ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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9 Months Ended |
Sep. 30, 2020 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Lease, Cost |
The table below outlines our ROU assets and lease liabilities (in thousands):
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As of |
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September 30, 2020 |
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December 31, 2019 |
| ROU assets |
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$ |
22,881 |
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$ |
26,332 |
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| Lease liabilities |
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29,739 |
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34,231 |
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| 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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As of |
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September 30, 2020 |
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December 31, 2019 |
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Outstanding |
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Estimated work
remaining to
complete |
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Outstanding |
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Estimated work
remaining to
complete |
| Sureties: |
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| Sureties related to owned projects and lots under contract |
$ |
428,912 |
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$ |
160,639 |
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$ |
405,017 |
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$ |
186,986 |
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| Total Sureties |
$ |
428,912 |
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$ |
160,639 |
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$ |
405,017 |
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$ |
186,986 |
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| Letters of Credit (“LOCs”): |
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| LOCs for land development |
70,860 |
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N/A |
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57,192 |
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N/A |
| LOCs for general corporate operations |
3,750 |
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N/A |
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3,750 |
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N/A |
| Total LOCs |
$ |
74,610 |
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N/A |
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$ |
60,942 |
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N/A |
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| Schedule of Accrued Liabilities |
Accrued liabilities at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
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As of |
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September 30, 2020 |
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December 31, 2019 |
| Accruals related to real estate development and construction activities |
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$ |
97,028 |
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$ |
74,448 |
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| Payroll and other benefits |
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64,331 |
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67,734 |
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| Accrued interest |
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23,979 |
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8,758 |
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| Accrued taxes |
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17,311 |
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8,459 |
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| Warranty reserves |
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23,259 |
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22,015 |
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| Lease liabilities |
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29,739 |
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34,231 |
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| Other accruals |
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18,724 |
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10,363 |
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| Total |
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$ |
274,371 |
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$ |
226,008 |
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| Summary of Changes in Warranty Reserves |
A summary of changes in our warranty reserves follows (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
| Balance, beginning of period |
$ |
21,578 |
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$ |
20,927 |
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$ |
22,015 |
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$ |
24,552 |
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| Additions to reserve from new home deliveries |
4,592 |
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4,150 |
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12,620 |
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11,425 |
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| Warranty claims |
(2,911) |
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(3,766) |
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(11,376) |
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(14,666) |
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| Adjustments to pre-existing reserves |
— |
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— |
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— |
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— |
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| Balance, end of period |
$ |
23,259 |
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$ |
21,311 |
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$ |
23,259 |
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$ |
21,311 |
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