ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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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, 2024 |
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December 31, 2023 |
| ROU assets |
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$ |
54,631 |
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$ |
51,275 |
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| Lease liabilities |
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57,285 |
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54,040 |
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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, 2024 |
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December 31, 2023 |
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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 |
$ |
989,870 |
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$ |
668,459 |
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$ |
975,979 |
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$ |
712,421 |
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| Total Sureties |
$ |
989,870 |
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$ |
668,459 |
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$ |
975,979 |
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$ |
712,421 |
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| Letters of Credit (“LOCs”): |
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| LOCs for land development |
108,252 |
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N/A |
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56,251 |
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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 |
$ |
113,252 |
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N/A |
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$ |
61,251 |
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N/A |
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| Schedule of Accrued Liabilities |
Accrued liabilities at September 30, 2024 and December 31, 2023 consisted of the following (in thousands):
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As of |
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September 30, 2024 |
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December 31, 2023 |
| Accruals related to real estate development and construction activities |
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$ |
190,575 |
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$ |
137,489 |
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| Payroll and other benefits |
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104,010 |
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140,734 |
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| Accrued interest |
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17,316 |
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6,331 |
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| Accrued taxes |
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15,224 |
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25,569 |
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| Warranty reserves |
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35,351 |
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37,360 |
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| Lease liabilities |
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57,285 |
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54,040 |
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| Other accruals |
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20,110 |
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23,241 |
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| Total |
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$ |
439,871 |
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$ |
424,764 |
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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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2024 |
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2023 |
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2024 |
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2023 |
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| Balance, beginning of period |
$ |
34,769 |
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$ |
36,215 |
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$ |
37,360 |
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$ |
35,575 |
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| Additions to reserve from new home deliveries |
5,831 |
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6,444 |
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16,473 |
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16,832 |
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| Warranty claims, net of recoveries |
(5,249) |
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(3,514) |
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(18,482) |
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(13,262) |
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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 |
$ |
35,351 |
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$ |
39,145 |
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$ |
35,351 |
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$ |
39,145 |
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