XML 83 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Inventory And Land Held For Sale | 12 Months Ended
--- | ---
Dec. 31, 2013
Inventory Disclosure [Abstract] |
Inventory and land held for sale | Inventory and land held for sale Major components of inventory at December 31, 2013 and 2012 were ($000’s omitted):
| 2013 |  | 2012
Homes under construction | $ | 1,042,147 |  |  | $ | 1,116,184 |
Land under development | 2,189,387 |  |  | 2,435,378 |
Raw land | 747,027 |  |  | 662,484 |
| $ | 3,978,561 |  |  | $ | 4,214,046 |
We capitalize interest cost into inventory during the active development and construction of our communities. Each layer of capitalized interest is amortized over a period that approximates the average life of communities under development. Interest expense is recorded based on the timing of home closings. In all periods presented, we capitalized all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels. Information related to interest capitalized into inventory is as follows ($000’s omitted):
| Years Ended December 31,
| 2013 |  | 2012 |  | 2011
Interest in inventory, beginning of period | $ | 331,880 |  |  | $ | 355,068 |  |  | $ | 323,379 |
Interest capitalized | 154,107 |  |  | 201,103 |  |  | 221,071 |
Interest expensed (a) | (255,065 | ) |  | (224,291 | ) |  | (189,382 | )
Interest in inventory, end of period | $ | 230,922 |  |  | $ | 331,880 |  |  | $ | 355,068 |
Interest incurred (b) | $ | 154,819 |  |  | $ | 201,103 |  |  | $ | 221,071 |
(a) | Interest expensed to Home sale cost of revenues for 2013, 2012, and 2011 included $2.9 million, $6.5 million, and $5.4 million, respectively, of capitalized interest write-offs related to land-related charges.
(b) | Homebuilding interest incurred includes interest on senior debt and certain other financing arrangements.
Land-related charges We recorded the following land-related charges during the three years ended December 31, 2013:
| 2013 |  | 2012 |  | 2011
Land impairments | $ | 2,944 |  |  | $ | 13,437 |  |  | $ | 15,940 |
Net realizable value adjustments ("NRV") - land held for sale | 3,606 |  |  | 1,480 |  |  | 9,844 |
Write-off of deposits and pre-acquisition costs | 3,122 |  |  | 2,278 |  |  | 10,002 |
Total land-related charges | $ | 9,672 |  |  | $ | 17,195 |  |  | $ | 35,786 |
Land impairments We record land impairment valuation adjustments to our communities within Homebuilding home sale cost of revenues. Our evaluations for impairments are based on our best estimates of the future cash flows for our communities. However, if conditions in our local markets worsen in the future or if our strategy related to certain communities changes, we may be required to evaluate our assets for further impairments or write-downs. Net realizable value adjustments – land held for sale We record net realizable value adjustments to land held for sale within Homebuilding land sale cost of revenues. During 2013, the decrease in the gross land held for sale and net realizable value reserve balances resulted primarily from the sale of land parcels, certain of which were previously impaired. Land held for sale at December 31, 2013 and 2012 was as follows ($000’s omitted):
| 2013 |  | 2012
Land held for sale, gross | $ | 70,003 |  |  | $ | 135,201 |
Net realizable value reserves | (8,268 | ) |  | (44,097 | )
Land held for sale, net | $ | 61,735 |  |  | $ | 91,104 |
Write-off of deposits and pre-acquisition costs We write off deposits and pre-acquisition costs when it becomes probable that we will not go forward with the land option agreement or recover the capitalized costs. We record write-offs of deposits and pre-acquisition costs within other expense, net.

X
- Details
Name: | us-gaap_InventoryDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
Name: | us-gaap_InventoryDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration