of (loss) gain 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, 2016, 2015 and 2014:
 
Year Ended December 31,
Description (in thousands)
2016
 
2015
 
2014
Mortgage loans held for sale
$
(3,591
)
 
$
(590
)
 
$
3,191

Forward sales of mortgage-backed securities
323

 
89

 
(927
)
Interest rate lock commitments
(71
)
 
32

 
607

Best-efforts contracts
116

 
(258
)
 
(426
)
Total (loss) gain recognized
$
(3,223
)
 
$
(727
)
 
$
2,445
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 is disclosed as a separate line item):
 
 
Asset Derivatives
 
Liability Derivatives
 
 
December 31, 2016
 
December 31, 2016
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
 
$
230

 
Other liabilities
 
$
—

Interest rate lock commitments
 
Other assets
 
250

 
Other liabilities
 
—

Best-efforts contracts
 
Other assets
 
—

 
Other liabilities
 
90

Total fair value measurements
 
 
 
$
480

 
 
 
$
90

 
 
Asset Derivatives
 
Liability Derivatives
 
 
December 31, 2015
 
December 31, 2015
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
 
$
93

Interest rate lock commitments
 
Other assets
 
321

 
Other liabilities
 
—

Best-efforts contracts
 
Other assets
 
—

 
Other liabilities
 
206

Total fair value measurements
 
 
 
$
321

 
 
 
$
299
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]
The tables below show the level and measurement of assets measured on a non-recurring basis for the years ended December 31, 2016 and 2015:
 
 
Year Ended December 31,
Description (in thousands)
Hierarchy
2016
 
2015 (2)
 
2014 (2)
 
 
 
 
 
 
 
Adjusted basis of inventory (1)
Level 3
$
12,921

 
$
11,885

 
$
3,730

Total losses
 
3,992

 
3,638

 
3,457

 
 
 
 
 
 
 
Initial basis of inventory (3)
 
$
16,913

 
$
15,523

 
$
7,187

(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 2016 and 2015. The total loss for these joint venture arrangements was $1.0 million for 2014.
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, 2016 and 2015. The objective of the fair value measurement is defined 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, 2016
 
December 31, 2015
(In thousands)
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Assets:
 
 
 
 
 
 
 
 
Cash, cash equivalents and restricted cash
 
$
34,441

 
$
34,441

 
$
13,101

 
$
13,101

Mortgage loans held for sale
 
154,020

 
154,020

 
127,001

 
127,001

Split dollar life insurance policies
 
214

 
214

 
199

 
199

Notes receivable
 
763

 
687

 
3,153

 
3,076

Commitments to extend real estate loans
 
250

 
250

 
321

 
321

Forward sales of mortgage-backed securities
 
230

 
230

 
—

 
—

Liabilities:
 
 
 
 
 
 
 
 
Notes payable - homebuilding operations
 
40,300

 
40,300

 
43,800

 
43,800

Notes payable - financial services operations
 
152,895

 
152,895

 
123,648

 
123,648

Notes payable - other
 
6,415

 
5,999

 
8,441

 
8,039

Convertible senior subordinated notes due 2017 (a)
 
57,500

 
65,957

 
57,500

 
61,884

Convertible senior subordinated notes due 2018 (a)
 
86,250

 
88,105

 
86,250

 
84,741

Senior notes due 2021 (a)
 
300,000

 
314,250

 
300,000

 
295,500

Best-efforts contracts for committed IRLCs and mortgage loans held for sale
 
90

 
90

 
206

 
206

Forward sales of mortgage-backed securities
 
—

 
—

 
93

 
93

Off-Balance Sheet Financial Instruments:
 
 
 
 
 
 
 
 
Letters of credit
 
—

 
702

 
—

 
735


(a)
Our senior notes and convertible senior subordinated 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.