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Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

June 30, 2016

 

December 31, 2015



 

Hierarchy 

 

Carrying 

 

Fair Value

 

Carrying 

 

Fair Value

Secured note receivable(1)

 

Level 2

 

$

 2,918 

 

$

 2,958 

 

$

 2,947 

 

$

 2,926 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.875% senior notes(2)

 

Level 2

 

$

 252,441 

 

$

 246,611 

 

$

 251,815 

 

$

 232,503 

Revolving line of credit(3)

 

Level 2

 

 

 160,000 

 

 

 160,000 

 

 

 135,000 

 

 

 135,000 

Land development notes(4)

 

Level 2

 

 

—

 

 

—

 

 

 2,677 

 

 

 2,672 

Insurance premium notes(3)

 

Level 2

 

 

 410 

 

 

 410 

 

 

 751 

 

 

 751 

Total notes payable and revolving line of credit

 

 

 

$

 412,851 

 

$

 407,021 

 

$

 390,243 

 

$

 370,926 

(1)

The estimated fair value of the secured note received in connection with the disposition of the golf course in our Tuscany community in our Nevada operating segment as of June 30, 2016 and December 31, 2015 was based on a cash flow model discounted at market interest rates that considered the underlying risks of the note.

(2)

Estimated fair value of the Senior Notes at June 30, 2016 and December 31, 2015 incorporated recent trading activity in inactive markets.

(3)

Carrying amount approximates fair value due to short-term nature and interest rate terms.

(4)

The estimated fair value of the land development notes at December 31, 2015 was based on cash flow models discounted at market interest rates that considered underlying risks of the debt.