Quarterly report pursuant to Section 13 or 15(d)

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

v3.8.0.1
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
 9 Months Ended
Sep. 30, 2017
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
 
September 30, 2017
 
December 31, 2016
 
Outstanding
 
Estimated work
remaining to
complete
 
Outstanding
 
Estimated work
remaining to
complete
Sureties:
 
 
 
 
 
 
 
Sureties related to owned projects and lots under contract
$
278,779

 
$
123,970

 
$
239,246

 
$
85,706

Total Sureties
$
278,779

 
$
123,970

 
$
239,246

 
$
85,706

Letters of Credit (“LOCs”):
 
 
 
 
 
 
 
LOCs in lieu of deposits for contracted lots
$
250

 
N/A

 
$
250

 
N/A

LOCs for land development
62,497

 
N/A

 
39,839

 
N/A

LOCs for general corporate operations
3,750

 
N/A

 
3,750

 
N/A

Total LOCs
$
66,497

 
N/A

 
$
43,839

 
N/A

Schedule of Accrued Liabilities
Accrued liabilities at September 30, 2017 and December 31, 2016 consisted of the following (in thousands):
 
 
As of
 
 
September 30, 2017
 
December 31, 2016
Accruals related to real estate development and construction activities
 
$
63,227

 
$
53,778

Payroll and other benefits
 
46,922

 
52,941

Accrued interest
 
30,722

 
15,017

Accrued taxes
 
11,847

 
9,637

Warranty reserves
 
24,432


22,660

Legal reserves (1)
 
600

 
673

Other accruals
 
15,352

 
16,146

Total
 
$
193,102

 
$
170,852



(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 September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Balance, beginning of period
$
23,620

 
$
22,699

 
$
22,660

 
$
21,615

Additions to reserve from new home deliveries
4,366

 
4,110

 
12,491

 
12,068

Warranty claims
(3,554
)
 
(4,843
)
 
(10,719
)
 
(11,442
)
Adjustments to pre-existing reserves
—

 
—

 
—

 
(275
)
Balance, end of period
$
24,432


$
21,966

 
$
24,432

 
$
21,966