Annual report pursuant to Section 13 and 15(d)

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures, Revenues and Expenses (Details)

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INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures, Revenues and Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Financial information related to unconsolidated joint ventures, Operations                      
Net earnings $ 152,527 $ 109,118 $ 90,678 $ 71,152 $ 103,614 $ 69,809 $ 50,828 $ 25,412 $ 423,475 $ 249,663 $ 227,332
Equity Method Investment, Nonconsolidated Investee or Group of Investees                      
Financial information related to unconsolidated joint ventures, Operations                      
Revenue                 39,823 53,841 43,672
Costs and expenses                 (31,918) (31,375) (17,294)
Net earnings                 7,905 22,466 26,378
Meritage’s share of pre-tax earnings [1],[2]                 $ 4,559 $ 11,945 $ 16,396
[1] Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reflected in our consolidated financial statements due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) capitalization of interest on qualified assets, (iv) income deferrals as discussed in Note (2) below and (v) the cessation of allocation of losses from joint ventures in which we have previously written down our investment balance to zero and where we have no commitment to fund additional losses. As discussed in Note 2 to these consolidated financial statements, the balances above do not include $217,000, $279,000 and $454,000 of capitalized interest that is a component of our investment balances at December 31, 2020, 2019 and 2018, respectively.
[2] Our share of pre-tax earnings is recorded in Earnings from financial services unconsolidated entities and other, net or Other income, net, as applicable, on our consolidated income statements and excludes joint venture profit related to lots we purchased from the joint ventures. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.