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Inventory And Land Held For Sale
 3 Months Ended
Mar. 31, 2015
Inventory Disclosure [Abstract]  
Inventory Disclosure
Inventory and land held for sale

Major components of inventory were as follows ($000’s omitted): 
 
March 31,
2015
 
December 31,
2014
Homes under construction
$
1,137,924

 
$
1,084,137

Land under development
2,726,135

 
2,545,049

Raw land
768,991

 
762,914

 
$
4,633,050

 
$
4,392,100



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
 
March 31,
 
2015
 
2014
Interest in inventory, beginning of period
$
167,638

 
$
230,922

Interest capitalized
30,803

 
35,313

Interest expensed
(31,554
)
 
(40,616
)
Interest in inventory, end of period
$
166,887

 
$
225,619



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):
 
March 31,
2015
 
December 31,
2014
Land held for sale, gross
$
97,958

 
$
108,725

Net realizable value reserves
(7,429
)
 
(7,535
)
Land held for sale, net
$
90,529

 
$
101,190