v2.4.0.6
Fair Values of Financial and Nonfinancial Instruments (Tables)
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3 Months Ended |
|
Fair Values of Financial and Nonfinancial Instruments |
|
Fair value measurement methods and values for financial instruments measured on a recurring basis |
|
|
FAIR VALUE |
(in thousands) |
|
HIERARCHY |
|
MARCH 31, 2012 |
|
DECEMBER 31, 2011 |
Marketable securities, available-for-sale |
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
Level 1 |
|
$ |
7,673 |
|
|
$ |
1,555 |
|
Obligations of U.S. and local government agencies |
|
Levels 1 and 2 |
|
134,243 |
|
|
146,820 |
|
Corporate debt securities issued under |
|
|
|
|
|
|
|
|
U.S. government/agency-backed programs |
|
Level 2 |
|
1,954 |
|
|
1,456 |
|
Corporate debt securities |
|
Level 2 |
|
77,682 |
|
|
125,666 |
|
Asset-backed securities |
|
Level 2 |
|
37,884 |
|
|
45,744 |
|
Time deposits |
|
Level 2 |
|
25,408 |
|
|
25,500 |
|
Short-term pooled investments |
|
Levels 1 and 2 |
|
5,861 |
|
|
275 |
|
Mortgage loans held-for-sale |
|
Level 2 |
|
42,255 |
|
|
82,351 |
|
Mortgage interest rate lock commitments |
|
Level 3 |
|
3,904 |
|
|
3,359 |
|
Forward-delivery contracts |
|
Level 2 |
|
217 |
|
|
(1,235 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of changes in the fair values of Level 3 items |
(in thousands) |
|
2012 |
|
2011 |
|
Fair value at January 1 |
|
$ |
3,359 |
|
$ |
1,496 |
|
Additions |
|
5,134 |
|
4,146 |
|
Gain realized on conversion to loans |
|
(3,910 |
) |
(2,631 |
) |
Change in valuation of items held |
|
(679 |
) |
(287 |
) |
Fair value at March 31 |
|
$ |
3,904 |
|
$ |
2,724 |
|
|
|
Summary of the fair value measurements of the entity's nonfinancial assets measured on a nonrecurring basis |
|
|
FAIR VALUE |
(in thousands) |
|
HIERARCHY |
|
MARCH 31, 2012 |
|
DECEMBER 31, 2011 |
Housing inventory and inventory held-for-sale 1 |
|
Level 3 |
|
$ |
2,605 |
|
|
$ |
9,121 |
|
Other assets held-for-sale and investments in joint ventures 2 |
|
Level 3 |
|
1,300 |
|
|
2,366 |
|
Total |
|
|
|
$ |
3,905 |
|
|
$ |
11,487 |
|
1 |
In accordance with ASC No. 330, (“ASC 330”), “Inventory,” the fair values of housing inventory and inventory held-for-sale that were impaired during 2012 totaled $2.6 million at March 31, 2012. The impairment charges related to these assets totaled $1.9 million for the three months ended March 31, 2012. At December 31, 2011, the fair values of housing inventory and inventory held-for-sale that were impaired during 2011 totaled $9.1 million. The impairment charges related to these assets totaled $9.5 million for the year ended December 31, 2011. |
|
|
2 |
In accordance with ASC 330, the fair values of other assets held-for-sale that were impaired during 2011 totaled $973,000 at December 31, 2011. The impairment charges related to these assets totaled $35,000 for the year ended December 31, 2011. In accordance with ASC 330, the fair values of investments in joint ventures that were impaired during 2012 totaled $1.3 million at March 31, 2012. The impairment charges related to these assets totaled $10,000 for the three months ended March 31, 2012. At December 31, 2011, the fair values of investments in joint ventures that were impaired during 2011 totaled $1.4 million. The impairment charges related to these assets totaled $2.0 million for the year ended December 31, 2011. |
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X |
- Definition
Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) 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 or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258
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- Definition
Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19279-110258
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258
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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).
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