Annual report pursuant to Section 13 and 15(d)

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.4
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Property and Equipment, net At December 31, 2020 and 2019, property and equipment, net consisted of the following (in thousands):
  At December 31,
  2020 2019
Computer and office equipment $ 59,407  $ 57,162 
Model home furnishings and capitalized sales office costs 76,398  86,047 
Gross property and equipment 135,805  143,209 
Accumulated depreciation (96,872) (92,603)
Total $ 38,933  $ 50,606 
Schedule of Accrued Liabilities Accrued liabilities at December 31, 2020 and 2019 consisted of the following (in thousands):
  At December 31,
  2020 2019
Accruals related to real estate development and construction activities $ 92,701  $ 74,448 
Payroll and other benefits 88,337  67,734 
Accrued interest 8,457  8,758 
Accrued taxes 34,373  8,459 
Warranty reserves 23,743  22,015 
Lease liabilities (1)
28,254  34,231 
Other accruals 20,256  10,363 
Total $ 296,121  $ 226,008 
(1)Refer to Note 4 for additional information related to our leases.
Schedule of Surety Bond and Letter of Credit Obligations The table below outlines our surety bond and letter of credit obligations (in thousands):
At December 31,
  2020 2019
  Outstanding Estimated work
remaining to
complete (unaudited)
Outstanding Estimated work
remaining to
complete (unaudited)
Sureties:
Sureties related to owned projects and lots under contract 478,788  216,708  405,017  186,986 
Total Sureties $ 478,788  $ 216,708  $ 405,017  $ 186,986 
Letters of Credit (“LOCs”):
LOCs for land development 93,661  N/A 57,192  N/A
LOCs for general corporate operations 3,750  N/A 3,750  N/A
Total LOCs $ 97,411  N/A $ 60,942  N/A
Summary of Changes in Warranty Reserves
A summary of changes in our warranty reserves follows (in thousands):
  Years Ended December 31,
  2020 2019
Balance, beginning of year $ 22,015  $ 24,552 
Additions to reserve from new home deliveries 18,503  15,841 
Warranty claims (16,775) (18,378)
Adjustments to pre-existing reserves —  — 
Balance, end of year $ 23,743  $ 22,015