BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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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, 2015 and 2014, property and equipment, net consisted of the following (in thousands):
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At December 31, |
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2015 |
|
2014 |
Computer and office equipment |
|
$ |
32,216 |
|
|
$ |
30,084 |
|
Model home furnishings |
|
41,252 |
|
|
36,403 |
|
Gross property and equipment |
|
73,468 |
|
|
66,487 |
|
Accumulated depreciation |
|
(39,498 |
) |
|
(34,084 |
) |
Total |
|
$ |
33,970 |
|
|
$ |
32,403 |
|
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| Schedule of Accrued Liabilities |
Accrued liabilities at December 31, 2015 and 2014 consisted of the following (in thousands):
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At December 31, |
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2015 |
|
2014 |
Accruals related to real estate development and construction activities |
|
$ |
37,509 |
|
|
$ |
34,975 |
|
Payroll and other benefits |
|
41,240 |
|
|
44,107 |
|
Accrued taxes |
|
9,950 |
|
|
11,096 |
|
Warranty reserves |
|
21,615 |
|
|
22,080 |
|
Legal reserves |
|
18,812 |
|
|
16,499 |
|
Other accruals |
|
32,037 |
|
|
25,387 |
|
Total |
|
$ |
161,163 |
|
|
$ |
154,144 |
|
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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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December 31, 2015 |
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December 31, 2014 |
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Outstanding |
|
Estimated work
remaining to
complete (unaudited)
|
|
Outstanding |
|
Estimated work
remaining to
complete (unaudited)
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Sureties: |
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Sureties related to joint ventures |
|
$ |
87 |
|
|
$ |
87 |
|
|
$ |
87 |
|
|
$ |
87 |
|
Sureties related to owned projects and lots under contract |
|
250,639 |
|
|
103,200 |
|
|
230,079 |
|
|
93,667 |
|
Total Sureties |
|
$ |
250,726 |
|
|
$ |
103,287 |
|
|
$ |
230,166 |
|
|
$ |
93,754 |
|
Letters of Credit (“LOCs”): |
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LOCs in lieu of deposits for contracted lots |
|
$ |
— |
|
|
N/A |
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|
$ |
1,200 |
|
|
N/A |
|
LOCs for land development |
|
23,934 |
|
|
N/A |
|
|
13,789 |
|
|
N/A |
|
LOCs for general corporate operations |
|
3,750 |
|
|
N/A |
|
|
4,500 |
|
|
N/A |
|
Total LOCs |
|
$ |
27,684 |
|
|
N/A |
|
|
$ |
19,489 |
|
|
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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Year Ended December 31, |
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|
2015 |
|
2014 |
Balance, beginning of year |
|
$ |
22,080 |
|
|
$ |
21,971 |
|
Additions to reserve from new home deliveries |
|
12,924 |
|
|
11,929 |
|
Warranty claims |
|
(14,508 |
) |
|
(12,320 |
) |
Adjustments to pre-existing reserves |
|
1,119 |
|
|
500 |
|
Balance, end of year |
|
$ |
21,615 |
|
|
$ |
22,080 |
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