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Fair Value Disclosures (Tables)

12 Months Ended

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

X

- 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

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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

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