Quarterly report pursuant to Section 13 or 15(d)

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

v3.21.2
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