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Fair Values of Financial and Nonfinancial Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Fair Values of Financial and Nonfinancial Instruments

Fair value measurement methods and values for financial instruments measured on a recurring basis


	FAIR VALUE AT DECEMBER 31,
(in thousands)	HIERARCHY		2011			2010

Marketable securities, available-for-sale:
U.S. Treasury securities	Level 1	$	1,555		$	15,863
Obligations of U.S. and local government agencies	Levels 1 and 2		146,820			33,044
Corporate debt securities issued under U.S. government/agency-backed programs	Level 2		1,456			170,990
Corporate debt securities	Level 2		125,666			105,102
Asset-backed securities	Level 2		45,744			7,632
Time deposits	Level 2		25,500			76,312
Short-term pooled investments	Levels 1 and 2		275			28,852
Mortgage loans held-for-sale	Level 2		82,351			9,534
Mortgage interest rate lock commitments	Level 3		3,359			1,496
Forward-delivery contracts	Level 2		(1,235	)		719
Options on futures contracts	Level 1		–			81

Reconciliation of changes in the fair values of Level 3 items


(in thousands)		2011			2010

Fair value at January 1	$	1,496		$	2,055
Additions		18,831			17,799
Gain realized on conversion to loans		(16,330	)		(18,440	)
Change in valuation of items held		(638	)		82

Fair value at December 31	$	3,359		$	1,496

Summary of the fair value measurements of the entity's nonfinancial assets measured on a nonrecurring basis


	FAIR VALUE AT DECEMBER 31,
(in thousands)	HIERARCHY		2011		2010

Housing inventory and inventory held-for-sale¹	Level 3	$	9,121	$	28,426
Other assets held-for-sale and investments in joint ventures²	Level 3		2,366		2,822

Total		$	11,487	$	31,248

¹: In accordance with ASC 330, the fair values of housing inventory and inventory held-for-sale that were impaired during 2011 and 2010 totaled $9.1 million and $28.4 million at December 31, 2011 and 2010, respectively. The impairment charges related to these assets totaled $9.5 million and $32.2 million for the years ended December 31, 2011 and 2010, respectively.
²: In accordance with ASC 330, the fair values of other assets held-for-sale that were impaired during 2011 and 2010 totaled $973,000 and $1.4 million at December 31, 2011 and 2010, respectively. The impairment charges related to these assets totaled $35,000 and $191,000 for the years ended December 31, 2011 and 2010, respectively. In accordance with ASC 330, the fair values of investments in joint ventures that were impaired during 2011 and 2010 totaled $1.4 million at December 31, 2011 and 2010. The impairment charges related to these assets totaled $2.0 million and $4.1 million for the years ended December 31, 2011 and 2010, respectively.

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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