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Inventory And Land Held For Sale | 9 Months Ended
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Sep. 30, 2014
Inventory Disclosure [Abstract] |
Inventory Disclosure | Inventory and land held for sale Major components of inventory were as follows ($000’s omitted):
| September 30, 2014 |  | December 31, 2013
Homes under construction | $ | 1,404,377 |  |  | $ | 1,042,147 |
Land under development | 2,243,887 |  |  | 2,189,387 |
Raw land | 783,537 |  |  | 747,027 |
| $ | 4,431,801 |  |  | $ | 3,978,561 |
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):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Interest in inventory, beginning of period | $ | 210,603 |  |  | $ | 298,575 |  |  | $ | 230,922 |  |  | $ | 331,880 |
Interest capitalized | 32,025 |  |  | 35,962 |  |  | 98,793 |  |  | 118,527 |
Interest expensed | (52,286 | ) |  | (68,013 | ) |  | (139,373 | ) |  | (183,883 | )
Interest in inventory, end of period | $ | 190,342 |  |  | $ | 266,524 |  |  | $ | 190,342 |  |  | $ | 266,524 |
Interest incurred (a) | $ | 32,025 |  |  | $ | 35,962 |  |  | $ | 98,793 |  |  | $ | 118,527 |
(a) | Homebuilding interest incurred includes interest on senior debt and certain other financing arrangements.
Land held for sale We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land held for sale was as follows ($000’s omitted):
| September 30, 2014 |  | December 31, 2013
Land held for sale, gross | $ | 100,300 |  |  | $ | 70,003 |
Net realizable value reserves | (7,138 | ) |  | (8,268 | )
Land held for sale, net | $ | 93,162 |  |  | $ | 61,735 |

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- 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
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