ORGANIZATION AND BASIS OF PRESENTATION (Tables)
|
6 Months Ended |
Jun. 30, 2021 |
|---|
| 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, 2021 |
|
December 31, 2020 |
| ROU assets |
|
$ |
18,546 |
|
|
$ |
21,624 |
|
| Lease liabilities |
|
24,439 |
|
|
28,254 |
|
|
| 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, 2021 |
|
December 31, 2020 |
| |
Outstanding |
|
Estimated work
remaining to
complete |
|
Outstanding |
|
Estimated work
remaining to
complete |
| Sureties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sureties related to owned projects and lots under contract |
$ |
612,942 |
|
|
$ |
326,213 |
|
|
$ |
478,788 |
|
|
$ |
216,708 |
|
| Total Sureties |
$ |
612,942 |
|
|
$ |
326,213 |
|
|
$ |
478,788 |
|
|
$ |
216,708 |
|
| Letters of Credit (“LOCs”): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LOCs for land development |
70,745 |
|
|
N/A |
|
93,661 |
|
|
N/A |
| LOCs for general corporate operations |
3,375 |
|
|
N/A |
|
3,750 |
|
|
N/A |
| Total LOCs |
$ |
74,120 |
|
|
N/A |
|
$ |
97,411 |
|
|
N/A |
|
| Schedule of Accrued Liabilities |
Accrued liabilities at June 30, 2021 and December 31, 2020 consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
| |
|
June 30, 2021 |
|
December 31, 2020 |
| Accruals related to real estate development and construction activities |
|
$ |
106,766 |
|
|
$ |
92,701 |
|
| Payroll and other benefits |
|
68,150 |
|
|
88,337 |
|
| Accrued interest |
|
7,280 |
|
|
8,457 |
|
| Accrued taxes |
|
29,695 |
|
|
34,373 |
|
| Warranty reserves |
|
25,065 |
|
|
23,743 |
|
| Lease liabilities |
|
24,439 |
|
|
28,254 |
|
| Other accruals |
|
21,367 |
|
|
20,256 |
|
| Total |
|
$ |
282,762 |
|
|
$ |
296,121 |
|
|
| 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, |
| |
2021 |
|
2020 |
|
2021 |
|
2020 |
| Balance, beginning of period |
$ |
23,767 |
|
|
$ |
22,090 |
|
|
$ |
23,743 |
|
|
$ |
22,015 |
|
| Additions to reserve from new home deliveries |
4,514 |
|
|
4,218 |
|
|
8,324 |
|
|
8,028 |
|
| Warranty claims |
(3,216) |
|
|
(4,730) |
|
|
(7,002) |
|
|
(8,465) |
|
| Adjustments to pre-existing reserves |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Balance, end of period |
$ |
25,065 |
|
|
$ |
21,578 |
|
|
$ |
25,065 |
|
|
$ |
21,578 |
|
|