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Inventory And Land Held For Sale (Tables) | 6 Months Ended
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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 |

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- 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 33, 47 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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