Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis |
A summary of assets and liabilities at September 30, 2015 and December 31, 2014, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):
|
|
|
|
September 30, 2015 |
|
|
December 31, 2014 |
|
|
|
Hierarchy |
|
Book Value |
|
|
Fair Value |
|
|
Book Value |
|
|
Fair Value |
|
Receivables (1) |
|
Level 3 |
|
$ |
32,921 |
|
|
$ |
32,921 |
|
|
$ |
20,118 |
|
|
$ |
20,118 |
|
Senior Notes (2) |
|
Level 2 |
|
|
888,657 |
|
|
|
878,625 |
|
|
|
887,502 |
|
|
|
896,625 |
|
Unsecured revolving credit facility (3) |
|
Level 3 |
|
|
349,392 |
|
|
|
349,392 |
|
|
|
260,000 |
|
|
|
260,000 |
|
Seller financed loans (4) |
|
Level 3 |
|
|
7,572 |
|
|
|
7,572 |
|
|
|
14,677 |
|
|
|
14,677 |
|
At September 30, 2015 and December 31, 2014, the carrying value of cash and cash equivalents approximated fair value.
(1) |
The book value of our receivables equaled the fair value as of September 30, 2015 and December 31, 2014 due to the short-term nature of the remaining receivables. |
(2) |
The estimated fair value of our Senior Notes at September 30, 2015 and December 31, 2014 is based on quoted market prices. |
(3) |
We believe that the carrying value of our Credit Facility approximates fair value based on the short term nature of the current market rate amended on May 18, 2015. |
(4) |
We believe that the carrying value of our Seller financed loans approximates fair value based on a two year treasury curve analysis. |
|
Summary of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis |
The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
|
|
|
|
Nine Months Ended |
|
|
Year Ended |
|
|
|
|
|
September 30, 2015 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
Fair Value |
|
|
|
|
|
|
Fair Value |
|
|
|
|
|
Impairment |
|
|
Net of |
|
|
Impairment |
|
|
Net of |
|
|
|
Hierarchy |
|
Charge |
|
|
Impairment |
|
|
Charge |
|
|
Impairment |
|
Real estate inventories |
|
Level 3 |
|
$ |
1,073 |
|
|
$ |
20,409 |
|
|
$ |
931 |
|
|
$ |
20,329 |
|
|