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Fair Value Disclosures (Tables)
9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
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