ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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3 Months Ended |
Mar. 31, 2021 |
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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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March 31, 2021 |
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December 31, 2020 |
| ROU assets |
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$ |
20,139 |
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$ |
21,624 |
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| Lease liabilities |
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26,433 |
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28,254 |
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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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March 31, 2021 |
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December 31, 2020 |
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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 |
$ |
554,692 |
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$ |
262,977 |
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$ |
478,788 |
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$ |
216,708 |
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| Total Sureties |
$ |
554,692 |
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$ |
262,977 |
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$ |
478,788 |
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$ |
216,708 |
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| Letters of Credit (“LOCs”): |
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| LOCs for land development |
91,277 |
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N/A |
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93,661 |
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N/A |
| LOCs for general corporate operations |
3,375 |
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N/A |
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3,750 |
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N/A |
| Total LOCs |
$ |
94,652 |
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N/A |
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$ |
97,411 |
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N/A |
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| Schedule of Accrued Liabilities |
Accrued liabilities at March 31, 2021 and December 31, 2020 consisted of the following (in thousands):
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As of |
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March 31, 2021 |
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December 31, 2020 |
| Accruals related to real estate development and construction activities |
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$ |
103,169 |
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$ |
92,701 |
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| Payroll and other benefits |
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48,185 |
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88,337 |
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| Accrued interest |
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23,892 |
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8,457 |
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| Accrued taxes |
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64,945 |
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34,373 |
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| Warranty reserves |
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23,767 |
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23,743 |
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| Lease liabilities |
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26,433 |
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28,254 |
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| Other accruals |
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20,136 |
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20,256 |
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| Total |
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$ |
310,527 |
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$ |
296,121 |
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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 March 31, |
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2021 |
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2020 |
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| Balance, beginning of period |
$ |
23,743 |
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$ |
22,015 |
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| Additions to reserve from new home deliveries |
3,810 |
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3,810 |
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| Warranty claims |
(3,786) |
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(3,735) |
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| Adjustments to pre-existing reserves |
— |
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— |
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| Balance, end of period |
$ |
23,767 |
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$ |
22,090 |
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