Inventory And Land Held For Sale (Tables)
|
6 Months Ended |
Jun. 30, 2012
|
Inventory Disclosure [Abstract] |
|
Components of Inventory |
Major components of inventory were as follows ($000’s omitted): | | | | | | | | | | June 30, 2012 | | December 31, 2011 | Homes under construction | $ | 1,286,551 |
| | $ | 1,210,717 |
| Land under development | 2,542,204 |
| | 2,610,501 |
| Land held for future development | 723,138 |
| | 815,250 |
| | $ | 4,551,893 |
| | $ | 4,636,468 |
|
|
Capitalized interest rollforward |
Information related to interest capitalized into inventory is as follows ($000’s omitted): | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30, | | June 30, | | 2012 | | 2011 | | 2012 | | 2011 | Interest in inventory, beginning of period | $ | 359,205 |
| | $ | 344,754 |
| | $ | 355,068 |
| | $ | 323,379 |
| Interest capitalized | 51,316 |
| | 55,946 |
| | 102,639 |
| | 112,137 |
| Interest expensed | (52,070 | ) | | (41,894 | ) | | (99,256 | ) | | (76,710 | ) | Interest in inventory, end of period | $ | 358,451 |
| | $ | 358,806 |
| | $ | 358,451 |
| | $ | 358,806 |
| Interest incurred* | $ | 51,316 |
| | $ | 55,946 |
| | $ | 102,639 |
| | $ | 112,137 |
|
| | * | 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 June 30, 2012: | | | | | Unobservable input | Range | Average selling price ($000s) | $194 | - | $626 | Sales pace per quarter (units) | 1 | - | 7 | Discount rate | 12% | - | 12% |
|
Summary of Land Impairments |
The below summary 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 |
| June 30 | 4 |
| | 16,311 |
| | 2,796 |
| | 6 |
| | 6,665 |
| | 3,300 |
| | | | | | $ | 7,310 |
| | | | | | $ | 3,403 |
|
|
Land Held for Sale |
Land held for sale was as follows ($000’s omitted): | | | | | | | | | | June 30, 2012 | | December 31, 2011 | Land held for sale, gross | $ | 186,902 |
| | $ | 190,099 |
| Net realizable value reserves | (47,556 | ) | | (54,792 | ) | Land held for sale, net | $ | 139,346 |
| | $ | 135,307 |
|
|