Inventory And Land Held For Sale (Tables)

12 Months Ended

Dec. 31, 2011

Major components of inventory at December 31, 2011 and 2010 were ($000’s omitted):



	2011		2010
Homes under construction	$	1,210,717	$	1,331,618
Land under development	2,610,501		2,541,829
Land held for future development	815,250		908,366
	$	4,636,468	$	4,781,813

Capitalized interest rollforward

Information related to interest capitalized into inventory is as follows ($000’s omitted):



	Years Ended December 31,
	2011			2010			2009
Interest in inventory, beginning of period	$	323,379		$	239,365		$	170,020
Interest capitalized	221,071			264,932			234,700
Interest expensed	(189,382		)	(180,918		)	(165,355		)
Interest in inventory, end of period	$	355,068		$	323,379		$	239,365
Interest incurred*	$	221,071		$	266,474		$	234,700


*	Homebuilding interest incurred includes interest on senior debt and other financing arrangements and excludes interest incurred by the Financial Services segment and certain other interest costs.

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):



	2011					2010
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	1	$	483	$	103	10	$	7,233	$	4,537
June 30	6	6,665		3,300		16	35,122		25,546
September 30	3	6,416		1,494		28	33,407		57,453
December 31	25	23,766		11,043		73	70,862		82,186
				$	15,940				$	169,722

Land Held for Sale

Land held for sale at December 31, 2011 and 2010 was as follows ($000’s omitted):



	2011			2010
Land held for sale, gross	$	190,099		$	124,919
Net realizable value reserves	(54,792		)	(53,864		)
Land held for sale, net	$	135,307		$	71,055

- Definition

Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).

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