ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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9 Months Ended |
Sep. 30, 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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September 30, 2021 |
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December 31, 2020 |
| ROU assets |
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$ |
17,159 |
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$ |
21,624 |
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| Lease liabilities |
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22,644 |
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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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September 30, 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 |
$ |
597,379 |
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$ |
331,195 |
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$ |
478,788 |
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$ |
216,708 |
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| Total Sureties |
$ |
597,379 |
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$ |
331,195 |
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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 |
71,965 |
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N/A |
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93,661 |
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N/A |
| LOCs for general corporate operations |
3,000 |
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N/A |
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3,750 |
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N/A |
| Total LOCs |
$ |
74,965 |
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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 September 30, 2021 and December 31, 2020 consisted of the following (in thousands):
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As of |
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September 30, 2021 |
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December 31, 2020 |
| Accruals related to real estate development and construction activities |
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$ |
116,351 |
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$ |
92,701 |
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| Payroll and other benefits |
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85,959 |
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88,337 |
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| Accrued interest |
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21,528 |
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8,457 |
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| Accrued taxes |
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26,526 |
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34,373 |
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| Warranty reserves |
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26,551 |
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23,743 |
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| Lease liabilities |
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22,644 |
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28,254 |
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| Other accruals |
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24,848 |
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20,256 |
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| Total |
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$ |
324,407 |
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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 September 30, |
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Nine Months Ended September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
| Balance, beginning of period |
$ |
25,065 |
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$ |
21,578 |
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$ |
23,743 |
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$ |
22,015 |
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| Additions to reserve from new home deliveries |
4,442 |
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4,592 |
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12,766 |
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12,620 |
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| Warranty claims |
(2,956) |
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(2,911) |
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(9,958) |
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(11,376) |
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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 |
$ |
26,551 |
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$ |
23,259 |
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$ |
26,551 |
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$ |
23,259 |
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