ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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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, 2022 |
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December 31, 2021 |
| ROU assets |
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$ |
19,961 |
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$ |
21,038 |
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| Lease liabilities |
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23,998 |
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26,171 |
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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, 2022 |
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December 31, 2021 |
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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 |
$ |
852,017 |
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$ |
528,510 |
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$ |
620,297 |
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$ |
352,152 |
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| Total Sureties |
$ |
852,017 |
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$ |
528,510 |
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$ |
620,297 |
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$ |
352,152 |
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| Letters of Credit (“LOCs”): |
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| LOCs for land development |
54,799 |
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N/A |
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57,396 |
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N/A |
| LOCs for general corporate operations |
5,000 |
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N/A |
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5,000 |
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N/A |
| Total LOCs |
$ |
59,799 |
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N/A |
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$ |
62,396 |
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N/A |
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| Schedule of Accrued Liabilities |
Accrued liabilities at September 30, 2022 and December 31, 2021 consisted of the following (in thousands):
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As of |
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September 30, 2022 |
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December 31, 2021 |
| Accruals related to real estate development and construction activities |
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$ |
158,552 |
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$ |
115,214 |
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| Payroll and other benefits |
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84,062 |
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102,773 |
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| Accrued interest |
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21,383 |
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5,556 |
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| Accrued taxes |
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12,634 |
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37,297 |
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| Warranty reserves |
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31,715 |
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26,264 |
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| Lease liabilities |
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23,998 |
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26,171 |
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| Other accruals |
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21,168 |
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24,002 |
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| Total |
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$ |
353,512 |
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$ |
337,277 |
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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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2022 |
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2021 |
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2022 |
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2021 |
| Balance, beginning of period |
$ |
31,437 |
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$ |
25,065 |
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$ |
26,264 |
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$ |
23,743 |
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| Additions to reserve from new home deliveries |
5,583 |
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4,442 |
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15,419 |
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12,766 |
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| Warranty claims |
(5,305) |
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(2,956) |
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(9,968) |
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(1) |
(9,958) |
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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 |
$ |
31,715 |
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$ |
26,551 |
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$ |
31,715 |
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$ |
26,551 |
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