XML 48 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventory And Land Held For Sale (Tables)
3 Months Ended
Mar. 31, 2012
Inventory Disclosure [Abstract]  
Components of Inventory
Major components of inventory were as follows ($000’s omitted): 
 
March 31, 2012
 
December 31, 2011
Homes under construction
$
1,182,038

 
$
1,210,717

Land under development
2,674,484

 
2,610,501

Land held for future development
727,894

 
815,250

 
$
4,584,416

 
$
4,636,468

Capitalized interest rollforward
Information related to interest capitalized into inventory is as follows ($000’s omitted):
 
 
Three Months Ended
 
March 31,
 
2012
 
2011
Interest in inventory, beginning of period
$
355,068

 
$
323,379

Interest capitalized
51,323

 
56,191

Interest expensed
(47,186
)
 
(34,816
)
Interest in inventory, end of period
$
359,205

 
$
344,754

Interest incurred*
$
51,323

 
$
56,191

*
Homebuilding interest incurred includes interest on senior debt and certain other financing arrangements.
Fair Value, Measurement Inputs, Disclosure
The table below summarizes certain quantitative unobservable inputs utilized in determining the fair value of impaired communities at March 31, 2012:
Unobservable input
Range
Average selling price ($000s)
$198
-
$420
Sales pace per quarter (units)
4
-
7
Discount rate
12%
-
16%
Summary of Land Impairments
The table below provides, as of the date indicated, the number of communities for which we recognized impairment charges, the fair value of those communities at such date (net of impairment charges), and the amount of impairment charges recognized ($000’s omitted):
 
2012
 
2011
Quarter Ended
Number of
Communities
Impaired
 
Fair Value of
Communities
Impaired, Net
of Impairment
Charges
 
Impairment
Charges
 
Number of
Communities
Impaired
 
Fair Value of
Communities
Impaired, Net
of Impairment
Charges
 
Impairment
Charges
March 31
4

 
$
7,468

 
$
4,514

 
1

 
$
483

 
$
103

Land Held for Sale
Land held for sale was as follows ($000’s omitted):
 
 
March 31, 2012
 
December 31, 2011
Land held for sale, gross
$
184,250

 
$
190,099

Net realizable value reserves
(48,018
)
 
(54,792
)
Land held for sale, net
$
136,232

 
$
135,307