Fair Values of Financial and Nonfinancial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

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		2012			2011
Marketable securities, available-for-sale:
U.S. Treasury securities	Level 1	$	3,099		$	1,555
Obligations of U.S. and local government agencies	Levels 1 and 2		155,293			146,820
Corporate debt securities issued under U.S. government/agency-backed programs	Level 2		–			1,456
Corporate debt securities	Level 2		165,194			125,666
Asset-backed securities	Level 2		27,314			45,744
Time deposits	Level 2		–			25,500
Short-term pooled investments	Levels 1 and 2		37,120			275
Mortgage loans held-for-sale	Level 2		107,950			82,351
Mortgage interest rate lock commitments	Level 2		4,737			3,359
Forward-delivery contracts	Level 2	$	(369	)	$	(1,235	)

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		2012		2011
Housing inventory and inventory held-for-sale1	Level 3	$	2,923	$	9,121
Other assets held-for-sale and investments in joint ventures2	Level 3		1,563		2,366
Total		$	4,486	$	11,487

¹

In accordance with ASC No. 330, ("ASC 330"), "Inventory," the fair values of housing inventory and inventory held-for-sale that were impaired during 2012 and 2011 totaled $2.9 million and $9.1 million at December 31, 2012 and 2011, respectively. The impairment charges related to these assets totaled $1.9 million and $9.5 million for the years ended December 31, 2012 and 2011, respectively.

²

In accordance with ASC 330, the fair values of other assets held-for-sale that were impaired during 2012 and 2011 totaled $263,000 and $973,000 at December 31, 2012 and 2011, respectively. The impairment charges related to these assets totaled $41,000 and $35,000 for the years ended December 31, 2012 and 2011, respectively. In accordance with ASC 330, the fair values of investments in joint ventures that were impaired during 2012 and 2011 totaled $1.3 million and $1.4 million at December 31, 2012 and 2011, respectively. The impairment charges related to these assets totaled $40,000 and $2.0 million for the years ended December 31, 2012 and 2011, respectively.