Inventory And Land Held For Sale (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Components of Inventory

Major components of inventory at December 31, 2020 and 2019 were ($000’s omitted):

	2020		2019
Homes under construction	$	3,086,740	$	2,899,016
Land under development	4,137,318		4,347,107
Raw land	497,740		434,491
	$	7,721,798	$	7,680,614

Capitalized Interest Rollforward

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

	Years Ended December 31,
	2020		2019		2018
Interest in inventory, beginning of period	$	210,383	$	227,495	$	226,611
Interest capitalized	159,575		164,114		172,809
Interest expensed	(176,549)		(181,226)		(171,925)
Interest in inventory, end of period	$	193,409	$	210,383	$	227,495

Land-related Charges

recorded the following land-related charges ($000's omitted):

	Statement of Operations Classification	2020		2019		2018
Net realizable value adjustments ("NRV") - land held for sale	Land sale and other cost of revenues	$	871	$	5,368	$	11,489
Land impairments	Home sale cost of revenues	7,044		8,617		70,965
Write-offs of deposits and pre-acquisition costs	Other expense, net	12,390		13,116		16,992
Total land-related charges		$	20,305	$	27,101	$	99,446

Land Held for Sale

The table below summarizes certain quantitative unobservable inputs utilized in determining the fair value of impaired communities ($000's omitted): 

	Communities Impaired	Fair Value of Communities Impaired, Net of Impairment Charges		Impairment Charges		Average Selling Price	Quarterly Sales Pace (homes)	Discount Rate
2020	3	$	15,641	$	7,044	$305 to $878	2 to 6	13% to 17%
2019	5	$	10,702	$	8,617	$284 to $550	1 to 6	12% to 14%
2018	8	$	24,062	$	70,695	$287 to $586	2 to 11	12% to 22%