BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Property and Equipment, net |
At December 31, 2018 and 2017, property and equipment, net consisted of the following (in thousands):
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At December 31, |
|
|
2018 |
|
2017 |
Computer and office equipment |
|
$ |
50,197 |
|
|
$ |
40,731 |
|
Model home furnishings and capitalized sales office costs |
|
87,768 |
|
|
50,063 |
|
Gross property and equipment |
|
137,965 |
|
|
90,794 |
|
Accumulated depreciation |
|
(83,369 |
) |
|
(57,163 |
) |
Total (1) |
|
$ |
54,596 |
|
|
$ |
33,631 |
|
|
| Schedule of Accrued Liabilities |
Accrued liabilities at December 31, 2018 and 2017 consisted of the following (in thousands):
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At December 31, |
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|
2018 |
|
2017 |
Accruals related to real estate development and construction activities |
|
$ |
54,589 |
|
|
$ |
53,522 |
|
Payroll and other benefits |
|
60,209 |
|
|
58,186 |
|
Accrued interest |
|
13,296 |
|
|
15,369 |
|
Accrued taxes |
|
7,548 |
|
|
14,067 |
|
Warranty reserves |
|
24,552 |
|
|
23,328 |
|
Other accruals |
|
17,668 |
|
|
16,604 |
|
Total |
|
$ |
177,862 |
|
|
$ |
181,076 |
|
|
| 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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|
2018 |
|
2017 |
|
|
Outstanding |
|
Estimated work
remaining to
complete (unaudited)
|
|
Outstanding |
|
Estimated work
remaining to
complete (unaudited)
|
Sureties: |
|
|
|
|
|
|
|
|
Sureties related to owned projects and lots under contract |
|
339,221 |
|
|
133,662 |
|
|
296,387 |
|
|
120,320 |
|
Total Sureties |
|
$ |
339,221 |
|
|
$ |
133,662 |
|
|
$ |
296,387 |
|
|
$ |
120,320 |
|
Letters of Credit (“LOCs”): |
|
|
|
|
|
|
|
|
LOCs for land development |
|
70,287 |
|
|
N/A |
|
|
70,922 |
|
|
N/A |
|
LOCs for general corporate operations |
|
3,750 |
|
|
N/A |
|
|
3,750 |
|
|
N/A |
|
Total LOCs |
|
$ |
74,037 |
|
|
N/A |
|
|
$ |
74,672 |
|
|
N/A |
|
|
| 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, |
|
|
2018 |
|
2017 |
Balance, beginning of year |
|
$ |
23,328 |
|
|
$ |
22,660 |
|
Additions to reserve from new home deliveries |
|
15,906 |
|
|
17,161 |
|
Warranty claims |
|
(14,682 |
) |
|
(14,854 |
) |
Adjustments to pre-existing reserves |
|
— |
|
|
(1,639 |
) |
Balance, end of year |
|
$ |
24,552 |
|
|
$ |
23,328 |
|
|