Quarterly report pursuant to Section 13 or 15(d)

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

v3.5.0.2
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Surety Bond and Letter of Credit Obligations
The table below outlines our surety bond and letter of credit obligations (in thousands):
 
 
As of
 
 
June 30, 2016
 
December 31, 2015
 
 
Outstanding
 
Estimated work
remaining to
complete
 
Outstanding
 
Estimated work
remaining to
complete
Sureties:
 
 
 
 
 
 
 
 
Sureties related to joint ventures
 
$

 
$

 
$
87

 
$
87

Sureties related to owned projects and lots under contract
 
242,212

 
72,120

 
250,639

 
103,200

Total Sureties
 
$
242,212

 
$
72,120

 
$
250,726

 
$
103,287

Letters of Credit (“LOCs”):
 
 
 
 
 
 
 
 
LOCs in lieu of deposits for contracted lots
 
$
500

 
N/A

 
$

 
N/A

LOCs for land development
 
27,847

 
N/A

 
23,934

 
N/A

LOCs for general corporate operations
 
3,750

 
N/A

 
3,750

 
N/A

Total LOCs
 
$
32,097

 
N/A

 
$
27,684

 
N/A

Schedule of Accrued Liabilities
Accrued liabilities at June 30, 2016 and December 31, 2015 consisted of the following (in thousands):
 
 
As of
 
 
June 30, 2016
 
December 31, 2015
Accruals related to real estate development and construction activities
 
$
55,562

 
$
37,509

Payroll and other benefits
 
33,272

 
41,240

Accrued taxes
 
11,493

 
9,950

Warranty reserves
 
22,699


21,615

Legal reserves (1)
 
1,659

 
18,812

Other accruals
 
29,958

 
32,037

Total
 
$
154,643

 
$
161,163



(1)    See Note 15 for additional information related to our legal reserves.
Summary of Changes in Warranty Reserves
A summary of changes in our warranty reserves follows (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Balance, beginning of period
$
22,308

 
$
21,839

 
$
21,615

 
$
22,080

Additions to reserve from new home deliveries
4,423

 
2,996

 
7,958

 
5,624

Warranty claims
(3,757
)
 
(3,592
)
 
(6,599
)
 
(6,461
)
Adjustments to pre-existing reserves
(275
)
 
750

 
(275
)
 
750

Balance, end of period
$
22,699


$
21,993

 
$
22,699

 
$
21,993