Inventory (Tables)

9 Months Ended

Sep. 30, 2017

Major components of inventory were as follows ($000’s omitted):



	September 30, 2017		December 31, 2016
Homes under construction	$	2,737,849	$	1,921,259
Land under development	4,066,748		4,072,109
Raw land	565,555		777,287
	$	7,370,152	$	6,770,655

Capitalized Interest Rollforward

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



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Interest in inventory, beginning of period	$	212,850		$	167,488		$	186,097		$	149,498
Interest capitalized	46,077			42,030			135,949			115,545
Interest expensed	(36,381		)	(32,857		)	(99,500		)	(88,382		)
Interest in inventory, end of period	$	222,546		$	176,661		$	222,546		$	176,661

Schedule Of Company Interests In Land Option Agreements

The following provides a summary of our interests in land option agreements as of September 30, 2017 and December 31, 2016 ($000’s omitted):



	September 30, 2017				December 31, 2016
	Deposits and Pre-acquisition Costs		Remaining Purchase Price		Deposits and Pre-acquisition Costs		Remaining Purchase Price
Land options with VIEs	$	73,652	$	792,407	$	68,527	$	849,901
Other land options	128,168		1,475,258		126,909		1,252,662
	$	201,820	$	2,267,665	$	195,436	$	2,102,563

Schedule Of Impairment Losses

As a consequence of the change in strategy with respect to the future use of these land parcels, we recorded land-related charges totaling $120.0 million related to inventory with a pre-impairment carrying value of $161.9 million in the nine months ended September 30, 2017. As a result of this review, we also recorded $5.1 million of write-offs of deposits and pre-acquisition costs related to land option contracts we no longer plan to pursue in the nine months ended September 30, 2017.

In total, we recorded the following overall land-related charges ($000's omitted):



		Three Months Ended					Nine Months Ended
	Statement of Operations Classification	September 30,					September 30,
	Statement of Operations Classification	2017			2016		2017		2016
Land inventory impairments	Home sale cost of revenues	$	—		$	—	$	31,487	$	—
Net realizable value adjustments ("NRV") - land held for sale	Land sale cost of revenues	(534		)	121		82,353		189
Impairments of unconsolidated entities	Other expense, net	—			—		8,017		—
Write-offs of deposits and pre-acquisition costs	Other expense, net	2,680			2,541		9,397		12,996
Total land-related charges		$	2,146		$	2,662	$	131,254	$	13,185