Quarterly report pursuant to Section 13 or 15(d)

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

v3.20.2
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Lease, Cost
The table below outlines our ROU assets and lease liabilities (in thousands):
As of
June 30, 2020 December 31, 2019
ROU assets $ 23,936    $ 26,332   
Lease liabilities 31,182    34,231   
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, 2020 December 31, 2019
  Outstanding Estimated work
remaining to
complete
Outstanding Estimated work
remaining to
complete
Sureties:
Sureties related to owned projects and lots under contract $ 437,963    $ 176,195    $ 405,017    $ 186,986   
Total Sureties $ 437,963    $ 176,195    $ 405,017    $ 186,986   
Letters of Credit (“LOCs”):
LOCs for land development 66,715    N/A 57,192    N/A
LOCs for general corporate operations 3,750    N/A 3,750    N/A
Total LOCs $ 70,465    N/A $ 60,942    N/A
Schedule of Accrued Liabilities Accrued liabilities at June 30, 2020 and December 31, 2019 consisted of the following (in thousands):
As of
  June 30, 2020 December 31, 2019
Accruals related to real estate development and construction activities $ 78,210    $ 74,448   
Payroll and other benefits 50,874    67,734   
Accrued interest 8,610    8,758   
Accrued taxes 38,766    8,459   
Warranty reserves 21,578    22,015   
Lease liabilities 31,182    34,231   
Other accruals 19,988    10,363   
Total $ 249,208    $ 226,008   
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,
  2020 2019 2020 2019
Balance, beginning of period $ 22,090    $ 23,213    $ 22,015    $ 24,552   
Additions to reserve from new home deliveries 4,218    3,888    8,028    7,275   
Warranty claims (4,730)   (6,174)   (8,465)   (10,900)  
Adjustments to pre-existing reserves —    —    —    —   
Balance, end of period $ 21,578    $ 20,927    $ 21,578    $ 20,927