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Fair Value Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2014
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis | A summary of assets and liabilities at December 31, 2014 and 2013, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):
|  |  |  | December 31, 2014 |  |  | December 31, 2013 |
|  | Hierarchy |  | Book Value |  |  | Fair Value |  |  | Book Value |  |  | Fair Value |
Receivables (a) |  | Level 3 |  | $ | 20,118 |  |  | $ | 20,118 |  |  | $ | 60,397 |  |  | $ | 60,390 |
Senior Notes (b) |  | Level 2 |  |  | 887,502 |  |  |  | 896,625 |  |  |  |  |  |  |  |  |
Notes payable and other borrowings (c) |  | Level 3 |  |  | 274,677 |  |  |  | 274,677 |  |  |  |  |  |  |  |  |
At December 31, 2014 and 2013, the carrying value of cash and cash equivalents approximated fair value.
· | The estimated fair value of our receivables was based on the discounted value of the expected future cash flows using current rates for similar receivables. The book value of our receivables equaled the fair value as of December 31, 2014 due to the short-term nature of the remaining receivables.
· | The estimated fair value of our Senior Notes at December 31, 2014 is based on quoted market prices.
· | We believe that the carrying value of our notes payable and other borrowings approximates fair value.
Summary of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
|  |  |  | Year Ended |  |  | Year Ended |
|  |  |  | December 31, 2014 |  |  | December 31, 2013 |
|  |  |  |  |  |  |  | Fair Value |  |  |  |  |  |  | Fair Value |
|  |  |  | Impairment |  |  | Net of |  |  | Impairment |  |  | Net of |
|  | Hierarchy |  | Charge |  |  | Impairment |  |  | Charge |  |  | Impairment |
Real estate inventories |  | Level 3 |  | $ | 931 |  |  | $ | 20,329 |  |  | $ | 341,086 |  |  | $ | 21,528 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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