BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Property and Equipment, net |
At December 31, 2019 and 2018, property and equipment, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31, |
|
|
| |
|
2019 |
|
2018 |
| Computer and office equipment |
|
$ |
57,162 |
|
|
$ |
50,197 |
|
| Model home furnishings and capitalized sales office costs |
|
86,047 |
|
|
87,768 |
|
| Gross property and equipment |
|
143,209 |
|
|
137,965 |
|
| Accumulated depreciation |
|
(92,603) |
|
|
(83,369) |
|
| Total |
|
$ |
50,606 |
|
|
$ |
54,596 |
|
|
| Schedule of Accrued Liabilities |
Accrued liabilities at December 31, 2019 and 2018 consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31, |
|
|
| |
|
2019 |
|
2018 |
| Accruals related to real estate development and construction activities |
|
$ |
74,448 |
|
|
$ |
54,589 |
|
| Payroll and other benefits |
|
67,734 |
|
|
60,209 |
|
| Accrued interest |
|
8,758 |
|
|
13,296 |
|
| Accrued taxes |
|
8,459 |
|
|
7,548 |
|
| Warranty reserves |
|
22,015 |
|
|
24,552 |
|
|
|
|
|
|
Lease liability (1)
|
|
34,231 |
|
|
— |
|
| Other accruals |
|
10,363 |
|
|
17,668 |
|
| Total |
|
$ |
226,008 |
|
|
$ |
177,862 |
|
|
| Schedule of Surety Bond and Letter of Credit Obligations |
The table below outlines our surety bond and letter of credit obligations (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, |
|
|
|
|
|
|
| |
|
2019 |
|
|
|
2018 |
|
|
| |
|
Outstanding |
|
Estimated work
remaining to
complete (unaudited) |
|
Outstanding |
|
Estimated work
remaining to
complete (unaudited) |
| Sureties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sureties related to owned projects and lots under contract |
|
405,017 |
|
|
186,986 |
|
|
339,221 |
|
|
133,662 |
|
| Total Sureties |
|
$ |
405,017 |
|
|
$ |
186,986 |
|
|
$ |
339,221 |
|
|
$ |
133,662 |
|
| Letters of Credit (“LOCs”): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LOCs for land development |
|
57,192 |
|
|
N/A |
|
70,287 |
|
|
N/A |
| LOCs for general corporate operations |
|
3,750 |
|
|
N/A |
|
3,750 |
|
|
N/A |
| Total LOCs |
|
$ |
60,942 |
|
|
N/A |
|
$ |
74,037 |
|
|
N/A |
|
| Summary of Changes in Warranty Reserves |
A summary of changes in our warranty reserves follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
|
| |
|
2019 |
|
2018 |
| Balance, beginning of year |
|
$ |
24,552 |
|
|
$ |
23,328 |
|
| Additions to reserve from new home deliveries |
|
15,841 |
|
|
15,906 |
|
| Warranty claims |
|
(18,378) |
|
|
(14,682) |
|
| Adjustments to pre-existing reserves |
|
— |
|
|
— |
|
| Balance, end of year |
|
$ |
22,015 |
|
|
$ |
24,552 |
|
|