ORGANIZATION AND BASIS OF PRESENTATION (Tables)
|
3 Months Ended |
Mar. 31, 2022 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Lease, Cost |
The table below outlines our ROU assets and lease liabilities (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
March 31, 2022 |
|
December 31, 2021 |
| ROU assets |
|
$ |
19,314 |
|
|
$ |
21,038 |
|
| Lease liabilities |
|
24,052 |
|
|
26,171 |
|
|
| 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 |
| |
March 31, 2022 |
|
December 31, 2021 |
| |
Outstanding |
|
Estimated work
remaining to
complete |
|
Outstanding |
|
Estimated work
remaining to
complete |
| Sureties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sureties related to owned projects and lots under contract |
$ |
677,014 |
|
|
$ |
379,639 |
|
|
$ |
620,297 |
|
|
$ |
352,152 |
|
| Total Sureties |
$ |
677,014 |
|
|
$ |
379,639 |
|
|
$ |
620,297 |
|
|
$ |
352,152 |
|
| Letters of Credit (“LOCs”): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LOCs for land development |
56,571 |
|
|
N/A |
|
57,396 |
|
|
N/A |
| LOCs for general corporate operations |
5,000 |
|
|
N/A |
|
5,000 |
|
|
N/A |
| Total LOCs |
$ |
61,571 |
|
|
N/A |
|
$ |
62,396 |
|
|
N/A |
|
| Schedule of Accrued Liabilities |
Accrued liabilities at March 31, 2022 and December 31, 2021 consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
| |
|
March 31, 2022 |
|
December 31, 2021 |
| Accruals related to real estate development and construction activities |
|
$ |
131,697 |
|
|
$ |
115,214 |
|
| Payroll and other benefits |
|
57,205 |
|
|
102,773 |
|
| Accrued interest |
|
21,459 |
|
|
5,556 |
|
| Accrued taxes |
|
103,366 |
|
|
37,297 |
|
| Warranty reserves |
|
26,667 |
|
|
26,264 |
|
| Lease liabilities |
|
24,052 |
|
|
26,171 |
|
| Other accruals |
|
24,475 |
|
|
24,002 |
|
| Total |
|
$ |
388,921 |
|
|
$ |
337,277 |
|
|
| Summary of Changes in Warranty Reserves |
A summary of changes in our warranty reserves follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended March 31, |
|
|
| |
2022 |
|
2021 |
|
|
|
|
| Balance, beginning of period |
$ |
26,264 |
|
|
$ |
23,743 |
|
|
|
|
|
| Additions to reserve from new home deliveries |
4,528 |
|
|
3,810 |
|
|
|
|
|
| Warranty claims |
(4,125) |
|
|
(3,786) |
|
|
|
|
|
| Adjustments to pre-existing reserves |
— |
|
|
— |
|
|
|
|
|
| Balance, end of period |
$ |
26,667 |
|
|
$ |
23,767 |
|
|
|
|
|
|