BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Property and Equipment, net |
At December 31, 2017 and 2016, property and equipment, net consisted of the following (in thousands):
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At December 31, |
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|
2017 |
|
2016 |
Computer and office equipment |
|
$ |
40,731 |
|
|
$ |
35,288 |
|
Model home furnishings |
|
50,063 |
|
|
45,767 |
|
Gross property and equipment |
|
90,794 |
|
|
81,055 |
|
Accumulated depreciation |
|
(57,163 |
) |
|
(47,853 |
) |
Total |
|
$ |
33,631 |
|
|
$ |
33,202 |
|
|
| Schedule of Accrued Liabilities |
Accrued liabilities at December 31, 2017 and 2016 consisted of the following (in thousands):
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At December 31, |
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|
2017 |
|
2016 |
Accruals related to real estate development and construction activities |
|
$ |
53,522 |
|
|
$ |
53,778 |
|
Payroll and other benefits |
|
58,186 |
|
|
52,941 |
|
Accrued interest |
|
15,369 |
|
|
15,017 |
|
Accrued taxes |
|
14,067 |
|
|
9,637 |
|
Warranty reserves |
|
23,328 |
|
|
22,660 |
|
Other accruals |
|
16,604 |
|
|
16,819 |
|
Total |
|
$ |
181,076 |
|
|
$ |
170,852 |
|
|
| Schedule of Surety Bond and Letter of Credit Obligations |
The table below outlines our surety bond and letter of credit obligations (in thousands):
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At December 31, |
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|
2017 |
|
2016 |
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|
Outstanding |
|
Estimated work
remaining to
complete (unaudited)
|
|
Outstanding |
|
Estimated work
remaining to
complete (unaudited)
|
Sureties: |
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|
|
|
|
|
|
|
Sureties related to owned projects and lots under contract |
|
296,387 |
|
|
120,320 |
|
|
239,246 |
|
|
85,706 |
|
Total Sureties |
|
$ |
296,387 |
|
|
$ |
120,320 |
|
|
$ |
239,246 |
|
|
$ |
85,706 |
|
Letters of Credit (“LOCs”): |
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LOCs in lieu of deposits for contracted lots |
|
$ |
— |
|
|
N/A |
|
|
$ |
250 |
|
|
N/A |
|
LOCs for land development |
|
70,922 |
|
|
N/A |
|
|
39,839 |
|
|
N/A |
|
LOCs for general corporate operations |
|
3,750 |
|
|
N/A |
|
|
3,750 |
|
|
N/A |
|
Total LOCs |
|
$ |
74,672 |
|
|
N/A |
|
|
$ |
43,839 |
|
|
N/A |
|
|
| Summary of Changes in Warranty Reserves |
A summary of changes in our warranty reserves follows (in thousands):
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Years Ended December 31, |
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|
2017 |
|
2016 |
Balance, beginning of year |
|
$ |
22,660 |
|
|
$ |
21,615 |
|
Additions to reserve from new home deliveries |
|
17,161 |
|
|
16,776 |
|
Warranty claims |
|
(14,854 |
) |
|
(14,719 |
) |
Adjustments to pre-existing reserves |
|
(1,639 |
) |
|
(1,012 |
) |
Balance, end of year |
|
$ |
23,328 |
|
|
$ |
22,660 |
|
|