Inventory And Land Held For Sale (Tables)

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

Components of Inventory

Major components of inventory at December 31, 2014 and 2013 were ($000’s omitted):

	2014		2013
Homes under construction	$	1,084,137	$	1,042,147
Land under development	2,545,049		2,189,387
Raw land	762,914		747,027
	$	4,392,100	$	3,978,561

Capitalized Interest Rollforward

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

	Years Ended December 31,
	2014			2013			2012
Interest in inventory, beginning of period	$	230,922		$	331,880		$	355,068
Interest capitalized	131,444			154,107			201,103
Interest expensed (a)	(194,728		)	(255,065		)	(224,291		)
Interest in inventory, end of period	167,638			230,922			331,880

(a) Interest expensed to Home sale cost of revenues for 2014, 2013, and 2012 included $1.3 million, $2.9 million, and $6.5 million, respectively, of capitalized interest write-offs resulting from land-related charges and sales.

Land-related Charges

We recorded the following land-related charges:

	2014		2013		2012
Land impairments	$	3,911	$	2,944	$	13,437
Net realizable value adjustments ("NRV") - land held for sale	1,158		3,606		1,480
Write-off of deposits and pre-acquisition costs	6,099		3,122		2,278
Total land-related charges	$	11,168	$	9,672	$	17,195

Land Held for Sale

Land held for sale at December 31, 2014 and 2013 was as follows ($000’s omitted):

	2014			2013
Land held for sale, gross	$	108,725		$	70,003
Net realizable value reserves	(7,535		)	(8,268		)
Land held for sale, net	$	101,190		$	61,735