BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Property and Equipment, net |
At December 31, 2021 and 2020, property and equipment, net consisted of the following (in thousands):
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At December 31, |
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2021 |
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2020 |
| Computer and office equipment |
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$ |
62,806 |
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$ |
59,407 |
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| Model home furnishings and capitalized sales office costs |
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61,112 |
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76,398 |
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| Gross property and equipment |
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123,918 |
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135,805 |
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| Accumulated depreciation |
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(86,578) |
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(96,872) |
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| Total |
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$ |
37,340 |
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$ |
38,933 |
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| Schedule of Accrued Liabilities |
Accrued liabilities at December 31, 2021 and 2020 consisted of the following (in thousands):
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At December 31, |
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2021 |
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2020 |
| Accruals related to real estate development and construction activities |
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$ |
115,214 |
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$ |
92,701 |
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| Payroll and other benefits |
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102,773 |
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88,337 |
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| Accrued interest |
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5,556 |
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8,457 |
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| Accrued taxes |
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37,297 |
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34,373 |
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| Warranty reserves |
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26,264 |
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23,743 |
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Lease liabilities (1)
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26,171 |
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28,254 |
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| Other accruals |
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24,002 |
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20,256 |
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| Total |
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$ |
337,277 |
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$ |
296,121 |
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(1)Refer to Note 4 for additional information related to our leases.
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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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At December 31, |
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2021 |
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2020 |
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Outstanding |
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Estimated work
remaining to
complete (unaudited) |
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Outstanding |
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Estimated work
remaining to
complete (unaudited) |
| Sureties: |
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| Sureties related to owned projects and lots under contract |
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620,297 |
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352,152 |
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|
478,788 |
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|
216,708 |
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| Total Sureties |
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$ |
620,297 |
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$ |
352,152 |
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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 |
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57,396 |
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N/A |
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93,661 |
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N/A |
| LOCs for general corporate operations |
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5,000 |
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N/A |
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3,750 |
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N/A |
| Total LOCs |
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$ |
62,396 |
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N/A |
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$ |
97,411 |
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N/A |
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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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Years Ended December 31, |
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2021 |
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2020 |
| Balance, beginning of year |
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$ |
23,743 |
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$ |
22,015 |
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| Additions to reserve from new home deliveries |
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17,883 |
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18,503 |
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| Warranty claims |
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(15,362) |
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(16,775) |
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| Adjustments to pre-existing reserves |
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— |
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— |
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| Balance, end of year |
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$ |
26,264 |
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$ |
23,743 |
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