Fair Values of Financial and Nonfinancial Instruments (Tables)

9 Months Ended

Sep. 30, 2011

Fair Values of Financial and Nonfinancial Instruments

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

	FAIR VALUE
(in thousands)	HIERARCHY	SEPTEMBER 30, 2011			DECEMBER 31, 2010
Marketable securities, available-for-sale
U.S. Treasury securities	Level 1	$	2,903		$	15,863
Obligations of U.S. and local government agencies	Levels 1 and 2	86,147			33,044
Corporate debt securities issued under
U.S. government/agency-backed programs	Level 2	1,454			170,990
Corporate debt securities	Levels 1 and 2	136,318			105,102
Asset-backed securities	Level 2	71,241			7,632
Time deposits	Level 2	25,592			76,312
Short-term pooled investments	Levels 1 and 2	15,097			28,852
Mortgage loans held-for-sale	Level 2	33,887			9,534
Mortgage interest rate lock commitments (“IRLCs”)	Level 3	5,248			1,496
Forward-delivery contracts	Level 2	(2,062		)	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	14,098			14,415
Gain realized on conversion to loans	(10,696		)	(14,763		)
Change in valuation of items held	350			1,018
Fair value at September 30	$	5,248		$	2,725

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

				FAIR VALUE
(in thousands)	HIERARCHY	SEPTEMBER 30, 2011		DECEMBER 31, 2010
Housing inventory and inventory held-for-sale 1	Level 3	$	11,082	$	28,426
Other assets held-for-sale and investments in joint ventures 2	Level 3	1,333		2,822
Total		$	12,415	$	31,248

1    In accordance with ASC 330, the fair values of housing inventory and inventory held-for-sale that were impaired during 2011 totaled $11.1 million at September 30, 2011. The impairment charges related to these assets totaled $13.1 million for the nine months ended September 30, 2011. At December 31, 2010, the fair values of housing inventory and inventory held-for-sale that were impaired during 2010 totaled $28.4 million. The impairment charges related to these assets totaled $32.2 million for the year ended December 31, 2010.

2    In accordance with ASC 330, the fair values of other assets held-for-sale that were impaired during 2010 totaled $1.4 million at December 31, 2010. The impairment charges related to these assets totaled $191,000 for the year ended December 31, 2010. In accordance with ASC 330, the fair values of investments in joint ventures that were impaired during 2011 totaled $1.3 million at September 30, 2011. The impairment charges related to these assets totaled $1.9 million for the nine months ended September 30, 2011. At December 31, 2010, the fair values of investments in joint ventures that were impaired during 2010 totaled $1.4 million. The impairment charges related to these assets totaled $4.1 million for the year ended December 31, 2010.