BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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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, 2023 and 2022, property and equipment, net consisted of the following (in thousands):
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At December 31, |
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2023 |
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2022 |
| Computer and office equipment |
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$ |
62,682 |
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$ |
66,027 |
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| Model home furnishings and capitalized sales office costs |
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60,043 |
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57,229 |
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| Gross property and equipment |
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122,725 |
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123,256 |
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| Accumulated depreciation |
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(73,772) |
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(84,621) |
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| Total |
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$ |
48,953 |
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$ |
38,635 |
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| Schedule of Accrued Liabilities |
Accrued liabilities at December 31, 2023 and 2022 consisted of the following (in thousands):
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At December 31, |
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2023 |
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2022 |
| Accruals related to real estate development and construction activities |
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$ |
137,489 |
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$ |
139,447 |
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| Payroll and other benefits |
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140,734 |
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110,338 |
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| Accrued interest |
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6,331 |
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|
7,026 |
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| Accrued taxes |
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25,569 |
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25,182 |
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| Warranty reserves |
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37,360 |
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35,575 |
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Lease liabilities (1)
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54,040 |
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22,782 |
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| Other accruals |
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23,241 |
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|
20,265 |
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| Total |
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$ |
424,764 |
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$ |
360,615 |
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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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2023 |
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2022 |
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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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975,979 |
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712,421 |
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926,928 |
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|
616,028 |
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| Total Sureties |
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$ |
975,979 |
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$ |
712,421 |
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$ |
926,928 |
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$ |
616,028 |
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| Letters of Credit (“LOCs”): |
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| LOCs for land development |
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56,251 |
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N/A |
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49,442 |
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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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5,000 |
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N/A |
| Total LOCs |
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$ |
61,251 |
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N/A |
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$ |
54,442 |
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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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2023 |
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2022 |
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| Balance, beginning of year |
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$ |
35,575 |
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$ |
26,264 |
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| Additions to reserve from new home deliveries |
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22,713 |
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22,198 |
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| Warranty claims |
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(20,928) |
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(23,803) |
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(1) |
| Adjustments to pre-existing reserves |
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— |
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10,916 |
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| Balance, end of year |
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$ |
37,360 |
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$ |
35,575 |
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